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2011-2012 Budget Update

January 25, 2011. 2011-2012 Budget Update. Radnor Township School District. Proposed Preliminary Budget Recap. The initial run of the 2011-12 general fund proposed preliminary budget indicates: Projected revenues $ 77,661,981 Projected expenditures $ 78,652,388

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2011-2012 Budget Update

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  1. January 25, 2011 2011-2012 Budget Update Radnor Township School District

  2. Proposed Preliminary BudgetRecap The initial run of the 2011-12 general fund proposed preliminary budget indicates: • Projected revenues $77,661,981 • Projected expenditures$78,652,388 At this point, expenses exceed revenues by $990,407, assuming a 1.4% mil tax increase per the Act 1 index level. Total millage increase permitted for RTSD under Act 1 is .2857 mils.

  3. Proposed Preliminary BudgetScenario Overiew At the January 15 board meeting, the board directed the administration to prepare four scenarios. • Scenario 1 – 0% tax increase • Scenario 2 – 1.4% tax increase (Act 1 index) • Scenario 2A – 2.89% tax increase (Index plus some exceptions) • Scenario 3 – 3.99% tax increase (Index plus all exceptions)

  4. Scenario 10% tax increase • Budget = $75,945,788 • Value of a mil = $3,037,379 • No. mils in place = 20.8681 • Tax increase = 2.9% • Expenditure increase = 1.9% • Budget = $78,652,388 • Value of a mil = $3,032,433 • No. mils in place = 20.8583 • Tax increase = 0% • Budget gap = $1,856,773 2010-2011 2011-2012 Prop. Prelim. Budget

  5. Closing the Budget Gap 0% tax increase

  6. Closing the Budget Gap 0% tax increase

  7. Closing the Budget Gap 0% tax increase

  8. Scenario 21.4% tax increase • Budget = $75,945,788 • Value of a mil = $3,037,375 • No. mils in place = 20.8681 • Tax increase = 2.9% • Expenditure increase = 1.9% • Budget = $78,652,388 • Value of a mil = $3,032,433 • No. mils in place = 21.1440 • Tax increase = 1.4% • Expenditure increase = 3.56% • Budget gap = $990,407 2010-2011 2011-2012 Prop. Prelim. Budget

  9. Closing the Budget Gap1.4% tax increase

  10. ExceptionsRevised 10 • A school district adopting a preliminary budget with real-estate taxes that exceed its index may seek approval for referendum exceptions to increase tax rates by more than its adjusted index. • Section 333 of Act 1 provides for 10 exceptions: three must be approved by the Court of Common Pleas and seven require approval by the Pa. Dept. of Education. • For the 2011-2012 budget, Radnor may apply for exception in the areas of: • Cost to implement a court order ($42,485) • Retirement contributions ($122,344) • Grandfathered debt ($190,905) • Maintenance of local revenue or actual instruction expense ($1,331,323) • Estimated total: $1,687,057

  11. Scenario 2A2.89% tax increase • Budget = $75,945,788 • Value of a mil = $3,037,375 • No. mils in place = 20.8681 • Tax increase = 2.9% • Expenditure increase = 1.9% • Budget = $78,652,388 • Value of a mil = $3,032,433 • No. mils in place = 21.4706 • Tax increase = 2.89% • Expenditure increase = 3.56% • Budget gap = $0 2010-2011 2011-2012 Prop. Prelim. Budget

  12. Scenario 33.99 % tax increase • Budget = $75,945,788 • Value of a mil = $3,037,379 • No. mils in place = 20.8681 • Tax increase = 2.9% • Expenditure increase = 1.9% • Budget = $79,349,038 • Value of a mil = $3,032,433 • No. mils in place = 21.7003 • Provides for an estimated $1,687, 057 in additional real-estate tax revenues if approved (thus eliminating gap and netting an additional $696,650) • Increases real-estate taxes by 3.99% 2010-2011 2011-2012 Prop. Prelim. Budget

  13. Summary • *1.4% + Exceptions 13

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