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Public Schools of Petoskey Budget Update: Challenges and Outlook

Stay informed with the latest budget updates for Public Schools of Petoskey. Learn about reductions, state aid figures, cost increases, and the looming budget challenges for the upcoming fiscal year.

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Public Schools of Petoskey Budget Update: Challenges and Outlook

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  1. Public Schools of Petoskey Budget Update and Outlook February 5, 2003

  2. 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

  3. State Aid • Amount Subject to Proration (Sec. 22b) $4,958,193 • Proration Percentage: 3.8% • Est. Revenue Loss this Year: $ 188,411

  4. FY 2003-04 Budget

  5. 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

  6. State Aid FY 2003-04 • Amount Subject to Proration (Sec. 22b) $4,958,193 • Proration Percentage: 11.0% • Est. Revenue Loss: $ 545,401

  7. 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

  8. How We Spend Our $$

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