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Putnam Valley Central School District

Multi-year Planning 2024- 2029

TODAY'S DATE: January 4, 2024

2024 Multi-Year Budget Outlook & Financial Planning

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Jan. 4

Budget Outlook

Initial budget outlook and financial planning.

Establishing a 2nd Capital Reserve

Feb. 1

Athletics & Technology

Coaching Salaries, Officials, Equipment and related Technology department expenses

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Mar. 5

Full Budget

Full budget discussion

Jan. 18

Curriculum & Instruction

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Staffing, professional development, equipment, supplies; supporting our instructional program.

Feb. 15

Facilities & Spec. Education

Staffing, Tuition, Contractual Expenses, Supplies, and Equipment, BOCES Expenses

Budget Development Timeline

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Mar. 21

Budget Discussion

Apr. 11

Adoption

Proposed budget adoption

Continued budget discussions

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Financial Conditions

  • Vision, Mission, Values
  • Instructional Program
  • District Culture
  • Leadership

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  • Inflation
  • Housing
  • Student Needs
  • Income Levels

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Organizational

  • State Aid
  • Tax Cap
  • Contractual
  • Policies
  • Mandates
  • Reserves

Fiscal

Environmental

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Instruction (Program, Staffing, & Benefits)

Non-Instructional (Facilities, Operations, etc)

Revenues (Tax Levy, State Aid, Tuition)

Academic Program, Clinical Support Services, Programmatic Alignment, Professional Development, & Appropriate Staffing

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Utilities, Building infrastructure, Maintenance, Health and Safety, Security, Capital Reserves, Transportation

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Balance of Resources

Budget Forecast Priorities

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Instructional Program

Staffing needs

Employment contracts

Health Care & Other Benefits

Pension costs

Professional Development

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Non-Instructional

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Staffing needs

Facilities & Operations

Employment contracts

Health Care & Other Benefits

Pension costs

Maintenance of buildings and grounds

Capital replacement needs

Long range facilities planning

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Revenues

Foundation Aid & Other State Aid

Grant Funds

Tuitions (i.e. Garrison)

Allowable Tax Levy

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More Budget Assumptions

State Mandates

State Testing

EV Bus Mandate

Data Reporting/Compliance

ENL/Bilingual Services

Special Education Services (Age 22)

Health and Safety Testing

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Vendor Contracts

Transportation

Software Programs/Technology

Utilities

Refuse/Waste Disposal

BOCES

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Community Support

Voter approval

Support Academic Program

Achieve Balance

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Budgetary Factors

Expenses

  • Pension Rates -
    • ERS 15.2% increasing 2.1%
    • TRS 9.76% decreasing (-) 0.53%
  • Payroll Taxes 7.65% of salaries
  • Transportation contract 2%
  • Vendor contracts 2%
  • BOCES 3%
  • Out of District Tuitions 5%
  • Health Insurance Premiums 5%
  • Transfer to Capital $850K
  • Contractual salary increases 5.8% **

Revenue

  • Allowable Tax Levy Limit 2.38% (preliminary)
  • NY State Aid-estimated 2.7%
  • Grant funds (American Recovery) exhausted
  • Transfer in for Debt $850K

Other

  • Capital Infrastructure Needs-Reserves, future planning

**While there are salary savings with retirements, the post employment benefit liabilities continue to rise

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Establishing a new Capital Reserve

Why is this a fiscally responsible thing to do?

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  • Current Capital Reserve - Static Effective 2025
  • Creates a tax neutral tool for predictable financing of future capital projects
  • Creates continuity and an overall predictable debt level for the annual school budget
  • Allows modernization and the ability to maintain buildings & grounds that help retain property values
  • In turn, the Board can remain focused on program and staffing in the annual budget
  • The current Capital Reserve has reached its maximum term of 10 years. While the existing funds will remain, in order to continue to build reserve funding the District must establish a second Capital Reserve .

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Understanding the Tax Cap

  1. Prior Year’s Tax Levy $40,300,000

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2. Allowable tax Growth Factor (change in local property values) 1.0052

Measures the quantity change in the amount of locally assessed taxable real property

on assessment roll in comparison to the prior year

$ 209,560

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3. (Less) 2022-23 Debt Expenses $(1,163,076)

(Principal and Interest Payments less aid received-”Local Share” )

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4. Assumed CPI - 2.0% $ 786,930

(Consumer Price Index not to exceed 2%)

5. Tax Cap before Exclusions $40,133,414

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Exclusions:

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6. (Plus) 2023-24 Capital Debt Expense Year $1,127,424

(Principal and Interest Payments -Local Share )

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7. Pension Plan amount of increased contribution that exceeds 2% growth $0

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PRELIMINARY-01/04/2024

Putnam Valley- Allowable Tax Cap 2.38% $41,260,838

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Allowable Tax Cap (preliminary)

Actual & projected to 2028-2029

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Budget to Budget Change (preliminary)

Actual & projected to 2028-2029

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Thank you!