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Public Schools of Petoskey

Public Schools of Petoskey. Budget Update and Outlook February 14, 2003. The Big Picture: What We Know About FY 2002-03 at the State Level. $127 million deficit in FY 2002-03 Reduction letter has been issued

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Public Schools of Petoskey

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  1. Public Schools of Petoskey Budget Update and Outlook February 14, 2003

  2. The Big Picture: What We Know About FY 2002-03 at the State Level • $127 million deficit in FY 2002-03 • Reduction letter has been issued • Legislature had 30 days (Feb. 14) to appropriate additional funds or reduce appropriation to avoid across-the-board reductions • No legislative action occurred, so the 3.8% reduction will affect our March State Aid payment

  3. At Risk FY 2002-03 • Original Budget: $262,385 • Reduction for Added Schools: ($ 10,132) • 3.8% Reduction of Original: ($ 9,971) Amount Budgeted: $242,282 Amount Spent YTD: $242,282

  4. State Aid Cuts – Current Year • Amount Subject to Reduction (Sec. 22b) $4,958,193 • Reduction Percentage: 3.8% • Est. Revenue Loss this Year: $ 188,411

  5. Current Year Changes • Capital Outlay: Remainder Mostly Eliminated • Supply Budgets: Reduced 20% • Conferences: Reduced / Entry Fees Only • Cutting in February is particularly tough as most budget expenditures are made in the beginning of the year.

  6. Spending Freeze • Non-Payroll Budget $2,133,682 • Essential Items (Utilities, etc) $1,147,067 • Discretionary Budget$ 986,615 • 20% of Discretionary Budget $ 197,323 • Revised Discretionary Budget $ 789,292 • Spent to Date $ 685,331 • Amount Avail thru End of Year $ 103,961

  7. FY 2003-04 Budget

  8. FY 2003-04 Budget Environment • State General Fund short $2 Billion • State School Aid Fund short $366 Million • State General Fund contributes $198 Million to School Aid Fund. • Governor has indicated the need for across the board GF cuts to alleviate the shortfall. • Bottom Line: 11% Reduction next year is the Best Case scenario

  9. At Risk - FY 2003-04 • Original Budget: $262,385 • Reduction for Added Schools: ($ 10,132) • 11% Reduction of Original: ($ 28,862) Amount Available: $223,391 FY 2002-03 Budget: $242,282

  10. State Aid - FY 2003-04 • Amount Subject to Reduction (Sec. 22b) $4,953,690 • Reduction Percentage: 11.0% • Est. Revenue Loss: $ 544,906

  11. FY 2003-04 Cost Increases • Step Increases alone: $237,205 • LT Leave Staff Returning: $ 97,212 • Retirement Rate to 15%: $302,529 • Health Increase 20%: $515,746 • Total Cost Increases $1,152,692 • Lost Revenue: $544,906 • Next Years Budget Challenge: $1,697,598

  12. How We Spend Our $$ Total Expenditures (FY 02-03): $22,909,242

  13. Revenue Overview

  14. Expense Overview

  15. Summary

  16. So Now What? • We are looking for bright ideas!! • We can easily address $200K in cost savings, but $1.7 million is tougher and should be addressed together. • Cost savings suggestions? • E-mail ideas to Kent or your building principal; or fill out the supplied form.

  17. How Do We Increase Student Achievement? • Even in this environment of budget constraints. • We want your ideas • E-mail them to Dr. J, Jane Bailey, or Building Principal; or fill out the supplied form.

  18. Questions and Answers

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