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Lansing Central School District Budget Update March 10, 2014

Lansing Central School District Budget Update March 10, 2014. Mary June King, Business Administrator. TONIGHT’s TOPICS. BUDGET UPDATE: Bus Purchase 2014-2015 Septic Funding Funding Projections. BUS PURCHASE. Replacement Schedule: 2 Full-sized Buses 1 (super-sized?) van

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Lansing Central School District Budget Update March 10, 2014

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  1. Lansing Central School DistrictBudget UpdateMarch 10, 2014 Mary June King, Business Administrator

  2. TONIGHT’s TOPICS • BUDGET UPDATE: • Bus Purchase 2014-2015 • Septic Funding • Funding Projections

  3. BUS PURCHASE • Replacement Schedule: • 2 Full-sized Buses • 1 (super-sized?) van • No related debt falling off • Local impact in GF would mean budget increase ($25K - $30K/yr) • Local Impact in Debt Service Fund means $0 budget impact; FYE22 DSF balance reduced from $409,972 to $271,032 • Need BOE decision by end of March 24 meeting

  4. SEPTIC PROJECT FUNDING - CONSIDERATIONS • $1M Debt Service “falling off” in 2016-2017 • This will effectively decrease LCSD property tax limit (cap) by around $400,000 • State building aid will also reduce by ~ $650,000 • The septic project should be Bonded in 2016-2017

  5. SEPTIC PROJECT FUNDING - CONSIDERATIONS • Monies “available” • $391,000 in Capital reserve • $276,000 unassigned, in excess of 4% • SUM: $ 667,000 • BOND FOR $4.1M OR $3.5M • Full bonding will offset reductions above:

  6. SEPTIC PROJECT FUNDING - RECOMMENDATIONS • ADMINISTRATION AND FINANCIAL ADVISORS: • Recommend funding entire cost with Bond • Hold $667,000 for another project • Try to work up second project for Fall 2014 or Winter 2015 vote to offset future revenue reductions.

  7. BUDGET FUNDING UPDATE

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