D200 FY15 Preliminary Budget Report

8/12/2019 D200 FY15 Preliminary Budget Report

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Oak Park and River Forest H igh School

Distr ict 200201 Nor th Scovill e Avenue Oak Park, I L 60302-2296

TO: Board of Education

FROM: Tod Altenburg, Chief School Business Official

DATE: June 26, 2014

RE: Presentation of Preliminary Budget for FY 2015

BACKGROUND

This report was presented to the Finance Committee at the June 19th Special Finance meeting at

which time the vote was 3-0 to recommend to move the Preliminary Budget for FY 2015 to the Boardof Education for discussion at the June 26th meeting.

Attached is the Preliminary Budget for FY 2015. The primary purpose is for the Board to review afirst draft of the 2014-2015 school years spending plan.

EXECUTIVE SUMMARY

The Tentative Budget will be presented at the August Board of Education meeting for action to have


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The Tentative Budget will be presented at the August Board of Education meeting for action to have

Preliminary FY15 BudgetOak Park and River Forest High School D200

Those Things That Are Best

June 19, 2014


3/18

Revenues by Fund

Fund AmountEducation $47,528,835

Operations & Maintenance 8,106,839

Transportation 1,588,958

IMRF/Social Security 2,083,128

Capital Projects 267,500

Bond & Interest 1,000

Tort 992,450

Life Safety 368,290

Working Cash 761,543

TOTAL $61,698,543


4/18

Total Revenue by Source

Source Amount %Property Taxes $48,622,157 78.8%

Other Local Sources 6,993,369 11.3%

State Sources 3,888,728 6.3%

Federal Sources 2,194,289 3.6%

TOTAL $61,698,543 100.0%


5/18

Total Revenue by Source

Property Taxes$48,622,157

79%

Other Local Sources$6,993,369

11%

State Sources$3,888,728

6%

Federal Sources$2,194,289

4%

Total Revenue FY 2015


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FY15 Preliminary vs. FY14 Amended

Total RevenueSource

FY15

Preliminary

FY14

Amended

$

Change

%

Change

PropertyTaxes $48,622,157 $63,139,071 ($14,516,914) -22.99%

Other Local * $6,993,369 $7,009,796 ($16,427) -0.23%

State $3,888,728 $3,813,756 $74,972 1.97%

Federal $2,194,289 $2,247,550 ($53,261) -2.37%

TOTAL $61,698,543 $76,210,173 ($14,511,630) -19.04%

* This assumes complete receipt of TIF allocations.


7/18

Property Tax Revenues

Why are property tax revenues in

the FY15 Preliminary Budget down

$14.5 million when the December2013 levy reduction was $10 million?


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Property Tax Revenues (cont.) In many Illinois counties, the tax levy overlaps

into two fiscal years. In addition to this, Cook County utilizes an

unequal tax billing system that can result inunusual year-over-year fluctuations.

Because the final EAV and tax rates are not yetknown at the time of the first installment, thefirst installment (Spring) is an estimate based onthe prior years (in this case, 2012) levy.

The second installment (Fall) adjusts for actual

EAV, CPI, new construction, referenda, etc. When there are abnormal changes in the levy

(debt service, referendum, intentional reductionin the levy), it causes multiple year impacts.


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Property Tax Revenues (cont.)

The Fall 2014 collection (which is thefirst installment counted in the FY15Budget) is the 2013 levy extension

minus what was received in the Spring2014:

$53,851,791 2013 levy extension

- $33,771,083 received in Spring 2014

$20,080,708 Fall 2014 collection


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Property Tax Revenues (cont.)

The Spring 2015 collection (which is thesecond installment counted in the FY15

Budget) is 55% of the 2013 levy extension

(we use 53% to account for the 2% that is

uncollectable) regardless of what the Boardadopts for a 2014 Tax Levy:

$53,851,791 2013 levy extension

x 53% 55% estimate minus 2%

$28,541,449 Spring 2015 collection


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Property Tax Revenues (cont.) When the two figures are added

together, that is the amount that is usedin the FY15 Preliminary Budget.

$20,080,708 Fall 2014

+ $28,541,449 Spring 2015

$48,622,157 Property Tax Receiptsin FY15 Budget

This is the levy collection model thatPMA uses as well.


13/18

Expenditures by FundFund Amount

Education $57,828,940

Operations & Maintenance 6,056,930

Transportation 1,852,082

IMRF/Social Security 2,452,722

Capital Projects 5,615,930

Bond & Interest 2,499,946

Tort 980,990

Life Safety 0

Working Cash 0

TOTAL $77,287,540


14/18

Expenditures by FunctionFunction Amount

General Instruction $27,877,454

Special Education 6,126,216

Vocational Programs 331,615

Interscholastic Programs 2,605,257

Summer School 310,987

Drivers Education 795,028

Other Instructional 4,974,934

Support Serv.Pupil 9,837,776

Support Serv.Admin. 16,312,397

Construction 5,615,930

Debt Service 2,499,946

TOTAL $77,287,540


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FY15 Preliminary vs. FY14 Amended

Expenditures

Function

FY15

Preliminary

FY14

Amended

$

Change

%

Change

General Instruction $27,877,454 $24,854,044 $3,023,410 12.16%

Special Education 6,126,216 6,145,598 (19,382) -0.32%

Vocational Programs 331,615 256,687 74,928 19.19%

Interscholastic Programs 2,605,257 2,523,445 81,812 3.24%

Summer School 310,987 284,070 26,917 9.48%

Drivers Education 795,028 857,799 (62,771) -7.32%

Other Instructional 4,974,934 3,614,529 1,360,405 37.64%

Support Serv.Pupil 9,837,776 9,555,107 282,669 2.96%

Support Serv.Admin. 16,312,397 16,304,951 7,446 0.05%

Construction 5,615,930 7,516,826 (1,900,896) -25.29%

Debt Service 2,499,946 8,012,602 (5,512,656) -68.80%

TOTAL $77,287,540 $79,925,658 ($2,638,118) -3.30%


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SummaryBottom Line

FY15 Preliminary Budget Totals

Revenues $61,698,543

Expenditures 77,287,540

Sources of Funds * 7,877,535

Uses of Funds * (7,877,535)Change in Fund Balance (15,588,997)

Beginning BalanceJuly 1, 2014 (unaudited) $127,098,260

Estimated Ending BalanceJune 30, 2015 $111,509,263

* Further explanation on next slide


17/18

Sources of/(Uses of)

Transfer of $5,348,430 from Operations& Maintenance Fund to Capital Projects

Fund for Construction Projects.

Transfer of $2,529,105 from WorkingCash Fund to Bond & Interest Fund to

pay abatement of the B & I Levy for the2013 tax year.

N S


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Next StepsDate Action

June 19 (Tonight) Presentation of Preliminary FY15 Budget to Finance

Committee

June 26 Presentation of Preliminary FY15 Budget to Board of

Education

August 19 Presentation of Tentative FY15 Budget to Finance

Committee

August 19 Special Meeting of Board of Education to Adopt the

Resolution to place the Tentative FY15 Budget on Display

for 30 Days and set the date/time of the public hearing

August 28 Regular Board of Education Meeting (not 30 days before

Tuesday, September 23 Board Meeting, thats why August 19

Special Meeting is needed)

September 23 Public Hearing and Adoption of Final FY15 Budget

Within the next 30 days after

September 23

1. Post Adopted FY15 Budget on OPRFHS website

2. File Budget with County Clerk

3. File Budget with Regional Office of Education

4. File Budget with ISBE

D200 FY15 Preliminary Budget Report

Documents

Transcript of D200 FY15 Preliminary Budget Report