35 mini budget update

HALF HOLLOW HILLS SCHOOL DISTRICT of Huntington and Babylon

Board of Education Meeting March 5, 2012 Budget Update

Property Tax Levy “Cap” Formula • District filed its formula inputs with the Comptroller on March 1st, as required by law • Previous estimate of 2.37% “cap” is now 2.33% • What changed?

Districts only received “final” clarification on formula Friday February 24th Significant changes in interpretation of “capital expenditure exemptions” ¾ Most equipment expenses and projections come out of the formula ¾ “Transfer to Capital” funds must reflect actual and/or projected spending regardless of when the actual “transfer to capital” happened

March 5, 2012 Board Meeting

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Budget Development Status • Close to finalizing 2012‐13 proposed budget for Board consideration • Continue to work through class scheduling for 2012‐13 to finalize staffing needs Additional staff will be required based on scheduling completed thus far at secondary level Expenses associated with these incremental teacher salaries and benefits will require reductions elsewhere in the budget March 5, 2012 Board Meeting

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Budget Development Status • Some of the other budget adjustments we are working through include: Property Tax Levy “Cap” formula requires additional $100,000 in budgetary reductions Formula changes now enable equipment reductions of $850,000 State projections on healthcare premiums require a budget addition of $650,000

March 5, 2012 Board Meeting

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