The Hampton Township school board must still vote on a proposed preliminary budget on May 6 to meet state requirements. With property assessments and the number of teacher retirements still up in the air, the numbers could go up or down.
The current 2013-14 budget shows a shortfall of $763,538. If the district uses its Public School Employees' Retirement System stabilization funds of $418,000, it will reduce the shortfall to $345,538. That's 0.2232 mills using 2013 assessment rates. How that gap will be closed -- through a millage increase or by other means -- is the question that remains.
The board has until June to adopt its final budget. Currently, there are 282 assessment appeals still outstanding with a collective 2013 assessed value of $189,763,300. One mill of real estate tax levied under the 2013 assessment values is about $1.55 million in real estate tax revenue in the district.
As of April 16, the district has received notification of 13 retirements under its early retirement incentive for instructors who choose to retire before June 30. Those 13 already are included in the current budget; however, teachers have until May 1 to notify the district of their intention to retire.
PSERS, the state employee retirement fund, is the biggest cost to the district, accounting for about $960,000, or 104 percent, of the increase in the general fund expenditure budget. Next year, the district contribution rate will go from 12.36 percent of payroll to 16.93 percent. If the rate were unchanged, the overall budget would have decreased by $34,642.education - neigh_north
Rita Michel, freelance writer: email@example.com