Sentences with phrase «budget reserves districts»

Higher - than - expected state revenues could in 2015 - 16 trigger a series of new legal benchmarks that would restrict the size of budget reserves districts could maintain in the following year.

Not exact matches

The net surplus in the budget, which is about $ 13,110, is expected to be added to the district's reserves, according to the documents.

According to a Park District memo, Moody officials cited several factors for the upgrade, including sound financial operations, conservative budgeting practices, ample reserves, a diverse economic base and a favorable debt profile.

But the school boards association also notes that 99 percent of the districts had to tap into their reserve funds, rainy day funds, in order to cover budget gaps.

Initial trends of districts appropriating greater portions of their reserves to balance budgets immediately following the implementation of the tax cap have started to subside and districts are generally able to balance operations without tax - cap overrides.

The 3,300 - student district has drawn down its cash reserves at an unsustainable rate in recent years and now must look at possible layoffs and other economies to balance its budget for the 2018 - 19 school year, Superintendent Patrick Brimstein said in an interview.

The comptroller's office calculated that Middle Country's reserves amounted to between 5.6 percent and 5.7 percent of budgets over three years, though the district's math indicated 4 percent.

Tuesday the board cast a critical eye at the department's proposed budget for 2013, questioning why the relatively small district should have a reserve fund nearly -LSB-...]

Examples of the early successes of task force members include legally establishing its operating authority and scope of operation in the State Budget, requiring a study of re-use options of the Indian Point property, adding an additional $ 15 million to the State's Power Plant Cessation Mitigation Fund starting in 2020, extending the timeline for payments from that fund, and authorizing the HendrickHudson School District to start a reserve fund to plan for future tax impacts.

The district will also remain qualified for AAA bond rating, which typically calls for school district reserve funds to be around 10 percent of its total annual budget.

Controversy over budget surpluses is growing statewide, with taxpayer groups charging that districts build up reserves in large part to provide bigger contract raises for employee unions.

The state comptroller recommends municipalities and school districts hold no more than 10 percent of budgets in reserve.

Under New York State law, the district can keep no more than 4 % of the total budget in reserve which comes out to be roughly $ 9 mm so the reserve is currently about half the legal limit.

In addition, the district paid for unemployment insurance costs totaling $ 320,912 over the last three fiscal years by including appropriations in the budgets instead of using money from the reserve fund, the report found.

The district spread these reserves among several budget items, mostly in employee health insurance, which was overestimated by $ 739,056.

A report issued earlier this month said the district's budgeting practices lead to oversized reserves.

«It's a challenge for really all districts because of the budget cycle, but of course, if you have smaller reserves, cash flow can be a challenge,» King said.

«The district's budgeting practices made it appear that the district needed to both raise taxes and appropriate fund balance and reserves to close projected budget gaps,» read the report.

A teacher pension fund reserve, he said, would provide districts with greater predictability in their budgeting, because it would give them a financial cushion in years when pension costs rise.

Under law, unrestricted reserves, known as «rainy day funds,» are restricted to 4 percent of a district's budget.

Many district officials plan to use their undesignated reserve funds to offset cuts and budget gaps, but they are still planning to increase tax levies and cut employees.

In FY14, the district used reserves to balance the budget and ended the year with expenses exceeding revenue by $ 513 million.

A paradox is that many districts have built up record reserves — far beyond the 1 to 3 percent of a district's operating budget that state law requires.

School Services of California, a firm that has long specialized in business and financial management for school districts, has been telling its clients in budget presentations that they should prepare themselves for the probability that the reserve cap could be triggered as soon as this year as well.

Rather than pay for these additional needs out of the state reserves and then give us enough flexible funding to cover the extra costs, they instead repurposed the money that had been earmarked already for the education budget and left virtually all districts in a mess.

The District is planning to end the next school year with the board mandated financial reserve of 3 percent of its budget.

«It is apparent the Act requires school districts to fund any general appropriations shortfall either through reallocating funds under their respective budgets or accessing their reserved funds or raising their millage rates,» association general counsel Wayne Evans wrote.

(hh) If the unencumbered amount of cumulative surplus revenue from tuition held by a charter school at the end of a fiscal year, less (i) the amount of the fourth quarter tuition payment, (ii) the amount held in reserve for the purchase or renovation of an academic facility pursuant to a capital plan, and (iii) any reserve funds held as security for bank loans, exceeds 20 per cent of its operating budget and its budgeted capital costs for the succeeding fiscal year as is reported in a capital plan to be submitted in the school's most recent annual report, the amount in excess of said 20 per cent shall be returned by the charter school to the sending district or districts and the state in proportion to their share of tuition paid during the fiscal year.

Labor leaders also have argued that it's wrong to reserve jobs for outside groups when many districts are still recovering from layoffs and budget cuts.

I hate to say «I told you so,» but after the Chicago Teachers Union strike against Chicago Public Schools last fall I wrote: A district that expects to drain its reserve funds and is looking at a billion - dollar budget hole the year after this can not afford...

(Calif.) Despite strong opposition from school management groups, the final state budget approved Sunday night includes provisions restricting the size of reserves that districts can accumulate under certain economic conditions.