School District of Algoma Public Notice

To the electors of the School District of AlgomaOctober 13, 2008

BUDGET HEARING &

SCHOOL BOARD MEETING

ALGOMA HIGH SCHOOLBOARD ROOM

1715 DIVISION STREETALGOMA, WI 54201

Monday, October 13, 20086:00 p.m.

SCHOOL DISTRICT OF ALGOMABUDGET HEARING

MONDAY, OCTOBER 13, 2008ALGOMA HIGH SCHOOL BOARD ROOM

1715 DIVISION STREET, ALGOMA, WI 542016:00 P.M.

1. President Polecheck call meeting to order2. Secretary to note roll call3. Approval of minutes of 2007-08 budget hearing of October 15, 20074. Superintendent’s Report

a. Discussion1. Presentation of the 2008-09 budget2. Fund 73 Balance Sheet as of 6/30/2008

b. Action1. Board to tentatively approve the budget presented2. Board to levy a tax of $2,571,9453. Board to levy a tax of $340,611 in accordance with the Capital

Projects Sinking Fund

Adjournment

UNDERSTANDING THE BUDGET

The 2008-2009 budget is detailed on the following pages of this report. As you examine these pages, you will note that there are six different “Funds” that are currently being used. There are no Capital Projects at this time nor is the Student Activity Fund reported. Under each of these fund categories is included a beginning and ending fund balance, along with a listof revenues and expenditures. The following definitions and explanations of funds, source and functions should help give you a better understanding of the budget.

FUNDS

FUND 10 – GENERAL FUND:This fund is used to account for district financial activities for current operations. Most district spending occurs out of this fund.

FUND 20 - SPECIAL PROJECT:Activities funded by specific federal or state grant programs are recorded in this fund. In our district, the special projectsis Special Education.

FUND 30-DEBT SERVICE FUND:The Debt Service fund is used for recording transactions related to repayment of promissory notes (issued per statute 67.12(12), bonds, and state trust fund loans.

FUND 40 CAPITAL PROJECTS FUND:This fund is used to account for financial resources involved in the acquisitions of capital objects, construction of capital facilities, or maintenance projects. The loans used to finance these projects are paid for through Fund 30. Currently Algoma does not have any Capital Projects Fund.

FUND 50 FOOD SERVICE FUND:All revenues and expenditures related to pupil food service activities are to be recorded in this fund. Any deficit at the endof the year must be eliminated through an operating transfer from the General Fund.

FUND 60 AGENCY FUNDThis is the pupil activity account. Student fund raising is recorded in this account.

FUND 73 OPEB TRUST FUND:This fund is used to account for Other Post Retirement Benefits for staff member who qualify.

As printed in the Kewaunee County News

October 8, 2008

PAGE 1

Projecting to put $152,676 in

Fund Balance.

TOTAL REVENUES

TOTAL EXPENDITURESPAGE 2

PAGE 3

YEAR TOTAL TAX LEVY EQUALIZED VALUE % INCREASE OF EQUALIZED VALUE MIL RATE MIL RATE INCREASE/DECREASE

92-93 $2,409,705 $122,072,188 19.74

93-94 $2,262,639 $128,049,745 4.90% 17.67 DECREASE 2.09

94-95 $2,165,821 $136,625,787 6.70% 15.85 DECREASE 1.82

95-96 $2,234,446 $144,960,970 6.10% 15.41 DECREASE .44

96-97 $1,618,348 $157,741,364 8.10% 10.26 DECREASE 5.15

97-98 $1,915,332 $167,080,742 5.90% 11.46 INCREASE 1.20

98-99 $2,089,396 $190,794,860 14.20% 10.95 DECREASE .51

99-00 $1,975,403 $204,714,199 7.30% 9.65 DECREASE 1.30

00-01 $2,042,937 $216,997,054 6.00% 9.25 DECREASE .40

01-02- $2,125,633 $245,394,752 13.10% 8.66 DECREASE .59

02-03- $2,242,814 $254,863,855 3.80% 8.80 INCREASE .14

03-04- $2,471,899 $268,460,266 5.30% 9.21 INCREASE .41

04-05- $2,390,785 $280,190,715 4.40% 8.21 DECREASE 1.0

05-06- $2,263,336 $292,802,743 4.50% 7.72 DECREASE .49

06-07- $2,565,765 $305,845,819 4.54% 8.38 INCREASE .66

07-08- $2,575,470 $329,686,768 7.80% 7.81 DECREASE .57

08-09- (estimate) $2,912,666 $342,800,000 4.00% 8.49 INCREASE .68

Fund 10 Levy $2,571,945

Fund 30 Levy $340,611

Charge Back $110

Total Tax Levy $2,912,666

2007-08 REVENUE LIMIT WORKSHEET11. 2007-08 Revenue Limit With All Exemptions (Ln 9 + Ln 10) 5,896,900

12. Total Aid to be Used in Computation (12A + 12B) 61.765% 3,642,230

A. Oct 15, 2007 Certification of 2007-08 General Aid 3,642,230 

B. State Aid to High Poverty Districts (not all dists) 0 

 

 

13. Allowable Limited Revenue: (Line 11 - Line 12) 2,254,670

(10, 38, 41 Levies + Src 691. Src 691 is DOR Computer Aid.)  

14. Total Limited Revenue To Be Used (A+B+C) Not >line 13 2,252,523

2008-09 REVENUE LIMIT WORKSHEET11. 2008-09 Revenue Limit With All Exemptions (Ln 9 + Ln 10) UP $191,100 (3.24%) 6,088,000

12. Total Aid to be Used in Computation (12A + 12B) 57.39% 3,494,162

A. JULY 1 ESTIMATE OF 2008-09 GENERAL AID 3,494,162 

B. State Aid to High Poverty Districts (not all dists) 0 

 

 

13. Allowable Limited Revenue: (Line 11 - Line 12) 2,593,838

(10, 38, 41 Levies + Src 691. Src 691 is DOR Computer Aid.)  

14. Total Limited Revenue To Be Used (A+B+C) Not >line 13 2,593,838

FUND 39 DEBT SCHEDULE

FUND 73 (OPEB)AS OF JUNE 30, 2008

INCREASE/DECREASE BALANCE

BEGINNING BALANCE AS OF JUNE 30, 2007 $609,230.76

DEPOSIT FROM SCHOOL DISTRICT (3 installments) $ 330,000.85 $939,231.61

WITHDRAWAL FOR RETIREE BENEFITS $ (117,127.00) $822,104.61

INTEREST THRU 6/30/2008 $ 7,496.46 $829,601.07

INVESTMENTS

BAYLAKE BANK TRUST AS OF JUNE 30, 2008 $829,601.07

BALANCE AS OF JUNE 30, 2008 $829,601.07

QUESTIONS????