fox chapel area school district
the tax rates can keep pace and fund these costs. The district continues to reduce payroll costs through attrition and by implementing new instructional and administrative strategies to make the district more efficient and cost effective.
In addition, the district is preparing for future capital improvements and maintains a reserve to help fund these capital projects. The district issued bonds during 2013 and currently has a remaining balance of $ 14 million to fund ongoing renovations at the high school, as well as to pay for a portion of the renovations at the middle school. The Board and administration were able to achieve significant savings on the 2013 bond issue as a result of historically-low market interest rates.
By implementing sound financial strategies to manage expenditures and anticipate revenue shortfalls, the district’ s future financial health continues to be stronger than many in the commonwealth. However, the district continues to plan for future shortfalls through long-range budget forecasts.
Gaming Funds Distribution * On May 9, 2016, the Pennsylvania Department of Education provided the Fox Chapel Area School District with the amount of the district’ s share of gaming funds available for distribution. The proposed final budget includes a distribution of $ 1,468,886. The method of distributing these funds, as prescribed by Act 1, the Taxpayer Relief Act, will be via the implementation of the homestead exclusion. Under this provision, any property in the school district that was approved by Allegheny County as a homestead will have the lesser of its taxable value, or an estimated $ 9,878 of its taxable value, excluded for the purpose of calculating current school district real estate taxes for the 2016 tax year. The owners of the 7,848 properties in the district that qualified for the homestead exclusion will receive the equivalent of a $ 187.51 reduction in their property taxes. Property owners who currently do not have an approved homestead exclusion will have the opportunity to apply again when the district sends out letters to those homeowners in December 2016.
* Allegheny County has certified that there are 7,848 properties in the Fox Chapel Area School District that qualify for the homestead exclusion. If that number is adjusted by the county to include more or less properties, it could affect the amount of the final reduction.
2016-2017 PROPOSED FINAL BUDGET REVENUES & EXPENDITURES Revenues / Unassigned Fund Balance
$ 667,578
$ 7,050,179 $ 1,392,226
6000- Local: 72.86 %- $ 72,810,823
$ 18,013,734
7000- State: 18.03 %- $ 18,013,734 8000- Federal: 0.67 %- $ 667,578
$ 72,810,823
9000- Other Financing: 1.39 %- $ 1,392,226 Unassigned Fund Balance: 7.05 %- $ 7,050,179
Expenditures / Budgetary Reserve
1000- Instruction, 2100- Pupil Services, 2200- Instructional Support Services, 2400- Pupil Health: 67.19 %- $ 67,140,351
2300- Administration: 6.68 %- $ 6,672,120 2600- Operation & Maintenance: 7.28 %- $ 7,278,682 2700- Student Transportation: 4.21 %- $ 4,205,842 2000- Remaining Support Services: 2.20 %- $ 2,197,856
$ 5,022,520 $ 4,555,091
$ 251,700 $ 2,610,378
$ 2,197,856 $ 4,205,842
– $ 7,278,682
3000- Noninstructional Services: 2.61 %- $ 2,610,378 4000- Facilities: 0.25 %- $ 251,700 5000- Other Financing: 4.56 %- $ 4,555,091 5900- Budgetary Reserve: 5.03 %- $ 5,022,520
$ 67,140,351
– $ 6,672,120
Fox Chapel Area | Summer 2016 | icmags. com 11