Schedule of Reserves Requirement and the Property Tax Report CardĬhapter 514 of the Laws of 2016 required schools to report elements necessary to calculate a Property Tax Levy Limit and amended requirements concerning reporting elements on the Property Tax Report Card. This includes a quick reference guide (how to put a TRS sub-fund in place), webinar, Q&A and sample resolution. Our colleagues at the Association of School Business Officials (ASBO New York) have allowed us to share additional materials with you. This reserve, if applicable, should be reported in the Schedule of Reserves under “Other Reserve” and with a description that says: “To fund employer retirement contributions to the New York State Teachers’ Retirement System (TRS.)” This reserve is authorized under GML §6-r. Additionally, the balance of the TRS Reserve may not exceed 10% of the total compensation or salaries of teachers employed and who are members of the NYS teachers’ retirement system paid during the prior fiscal school year. Contributions into the TRS Reserve in a fiscal year may not exceed 2% of the total compensation or salaries of the teachers employed by the school district who are members of the NYS Teachers’ Retirement System paid during the prior fiscal year. BOE and/or trustees should approve a resolution establishing the reserve which is a sub-fund of the Retirement Contribution Reserve. The term “Capital Local Expenditures” will now include any allowable share of BOCES Capital Expenditures.Įstablishment of TRS Reserve - The Enacted Budget allows school districts to establish a reserve fund for NYS Teachers’ Retirement Contributions, effective immediately. New for 2020-21: Pursuant to a Decemupdate to 20 NYCRR (Regulations of the Commissioner of Tax and Finance), Capital Expenditures for BOCES paid for through its component school districts will now be included in the calculation of each school district’s Capital Local Expenditures excluded under the Property Tax Levy Cap. Internet Explorer is NOT recommended.***** ****Please use Chrome or Firefox when entering the Business portal to complete the PTRC.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |