The proposed $55.6 million budget for the 2015-16 academic year in the Lake Shore Central School District will now be in the hands of voters after the district held its annual budget hearing Tuesday night.
The proposed budget is about $1.4 million over the current year’s budget, said Daniel W. Pacos, assistant superintendent for administration and finance.
No residents spoke during the hearing.
Pacos said that about 88 percent of the increase, which will include a 2.94 percent increase in the tax levy, is aimed at areas of instruction. Part of the increase will go toward paying debt service, he said, because the district had to change from short-term notes to long-term borrowing to pay the debt for capital improvement projects.
According to Pacos, the district was able to use the short-term notes for five years and, by law, must now use long-term notes. This will increase the interest rate to 4 percent, up from 1 percent.
Pacos also noted that if the budget passes, district residents would be eligible for a tax freeze rebate, because the tax levy increase would be below the tax cap imposed by the state.
One of the budget lines is $50,000 in the event of a possible deal that could lead to Lake Shore handling bus repairs for the North Collins School District.
Pacos said that an area helpful to the district was a $150,000 decrease in the cost of employee benefits.
The annual budget and trustee vote will be held from 9 a.m. to 9 p.m. Tuesday at Lake Shore High School, 959 Beach Road, Angola.