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Facilities, Funding, Finances and Budget

Facilities, Funding, Finances and Budget. January 3, 2010. Facilities Funding Source One Cent Sales Tax (LOST, State-Wide Penny). $30,000,000 to $34,000,000 available for construction Revenue-based debt Requires Reserve Fund of 10% of Bond Proceeds Assumes approx. 4% interest cost

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Facilities, Funding, Finances and Budget

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  1. Facilities, Funding, Finances and Budget January 3, 2010

  2. Facilities Funding SourceOne Cent Sales Tax (LOST, State-Wide Penny) • $30,000,000 to $34,000,000 available for construction • Revenue-based debt • Requires Reserve Fund of 10% of Bond Proceeds • Assumes approx. 4% interest cost • 20 year debt, Repayment with sales tax revenue • Funds available by Vote of the Board only • Public vote not required to build, renovate existing, or renovate & re-open a closed school building

  3. Facilities Funding SourceGeneral Obligation (GO) Debt • $115,000,000 to $116,000,000 available for construction • Based on tax levy rate of $4.05 (maximum authorized by voters), and interest rate of approx. 3.7% • Requires approval of voters of ASCD through referendum • Repayment with property tax revenue levied annually for the 20 year life of the bonds

  4. The Cost of Debt, Interest Expense • Based on credit-worthiness of the debt, measured by bond rating • Current Bond Rating for GO debt – Moody’s Aa2 affirmed December 21, 2010 following monitoring review • What could cause rating to go down: • Deterioration in General Fund reserves • Material decline in property tax valuations of ACSD

  5. SOLVENCY RATIOUndesignated, unreserved fund balance / Revenues

  6. Dec. 2009

  7. Spending Authority Dec. 2010

  8. Facilities Funding SourcePhysical Plant & Equipment Levy (PPEL) • Receive approx. $3,200,000 annually through voter and board approved property tax levies • Used for ongoing upkeep of District facilities including door, window, carpets, small infrastructure and construction projects, large equipment, technology • PPEL Committee oversees use of funds • Use of funds, approved by vote of the Board • Ability to free up general fund money for operating expenses of additional buildings limited (Ahlers legal opinion)

  9. Enrollment Considerations for Facilities Planning • Enrollment Trends, next slide • Plan for capacity for Resident Students • Open Enrollment – ACSD does not receive state aid for open enrolled students. ACSD does receive Tuition In by billing the resident district for the enrollment of their child • Tuition amount governed by DE; same for every school district across the state • ACSD District Cost per Pupil $5,973 • Open Enroll Tuition In Billing $5,768

  10. ACSD Financial Outlook & Budget for FY 2012

  11. General Fund Revenue and Expense History

  12. General Fund Resources FY 09-10

  13. General Fund Expenditures FY 09-10

  14. General Fund Expenditures, FY 2010

  15. General Fund ExpendituresNon-Personnel FY 2009-10 Additions Needed: Textbooks $300,000

  16. FY 2011-2012 Budget Outlook • 0% Allowable Growth -$424,256 loss of regular program district cost • 1% Allowable Growth -$221,807 loss of regular program district cost • 2% Allowable Growth $ 30,642 new regular program district cost (new spending authority/new money) • Budget Guarantee $260,315 • (Budget Guarantee must be “made up” in subsequent years)

  17. Moving Forward • Budget constraints imposed for FY 09-10 and reductions made for FY 10-11 have improved District financial position • State Aid still funded with one-time money in FY 10-11 • Allowable Growth for FY 11-12 to be set after Jan 10, 2011, Best Case likely to be 0% • Anticipate $1.5M in Expenditure Reductions

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