Lansing Central School DistrictBudget UpdateMarch 10, 2014

Mary June King, Business Administrator

TONIGHT’s TOPICS

• BUDGET UPDATE:– Bus Purchase 2014-2015– Septic Funding– Funding Projections

BUS PURCHASE• Replacement Schedule:– 2 Full-sized Buses– 1 (super-sized?) van

• No related debt falling off • Local impact in GF would mean budget increase

($25K - $30K/yr)• Local Impact in Debt Service Fund means $0

budget impact; FYE22 DSF balance reduced from $409,972 to $271,032

• Need BOE decision by end of March 24 meeting

SEPTIC PROJECT FUNDING - CONSIDERATIONS

• $1M Debt Service “falling off” in 2016-2017• This will effectively decrease LCSD property tax

limit (cap) by around $400,000• State building aid will also reduce by ~ $650,000• The septic project should be Bonded in 2016-

2017

SEPTIC PROJECT FUNDING - CONSIDERATIONS

• Monies “available”– $391,000 in Capital reserve– $276,000 unassigned, in excess of 4%– SUM: $ 667,000

• BOND FOR $4.1M OR $3.5M • Full bonding will offset reductions above:

Reductions sched Reductions $4.1M Reductions $3.5M

Property Tax Limit $ 400,000 $ 260,000 $ 285,000

State Aid $ 650,000 $ 400,000 $ 435,000

SEPTIC PROJECT FUNDING - RECOMMENDATIONS

• ADMINISTRATION AND FINANCIAL ADVISORS:– Recommend funding entire cost with Bond– Hold $667,000 for another project– Try to work up second project for Fall 2014 or

Winter 2015 vote to offset future revenue reductions.

BUDGET FUNDING UPDATE

2014-2015 2014-2015 2014-015

PROJECTED BUDGET 27,785,000 27,785,000 27,785,000

CUTS 300,000 0 0

APPROPRIATED FB 1,265,000 1,565,000 1,265,000

TAX LEVY 16,662,000 16,662,000 16,932,542

REQ TAX RATE INCREASE 4.19 % 4.19 % 5.89 %

Impact on $200,000 home $ 174 addt’l $ 174 addt’l $ 244 addt’l

LEVY UNDER CAP?? YES YES NO