The School District of Upper Dublin presented their revised during Monday night’s meeting, which contained a handful of minor adjustments to both revenue and expenditures, leading to roughly $50,000 in added savings.
The budget proposal requires a in order to meet the $85,412,540 operating budget for the 2012-2013 school year. A total of $47,566,852 will go to salaries and retirement contributions, and debt services will account for more than 15-percent of the budget at $13,122,881.
The school board stated that the increase in debt service -- which has risen $1.9 million over the last two years – is due to the final portions of the high school project coming online.
On the revenue side, the district expects to bring in $70,316,857 locally, with an additional $11,929,897 from the state and $417,000 in federal revenue. The remaining difference -- $2,748,786 -- is being pulled from the fund balance, which leaves the district with an estimated fund balance of $704,267 for the following year and paves the way for a .
“Unless we come up with additional reductions in costs, other savings, or alternative revenues, the hole that we’ll face a year from now could be an issue for us,” said Superintendent Michael Pladus.
Pladus pointed to some of the board’s cost-saving initiatives, such as the Early Retirement Incentive Program, which saved $582,011 in salary, as well as well as the transportation partnership with Springfield Township School District, but he added that more measures would be required in order to balance next year’s budget.
“Virtually everything we’re doing is addressing that budget reality,” said Pladus. “Virtually every possible effort moving forward is an attempt to face the realization that there very well may be a gap between our expenses and revenues a year from now.”
The school board will formally adopt the 2012-2013 operating budget during their meeting on June 13 at the Upper Dublin High School cafeteria.