Middleburgh Central School District 5-Year Financial Plan Summary

The Middleburgh Central School District presents a detailed 5-year financial plan from 2020-21 through 2024-25. The plan focuses on budgeting for a quality instructional program while being fiscally responsible. Emphasis is placed on maximizing state and local aid, grant opportunities, and optimizing the use of shared services. The plan also includes information on fund balance, reserves, and unrestricted fund balance, highlighting the district's financial standing and future financial strategies.

• School District
• Financial Plan
• Budgeting
• Fiscal Responsibility
• Educational Vision

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1. Middleburgh Central School District 5-Year Financial Plan 2020-21 through 2024-25 Terrence Gillooley December 18, 2019

2. Board of Education Board Goals Goal #1 - The Board of Education will present annual school budgets that provide a quality instructional program. Educationally sound and fiscally responsible Pursuing and maximizing State and local aid, as well as grant opportunities Optimizing the use of shared services with other governmental entities where cost-effective

3. Financial Plan Collaborating with the Superintendent, building leaders, the Board of Education, faculty and staff, other stakeholders and community to support the development and implementation of the educational process and vision.

4. Financial Plan Fund Balance as of June 30, 2019 Reserve for Unemployment Insurance Reserve for Liability & Property Loss Reserve for ERS/TRS Retirement Reserve for Employee Benefits Reserve for Insurance Total Restricted Fund Balance $145,613 16 582,107 525,984 125,348 1,379,068 Reserve for Encumbrances Appropriated for subsequent year Total Assigned Fund Balance 376,939 403,204 780,143 Unassigned Fund Balance 2,349,170 Total Fund Balance $4,508,381

5. Financial Plan Unrestricted Fund Balance Per Office of NYS Comptroller s General Fund Unrestricted Fund Balance Subject to Section 1318 of Real Property Tax Law 4% o fthe School District s budget for the subsequent year 2019-20 Budget $ 22,481,913 4% Limit 899,277 Current Unrestricted Fund Balance 2,349,170 Amount exceeding 4% limit 1,449,893

6. Financial Plan Reserves and Fund Balance TRS Retirement Reserve New 2019 - Funded $131,000 in 2019 - Allowed to fund 2% each year (Approx. $130,000) up to 10% of total prior year TRS Salaries (Approx. $650,000) Reserve for Repairs - Established by a board resolution, funded by voter approval and can expend after a public hearing Capital Project Reserve - 2024-25 final $3.4 million debt payment Appropriated for subsequent year - Each year district allocates unrestricted fund balance for budget gap - 2019-20 - $403,204

7. Financial Plan Budget 5 Year Projections Revenue - Tax Levy Projected 2% each year (200,000 215,000 increase) - 2019-20 1.00% - 2018-19 1.99% - 2017-18 1.52% - 2016-17 - 0.61% - 2015-16 2.38% - State Aid - General Aid/Foundation Aid 5 year avg. 2.85% - Projected 2.5% each year (275,000 300,000 increase) - No Harm

8. Financial Plan Budget 5 Year Projections Appropriations Line by line 5 year averages Projected 5 years Contract Obligations - Teacher Association 2023 81 Employees - as of 6/30/20 7 will have 30 years of service in MCSD (based on hire date) - as of 6/30/25 20 will have 30 years of service in MCSD (based on hire date) - as of 6/30/25 29 will be over age 55 - Non-Instructional 2024 69 Employees - as of 6/30/20 5 will have 30 years of service in MCSD (based on hire date) - as of 6/30/25 11 will have 30 years of service in MCSD (based on hire date) - as of 6/30/20 40 will be over age 55

9. Financial Plan Budget 5 Year Projections Appropriations Salaries and benefits = 74% of Budget - Health Insurance 5% increase each year (except year 1) - TRS/ERS increased contributions 1% each year Long-Term Debt = 9% of Budget Technology - Education Technology Specialist - BOCES Services - SSBA maintain

10. Financial Plan Budget 2019-20 Budget 22,481,913 (403,204) 2020-21 Budget 22,769,143 287,229 or 1.28% increase (196,562) 2021-22 Budget 23,447,758 659,715 or 2.98% increase (341,121) 2022-23 Budget 24,209,066 - 780,208 or 3.33% increase (568,658) 2023-24 Budget 24,950,421 741,354 or 3.06% increase (802,572) 2024-25 Budget 25,795,457 845,036 or 3.39% increase (1,128,563)