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Finance/Budget Overview: Grant Wood AEA

Finance/Budget Overview: Grant Wood AEA . Barb Harms Business Manager Grant Wood Area Education Agency Management Team Meeting – 12/1/06 . Review - AEA/LEA Finance. What is common? State funding based on number of students Other revenues from grants, misc sources Allowable growth

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Finance/Budget Overview: Grant Wood AEA

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  1. Finance/Budget Overview: Grant Wood AEA Barb Harms Business Manager Grant Wood Area Education Agency Management Team Meeting – 12/1/06

  2. Review - AEA/LEA Finance • What is common? • State funding based on number of students • Other revenues from grants, misc sources • Allowable growth • Weighted enrollment

  3. Review - AEA/LEA Finance • What is different? • Schools have taxing authority, AEA’s don’t • LEA finance formula is more complex • Schools have separate funding sources for facilities & other costs • AEA’s generate revenues from sales of non-mandated services

  4. GWAEA Budget Process

  5. Historical Financial Trends

  6. AEA Finance Formula: • Child-based: allowable spending is based on number of students counted • AEA cost per pupil X enrollment • Formula is separate for 3 service areas (Media, Ed Services, Special Education) • State has not released final budget enrollment figures – usually 12/1

  7. 2006-07 Budgeted Revenues Special Education $16,754,381 Media Services $ 2,927,692 Educational Services $ 3,213,132 State Reduction $ (1,999,562) “Controlled Funding” $20,895,643

  8. Projecting Other Revenues: • Federal funds – IDEA, Part C, etc. • Various other state, local grants • Sales of non-mandated services (such as printing, computer services, SEMS) – look at trends of past revenues

  9. Sale of Service Revenues

  10. 2006-2007 Budgeted Revenues

  11. 2006-07 Budgeted Expenditures

  12. Historical Financial Trends • Financial Solvency Ratio • Standard measure of financial health • Formula = Unreserved Fund Balance General Fund Revenues Target Range: Preferred 5.0 to 10.0% Acceptable 0 to 4.9% Alert -3.0 to -0.1%

  13. Historical Financial Trends

  14. GWAEA Budget/Finance • Next update – look at web finance query system and account code structure • Questions?

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