FY2010 Final Budget Appoquinimink School District February 9, 2009 Presentation.
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Transcript of FY2010 Final Budget Appoquinimink School District February 9, 2009 Presentation.
What we will cover
Process and timelinePrinciplesMajor changes from PreliminaryThe budgetLooking toward next year
ASD FY2010 Final Budget
Start with FY2009 Final BudgetMay/June – forecast final FY2009
revenues/expendituresMay/June – meet with schools and
departments to discuss FY2010 needs
Process and timeline
May/June – make Superintendent and Financial Advisory Committee aware of potential major budget issues
June – forecast FY2010 revenues based on FY2009 and draft State budget
June/July – set tax rates
Process and timeline
July – adjust based on final State budget and FY2009 ASD figures
July – preliminary budget reviewed by Financial Advisory Committee (FAC)***
July – preliminary budget presented to the Board for approval***
*** These may be done in June in years of more financial certainty
Process and timeline
July 1 – fiscal year begins – operate conservatively using draft preliminary budget until Board approval
July 1 (or so) – State pre-loads State appropriations in Appoquinimink’s “account” (typically 75%)
October – unit count finalized, balance of State money allocated
Process and timeline
December – prepare final budgetJanuary – final budget reviewed by
FAC, presented to BoardApril-July – amendments to the final
budget may be considered by the FAC and Board
May – cycle starts again
Process and timeline
Monitoring and reporting Finance Director monitors appropriation
balances and expenditure budgets almost daily
Payroll staff monitor reports after each payroll disbursement
Finance staff review reports weekly/monthly as applicable
Monthly reporting to FAC, Board, public
Process and timeline
Balanced budget (total revenue budget = total expenditure budget)
Build and maintain our reservePreliminary budget conservatively
forecasts revenues in a lean year like FY2010
Budgeting Principles
Federal – $2.7 million in ARRA (“Stimulus”) SFSF (State Fiscal Stabilization Fund) backfilled several unfunded/underfunded State appropriations: Student Success Block Grant Technology Block Grant Tax Relief Academic Excellence Allotment Limited English Proficiency Division I, II, III (underfunded)
Major changes from Preliminary
State appropriations were adjusted based on final September 30th Unit Count enrollment
Local tax receipts projected increased due to increased total assessed value of taxable property. We project that we will not have to draw on reserves to balance the budget.
Major changes from Preliminary
FY2010 Final Revenue BudgetState Funds (Div I/II/III/Other) 63,611,445
Local Funds Current Operations Tuition Minor Cap/Tax Match Debt Service Other Local
14,141,4765,285,0001,235,8236,119,3322,295,496
Federal Funds 6,874,482
Construction (State + Local) 19,489,734
Debt Service State Share 6,915,918
Minor Cap State Share 472,229
TOTAL 126,440,934
FY2010 Final Revenue Budget
Revenue Budget by Major Source
74.0%
27.1%
67.4%
5.5%
24.2%1.8%
Local
State
Federal
FY2010 Final Expenditure BudgetOperating Budget 36,469,139
Division I 45,518,708
Tuition In-State Tuition/Private Placement ILC, DFP, DFP PreK, Needs-Based
1,600,0003,685,000
Federal Funds 5,179,018
Major Capital Improvements Debt Service Construction
13,035,25019,489,734
Minor Capital/Match Extra Time Local Minor Capital Improvements Technology Local
413,000787,373263,715
TOTAL 126,440,934
FY2011 – What we know
All of our major capital projects made it into the Bond Bill
State Budget – potential cuts ($2.99M+)Reduction of State transportation funds by 25% ($1.2M)
and “allowing” local boards to raise the Match TaxReduction of SFSF by 40% ($1.05M)Reduction of Minor Capital Program ($344K) Increase in OEC rate ($301K)Reduction of Div II All Other Costs by 5% ($99K)