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FY 2014 BUDGET

FY 2014 BUDGET

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FY 2014 BUDGET

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  1. FY 2014 BUDGET June 24, 2013

  2. Operating Funds Revenue • Foundation formula revenue • State adequacy target $6,131 • Dollar value modifier increased from 1.030 to 1.031 • Pro-ration factor 93.5% • Classroom trust fund (gaming revenue) of $459 per student – gaming revenue will need to increase significantly from FY2013 to realize this level • Shortfall would be made up from state general revenues, or there might be a lower pro-ration factor • $337,000 increase from FY 2013

  3. Operating Funds Revenue • Property tax revenue • Current, Delinquent, State assessed railroad & utility (SARU) • Collection rate 93.9% • Assessed valuation down ½% • $14.4 million is new construction • Without new construction, AV down 1.9%

  4. Assessed Valuation

  5. Operating Funds Revenue • Property taxes $39,670,000 • State formula 41,069,000 • Prop C (sales tax) 10,559,000 • Interest income 597,000 • Other state 4,653,000 • Federal 12,614,000 • Other local and other 7,768,000 • Total 116,930,000

  6. Operating Funds Expenditures • Salaries and wages 69,027,000 • Benefits 22,443,000 • Technology @ $175/student 1,985,000 • “Fixed” costs 1,183,000 • Hardware 802,000 • Capital improvements (CIP) 1,931,000 • Asphalt 340,000 • Roofs 268,000 • Heating/cooling 206,000 • Athletic facilities 600,000 • Other 517,000

  7. Operating Funds Expenditures • Textbooks 160,000 • Curriculum adoption 0 • Consumables, other 160,000 • Other 20,975,000 • Transportation 3,491,000 • Nutrition services 2,640,000 • Student activities 2,940,000 • Vocational equipment 1,045,000 • Professional development 590,000 • Utilities 2,670,000 • All other 7,599,000

  8. Summary of Operating Funds • Operating revenue $116,930,000 • Operating expenditures 116,521,000 • Increase in reserves 409,000

  9. Bond Capital Projects Fund • Revenues • Issuance of GO bonds $9,000,000 • Interest income & premium 525,000 • Construction Expenditures • Air conditioning elementary schools 1,981,000 • Professional fees 455,000 • Elementary schools 21,793,000 • Bond issuance expenses 108,000 • Expenditures 24,337,000

  10. Debt Service Fund • Revenues • Property taxes, interest, & other taxes $4,037,000 • Expenditures • Principal and interest 4,168,000 • Expenditures over revenues (131,000)