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Public Schools of Petoskey. Budget Update and Outlook February 5, 2003. At Risk. Original Budget: $262,385 Pro-rated for Added Schools: ($ 10,132) 3.8% Reduction of Original: ($ 9,971) Amount Budgeted: $242,282 Amount Spent YTD: $242,282. State Aid.
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Public Schools of Petoskey Budget Update and Outlook February 5, 2003
At Risk • Original Budget: $262,385 • Pro-rated for Added Schools: ($ 10,132) • 3.8% Reduction of Original: ($ 9,971) Amount Budgeted: $242,282 Amount Spent YTD: $242,282
State Aid • Amount Subject to Proration (Sec. 22b) $4,958,193 • Proration Percentage: 3.8% • Est. Revenue Loss this Year: $ 188,411
FY 2003-04 Budget • State General Fund short $2 Billion • State School Aid Fund Short $366 Million • State General Fund contributes $198 Million to School Aid Fund. • Governor has indicated the need for across the board GF cuts to alleviate the shortfall. • Bottom Line: 11% Reduction next year
State Aid FY 2003-04 • Amount Subject to Proration (Sec. 22b) $4,958,193 • Proration Percentage: 11.0% • Est. Revenue Loss: $ 545,401
FY 2003-04 Cost Increases • Step Increases alone: $173,884 • Retirement Rate to 15%: $286,284 • Health Increase 20%: $515,746 • Total Cost Increases $975,914 • Lost Revenue: $545,401 • Next Years Budget Challenge: $1,521,315
