Transcript Document
2011-2012 Budget Update
January 06, 2011
Personal and Academic Success for All!
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2011-2012 Budget Update Governor’s Proposed Changes
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Eliminates LCI Hold Harmless
Expected 50% FY12 -$614,000, down $1.2 million from FY11 Moved current year payment from General Fund to “Lottery Funded” and reduced by 106K VRS Rate Increase is Major Factor in Increased Costs 1.
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Rates are up 33.89%, or approximately 900K Current year: 9.53% Governor’s original budget for FY12: 10.66% Governor’s amended budget for FY12: 12.76% Other Changes to State Allocations 1.
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Sales tax up 299K All other changes net to no change 4.
Overall, State Funds Are Down 957K From FY11
Charlottesville City Schools • 1562 Dairy Road • Charlottesville VA 22903 • 434-245-2400 • www.ccs.k12.va.us
2011-2012 Budget Update
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How much have we lost in state funding for the General Fund?
Answer: It depends on where you start… FY 2009 revised budget: FY 2010 revised budget: FY 2011 revised budget: FY 2012 proposed budget: $16,986,955 $14,491,658 (-14.69%) $13,930,567 (-3.87%) $12,973,461 (-6.87%) Overall, down 23.63%, or $4,013,494
Charlottesville City Schools • 1562 Dairy Road • Charlottesville VA 22903 • 434-245-2400 • www.ccs.k12.va.us
2011-2012 Budget Update Governor’s Proposed Changes
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Virginia Retirement System VRS rates include the following components, all of which are currently paid by CCS:
Employer share
Currently 3.93% of salary
Employee share
Always 5% of salary Retiree health care credit
.60% of salary Total: 9.53% of salary
Charlottesville City Schools • 1562 Dairy Road • Charlottesville VA 22903 • 434-245-2400 • www.ccs.k12.va.us
2011-2012 Budget Update Governor’s Proposed Changes
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Proposed Change:
The Governor’s amendments include passing the 5% employee share on to the employee.
Participating employers would be required to increase pay by a minimum of 3%.
It would take an increase of approximately 6% to hold employees harmless.
Net of the 5% pass-on to employees, this would cost approximately $750,000
Charlottesville City Schools • 1562 Dairy Road • Charlottesville VA 22903 • 434-245-2400 • www.ccs.k12.va.us
2011-2012 Budget Update Summary The Governor’s Proposed Budget:
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Eliminates LCI Hold Harmless Support a.
-$1,200,000 Reflects Increased Sales Tax Projections a.
+$299,000 Increases VRS rates by 33.89% a.
-$870,000
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Overall Effect of Governor’s Amendments: -2,369,000
Charlottesville City Schools • 1562 Dairy Road • Charlottesville VA 22903 • 434-245-2400 • www.ccs.k12.va.us
2011-2012 Budget Update Summary
What’s next?
Staff will update expenses and staffing levels to reflect current projections and will target the January 24 th budget work session to provide complete financials including some recommendations for the School Board’s consideration.
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2011-2012 Budget Update
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UPCOMING MEETINGS:
Wednesday, January 12, 5:30 p.m.
Buford Middle School
Wednesday, January 19, 6:00 p.m.
Clark Elementary
Monday, January 24, 3:00 p.m.
Budget Work Session
Monday, January 24, 6:00 p.m.
Telephone Town Hall
Wednesday, January 26, 6:00 p.m.
Charlottesville High School
Monday, January 31, 6:00 p.m.
Jackson Via Elementary
Thursday, February 3, 6:00 p.m.
Public Hearing
Thursday, February 24, 6:00 p.m.
School Board Approval
Charlottesville City Schools • 1562 Dairy Road • Charlottesville VA 22903 • 434-245-2400 • www.ccs.k12.va.us
2011-2012 Budget Update
January 06, 2011
Personal and Academic Success for All!