The Act 1 budget index was just released for next year’s budget development process. It will stand at only 1.4%, meaning that the board may not raise spending in 2011-12 more than the value of a 1.4% increase in the real estate tax rate. As a reminder, the index limit for the current budget year was set at 2.9% index.This new 1.4% index equates to approximately $1.6 million in total. Just for comparison purposes, our health insurance and/or special education costs usually increase more than this amount, without considering any other parts of the budget.
As if a fiscally responsible budget wasn't already a challenge, our job just got a lot tougher!
3 comments:
So, William, what this is saying is that you cant raise real estate taxes more than 1.4% for fiscal year 2011 and that just the annual increase in cost of Health Insurance for teachers breaches this number?
In a nutshell that's it.
Oh well if the community doesn't understand the NSD financial disaster now I am not sure they ever will.
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