Other Expenditures/Debt Service
Other Objects
Other Financing Uses
Total Other Expenditures
$
$
$
3,319,040
2,250,042
5,569,082
• Includes all debt service/bond
payments
• Includes capital projects fund
transfer of 50% of anticipated ticket
sale revenues
2.02% of total expenditures
$527.53 per pupil cost
Budgetary Reserve
Other Objects
Total Budgetary Reserve
5.36% of total expenditures
3.2% decrease in other
expenditures costs from
2018-2019 estimated actual
$1,397.51 per pupil cost
$
$
• Based on unassigned fund balance
• These funds are made available for
any unplanned expenses that may
come up
• Just because funds are made available
does not mean that they will be
fully spent
2,102,221
2,102,221
Gaming Funds Distribution & Taxpayer Liability
• On May 2, 2019, 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 $1,471,950.18.
• The method of distributing these funds, as prescribed by Act 1, the Taxpayer Relief Act, will be via the implementation of the
Homestead/Farmstead 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 $9,602.30 of its taxable value, excluded for the purposes of calculating school
district real estate taxes for the 2019 tax year.
• The owners of the qualifying properties in the district will receive the equivalent of a $187.97 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 2019.
• These calculations are based on Allegheny County’s certification that there are 7,844 qualifying properties in the Fox Chapel
Area School District. The reduction amount may change if the county adjusts those numbers.
2018
Assessed Value
Homestead Exclusion
Net Assessed Value
$100,000
<$9,655.61>
$90,344.39
Millage Rate
$212,200
(Median Home)
2019
$400,000
<$9,655.61> <$9,655.61>
$202,544.39
$390,344.39
$100,000 215,000 $400,000
<$9,602.30> <$9,602.30> <$9,602.30>
$90,397.70 $205,397.70 $390,397.70
19.5750
19.5750
$1,769.53 $4,020.66 $7,642.03
Annual Increase $1.04 $55.85 $1.04
% Increase 0.06% 1.41% 0.01%
Tax Liability
# of Properties
$1,768.49
$3,964.81
$7,640.99
7,827
7,844
1. These amounts can be reduced by 2% if paid in full during the discount period.
2. Senior citizens may qualify for a property tax rebate program available through the state.
FOX CHAPEL AREA
❘
SUMMER 2019
15