- Cornwall-Lebanon School District
Board of School Directors Approves Final General Fund Budget for 2019-2020
The Board of School Directors of the Cornwall-Lebanon School District, at its regular scheduled Board Meeting on June 17, 2019, approved a Final General Fund Budget of $80.6 million. The final budget includes a 2.79 percent increase in the real estate tax rate over the existing rate for the 2018-2019 fiscal year. The Act 1 Index limit for Cornwall-Lebanon for the 2019-2020 fiscal year is 2.9 percent. The increase in the tax rate amounts to a $67 increase in the real estate tax bill for the median homeowner having an assessed property value of $159,900. The real estate tax rate established as a part of this budget is 15.4819.
Property tax relief in the amount of $121.61 will be provided to approved homestead and farmstead property owners on their July 1, 2019 property tax bills. This relief will appear directly on individual tax bills as a reduction in the assessed value of each approved homestead and farmstead property.
Total expenditures are projected to be $80.6 million in the 2019-2020 final budget. The increase in expenditures represents a $2.5 million or 3.2 percent increase from the 2018-2019 budget. Expenditures in the 2019-2020 final budget include an estimated increase in employee salaries and benefits of $1.6 million. The cost of employee retirement and healthcare make up $0.9 million of the $1.6 million increase. The District’s Special Education Program costs are also expecting to increase significantly by $0.65 million or 16.1% over the 2018-2019 budget.
Total revenues in the 2019-2020 final budget are projected to increase by $2.6 million or 3.4 percent from the 2018-2019 budget. Revenue from local sources, other than from an increase in the real estate tax rate, is expected to increase by $0.6 million or 1.1% from 2018-2019. Revenue from state sources is projected to increase by $0.7 million or 2.9 percent, the state share of retirement and social security costs making up $0.3 million of the $0.7 million increase.
The District anticipates using Assigned Fund Balance of $0.6 million to balance the 2019-2020 budget, using previously assigned fund balance for retirement cost leveling.