For residents of the Titusville Area School District the good news is while there is currently a deficit in the proposed budget for the 2017-2018 school year, the deficit stands reduced to just over half a million dollars, down from just over $1.1 million when the administration and the finance committee of the school board started crunching numbers. And a proposed tax increase generating $213,000 is about two thirds of the Act 1 allowable amount under state law. The bad news, for now, is there is still a deficit and there is going to be a tax hike.
In a presentation to the board members at their monthly work meeting Monday night, Business Manager Shawn Sampson explained the present proposed budgetary revenues stand at just over $31.2 million. Budgeted expenditures come in at just over $32.3 million. The difference , just over $1.1 million comprises the deficit and is proposed to be funded with nearly $910,000 from reserve fund balance. The remainder is the proposed tax increase.
In a statement from the district, it is explained the budget proposal includes a tax increase for Crawford County of 1.14 mills or 2.9%, an increase in Venango County of 9.28 mills or 1.7% and an increase in Warren County of 1.32 mills or 2.7 percent. According to the district major items impacting the budget are the continued increase in the district's required contribution to pensions, health insurance cost, special education cost (which the state and federal governments continue to underfund).
The final budget is expected to be adopted June 19th by the board members in final form.
Sampson also explained the Titusville Area School District will receive just under $490,000 for property tax reduction from the state. That translates to an estimated $148 tax reduction for each homestead and farmstead approved by the counties. If a property is approved, the tax reduction will automatically be reduced from the tax bill.