The Hampton Township Board of School Directors approved a 2017-2018 Operating Budget on June 12 that preserves the District’s quality academic programming and allows for the provision of additional staffing.
The budget includes expenditures of $50.7 million and revenue of $49.8 million. Expenditures in the new budget represent an increase of $1.76 million, with approximately $915,000 of the increase due to the increase in District contributions to the Pennsylvania School Employees Retirement System (PSERS). The mandatory employer contribution rate to PSERS is increasing from 30.3 percent of wages in 2016-2017 to 32.57 percent of wages in 2017-2018.
To offset the shortfall, the District will use $700,000 from the PSERS Stabilization Fund and $200,000 from the unassigned fund balance. The real estate tax rate also will increase to 18.77 mills, which reflects a 0.38-mill increase, or 2.06 percent.
Included in the budget is the provision for filling up to six new teaching positions. Three of those positions would be full-time. The remaining three positions are for full-time, long-term substitute teachers who could be used, as needed, District-wide.
The 2017-2018 Homestead/Farmstead Resolution also was approved, which provides for the distribution to residents of Act 1 State gaming funds. The 2017-2018 amount will be $157.25 per approved homestead, based on the $858,898 distribution and 5,462 homesteads in the District.
More information about the budget process is available here.