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Catskill Central School District

Catskill Central School District. 2010-2011 Draft General Fund Budget April 22, 2010 Board Presentation. State Retirement Incentive – 55/25. Employee must be 55 years old Employee must have 25 years in the pension system Employee must have been active as of February 1, 2010

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Catskill Central School District

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  1. Catskill Central School District 2010-2011 Draft General Fund Budget April 22, 2010 Board Presentation

  2. State Retirement Incentive – 55/25 • Employee must be 55 years old • Employee must have 25 years in the pension system • Employee must have been active as of February 1, 2010 • Entitled to an unreduced retirement benefit for eligible members

  3. District’s Retirement Incentive • Employee who is eligible for pension without penalty • One-time lump sum payment to their 403(b) annuity of $30,000 • Minimum of 6 retirees needed • Submit letter of interest by April 20, 2010 • Submit irrevocable letter of resignation, for the purposes of retirement by May 4, 2010

  4. Variables • Number of actual retirements • Which employees retire • Some positions must be filled by a new hire • Some positions need not be filled • Some positions can be filled with an employee slated for layoff

  5. Revised Budget – Scenario A Presumption - No retirements Cuts:1.0 Foreign Language, 1.0 Art, 1.0 Library, 3.0 Elementary Restores: 1.0 Foreign Language and 1.0 Business Teacher

  6. Revised Budget – Scenario B Presumption - 6 retirements

  7. Revised Budget – Scenario C Presumption - 6 retirements – different individuals

  8. Revised Budget – Scenario D Presumption - 9 retirements

  9. Area Schools Budget Information

  10. Tax Levy Chart • Estimated Tax Levy range $16,031,710 to $16,268,631

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