2023-24 Budget Kick-Off
Agenda! 1. State Updates 2. State Aid Predictions 3. Budget Area Updates a. Pensions b. Benefits 2
State Updates Election All public offices are settled Will that change any of the projections for state aid, rules, or regulations?
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State Education Department Worker shortage at the SED level across many departments Impacting some day to day issues and seeing more delays in getting approvals
It’s tough to make predictions, especially about the future. - Yogi Berra
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Foundation Aid ✘ Update as of November 2022 ✘ Previously have ignored these updates
✗ Aid was frozen and phased in ✗ Made January Gov. proposal first real update
✘ Now, defined pathway as part of “current law” for funding foundation aid
How reliable is this? 5
Foundation Aid-Final Phase In Year (2023-24)
✘ NYSER lawsuit settlement ✘ Strong enough commitment to the funding ✘ Updated school data could tweak the numbers
How much funding is projected? 6
$7,654,562
Projected Increase in Foundation Aid
$44,129,130 Full Phase In Amount
Currently 2022-23 funding: $36,490,575
21%
Increase over 2022-23 7
Early Budget Factors
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ERS
TRS
Healthcare
The rate of contribution for municipalities is going up from 11.6% to 13.1% 12.93% Increase Final Budget based on final salary projections
Estimated rates are set to be between 9.5%-10% compared to 10.29% this year for a slight decrease Actually very surprising to have a decrease after ERS published rates in September
Retiree plan rates range from flat (Medicare Plans) to 10.8% for RASHP 1 plans Consortium rate increases are at 6.8% for 2023
Other Budget Items
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Revenues Sales Tax revenue increase/maintain? Interest earnings increasing Tax Cap growth factors with recent re-evaluation in Penfield
Expenditures 3 contracts up for negotiations for 1,100 employees Minimum wage going up a $1.00 in January 2023, prediction for next year as well
Budget = Funding Available - Requests
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Next Up on The Budget Process
Gather data points for Tax Cap Calculation
Long Range Planning Workshop in January 11
Continue to meet with budget stakeholders
THANKS! Any questions?
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