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Board Approves Proposed Final Budget
Central Bucks School District's Director of Finance Brian Loftus presented the proposed final budget for the 2019-2020 school year.
The proposed final budget is balanced at $342,248,613; with no tax increase recommended. The budget supports the district's goals and objectives relative to technology, capital planning, staff development, and most importantly, a continued commitment to educational excellence - meeting every Central Bucks student's educational, social, and emotional needs.
Positive developments on the revenue side and additional savings from debt defeasance have enabled the administration to close the $920,000 deficit in the preliminary budget. While expenditures related to a one-year spike in curriculum costs associated with the purchase of educational resources for Math in Focus and social studies presented a challenge, the district was able to manage this impact by moving the social studies resource expenditure to the current budget year and accelerating savings from the debt defeasance. This continued commitment to the advanced payment of debt will result in a savings of $2.2 million in the coming year. In addition, this pre-payment will also accelerate Plan-Con reimbursements totaling $460,000 from the Commonwealth, as associated with previous capital projects.
The district is also expecting some subsidy increases, including an increase in Title 1 federal funding and state revenues of $32 million dollars - a return to pre-recession levels. With that said, the district's budget relies primarily on local revenue sources. Real estate transfer taxes, interim taxes, and current real estate taxes are all projected to grow, albeit at modest levels of 4%, 3%, and 1% respectively. Modest growth is also projected in the district's earned income tax revenues.
Overall, revenues are projected to increase 1.4% over current year projections, and expenditures 1.8%. With the budget deficit closed and the budget balanced, and with support from the Board of School Directors, the 2019-2020 budget will reflect a zero tax increase for the fifth consecutive year, and sixth in the past seven years.
Final budget approval is scheduled for the June 11, 2019 meeting of the Board of School Directors.
Follow the budget preparation and download previous presentations on the district's website here.