Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Revenue topic
No spam. Unsubscribe anytime.
Administrators clarify revenue limits: tax cap, BOCES aid, PILOTs and FEMA receivable
Summary
Officials reviewed revenue options, noting the tax levy is limited by the property-tax cap, BOCES and county sales-tax allocations are constrained, and FEMA money received is a receivable to clear losses rather than funds available for reserves; they said the district does not control IDA PILOT agreements.
District staff walked through the district’s revenue sources and limits as part of explaining how they must close the budget gap.
Miss Kayehan reviewed revenue lines: the tax levy is constrained by the property-tax cap; state aid is formula-driven and limited by the state’s calculations; some aid (BOCES) is expenditure-based; and PILOT (payment in lieu of taxes) agreements are between property owners and the IDA with no district input. She also said the district has high-interest accounts and miscellaneous revenue streams (drivers ed, adult ed, tuition, facility rentals, E-rate and federal impact aid).
On a frequently asked question, Miss Kayehan clarified FEMA reimbursements received for losses during Ida are a receivable on the books that clear a receivable rather than money that can be placed into reserves or used directly in the operating budget.
