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Fiscal Year 2014 Budget Summary: Revenue, Expenditures, and Funds Allocation

Detailed breakdown of FY 2014 budget including operating funds revenue, expenditures, property taxes, state formula revenue, and funds allocation for various categories like salaries, benefits, technology, and capital improvements.

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Fiscal Year 2014 Budget Summary: Revenue, Expenditures, and Funds Allocation

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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)

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