Review of Finance Committee Budget Presentation May 11, 2020 Object - - PowerPoint PPT Presentation
Great Valley School District Review of Finance Committee Budget Presentation May 11, 2020 Object 300 Purchased Professional Services Architects Athletic Officials Auditing Services Building Utility Management Systems Center for
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Description Option #1 Option #2 Revenue Budget $ 103,406,482 $ 103,406,482 Expenditure Budget 109,297,934 109,297,934 Use of Reserves 3,000,000 3,000,000 Budget Gap (2,891,452) (2,891,452) Potential Tax Increase
Reduce Transfer to Capital Reserve 1,891,452 1,891,452 Defer Transfer to New Debt Service 1,000,000
$ - $ -
Capital Reserve Transfer in Preliminary Budget = $3,000,000 New Debt Service Transfer in Preliminary Budget = $2,000,000
½ of Act 1 Increase = $1,067,392 (1.3%) Act 1 To Cover New Debt = $1,000,000 (1.22%)
Act 1 Index = 2.6%
Act 1 Index = 2.6%
$134/per Avg. Home Owner $116/per Median Home Owner
Average Assessment - $238,275 Median Assessment - $207,320
$62/per Avg. Home Owner $54/per Median Home Owner
Average Assessment - $238,275 Median Assessment - $207,320
40.79 38.2018 31.955 31.61 31.46 31.2 30.95 29.16 27.182 23.8795 21.6622 21.55
5 10 15 20 25 30 35 40 45
* District with no Earned Income Tax revenue
Jan 9: Deadline to approve Resolution not to raise taxes over Act 1 Index Feb 18: Board adopts preliminary budget if opt out Resolution NOT adopted and deadline for approval of any referendum exceptions (Also deadline to approve filing of Referendum Exceptions) Apr 20: Board adopts preliminary budget if opt out Resolution is adopted May 11: Final budget available for inspection (20 days before adoption) May 18: Public notice of intent to adopt final budget (10 days before adoption) June 1: Final budget adoption (must be before June 30)