The Methacton School District Board of School Directors voted to
adopt a final budget of $101,124,091 for the 2015-16 school year
during the Board's regularly scheduled meeting on June 25, 2015. The 2015-2016
budget is balanced without the need for a tax increase, resulting in no change
in the millage rate over 2014-15 (27.90).
This was accomplished by using $858,813 of projected surplus funds from our 2014-15 fiscal year end projection. Our projected surplus for 2014-15 is achieved by non-recurring revenues resulting from the $1.7 million dollar sale of the District’s school buses to First Student, Inc. as well as approximately $1.1 million dollars in settlements from our health insurance providers.
The surplus funds/fund balance to be used to balance the 2015-16 budget will not decrease the audited fund balance, which was $5.2 million as of June 30, 2014. Following the 2014-15 financial audit due in October of 2015, the remaining balance (net of that used to balance the 2015-16 budget) will be reviewed by the finance committee for recommendation to the Board for placement into the fund balance and/or capital reserve.
The increase in the District's required contribution to the Pennsylvania School Employee's Retirement System (PSERS) is the single largest expenditure increase over the previous year's budget. Net of state reimbursement (50%), Methacton’s cost increase from 2014-15 to 2015-16 for this single budgetary item is $933,596.
The District also realized staff savings of $1.03 million resulting from an Early Retirement Incentive offered to professional staff. Fifteen staff members took advantage of this incentive. In addition, the District realized $350,000 in employee health care savings and $170,000 in diesel fuel savings via its participation is cooperative purchasing consortiums.