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BROADALBIN — Property owners in the Broadalbin-Perth Central School District could see a nearly 1% tax increase next collection cycle.
On Monday, the BPCSD Board of Education approved a 0.95% proposed increase on the local tax levy for the second consecutive years. This would account for an additional $155,815 funneled from the three-county district.
Dovetailed with the increase is a $41,266,000 draft budget OK’d by school policymakers in late March. Funding for the 3.86% spending increase — a change from 2.5% last year — would come primarily through local taxes, the district fund balance and prospective state foundation aid.
“The board is really trying to really minimize the increases in the tax levy because it’s a tough financial time,” said Assistant Superintendent Marco Zumbolo.
The budget and adjacent propositions will ultimately be decided by voters in portions of Fulton, Montgomery and Saratoga counties come May 16.
By then, the budget could be slightly altered to reflect the forthcoming passage of the state budget. New York’s spending plan is more than two weeks late.
The governor’s office and the state legislature have already pledged to fully fund the foundation aid for the first time, likely providing BPCSD with $13,306,245 or more. Any potential changes, Zumbolo said, would consist of increases.
Of $24,726,000 forecasted in total revenue, overall state aid is expected to number $21,652,769 and miscellaneous local revenue sources are expected to come in at $1,117,884. The tax levy accounts for $16,540,000.
“If I look out three years — and even though less than 1% is small — it does compound and it does help moving forward to help balance the education,” said Zumbolo. “The other thing is this is going to be the last year of the American rescue planning grant, so we utilize this year’s budget to start to try to prepare for that funding drop off at the end of next year.”
The district has about $1 million left out of a more than $10 million-plus kitty of federal COVID-19 funds. Under grant guidelines, such funds must be spent by 2024.
More than two-thirds of the budget accounts for year-to-year payroll increases (65%) and debt repayments for capital project and transportation vehicle bonds (10.7%). BPCSD plans to budget $3,341,500 for debt expenses related to capital expenses.
The district still owes $32 million on a recently completed $40 million capital project started in 2016.
Another proposition on the ballot would allow the district to open up a $10 million-capped capital reserve fund. The account would be used to finance construction-, equipment- and renovation-related expenses for 10 years.
Also on the ballot is a proposition to purchase three 66-passenger buses, two passenger vans and one SUV at $649,982 in total.
Tyler A. McNeil can be reached at 518-395-3047 or [email protected] Follow him on Facebook at Tyler A. McNeil, Daily Gazette or Twitter @TylerAMcNeil.
