The District financial operations, including the day to day operations as well as budget preparation and management, are administered through the Business Office. The Business Office also supports the financial oversight for the Ephrata Area School Employees Benefit Trust.
The Budget process timeline for the next fiscal period (July 1 to June 30) is legislated by Act 1 of 2006, signed into law by Governor Tom Corbett. For more information on Act 1 legislation, please visit the PDE website, http://www.portal.state.pa.us/portal/server.pt/community/property_tax_relief/7452.
Act 1 legislation provides an Act 1 Index which is used to determine the maximum tax increases for each tax the school district levies. Districts are prohibited from increasing their tax millage rate by more than the Index unless the Department of Education has approved exceptions submitted by the district, or voters have approved the increase by referendum.
The District Act 1 Index for 2011-12 - 1.7%
The District Act 1 Index for 2012-13 - 2.1%
The District Act 1 Index for 2013-14 - 2.1%
Act 1 provisions include a mandate that school boards adopt a Preliminary Budget Proposal at least 90 days before the Primary Election scheduled in May or adopt an opt-out resolution. On December 17, 2012, the District Board of Education approved an Accelerated Budget Opt-Out Resolution certifying a tax rate within the inflation index that required millage not to increase above the Act 1 Index.
On May 14, 2012 the District Board of Education adopted the 2012-2013 Proposed Final Budget; the millage rate would increase to 19.41.
On June 18, 2012 the District Board of Education adopted the 2012-2013 Final Budget. The Final Budget is available for public inspection at the District Administrative Office, 803 Oak Boulevard, Ephrata, PA.
At the end of each fiscal year, the financial records and operations of the year just completed are audited by an independent auditing firm. The auditors provide opinion regarding the District conformity with generally accepted accounting principles and assurance about whether financial statements are free from misstatement.