Glen Cove Board Of Education Begins Planning 2024-2025 Budget

The first workshop on the 2024-2025 Glen Cove City School District Budget was held at the Jan. 17 Board of Education meeting. Victoria Galante, the assistant superintendent for business and finance, led the presentation.
“Before we start with the budget, I also want to thank the Glen Cove community,” Galante said. “They have supported the school district for the past 10, 11 years I’ve been in the district and without their support, a lot of these programs… would not be possible.”
The first workshop starts with basic details on the definition of a budget, the tax levy limit, revenue budget and appropriation budget. Currently, the estimated revenue budget is approximately $112.1 million. Not all the information is available to define a concrete tax levy. The variance from the current year’s budget is approximately $4.1 million.
The district is expected to receive approximately $26.4 million in state aid, an approximately $1.2 million increase. However, the district will get the final number in April.
A new revenue item is a PILOT (Payment in Lieu of Taxes) from the Livingston project at 135 Glen St., an amount of $102,668.68.
The district is expecting to see an increase of expenses in health insurance (13.5 percent), insurance (18 percent), ERS, also known as the employee retirement system (15 percent) and TRS, also known as the teachers retirement system (10.25 percent).
“When I speak to the insurance company, it’s a combination of different things that are happening in the world of insurance, one being the climate, flooding that is happening with all these bad storms,” Galante said. “Child Victims Act, cyber insurance, liability insurance overall. Remember, all the properties the district owns, the school buildings, have increased in value, just like your homes have increased in value, so naturally, the insurance goes up.”
The next budget workshop will be held on Feb. 7.

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