[SchoolFinance] New Paid Family & Medical Leave - budget strategy?

[Cheryl Fournier]

Hi everyone,

I used the Unemployment tax object code to post it in the budget as it is a state tax.  My superintendent and I agreed to only book the employer portion at .5% (had to build it as .25% for the full year, per profund) as we can not handle any additional expenses as it is.

Cheryl


Cheryl Fournier
Business Administrator
Sanford School Department
207-608-8704
www.sanford.org<http://www.sanford.org/>

From: SchoolFinance <schoolfinance-bounces at maillist.informe.org> On Behalf Of Lisa Harkin
Sent: Wednesday, January 3, 2024 3:38 PM
To: Moderated information sharing for school business managers <schoolfinance at maillist.informe.org>
Subject: Re: [SchoolFinance] New Paid Family & Medical Leave - budget strategy?

CAUTION: This email originated from a server outside of the Sanford School Department. Do not click links or open attachments unless you recognize the sender and absolutely know the content is safe.

.5% from Jan-June.

But I need a line/object to book it to.  Do you think the DOE will come up with one in time, if needed?

On Wed, Jan 3, 2024 at 3:33 PM Adam Hanson <ahanson at lewistonpublicschools.org<mailto:ahanson at lewistonpublicschools.org>> wrote:
Hi Kate,
I will be discussing this with the superintendent next week, but my initial plan is to do exactly what you're doing and budget the full 1% as worst-case scenario.

On Wed, Jan 3, 2024 at 3:11 PM Kate Bolton <kbolton at scarboroughschools.org<mailto:kbolton at scarboroughschools.org>> wrote:
Hi all, happy New Year!

Wondering whether you plan to budget for the new payroll tax for Paid Family & Medical Leave in your districts and how you will estimate it...

The language of the budget bill says that a total of 1% of all wages must be collected as payroll premiums, and that up to 50% of the required premium may be deducted from the employee's wages. Knowing that DOL rulemaking will be going on at the same time we are all preparing to present our budgets, I'm tempted to prepare for the worst and budget the full 1% based on a January 1, 2025 start date, as I would much rather be able to reduce my cost estimates for second reading than have to add to them.

What are y'all thinking? Will you use 0.5% as the employer share? Budget the full 1%? Roll the dice and leave it out of your projections?

Thanks!

:) Kate

Kate Bolton
(she/her/hers and here's why<https://www.mypronouns.org/what-and-why/>)
Director of Business & Finance
Scarborough Public Schools
Tel: 207-730-4114

_______________________________________________
SchoolFinance mailing list
SchoolFinance at maillist.informe.org<mailto:SchoolFinance at maillist.informe.org>
http://maillist.informe.org/mailman/listinfo/schoolfinance


--
Adam Hanson
Controller
Lewiston Public Schools
36 Oak Street
Lewiston, ME 04240
Phone: (207) 795-4100, ext. 4051
Fax: (207) 795-4177

LEGAL CONFIDENTIAL: The information in this email and in any attachment may contain information which is legally privileged. It is intended only for the attention and use of the named recipient. If you are not the intended recipient, you are not authorized to retain, disclose, copy or distribute the message and/or any of its attachments. If you received this email in error, please notify me and delete this message. Thank-you.
_______________________________________________
SchoolFinance mailing list
SchoolFinance at maillist.informe.org<mailto:SchoolFinance at maillist.informe.org>
http://maillist.informe.org/mailman/listinfo/schoolfinance


--
Lisa Harkin
207-651-3407
Finance Manager
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://maillist.informe.org/pipermail/schoolfinance/attachments/20240104/e99920c2/attachment-0001.htm>