| Education for the 21st Century Committee | ||||||||||
| Financial Objectives and Impacts | ||||||||||
| Financial Scenario 3 | ||||||||||
| Objective | Four-Year Targeted Amount (Starting 2002-2003) | Estimated Annual Tax Rate Required | Scenario Amount | |||||||
| 1) | Balance Annual Ed. Fund Budget (Assumes Salary and | $47,850,393 | $0.40 | $0.40 | ||||||
| Expenses Increase by CPI, Insurance by Recent Experience (8%)) | ||||||||||
| 2) | Eliminate Accum. Ed. Fund Deficit by 2005-2006 | $15,159,868 | $0.13 | $0.13 | ||||||
| (NOT required after 2005-2006) | ||||||||||
| 3) | Provide Salary Increases to Meet Market | |||||||||
| Salary Increase = CPI +1% | $9,992,296 | $0.08 | ||||||||
| Salary Increase = CPI +2% | $20,177,261 | $0.16 | ||||||||
| Salary Increase = CPI +3% | $30,557,643 | $0.25 | ||||||||
| 4) | Adjust Curricular and/or Activity Fees | |||||||||
| Every Increase of $1 Million annually | ($4,000,000) | ($0.05) | ||||||||
| Every Decrease of $1 Million annually | $4,000,000 | $0.05 | ||||||||
| 5) | Implement Expenditure Reductions | |||||||||
| Category One ($2,300,000 annual expense) | ($9,200,000) | IMPLEMENTED | ||||||||
| Category Two ($1,926,652 annual expense) | ($7,706,608) | ($0.06) | ($0.06) | |||||||
| Category Three ($3,262,784 annual expense) | ($13,051,136) | ($0.11) | ||||||||
| Each Additional $1 Million Annual Reduction | ($4,000,000) | ($0.04) | ||||||||
| 6) | Invest in New/Improved Programs | |||||||||
| $1 Million Annual Increase | $4,000,000 | $0.04 | ||||||||
| $2 Million Annual Increase | $8,000,000 | $0.07 | ||||||||
| Fully Fund 5-Year Business Plan | $18,688,225 | $0.16 | ||||||||
| Scenario Total | $0.47 | |||||||||