FY2011 Preliminary BudgetAppoquinimink School District

July 13, 2010 Presentation

What we will coverProcess and timelinePrinciplesMajor changes from FY2010The budget

ASD FY2011 Preliminary Budget

Start with FY2010 Final BudgetMay/June – forecast final FY2010

revenues/expendituresMay/June – meet with schools and

departments to discuss FY2011 needs

Process and timeline

May/June – make Superintendent and Financial Advisory Committee aware of potential major budget issues

June – forecast FY2011 revenues based on FY2010 and draft State budget

June/July – set tax rates

Process and timeline

July – adjust based on final State budget and FY2010 ASD figures

July – preliminary budget reviewed by Financial Advisory Committee (FAC)

July – preliminary budget presented to the Board for approval

Process and timeline

July 1 – fiscal year begins – operate conservatively using draft preliminary budget until Board approval

July 1 (or so) – State pre-loads State appropriations in Appoquinimink’s “account” (typically 75%)

October – unit count finalized, balance of State money allocated

Process and timeline

December – prepare final budgetJanuary – final budget reviewed by

FAC, presented to BoardApril-July – amendments to the final

budget may be considered by the FAC and Board

May – cycle starts again

Process and timeline

Monitoring and reporting Finance Director monitors appropriation

balances and expenditure budgets almost daily

Payroll staff monitor reports after each payroll disbursement

Finance staff review reports weekly/monthly as applicable

Monthly reporting to FAC, Board, public

Process and timeline

Balanced budgetBuild and maintain our reservePreliminary budget conservatively

forecasts revenues in a lean year like FY2011

Budgeting Principles

Federal – in FY2010 we received $2.7 million in ARRA (“Stimulus”) SFSF (State Fiscal Stabilization Fund) that backfilled several unfunded/underfunded State appropriations: Student Success Block Grant Technology Block Grant Tax Relief Academic Excellence Allotment Limited English Proficiency Division I, II, III (underfunded)

Major changes from FY2010

Federal – in FY2011 we will only receive $1.3 million to replace what was funded by the $2.7 million SFSF. In response, we had to reduce support for Technology Block Grant Limited English Proficiency

… and absorb locally … Academic Excellence Allotment (substitutes) Student Success Block Grant (interventionists)

Major changes from FY2010

The State also cut support for math and reading specialists. Appoquinimink will keep them, funding them locally.

Local tax receipts will increase due to increased total assessed value of taxable property. However, we still project that we have to draw on reserves to cover the budget.

Major changes from FY2010

FY2011 Preliminary Revenue BudgetState Funds (Div I/II/III/Other) 67,698,230

Local Funds Current Operations Tuition Minor Cap/Tax Match Debt Service Other Local

14,631,7754,433,1641,252,9676,330,6692,280,000

Federal Funds 3,762,647

Construction (State + Local) 38,519,900Debt Service State Share 6,691,937

Minor Cap State Share 472,229

TOTAL 146,073,518

FY2011 Preliminary Revenue Budget

Revenue Budget by Major Sourcewithout Major Cap, Debt Service - outer ring FY2011, inner is FY2010

68.2%

23.9%

72.2%

3.9%

24.5%7.4%

Local

State

Federal

FY2011 Preliminary Expenditure BudgetOperating Budget 87,007,673Debt Service 13,008,613

Tuition In-State Tuition/Private Placement ILC, DFP, DFP PreK, Needs-Based

1,500,0003,550,000

Match Tax Funds 997,656Major/Minor Capital Improvements Major Capital Projects Minor Capital

38,519,900788,353

Cafeteria 2,850,000

TOTAL 148,222,195

FY2011 Preliminary Budget

This preliminary budget was reviewed and endorsed by the Financial Advisory Committee on July 6, 2010.

Questions?Approval