SALAMANCA – Salamanca School District officials have released a 2014-2015 budget that will give taxpayers a break on their bill.
The total budget for the coming school year is anticipated to be $27.57 million, an increase of $2.2 million over this year, according to Karen Magara, the district’s business executive. The current tax rate of $17.52 per $1,000 assessed value will drop to an estimated $12.41, she said.
The estimated 30 percent drop in the tax rate is a result of funds received in the settlement between the Seneca Nation of Indians and the state in regard to casino compact payments, as well as $1.6 million in federal funds from Federal Impact Aid.
Magara said the largest portion of funds for the district’s budget will come from state aid – a total of $17.53 million or 64 percent. About 9 percent, $2.43 million, comes directly from taxes. Another $2.52 million, roughly another 9 percent, will come from tax-related items, such as casino revenue and Impact Aid.
BOCES programs hosted at the school and Native Aid each make up about 6 percent, adding $1,809,263 and $1,650,000, respectively.
About 5 percent of the budget will come from fund balances, making up about $1.3 million.
The lion’s share of the budget goes to programs, roughly $19 million, while another $5.7 million goes to capital resources and the final $2.9 million to administrative costs, Magara said
A final budget hearing is planned for May 13, with the vote to take place May 20.