By ALEX COSTELLO
Superintendent of Schools Dr. Edward Price outlined expenditures, which will increase 1.8 percent over the current spending plan of $30.7 million.
The tax levy, Price said last week, will total $28.1 million in 2009-10, an increase of just under $654,000 over 2008-09. The district will receive a total of $2,095,000 in revenue next year — mostly state aid, interest on its investments and recreation fees. The biggest change in projected revenue, according to Price, is a $150,000 reduction in interest on those investments, attributable to the struggling economy. The budget will also show an increase of $50,000 in aid from BOCES — although, Price explained, that isn’t entirely accurate.
“What happened is that I underestimated last year what we were going to get,” he said, “so I tried to put it more in line with what we spent.” For 2008-09, the district budgeted $200,000 in aid from BOCES, but actually received closer to $250,000, which it spent. So, to make next year’s budget more accurate, Price increased the budgeted aid from BOCES to $250,000.
The district will use $1 million of its fund equity — surplus money that it holds for various reasons — to offset the tax levy. The majority of the fund equity goes into what is called the reserved fund balance. “Those funds are in specific reserves for specific purposes, and can only be used for those purposes if needed,” Price said. “That would include things such as future requirements for teacher benefits, such as compensated absences.”
Four percent of the fund equity is kept in a “rainy day” fund for the schools, to cover emergencies or unexpected expenditures — for instance, a spike in the price of oil. “Or if a roof blew off,” Price said. The remainder — $1 million, the same amount that was budgeted this year — will offset the tax levy.
The Board of Education will vote to approve or reject the administration’s budget at its next meeting, on Tuesday. The public will vote on the budget on May 19.
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liherald.com or (516) 569-4000 ext. 207.
