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Understanding the Budget

This document provides an in-depth examination of fund accounting, emphasizing accountability over profitability as used by non-profits and government entities. It outlines the key categories of fund balances—non-spendable, restricted, committed, assigned, and unassigned—along with Board policies regarding fund management and contingency measures. Financial data from recent audits and revenue sources, including state payments and local grants, are also detailed, highlighting essential aspects for effective fiscal oversight in public sectors.

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Understanding the Budget

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  1. Understanding the Budget

  2. Fund Accounting Fund accounting is an accounting system emphasizing accountability rather than profitability, used by non-profit organizations and governments. In this system, a fund is a self-balancing set of accounts, segregated for specific purposes in accordance with laws and regulations or special restrictions and limitations. Note: The State mandates our Fund and Functions (see handout).

  3. Fund Balances • Non-spendable – Inventory, prepaids, etc. • Restricted – Externally imposed (grants) • Committed – Funds for future year set aside by Board for a specific purpose. • Assigned – Funds intended to be used for specific purpose but not Restricted or Committed. • Unassigned – All remaining amounts

  4. Board Policy – Fund Balance The Board's goal is to achieve and maintain an unassigned fund balance in the General Fund equal to or greater than 5% of expenditures. If the unassigned fund balance falls below 5% of expenditures, the Board shall develop a plan to replenish the fund balance to the designated minimum level.

  5. Board Policy – Contingency • The District will also establish a general fund contingency to provide for unanticipated expenditures. This contingency will be 1% of the estimated revenue for the current year. Transfers from the contingency funds may be made only with approval from the Board of Trustees. • Current year is $500,000 next year anticipated ~$750,000

  6. 2012/2013 Audited Fund Balances • Non-spendable - $257,940 • Restricted • Debt service $10,206,278 • School lunch program $2,396,588 • Local Grants $49,946 • Unassigned ($5,588,537)

  7. General Fund Revenues • State foundation payment • State apportionment (Salaries/PERSI/FICA) • Operational • Other special distributions (Differential pay, LEP, Advanced opportunities) • Transportation • Taxes • Supplemental Levies & • $1,600,000 • $4,300,000 special levy • Tort (used to pay liability insurance) • Emergency (we did not get this year) • Other • Medicaid • Rentals / donation

  8. State Apportionment

  9. Average Daily Attendance • A day of attendance is one in which a pupil is physically present for the full day under the guidance and direction of a teacher or other authorized school district personnel while school is in session or is a homebound student under the instruction of a teacher employed by the district in which the pupil resides. • The aggregate days attendance divided by the number of days school was actually in session

  10. ADA vs Units • ADA is aggregated for each specific reporting period • First 10 weeks school • Best 28 weeks school • Units (classrooms) are calculated based on grade of student

  11. Operational Funds • 2013/14 budget included $1,600,000 from supplemental levy. • 2014/15 levy was re-allocated to furlough and 25 additional teachers. • State allocated an additional $2,401.15/unit • 709 Units X $2,401.15 = $1,702,450.35 • New money basically fills the hole left from levy re-allocation

  12. 2013/14Amended Budget

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