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2011-12 End of Year Report & 2012-13 Tentative Budget Presentation August 21, 2012

2011-12 End of Year Report & 2012-13 Tentative Budget Presentation August 21, 2012. 2011-12 Revenues Adopted Budget Compared to Unaudited Actual. Operating Funds: Adopted Budget Actual Education Fund $61,352,117 $64,216,580 Operations & Mtns $ 6,093,865 $ 5,752,940

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2011-12 End of Year Report & 2012-13 Tentative Budget Presentation August 21, 2012

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  1. 2011-12 End of Year Report&2012-13 Tentative BudgetPresentationAugust 21, 2012

  2. 2011-12 Revenues Adopted Budget Compared to Unaudited Actual Operating Funds: Adopted BudgetActual Education Fund$61,352,117 $64,216,580 Operations & Mtns$ 6,093,865 $ 5,752,940 Transportation$ 2,702,411 $ 3,743,638 IMRF/Social Security$ 2,430,895 $ 2,356,100 Working Cash Fund$ 5,222,000$ 5,208,766 Total - Operating Funds$77,801,288 $81,278,024

  3. 2011-12 Revenues Amended Budget Compared to Unaudited Actual Operating Funds: Amended BudgetActual Education Fund$63,224,165 $64,216,580 Operations & Mtns$ 6,093,865 $ 5,752,940 Transportation$ 2,953,129 $ 3,743,638 IMRF/Social Security$ 2,430,895 $ 2,356,100 Working Cash Fund$ 5,222,000$ 5,208,766 Total - Operating Funds$79,924,054 $81,278,024

  4. 2011-12 Revenues Adopted Budget Compared to Unaudited Actual Non-Operating Funds: Adopted BudgetedActual Capital Projects $ 186,000 $ 223,232 Debt Service$8,092,435 $8,055,058 Tort$ 0 $ 0 Life/Fire/Safety$ 500$ 93 Total Non-Operating Funds $8,278,935$8,278,383

  5. 2011-12 Revenues Amended Budget Compared to Unaudited Actual Non-Operating Funds: Amended BudgetActual Capital Projects $ 227,663 $ 223,232 Debt Service$8,092,435 $8,055,058 Tort$ 0 $ 0 Life/Fire/Safety$ 500$ 93 Total Non-Operating Funds $8,320,598$8,278,383

  6. Comparison—Adopted/Amended Budget to Unaudited Actual Received Operating Funds: Adopted budget= $77,801,288 Amended budget= $79,924,054 Unaudited actual= $81,278,024 Difference between adopted/amended= $2,122,766 Difference between amended/actual= $1,353,970 Difference between adopted/actual= $3,476,736

  7. Comparison—Amended Budget to Unaudited Actual Received Non-Operating Funds: Adopted budget= $8,278,935 Amended budget= $8,320,598 Unaudited actual= $8,278,383 Difference between adopted/amended=$41,663 Difference between amended/actual=$42,215 Difference between adopted/actual=$552

  8. Reasons for Increased Revenue • 2009 TIF receipts • Unbudgeted prior year property taxes • Increased Corporate Personal Property Taxes • Increased local revenues • Significantly more state revenuedue conservatively budgeted amounts

  9. 2011-12 ExpendituresAdopted Budget Compared to Unaudited Actual Operating Funds: Adopted BudgetActual Education Fund$57,617,771 $56,616,152 Operations & Mtns$ 6,186,432 $ 5,554,248 Transportation$ 3,201,335 $ 2,858,844 IMRF/Social Security$ 2,029,592 $ 1,991,612 Tort $ 256,184 $ 256,184 Working Cash Fund$ 0$ 0 Total - Operating Funds$69,291,314 $67,277,040

  10. 2011-12 ExpendituresAmended Budget Compared to Unaudited Actual Operating Funds: Amended BudgetActual Education Fund$57,964,748 $56,616,152 Operations & Mtns$ 6,186,432 $ 5,554,248 Transportation$ 3,201,335 $ 2,858,844 IMRF/Social Security$ 2,029,592 $ 1,991,612 Tort $ 256,184 $ 256,184 Working Cash Fund$ 0$ 0 Total - Operating Funds$69,638,291 $67,277,040

  11. 2011-12 Expenditures Adopted Budget Compared to Unaudited Actual Non-Operating Funds: Adopted BudgetActual Capital Projects $ 3,223,988 $ 3,248,880 Debt Service$ 8,239,210 $ 7,518,975 Life/Fire/Safety$ 0$ 0 Total Non-Operating Funds $11,463,198$10,767,855

  12. 2011-12 Expenditures Amended Budget Compared to Unaudited Actual Non-Operating Funds: Amended Budget Actual Capital Projects $ 3,223,988 $ 3,248,880 Debt Service$ 8,239,210 $ 7,518,975 Life/Fire/Safety$ 0$ 0 Total Non-Operating Funds $11,463,198$10,767,855

  13. Comparison—Adopted/Amended Budget to Unaudited Actual Spent Operating Funds: Adopted budget= $69,291,314 Amended budget= $69,638,291 Unaudited actual= $67,277,040 Difference between adopted/amended= $ 346,977 Difference between amended/actual= $2,361,251 Difference between adopted/actual= $2,014,274

  14. Reasons for Under Expenditures • Education fund underspent: • Purchased services • Supplies, Materials • Capital Outlay • Dues/Fees • Tuition • Total: $1,546,449 • Operations/Maintenance fund underspent: • Purchased services • Supplies, Materials • Capital Outlay • Total: $632,184 • Transportation fund underspent: • Purchased services • Total: $342,491 • IMRF/Social Security Fund underspent: • Benefits • Total: $37,959

  15. 2012-13 Tentative Budget

  16. 2012-13 Proposed Revenues and Expenditures Operating Funds: RevenuesExpenditures Education Fund$60,775,596 $59,481,314 Operations & Mtns$ 5,954,423 $ 6,225,096 Transportation$ 3,635,093 $ 3,085,312 IMRF/Social Security$ 2,283,230 $ 2,217,300 Working Cash Fund$ 3,691,584$ 0 Total - Operating Funds$76,339,926 $71,009,022

  17. 2012-13 Proposed Revenues and Expenditures Non-Operating Funds: RevenuesExpenditures Capital Projects $ 76,150 $3,496,295 Debt Service $ 7,723,181 $8,274,095 Tort $ 0 $ 0 Life/Fire/Safety $ 150$ 0 Total Non-Operating Funds $7,799,481$11,770,390

  18. 2012-13 Revenue Assumptions • Collection of 55% property taxes in March (prior year extension) • Collection of 45% property taxes in September (actual adopted levy with increased CPI and EAV) • TIF receipts • Flat federal revenue • GSA (General State Aid) at 89% • PreSchool Grant at 92% • All other state revenue at 95% less FY2012 due

  19. 2012-13 Expenditure Assumptions • Inclusion of all collective bargaining agreements • 33% increase in health insurance costs • Data coaches added/tech integrationists eliminated • IB/ Common Core • Referendum vision components (foreign language, music, art, technology, physical education and math)

  20. Observations • Operating fund revenues= $76,339,926 • Operating fund expenditures= $71,009,022 • Operating fund expenditures of $71,009,022 compared to unaudited 2011-12 operating expenditures of $66,843,024. This represents an increase of 6.23%. • The 2012-13 budget (operating and non-operating) demonstrates revenues at $84,139,407 and expenditures at $83,002,488. • Total 2012-13 expenditures = $83,002,488 compared to 2011-12 unaudited $78,540,916 which represents an increase of 5.68% • One final observation… While we ended 2011-12 with over receipted operating revenues and under expended our operating funds, this should be viewed extremely cautiously given the uncertainty of the pension reform conversations at the state level as well as continued diminishing state receipts.

  21. Next Steps • August 21, 2012—adoption of tentative 2012-13 budget • September 11, 2012—public comment on 2012-13 budget and continued discussion by board of education • September 27, 2012 • Public hearing on 2012-13 budget • Adoption of 2012-13 budget • Submission to Illinois State Board of Education (ISBE)

  22. Questions and Comments

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