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OVERVIEW OF FINANCIAL STATUS. Presented To: Chenango Forks CSD Presented On: November 14, 2013 Presented By: Kathy Blackman, C.P.A. Controller, Central Business Office. Tonight’s Topics. Fund Balance Concepts Long Range Projection Assumptions

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overview of financial status

OVERVIEW OF FINANCIAL STATUS

Presented To: Chenango Forks CSD

Presented On: November 14, 2013

Presented By: Kathy Blackman, C.P.A.

Controller, Central Business Office

tonight s topics
Tonight’s Topics
  • Fund Balance Concepts
  • Long Range Projection Assumptions
  • CBO Long Range Projection
  • Other Long Range Projection Scenarios
  • Summary of Scenarios
  • Impact to Programs
  • Questions
fund balance
Fund Balance
  • Fund Balance is the Equity of the School District
  • Unassigned Fund Balance is that part of Fund Balance which is not designated for reserves, tax levy reductions, etc.
  • Unassigned Fund Balance is statutorily limited to 4% of the budget for the upcoming school year
  • Assigned Fund Balance is the amount of fund balance designated to support the following year’s budget.
structural deficit
Structural Deficit
  • A budget deficit that results from a fundamental imbalance in government receipts and expenditures, as opposed to one based on one-time or short-term factors.
long range projections
Long Range Projections
  • Developed based on ACTUAL projected expenditures and revenues—NOTBUDGET
  • 2013-2014 thru 2017-2018
  • Breaks down major categories of expenditures and revenues and applies a series of assumptions
long range projection assumptions
Long Range Projection Assumptions

Expenditure Increases

  • Salaries: 2.5% all years
    • TRS Rate: Increase to 17.75% and then slowly decrease
    • ERS Rate: Small decrease in 14-15 with continued decrease
  • Health Insurance: 3.99% in 14-15 and then 7%
  • BOCES: 7% in 14-15 and then 4%
  • Fuel & Utilities: 3% all years
  • Debt Service: Based on actual schedules
  • All Other Expenditures: 1% all years
long range projection assumptions1
Long Range Projection Assumptions

Revenue Increases

  • Building Aid: Based on projected debt service
  • All Other State Aid: 1.5% all years
  • Other Revenue: Flat with adjustments made for anticipated change in health insurance surplus distribution
  • Tax Levy: 1.5% in 14-15 and 2% Thereafter
additional scenarios
Additional Scenarios

In the following scenarios the only change that was made was for the tax levy:

  • 2.5% for 4 years
  • 9.9%, 9.9% and then 2.5% for 2 years
  • 0% for one year and 2.5% thereafter
  • 12.5% for one year and 2.5% thereafter
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