April 19 12 Budget workshop Board

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Bronxville Union Free School District:

4/20/2012 1 Bronxville Union Free School District 2012-2013 Budget Board Meeting April 19, 2012

Budget Changes Since February 4, 2012:

Budget Changes Since February 4, 2012 February 4, 2012 Revised Rollover Budget $44,606,910 Adjustments TRS rates (11.84% vs. 12.5%) ($112,175) Workers Comp. rate reduction ($45,090) Enrollment Adjustment (1 st Grade) ($75,428) Add HS Overage $18,275 Add Teacher Aides for Full-day K $50,000 Net FICA from staffing changes ($547) ($164,965) February 16, 2012 Proposed Budget $ 44,441,945 4/20/2012 2

Budget Changes Since February 16, 2012:

Budget Changes Since February 16, 2012 February 16, 2012 Revised Rollover Budget $44,441,945 SPED BOCES Tuition ($50,000) Private School Transportation ($100,000) ($150,000) March 3, 2012 Proposed Budget $44,291,945 Private School Transportation ($51,620) March 15, 2012 Proposed Budget $44,240,325 4/20/2012 3

Budget Changes Since March 15, 2012:

April 4, 2012 Finance Committee Recommendation - Revenues * Increase State Aid $40,000 * Increase Fund Balance $110,000 2012-13 Proposed Budget $44,240,325 Budget Increase $636,141 Budget % Increase 1.46% 2012-13 Proposed Tax Levy $38,635,325 Tax Levy % Increase 0.98% Calculated Tax Levy Cap (Excludes reduced Debt Service) 1.51% Proposed Budget is Under Cap Budget Changes Since March 15, 2012

Finance Committee Considerations:

Finance Committee Considerations Strong current Fund Balance levels Strong Surplus projection for current year Likely additional increase in Fund Balance from Flood Insurance Settlement Maximize Fund Balance Restricted for Insurance for Probable Flood Insurance Deductible 4/20/2012 5

Projected Fund Balance:

Projected Fund Balance 4/20/2012 6 1. Fund Balances June 30, 2011 $9,386,480 2. 2011-12 Estimated Surplus (based on 3/31/12 report) $623,367 less portion of revenues that are allocated fund balance ($840,000) Projected Reduction ($216,633) 3. Estimated Reserves & Fund Balance June 30, 2012 $9,169,847 less Appropriated for 2012-13 Tax Levy ($950,000) $8,219,847 4. Pro Forma June 30, 2012 Projected Unassigned (4% of 2012-13 Budget) $1,769,613 Restricted for Insurance (limited to 3% of 2012-13 Budget) $1,327,210 Restricted for Future Capital Projects $2,200,000 Restricted for Tax Certiorari $2,118,928 Restricted for ERS $604,096 Restricted for Unemployment Benefits $200,000 Pro Forma 6/30/12 Projected Fund Balance & Reserves $8,219,847

Fund Balance Trend:

Fund Balance Trend Actual Actual Actual Actual Projected June 30 June 30 June 30 June 30 June 30 2008 2009 2010 2011 2012 FUND BALANCE Assigned for Encumbrances 86,411 174,962 117,476 505,402 Restricted for Tax Certiorari 1,791,953 2,208,832 2,855,920 2,348,025 2,118,928 Restricted for Insurance 518,290 1,126,064 1,337,325 731,822 1,327,210 Restricted for Unemployment Benefits 30,770 31,232 431,544 232,623 200,000 Restricted for ERS - 658,250 1,064,833 984,440 604,096 Restricted for Future Capital Projects - - - 2,000,000 2,200,000 Unassigned Fund Balance 1,745,057 1,764,626 1,731,769 1,744,168 1,769,613 Appropriated to reduce tax levy 360,000 400,000 640,000 840,000 950,000 TOTAL 4,532,481 6,363,966 8,178,867 9,386,480 9,169,847 4/20/2012 7

PowerPoint Presentation:

4/20/2012 8

PowerPoint Presentation:

4/20/2012 9

Budget Drivers:

Budget Drivers 4/20/2012 10 2011-2012 2012-2013 % OVERALL BUDGET PROPOSED Change % Change BUDGET Salaries $23,319,382 $23,895,601 $576,219 2.47% 1.32% Retirement Contributions $2,881,079 $3,125,829 $244,750 8.50% 0.56% Insurance $376,400 $672,500 $296,100 78.67% 0.68% Health Insurance $3,482,242 $3,611,591 $129,349 3.71% 0.30% All Other $13,545,081 $12,934,804 ($610,277) -4.51% -1.40% $43,604,184 $44,240,325 $636,141 1.46% 1.46%

TAX RATE COMPARISON:

4/20/2012 11 TAX RATE COMPARISON 2012 Tentative Assessment Roll Dated 4/2/12 $ 2,773,631,103 2011-12 Actual Tax Rate $ 13.7900/$ 1,000 2012-13 Estimated Tax Rate $13.9295/$ 1,000 (This will vary based on Assessment) Estimated Tax Rate increase over 2011-12 1.01% Difference between Tax Levy and Estimated Tax Rate is result of change in Assessment Roll.

Example of Tax Impact:

12 Example of Tax Impact Bronxville is at Full-Value Assessment 2011-12 - $1,000,000 home taxed at a rate of $13.7900 per $1,000 of assessed value = $13,790 in School Taxes. 2012-13 - $1,000,000 home taxed at a rate of $13. 9295 per $1,000 of assessed value = $13,930 in School Taxes. Tax bill would increase $140 from 2011-12

DISCUSSION:

DISCUSSION 4/20/2012 13

Bronxville Union Free School District:

4/20/2012 14 Bronxville Union Free School District Potential Capital Project Financing Board Meeting April 19, 2012

PowerPoint Presentation:

4/20/2012 15 Bond Buyer 20 Year General Obligation Index 1983 - Present

PowerPoint Presentation:

4/20/2012 16 2011-12 $3,280,103 2013-14 $3,426,941

Example of Tax Impact:

Example of Tax Impact 4/20/2012 17 Bond Additional Debt Service 4/2/12 Assessment roll Additional Tax $ per $1,000 of Assessed Value Additional Cost per $1,000,000 House $4,000,000 311,863 2,773,631,103 0.11244 $112.44 $5,000,000 394,738 2,773,631,103 0.14232 $142.32 $6,000,000 467,834 2,773,631,103 0.16867 $168.67 $7,000,000 550,732 2,773,631,103 0.19856 $198.56

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