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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

Public Schools of Petoskey

Budget Update and Outlook

February 5, 2003

at risk
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
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 budget1
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
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
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
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