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Treasurer outlines tax timing, pilot billing, reserves and demographics study that shaped bargaining outlook

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Summary

The district's finance team reported that tax collections begin Oct. 1 and that interest earnings have declined from last year. Staff described pilot (PILOT) invoicing mechanics, a surplus list and reserved fund balances (restricted reserves about $21.2 million, assigned $8.5 million, unassigned about $6.5 million or ~3.85% of the budget). Staff

Don Lacey, assistant superintendent for finance and business, and Lauren Mudge, district treasurer, briefed the committee on revenue and reserves and described several items that inform near-term budgeting and bargaining capacity.

Mudge said tax collection activity begins Oct. 1 and noted the district is preparing for investment activity tied to tax receipts. She said interest earnings that the district can expect to earn on short-term investments are down from last year (staff cited a decline from roughly the mid-4% range to the mid-3% range), which affects projected non‑property revenue.

The treasurer described how the district handles Payment in Lieu of Taxes (PILOT) accounts: the district maintains separate PILOT lines in its revenue projections, builds invoices for PILOT participants and typically bills when tax bills are mailed; some PILOTs are billed in the fall and others are income‑driven and invoiced later in the fiscal year.

Lacey reviewed a surplus list that includes retired vehicles and equipment; some vehicles are routinely traded in when they reach end of life, and certain vehicles retired under an electric-bus grant required compliant disposal. The district said surplus items are disposed of via trade-in or auction as appropriate.

On reserves and fund balance, staff said the district has about $21.2 million in restricted reserves, approximately $8.5 million assigned fund balance and roughly $6.5 million unassigned (about 3.85% of the budget), just under New York State's commonly cited 4% unassigned guideline. Staff noted healthy reserves support financial stability and credit rating.

Lacey and others also summarized results from a recent RFP for a demographics study; the district awarded work to Cornell University. Preliminary demographic estimates presented to staff suggest a potential decline in student enrollment over the next decade. Staff said audited financial statements and preliminary demographic projections allowed the administration to propose a larger bargaining offer than earlier in the year (staff referenced an offer roughly described as 21% over three years, compared with a prior planning figure). Staff cautioned the demographics work is preliminary and that further analysis will inform long‑range decisions about facilities and staffing.