The Combined Earned-Income Tax Committee of the Corry Area School District will use $35,093 from the end of 2009 funds to balance its 2010 budget.
The EIT committee recently approved its next year’s spending plan based on income from the 1 percent wage tax.
Expenditures for 2010 total $1,524,840. Revenue, however, is expected to be $1,489,747.
The committee started 2009 with $135,705.
“Of that, an estimated $89,050 will have been spent at the end of 2009, leaving a year-end fund balance of $46,655,” said Joanne Smith, EIT receiver.
Revenue and expenses for 2010 are both down from 2009. A decrease in revenue is the result of plant closings, other businesses closing and layoffs due to the sluggish economy.
In 2009, expenditures were budgeted at $1,611,008 and are expected to total $1,562,542 at year-end. The year-end figure is still higher than the 2010 estimated expenditures at $1,524,840.
Expenses for 2010 include $360,000 in distributions to the city and the school district. The amount is down from the $380,000 the city and district received this year.
Other expenses for this year include $62,840 in office expenses and $12,000 in refunds from overpayments.
Revenue in 2009 was budgeted at $1,599,300 and is expected to be $1,473,492 at year-end.
The $1,489,747 expected revenue for 2010 includes $1,488,547 in receipts and $1,200 in interest. Interest revenue is expected to be up about $300 than in 2009.
Using the $35,093 to balance the budget should leave a fund balance of $11,562 to carry over into 2011. Committee member Roger Butters asked Smith if that would be enough.
“Will $11,000 balance at the end of next year tide us over until a wave of money comes in 2011?” Butters asked.
Smith said yes, that money coming in from the fourth quarter of 2010 will be received by the end of January and then distributed to the city, school district, and other taxing districts.
In addition to Butters, members of the EIT committee who voted to approve the budget are Peggy Gates and Pat Migliaccio. Members Scott Sanford and Gene Stoddard were absent from the meeting.