Savannah-Chatham Public School System Savannah-Chatham Public School - - PowerPoint PPT Presentation

May 20, 2015

GENERAL FUND UPDATE

Savannah-Chatham Public School System Savannah-Chatham Public School System

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 Tax Digest Revenue (Estimate 3.42% digest increase @ 15.881 mills)

• $8.1M

 TAVT - $1.17M

Local Funding Highlights

 Tax Digest Revenue (1 mill increase to 16.881) - $10.4M

FY 2016 Budget Process General Fund – Revenue

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FY 2016 Budget Process General Fund – Revenue

Projected Tax Impact

Total School Taxes Paid on a Homestead Valued at $150,000 Fiscal Year 15 Fiscal Year 16

M & O

Bond Combined M & O Bond Combined Appraised Value $ 150,000 $ 150,000 $ 150,000 $ 150,000 Assessment Ratio 40% 40% 40% 40% Assessed Value $ 60,000 $ 60,000 $ 60,000 $ 60,000 S1 Regular Homestead* $ (2,000) $ - $ (2,000) $ - Net Assessed Value $ 58,000 $ 60,000 $ 58,000 $ 60,000 Millage Rate 15.881 15.881 16.881 16.881 Total School Taxes $ 921.10 $ - $ 921.10 $ 979.10 $ - $ 979.10

*Asssumes S1 (State Homestead) Exemption Only Millage Rate Increase

1.0 Annual Tax Increase $ 58.00 Monthly $ 4.83

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FY 2016 Budget Process General Fund – Expenditures

Additions / Adjustments

 Making Middle Schools Awesome - $136K  Twilight - $210K  Transportation Routing - $442K  Mainframe Upgrade - $2M  Cost of Living Pay Raise – 2% All Staff - $4.6M  Lower Class Size (4th & 5th Grade) - $1.8M  Alternative School Redesign (Building Bridges) - $720K  Other Salary Options - ????

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FY 2016 Budget Process General Fund

FY16 Projected Revenue $356,446,300 FY16 Projected Expenditures $361,561,471 FY16 Use of Fund Balance $5,115,171 Fund Balance – 6/30/2014 11.27% Estimated Results From Operations

• 1.38%

Projected Ending Fund Balance – 6/30/2015 9.89% Estimated Fund Balance Use FY 16

• 2.16 %

Projected Ending Fund Balance of 6/30/2016 7.73% Fund Balance Analysis (% of FY2015 & FY2016 Expenditures)

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FY 2016 Budget Process General Fund

Budget Calendar

June 2015 5th Advertise Five Year Tax Digest and Tentative Millage Levy in Paper and on Website (GA Dept of Revenue Rule requires the Current Tax Digest and Five Year History of Levy along with millage rate and must be advertised at least two weeks prior to the establishment of the current year millage rate.) 8th *Advertise Millage Rate Hearings 1 and 2 (to be held June 17th) in Newspaper and

• n SCCPSS Website

*Staff Issues Press Release on Tentative Recommended Millage Rate / Required Press Release of Intent to increase taxes in Newspaper and on Website 10th Board Budget Workshop / Regular Board Meeting (Tentative Budget / Millage Rates Adoption) 11th Advertise Final Budget Adoption by Board in Newspaper and on SCCPSS Website

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FY 2016 Budget Process General Fund

Budget Calendar

June 2015 16th *Advertise Millage Rate Hearing 3 (to be held June 24th ) in Newspaper and on SCCPSS Website 17th *Board Millage Rate Hearing 1 and 2 22nd Advertise Five Year Tax Digest and Recommended Millage Levy 24th Board Meeting (Millage Rate Hearing, Recommended Millage and Final Budget Adoption) 30th Fiscal Year 2015 Ends

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FY 2016 Budget Process General Fund

Budget Calendar

July 2015 1st Fiscal Year 2016 Begins Staff Transmits Certified Millage Resolution to County Commission 3rd Advertise Five Year Tax Digest and Recommended Millage Levy 10th County Commission (Levying Authority) Adopts Millage Rates 30th Assessor Submits Tax Digest and Levy submitted to Georgia Department of Revenue for Approval (Approximate Date) August 2015 30th Staff Submits FY 2016 Budget to Georgia Department of Education September 2015 30th Staff Distributes FY 2016 Adopted Budget Book and submits book to GFOA & ASBO

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10 15 20 25

21.740 15.881 19.450 20.000 18.900 23.980 18.718 18.502 21.850 23.628 23.370 19.982