SALAMANCA - School district officials have released what the 2014-15 budget will look like for the Salamanca City Central School District, and taxpayers will see a break on their bill.
Total budget for the coming school year is anticipated to be $27,572,466, an increase of $2,203,330, according to business executive for the district, Karen Magara. True value rate, for taxes, will result in the current year's amount of $17.5189 per thousand to fall to an estimated $12.4082 per thousand, she continued.
The reduction in tax rate reflects the projected 30-percent tax rate drop, as a result of funds received in the settlement between the Seneca Nation of Indians and New York state, in regard to casino compact payments, as well as $1.6 million in federal funds from Federal Impact Aid.
Breaking down from where the funds will come, Magara said the largest portion will come from New York state aid. A total of $17,528,941, or 64 percent, comes from Albany, while about 9 percent, $2,427,897, comes directly from taxes. Another $2,516,000, 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.
Decreases in the tax rate, coupled with the amount of money going into the budget from fund balances and other aid sources, the lion's share of the budget goes to programs, roughly $19 million, while another $5.7 million go to capital resources and the final $2.9 million go into administrative costs, Magara said.
A final budget hearing is planned for May 13, with the vote to take place May 20.