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Octorara Area School District

Octorara Area School District. 2018-2019 Budget Presentation. March 19, 2018. December 11 th Board meeting Reviewed the results of the 2016-17 fiscal year. (Increase in General Fund balance of $143K to $8.8M and moved $1.2M into the Capital Reserve Fund)

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Octorara Area School District

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  1. Octorara Area School District 2018-2019 Budget Presentation March 19, 2018

  2. December 11th Board meeting • Reviewed the results of the 2016-17 fiscal year. (Increase in General Fund balance of $143K to $8.8M and moved $1.2M into the Capital Reserve Fund) • Presented the first draft of the preliminary budget for 2018-2019 • PDE Indicated that because of the Lancaster reassessment, Octorara would not be able to increase the mills for 2018-2019. (Lancaster’s levy could not increase more than the prior year’s levy +3.2% rebalancing put the levy over 3.2%) Octorara Area School DistrictBudget 2018-2019

  3. January 15th Board meeting • Notified by PDE that the mills for 2018-2019 can be increased (After a reassessment the new tax levy could be rebalanced first then prior year’s index added 3.2% for Octorara) • Passed resolution to stay at or below the index of 3% (2.8% because of Lancaster’s assessment limit after reassessment) Octorara Area School DistrictBudget 2018-2019

  4. February 19th & March 15th • Reductions in the preliminary budget expenditures for PSERS estimate and contracted services • Increases in revenue from adding state sources Octorara Area School DistrictBudget 2018-2019

  5. April 15 certification of the amount of homestead farmstead assessment reduction available. ($268 per property in 2017 – 2018) • April 16 review and adopt a proposed final budget for 2018-2019 and make available for public inspection on form PDE-2028 • April, May and June discuss budget adjustments and mills • June 18 Adopt the 2018-2019 final budget set mills • June 30 Deadline to adopt the 2018-2019 final budget Octorara Area School DistrictBudget 2018-2019

  6. Act 1 Increase: • The year after a tax assessment, the tax increase is limited to the prior year’s tax levy plus the prior year’s Act 1 index (3.2% last year) • Lancaster’s reassessment limits our tax increase to 2.8%, .2% lower than our Act 1 increase of 3% • The Board passes a resolution for the mill rate not a percentage increase Octorara Area School DistrictBudget 2018-2019

  7. 2018-19 Final General Fund Budget SummaryAs of December 2017

  8. 2018-19 Final General Fund Budget SummaryAs of March 2018

  9. Tax Revenue

  10. Increase for Median Homestead Property 2018-2019

  11. Multi-County Rebalancing Since 2010 12.44% increase

  12. Octorara Area School District Historical Millage Rates

  13. Max Increase for Median Homestead Property

  14. Questions

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