proposed budget update finance committee meeting june 19, 2014
TRANSCRIPT
Proposed Budget UpdateFinance Committee Meeting
June 19, 2014
Budget - Timeline 03/21/14 - Budget update provided the Board
04/04/14 - Budget update provided the Board
04/11/14 - Budget update provided the Board
04/25/14 - Budget update provided the Board
05/01/14 - Finance Committee Meeting
05/02/14 - Budget update provided the Board
05/07/14 - Agenda Setting Meeting – Preliminary Budget Review
05/14/14 - Legislative Meeting – Adopt Proposed Final 2014/15 Budget
05/21/14 - Special Legislative Meeting – Adopt Proposed Final 2014/15 Budget
06/11/14 - Agenda Setting Meeting – 2014/15 Budget Update
06/19/14 - Finance Committee Meeting – 2014/15 Budget Update
06/25/14 - Special Legislative Meeting – Adopt Final 2014/15 Budget206/19/2014
Projected Budget 2014/15 Status
QuoProjected 2014/15 Deficit Spending
($7,146,083)
07/01/2014 Beginning Fund Balance $7,665,480
Projected Year End Fund Balance 2014/15 $ 519,397
306/19/2014
Major Cost Drivers
Pension fundingContractual Wage IncreasesIncreased Health Care Costs
406/19/2014
Problem
2014/15 Deficit Spending of ($7,146,083)
At 07/01/2015 left with only $519,397
506/19/2014
Expenditures need reducedRevenues need increased
Proposal Net Reduction In WorkforceReal Estate Tax Increase to Index
606/19/2014
Position Adjustments
Teacher Reductions - 13.0$(852,672)
Create Director of Teaching & Learning $ 130,007
Net savings from position adjustments $722,665
706/19/2014
Millage increase to Act 1 index
Current Millage 22.40 millsAllowable increase from index 2.8%
(0.62 mill increase) A home with a $100,000 assessed value would have a $62 tax
increase A home with a $50,000 assessed value would have a $31 tax
increase A home with a $25,000 assessed value would have a $15.50 tax
increase
New Millage 23.02 mills
Value of millage increase$1,118,046
806/19/2014
Net Affect Positions Changes and Increase to Index
Position Changes $ 772,665Increase to Index $1,118,046
Total $1,890,711
906/19/2014
Projected Budget 2014/15 Status Quo
With ChangesProjected 2014/15 Deficit Spending ($7,146,083)
($5,305,371)
07/01/2014 Beginning Fund Balance $7,665,480 $7,665,480
Projected Year End Fund Balance 2014/15 $ 519,397 $2,360,109
1006/19/2014
2014/15 Preliminary Budget Revenue Assumptions
Real Estate Tax – Based on County Certified Assessment File – base year collections
Earned Income Tax – Adjusted to current trend
State Basic Education Subsidy, Special Education, Transportation – Governor's proposed budget
State Reimbursement for Social Security & Retirement - remain at current 50%.
Federal Revenue – based on 2013/14 funding
1106/19/2014
2014/15 Preliminary Budget Expenditures Assumptions
Salaries based on agreed upon contracts Healthcare rates based on current projection
from ACSHICRetirement rate based on current projection
from PSERSCharter School enrollment remains same as
2013/14Special Education services remain same as
2013/14
1206/19/2014
2014-2015 Budget Proposals
Expenditures 2014/15 Status Quo 2014/15 With Changes
Instruction $55,045,370 $54,134,698
Support 22,649,462 22,888,168
Non-Instruction 1,734,335 1,734,335
Facilities - -
Other 6,526,468 6,526,468
Budget Reserve - -
Total Expenditures $85,955,635 $85,283,669
1306/19/2014
2014-2015 Budget Proposals
Revenues 2014/15 Status Quo 2014/15 With Changes
Local $47,651,693 $48,820,439
State 28,216,671 28,216,671
Federal 2,941,188 2,941,188
Other - -
Total Revenues $78,809,552 $79,978,298
Total Expenditures 85,955,635 85,283,669
Net $(7,146,083) $(5,305,371)
1406/19/2014
Expenditures 2014/15 Status Quo
2014/15 With Changes
Salaries $28,688,764 28,276,117
Employee Benefits 18,074,123 17,677,718
Professional Services
5,221,141 5,221,141
Purch. Property Serv.
2,124,382 2,232,382
Other Purch. Services
23,405,122 23,405,122
Supplies 1,504,830 1,533,916
Property 256,925 256,925
Other Objects 603,880 603,880
Other Financing Uses
6,076,468 6,076,468
Totals $85,955,635 $85,283,669 1506/19/2014
Expenditures 2013/14 Final Budget
2014/15 Status Quo
Variation(2%)
Salaries $29,409,458 $28,688,764 $(720,694)
Employee Benefits 16,796,260 18,074,123 1,277,863
Professional Services
5,524,423 5,221,141 (303,272)
Purch. Property Serv.
2,278,487 2,124,382 (154,105)
Other Purch. Services
22,527,550 23,405,122 877,572
Supplies 1,761,542 1,504,830 (256,712)
Property 231,244 256,925 25,681
Other Objects 2,160,380 603,880 (1,556,500)
Other Financing Uses
7,199,725 6,076,468 (1,123,257)
Totals $87,889,059 $85,955,635 $(1,933,424)1606/19/2014
Budget - Timeline 03/21/14 - Budget update provided the Board
04/04/14 - Budget update provided the Board
04/11/14 - Budget update provided the Board
04/25/14 - Budget update provided the Board
05/01/14 - Finance Committee Meeting
05/02/14 - Budget update provided the Board
05/07/14 - Agenda Setting Meeting – Preliminary Budget Review
05/14/14 - Legislative Meeting – Adopt Proposed Final 2014/15 Budget
05/21/14 - Special Legislative Meeting – Adopt Proposed Final 2014/15 Budget
06/11/14 - Agenda Setting Meeting – 2014/15 Budget Update
06/19/14 - Finance Committee Meeting – 2014/15 Budget Update
06/25/14 - Special Legislative Meeting – Adopt Final 2014/15 Budget
1706/19/2014
Proposed Budget UpdateFinance Committee Meeting
June 19, 2014