Octorara 2014-2015 Preliminary Budget Presentation

Included here is the Octorara Area School District 2014-2015 Preliminary Budget Presentation, from the December 9th Regular School Board Meeting.

Here are a few bullet points:

  • 2012-13 Budget vs. Actual
    • Revenue was $553,431 higher than expected
    • Expenses were $2.3 Million lower than budgeted
    • Budget Surplus was $1.8 Million. (I know it doesn’t seem to balance, but the 2012-13 Budget was underfunded, on paper, by a little over $1 Million)
  • 2013-14 Required Health Care Premium
    • Currently $1.2 Million for the first five months of 2013-14
    • On pace to be $2.9 Million for 2013-14, or $700,000 higher than 2012-13
    • Directly affected by Obamacare’s sub-26 coverage requirement
  • 2013-14 Expense Increases
    • $195,717 for Salaries, includes $100,000 for an armed School Resource Officer
    • $749,200 for Benefits, includes $447,021 increase to PSERS Contribution
    • $272,655 for Outside Services
  • Obamacare (in addition to sub-26 costs)
    • PCORI (Patient-Center Outcomes Reach Institute Fees): $730 for 2014, $1,460 for 2015
    • Reinsurance Fees: $45,990 per year starting in 2014 thru 2016
    • Excise Tax (Cadillac Tax): 40% excise tax on employers for the value of health insurance benefits exceeding established thresholds, starting in 2018.

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