11/13/1996 BOARD OF SELECTMEN Executive Session (4)

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SANDWICH SCHOOL FINANCE A Report for the Sandwich Public Schools average; according to the formula in the law this means that state aid will be available to fill 88.8% of an overburden. As we'll see below, - }� , this will be helpful later In the decade. Base Year Spending, Contribution In the table at left, we calcu- Upper late Sandwich's gross standard !n Thousands of Dollars Total Sandwich Cape Cad of effort and compare it to $M�t�ons Adjusted Valuation P { } 'ifi34 actual local contribution. The Standard Tax Rate $9.40 ss standard for the first e Gross Standard of Effort FY 94 1� 3�4 14 953 gross year { } � 371 of the reform is defined as Standard of Effort{FY 94} 12,467 121165 302 �- $ 4o per thousand dollars of FY 93 School Tax Rate $8.47 adjusted valuation. In Sand- Local case, this works out to Local Contr�uton{FY 93} �3,809 13,583 225 $I5.3� million. The gross Federal impact Aid ? 7 standard is increased in future StateA�d{F1'93} 1,fi73 1,570 �p3 Net Schaal Spending{FY 93} 153489 15,161 328 years according to the town,s overall revenue growth. The Foundation Budget(FY 94) 147298 131951 347 town's overall gross standard is allocated amongst the local schools and the Upper Cape Cod Voc School, as shown in the table. There is no requirement to increase local taxes all the way e to thgross standard if this is not needed to arrive at foundation spending levels. The local contribution needed to et to the foundation onget is the standard of effort. As shown in the table,the standard of,. 12.2 mil-- � lion for Sandwich schools in FY 94 was considerably lower than the town's actual contribu- tio n in that year. In Fiscal Year 19931, th e year b efo re th e refo rm too k effect, Sandwich spent $1 mil- lion mil- n on the local schools. of this, $I.57 was state aid and the g remainin $13.59 million was from local taxes. This $15.16 million was $1.2 million above the foundation budget for the sub ($13-95g subsequent year million). All told, Sandwich taxpayers contributed $13.8 million to the two school districts to which the town belongs;this was about $1.5 million below the towns standard of effort. Sandwich is not as wealthy as most of its (as ors nei hbCaP ge Cod measured by adjusted valuation per student); it therefore has a higher school tax rate. Its $8.47 school tax rate is calculated by dividing local contribution b'adjusted valuation. � J The spending figures in the table will not agree exactly with the Sandwich school commit- tee budget. This is because net school spending, as defined in the reform law, excludes student transportation and debt service to support school construction, but includes all current school expenditures, including teacher health insurance and other items carried in the town budget. Page 7