Open Finance Committee Meeting

February 23, 2015

Preliminary Budget 2015/2016

•  November – January: budget development

•  January – February: budget revisions

•  February – March: budget finalization

•  April 21: budget vote

2014/2015 Budget: Overview of Revenue Sources

•  Local Tax Levy = 91% •  State Aid = 3.5% •  Federal Aid = 1.1% •  Other

–  Miscellaneous Revenue = 1% –  Capital Reserve = 2.4% –  Other = 1%

2015/2016 Budget: Projected Revenue Sources

•  Local Tax Levy –  2% increase = $1,154,852

•  State Aid –  Flat?

•  Federal Aid –  Flat?

•  Other – Reduction in capital withdrawal

Budget Prior Two Years

•  2013/2014: 3.46% tax levy increase –  “second questions” for school counseling staff and

security personnel

•  2014/2015: 3.34% tax levy increase –  “second question” for STEM staff and resources

2015/2016 Budget: Anticipated Expenditures

•  Sufficient funding to maintain program excellence and current class sizes.

•  Modest capital improvements –  Restrooms at CHS –  40% state funding for the above

•  Staff to support special education programming funded through “breakage” or retirement savings.

Overview of Revenues and Expenditures

Estimated Tax Impact

Outstanding Factors

•  State Aid – Governor’s budget address takes place

tomorrow; state aid figures released within 48 hours.

•  Tax levy waivers

How Chatham Compares

1.  Budgetary costs are taken from the NJDOE Taxpayers’ Guide to Education Spending, 2014 (http://www.state.nj.us/education/guide/2014/)

2.  Performance data are taken from the NJDOE School Performance Reports, 2015 (http://education.state.nj.us/pr/) 3.  AP Participation Rate = Number of students, as a percentage of 11th and 12th graders, who took at least one AP test in 2013-2014 4. Post-Secondary Enrollment = % of students enrolled in higher education 16 months after high school graduation

Calendar •  March 2: Deadline for BOE candidates to file •  March 9: Open Finance Committee meeting •  March 9: Submittal of preliminary budget to ECS •  March 23: Public Budget Hearing •  March 31: Deadline for voter registration •  April 21: Vote-by-mail applications must be received by County Board of Elections

April 21: Budget Vote, Referendum Vote, and School Board Election

7:00 am – 9:00 pm, CMS and CHS