Fonda district sets 4.5% levy increase
FONDA-The Fonda-Fultonville Central School District Board of Education on Wednesday took a straw vote to establish a 4.5 percent tax-levy increase under the proposed 2013-14 budget adopted Monday, Interim Superintendent Ray Colucciello said this morning.
On Monday, the board adopted a nearly $24.36 million budget for 2013-14, which calls for a 2 percent increase in spending.
The board narrowed the possible tax-levy increases at that time to either 4.5 percent or 4.75 percent but did not finalize the figure Monday.
A handout provided by the district at Monday’s meeting showed raising the levy by 4.5 percent would add $52,000 to the district’s surplus funds, which have been depleted in recent years.
District Treasurer Carey Shultz said Monday the current fund balance is about $350,000, but the district’s goal is to save $500,000 in the fund balance by year’s end.
This year’s budget totaled $23.87 million, so the proposal for 2013-14 calls for a spending increase of $485,000.
Shultz said nearly 80 percent of the increase represents retirement and health benefits for district employees.