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