tax cap 2013 -.pptx

Newark CSDBoard of Education February 10, 20162016-17 Budget DiscussionAgenda:?Unknowns ?Tax Cap?Local Revenue?State Aid – Governor’s Proposal ?QuestionsUnknowns:?Health Insurance Increase for 2016-17?BOCES Costs?pensation costs2% Tax CapMisconception: The June 2011 law limits the amount that a school district can raise it’s tax levy in any year to 2%.Fact:-The growth in the property tax levy is capped at 2%. -Voter approval if at or below tax cap is 50% +1-Voter approval if above the tax cap is a supermajority (60%)2% Tax Cap?Prior School-Year Tax Levy?Tax Base Growth Factor?PILOTS received in prior school year?Tax levy to pay for some court orders/judgments?Tax levy to pay for local capital costs?Allowable levy growth factor?Pilots for the 2016-2017 school year?Available Carry-over from 2015-16= Tax Levy Limit before Exclusions2% Tax Cap?Prior School Tax Levy: ----------------------$12,429,805?X Tax Base Growth Factor: -------------------------- ?+ Pilots Received Prior School Year: --------$60,000?- Court Orders/judgments: --------------------------- $0?- Local Capital Costs: --------------------------------- $0?X Growth Factor (2%): ----------------------------?- Pilots for 2016-2017: -----------------------------$51,000?+ Available Carry-over from 2015-2016: $111,692= Tax Levy Limit before Exclusions: $12,567,9742% Tax CapExclusionsCourt Orders/Judgments: $0?Capital Tax Levy: $0?Pension Exclusions:?ERS: $0?TRS: $0?Total Exclusions: $0What does it mean?Tax Levy Limit: $12,567,974Total Exclusions: $0______Tax Levy Limit plus Exclusions: $12,567,974Percent Increase: = ($12,567,974-$12,429,805)$12,429,805= %Anticipated Local Revenue2016-17Pilots $51,000Sales Tax$800,000Rental of Real Property$380,000Penalties$25,000Interest$15,000Admissions$18,000BOCES Transportation$30,000Health Services$6,500Other$134,300Totals $,800Governor’s Proposal2015-162016-17Foundation $18,662,157$18,