The Octorara Area Board of Directors and Finance Committee met on Monday, January 16, 2017. Eight Board members were in attendance. Anthony Falgiatore was absent.
2017-2018 Budget Update
While the overall agenda was limited, the Finance Committee and Board did receive an update on the 2017-2018 Budget. Some of the presentation was a formalized reporting of what we have already been told. However, there was some new data and projections.
- Early State Funding Estimates – Our developing budget does not include increases in State spending for Basic Ed, Special Ed , or Ready to Learn. This is because Pennsylvania is suffering from a revenue shortfall of $260 Million, which is expected to grow to $600 Million. There are rumors that some in the General Assembly are working to add $100 Million to Basic Education, but, for now, it is just that… rumors.
- Anticipated Use of Fund Balance – In December, the originally reported Anticipated Use of Fund Balance was $577.285. After the actual Debt Service refinancing, this number has increased to $652,775.
- Taxing to the Act 1 Limit – The current deficit of $1.2 Million and an Anticipated Use of Fund Balance of $652,775 are based on a 3.2% Property Tax increase.
The Blue & The Yellow
The Finance Committee has requested an update of the infamous Blue & Yellow List, which we will loosely describe as a list of potential cuts. Last year’s list included such things as: Continue reading