Schools
School Board Must Close $738K Budget Gap
The Board of Education has two months to close the budget gap.
will be tasked with closing a $738,188 gap to balance the district's proposed 2012-2013 budget, superintendent Bruce Watson said Thursday during a presentation of the budget's first draft.
“We’re faced with $738,000 now and we’re going to be spending the next two months with the board in committees talking about how do we close the gap," he said.
The proposed budget, which assumes a 2 percent tax increase, maintains the district's current assets and seeks to add new positions.
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“Remember a little over two years ago when we lost $4 million?" Watson said, referring to state aid cuts. "We cut out a ton of positions and we’re trying each year to bring some of them back a little at a time."
The district's goal, he said, will be to keep "everybody and all the programs," while also adding the new positions.
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In addition to the revenue raised through taxes and other sources (broken down below), the budget proposes to appropriate $1.1 million from the district's surplus.
As the district approaches the delicate budget balancing process, Watson said it would seek entrepreneurial solutions to bridge the shortfall, citing and school bus advertising as potential revenue generators.
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A breakdown of the first draft of the 2012-2013 Fair Lawn school budget is contained below:
First Draft of 2012-2013 Budget
* = column that is summed to reach 'Balance'
Totals
REVENUE 2012-2013 Tax Revenue (with 2% Increase) $74,621,364 Additional Revenue $6,242,673 Appropriated Fund Balance $1,100,000 *Tax Revenue + Additional Revenue + Fund Balance $81,964,037 EXPENSES *Budget Book Today (General Expenses) $82,702,225 BALANCE (738,188)Breaking it Down
Tax Revenue - Expenses
2011-2012 Tax Levy $73,158,200 Allowable Levy Income (2%) $1,463,164 *2012-2013 Tax Levy Cap (Tax Revenue) $74,621,364 *Budget Book Today (General Expenses) ($82,702,225) Balance($8,080,861)
Additional Revenue
State Aid Estimate$1,892,985
Special State Aid Payment $797,622 Extraordinary Aid Estimate $1,000,000 Tuition $485,000 Transportation Fees $39,450 Capital Reserve Interest $2,000 Capital Reserve Withdrawal $300,000 Summer School $35,560 Special Education Medicaid Interest $40,078 Other Revenue (Community School) $1,454,478 Misc. Revenue and Interest $195,500 Education Job Fund Aid $0 *Total of Additional Revenue $6,242,673 *Tax Revenues - Expenses ($8,080,188) Balance ($1,838,188)Anticipated Closing Fund Balance
*Planned Fund Balance Appropriation (Surplus Appropriation) $1,100,000 *Tax Revenue - Expenses + Additional Revenue ($1,838,188) Balance ($738,188)Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
