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Donna D Sullivan, CGFO Senior Director of Finance

Florence County School District Three Proposed Budget July 1, 2011 – June 30, 2012 Annual Citizens’ Meeting May 10, 2011. Donna D Sullivan, CGFO Senior Director of Finance. General Fund.

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Donna D Sullivan, CGFO Senior Director of Finance

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  1. Florence County School District ThreeProposed BudgetJuly 1, 2011 – June 30, 2012Annual Citizens’ MeetingMay 10, 2011 Donna D Sullivan, CGFO Senior Director of Finance

  2. General Fund • General Fund is approximately 56% of the district’s total funds for the current year ending 06/30/2011. • Total proposed budget for FY 2012 is $21,630,206. • House and Senate proposed base student cost (BSC) is $1,788. This budget is conservatively estimated on BSC of $1,600. • FY 2010/2011 BSC proposed at $1,630 is currently funded at $1,616.94, reduced due to mid-year funding changes for the SC Public Charter School District, over which local districts have no authority.

  3. General Fund • Approximately 86% of the proposed budget is employee salaries and fringe benefits; seven certified positions and three classified positions have been cut from General Fund. • For FY 2012, mandatory State retirement match by the district increased to 13.435% for all active SCRS employees. • Health insurance is expected to increase in January 2012 – amount and split between employer and employee portions has not yet been determined.

  4. Funding Sources Total $21,630,206

  5. Revenues by Source – All Governmental Activities

  6. Fund Balance – General Fund • Balance of $1,165,905. • Board Policy states to be maintained at 5% of the General Fund budget – currently is 5.5% of amended FY 2010-2011 budget of $21,630,203. • Reasons for maintaining fund balance: • Mid-year budget cuts; • Emergency expenditures due to disasters; • As a general cash flow tool: • Covers State and Federal grant expenditures that have to be paid up front and then are reimbursed. • Maintains operations while awaiting the receipt of property taxes, which are received primarily during the months of December to March.

  7. Fund Balance – Local Building Fund • Balance of $3,482,885. • Used for ongoing capital improvements and other general expenditures. • Recommended net transfer of $2,324,819 back to the General Fund to balance the budget.

  8. Millage • In 2006, Act 388 was passed to replace school operating millage on residential property with an additional 1% sales tax. • As a result of Act 388, the district is allowed to increase the millage rate to the extent of the increase in the average of 12 consecutive calendar months of CPI plus the percentage increase in the population of the district. The increase for FY 2012 is 1.8%, or 3.2 mills.

  9. Millage • One mill in Florence Three for school operating purposes is valued at approximately $15,800. • 3.2 mills district-wide generates just over $50,000 annually. • Vehicles: • $5,000 – pays 96¢/year. • $25,000 – pays $4.80/year. • $250,000 – pays $48.00/year. • Business Personal Property: • $50,000 – pays $16.80/year. • $250,000 – pays $84.00/year. • $1,000,000 – pays $336.00/year. • Agricultural Property: • $50,000 – pays $6.40/year. • $250,000 – pays $32.00/year. • $1,000,000 – pays $128.00/year.

  10. Millage

  11. Summary • Florence School District Three continues to be in sound financial condition, with the actual fund balance in excess of level as recommended by generally accepted accounting principles and within Board policy. • Questions??

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