In a unanimous vote Thursday, February 4,2021, the school board voted to approve a preliminary spending plan for the 2021-2022 school year.
Bill Stone, director of business administration, said the district is anticipating revenues of around $249.2 million and expenditures of $259.5 million, leaving a $10.3 million dollar budget deficit for next year.
Superintendent Robert Fraser emphasized that the preliminary budget is more of a rough draft than a final spending plan, as the school board can make revisions as needed before approval of the final budget in June.
"This is very, very early in the process, based on nothing more than broad strokes and assumptions at this point," Fraser said.
The preliminary budget assumes a 3 percent increase in the real estate tax, which makes up about 80 percent of the district's total local revenue.
"Overall our revenues are projected to be mostly flat when compared to the prior year other than that real estate tax," Stone said. "The majority of the increases in the expenditure budget are due to contractual obligations as well as mandated expenditures from the state and federal government."
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UPDATE (2/15/21): According to an article in Bucks Local News: The district's financial advisory committee has recommended the school board and administration look into a number of revenue-generating projects, including granting naming rights and sponsorships for district facilities; opening up district facilities for community rentals*; and preparing cost analysis and scenarios for upcoming collective bargaining.
*This was discussed at the February 10, 2021, Newtown Board of Supervisors public meeting. Listen to his remarks.
The current Council Rock RE tax millage is 126.301. A 3% increase amounts to an additional 3.79 mills. For a home with a market value of $400,000 and an assessed value of $43,600 (the approximate average home market/assessed value in Newtown Township in 2018) 3.79 mills equals $165 increase per year.
Council Rock residents are invited to review the 2021-22 Proposed Preliminary Budget by clicking here. Residents are also invited to follow Council Rock budget/finance news by tuning into the district’s monthly Finance Committee meetings, which take place the second Thursday of the month.
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