2024-25 Budget Kick-Off
Agenda! 1. State Updates 2. State Aid Predictions 3. Budget Area Updates a. Pensions b. Benefits 2
State Aid Support Continuing?
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It’s tough to make predictions, especially about the future. - Yogi Berra
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Foundation Aid 2024-25 ✘ 100% funded based on the original formula ✘ Let’s see how it works this upcoming year
✗ Base 3% increase ✗ Has a CPI calculation that should increase totals ✗ Projecting an increase based on recent increases in the ENL population coming into the formula ■ Estimated at $300,000 increase
✘ Will the state manipulate the formula as they have in the past? 5
How reliable is this?
Is New York State Running Out Of Funds?
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Early Budget Factors ERS
TRS
✘ ✘ The rate of contribution for municipalities is going up from 13.1% to 15.2% ✘ 16.03% Increase ✘ Final Budget based on final salary projections 7
Estimated rates are set to be between 9.75%-10.25% compared to 9.76% this year for a slight increase
Healthcare ✘ Retiree plan rates range from decrease (Medicare Plans) to 13.5% for other RASHP plans ✘ Consortium RASHP II rate increases are at 7.6% for 2024
Other Budget Items Revenues Sales Tax revenue increase/maintain? Interest rates remaining high for earning a few extra dollars? 8
Expenditures 3 contracts up for negotiations for 400 employees Minimum wage going up to $15.50 in January 2024
Budget = Funding Available - Requests
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Next Up on The Budget Process
★ Gather data points for Tax Cap Calculation
★ Long Range ★ Continue to meet with budget Planning builders Workshop in ★ Prepare January ★ Reserve Plan ThoughtExchange 10
THANKS! Any questions?
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