Financial Assumptions

Each year the Board of Education approves assumptions for the upcoming budget. The 2022-2023 property tax assumptions were based on a 7% CPI increase. However, with the passage of the Property Tax Extension Limitation Law (PTELL), the growth of revenue is limited to the lesser of 5% or the Consumer Price Index (CPI), resulting in the increase to property taxes for 2022-2023 to be 5%. The projected years are based on the federal average assumption of a 2.5% CPI increase.

Salary increase assumptions are based on the respective collective bargaining agreements. The projected year salary increase assumptions are tied to CPI. Benefit increase assumptions for 2022-2023 and the subsequent projected years are based on a 3% increase. Purchased services, supplies, capital outlay, and other objects are budgeted to increase 0% in the Education and Operations and Maintenance Funds for the 2022-2023 year. Increases in the projected years are tied to the CPI assumptions.

Beginning in the 2019-2020 school year, the District was awarded Elementary and Secondary Emergency Relief (ESSER) funds. ESSER funds provided federal pandemic relief to enable schools to operate safely during the COVID-19 pandemic, and support social-emotional and academic recovery. The funding was awarded in three grant cycles, CARES (ESSER I), ESSER II, and ARP ESSER III. This funding is reimbursed on an expenditure basis beginning in 2019-2020. ESSER spending in the 2022-2023 budget are down 56.2% for the 2021-2022 budget.

Expenditures in the Capital Projects Fund are based on a master list of projects that identify material facility maintenance and improvement needs. The annual capital projects spend is between $2.5 and $3.0 million and is financed through a combination of debt and operating revenue. In addition to annual projects, in 2020 voters approved a referendum to issue $147 million in bonds to make improvements across all schools. The projects associated with the referendum range from HVAC, plumbing, and electrical improvements to classroom additions, and safety and security upgrades. A summary of the projects and the associated timing is listed below. Bonds to support this work were issued in 2020, 2021, and 2022, and will be repaid over twenty years.

Informational

Rishva Reddy, 11th Grade, Oil Pastels