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North Babylon UFSD

2023-2024 Budget

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Overview, State Aid, Tax Cap & Reserves

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fbacchi@northbabylonschools.net

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February 2, 2023

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Agenda

Series 1

Series 4

1. Budget Process: Enhancements and Improvements
2. Estimated Revenue and Use of Financial Resources
3. Property Tax Cap
4. State Aid Analysis
5. Reserves and Fund Balance
6. 22/23 Operating Summary
7. Bond Update
8. Questions

• Continue account code upgrades to improve transparency
• Allows for more accurate and efficient financial reporting
• Improves budget detail, quality and efficiency

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• Increased accountability for all stakeholders
• All budget approvers prepared their individual budgets and reviewed them with the Superintendent
• Alignment of budgeting and expense approval across every department

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• Established long range financial plans to identify future areas of concern
• All personnel codes now reflect building and assignment details
• Building level equipment codes were created for principals to better plan for future needs
• Professional development and instructional resources collaboratively planned with departmental directors and central office

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Budget Process: Enhancements and Improvements

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Series 1

Series 4

Series 1

Estimated Revenue and Use of Financial Resources

Property Tax Cap

Series 1

*Actual CPI used for the tax cap calculation was 8.0%

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Property Tax Cap

Series 1

Source: Office of the New York State Comptroller

Allowable Levy Growth Factor and Inflation Factor Over Time

State Aid Analysis

Reserves and Fund Balance

Series 1

22/23 Operating Summary

Series 1

Financial Headwinds

• Health insurance price increases greater than 10% in both 2022 and 2023 have consumed a large part of our year-over-year budget increase
• The NYSHIP family plan increased 12.7% and 14.9% in 2022 and 2023 respectively
• The gross cost of the increase in 2023 is approximately $2.5m per year, which is significantly more than our entire property tax increase

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• We have become more reliant on contract transportation, which is more expensive than providing our own local transportation

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• Special Education continue to increase based upon an increase in the number of students receiving services

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• Inflation has caused many expenses to increase at rates that are higher than our revenue growth

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Financial Tailwinds

• State Aid is projected to increase 12% from the previous year

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• Federal Stimulus
• Approximately $7.5m is still available from the $12.4m we received – this funding will end next year

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• Retirements and other personnel not returning

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Bond Update

Series 1

PHASE I

• Status: Completed | Receipt of State Aid started in the 19/20 school year
• Budget: $9,491,000 | Actual: $9,613,575 = $122,575 over budget

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PHASE II

• Status: Completed | Receipt of State Aid started in the 20/21 school year
• Budget: $10,384,000 | Actual: $9,474,989 = $909,011 under budget

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PHASE III

• Status: Completed | Receipt of State Aid will start in the 21/22 school year
• Budget: $2,521,000 | Actual $2,613,861 = $92,861 over budget

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PHASE III A

• Status: Completed | Receipt of State Aid will start in the 22/23 school year
• Budget: $9,377,500 | Actual $8,826,289 = $551,211 under budget

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PHASE IV

• Status: Completed | Receipt of State Aid will start in the 22/23 school year
• Budget: $9,365,000 | Actual $12,357,245 = $2,992,245 over budget

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PHASE IV A

• Status: In Process - Summer 2022 Projects Complete & Summer 2023 Projects In Planning
• Budget: $9,687,000

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PHASE V, V A and VI

• Status: Design Planning
• Budget: $18,424,000

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Questions

fbacchi@northbabylonschools.net

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