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Tuesday, February 20, 2018
Financial Forecast
Fiscal Years 2018-2023Policy 4:10
Overview
• Financial Forecast• Operating & Non-Operating Funds
• State Funding Formula• Evidence Based Funding
• Assumptions• EAV, Property Taxes, CPI, Proration,
Pensions
• Future Activities
2
3
Operating Funds Forecast
Operating Funds - Projection Analysis
Budget
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
REVENUE
Local 272,313,889 281,322,019 287,878,578 295,476,739 303,186,015 311,009,414
State 39,519,454 49,186,748 49,186,748 49,186,748 49,186,748 49,186,748
Federal 9,920,737 9,920,737 9,920,737 9,920,737 9,920,737 9,920,737
TOTAL REVENUE 321,754,080 340,429,504 346,986,063 354,584,224 362,293,500 370,116,899
EXPENDITURES
Salaries & benefits 246,725,925 256,840,535 265,329,589 273,715,590 281,968,595 290,502,348
Other 78,415,835 82,514,880 82,177,291 82,762,815 83,360,049 83,969,228
TOTAL EXPENDITURES 325,141,760 339,355,415 347,506,880 356,478,405 365,328,644 374,471,576
EXCESS / DEFICIT (3,387,680) 1,074,089 (520,817) (1,894,181) (3,035,144) (4,354,677)
Other Financing Sources (Uses) (235,600) (136,000) (33,900) - - -
EXCESS / DEFICIT & OTHER FINANCING (3,623,280) 938,089 (554,717) (1,894,181) (3,035,144) (4,354,677)
Reductions
Net excess (deficit) after reductions (3,623,280) 938,089 (554,717) (1,894,181) (3,035,144) (4,354,677)
Beginning Fund Balance 105,294,018 101,670,738 102,608,827 102,054,110 100,159,929 97,124,785
Ending Fund Balance 101,670,738 102,608,827 102,054,110 100,159,929 97,124,785 92,770,108
Fund Balance as % of Revenues 31.60% 30.14% 29.41% 28.25% 26.81% 25.07%
REVENUE / EXPENDITURE PROJECTIONS
Forecast
Non-Operating Forecast
4
Bond and Capital - Projection Analysis
Budget
FY 2018 FY 2019 FY 2020 FY 2021
Revenue:
Local 28,026,064 28,330,577 28,634,017 28,704,502
State - - - -
Federal - - - -
Total 28,026,064 28,330,577 28,634,017 28,704,502
Expenditures:
Salaries & Benefits - - - -
Other 29,197,352 29,088,804 29,306,510 29,339,807
Total 29,197,352 29,088,804 29,306,510 29,339,807
Excess/(Deficit) (1,171,288) (758,227) (672,493) (635,305)
Other financing sources 235,600 136,000 33,900 - *Other financing uses - - - -
235,600 136,000 33,900
Change in Fund Balance (935,688) (622,227) (638,593) (635,305)
Beginning Fund Balance 16,803,476 15,867,788 15,245,561 14,606,968
Ending Fund Balance 15,867,788 15,245,561 14,606,968 13,971,663 Fund Balance as % of Revenues 56.6% 53.8% 51.0% 48.7%
* does not include potential Debt Certificate redemption
REVENUE / EXPENDITURE PROJECTIONS
Forecast
5
Forecast Highlights
Forecast Pressures:
• Evidence Based Funding has not been implemented
• Continued uncertain State funding
• Increased health insurance costs
• Increased custodial maintenance costs
• Increased transportation costs• Possible pension cost shift• Possible property tax freeze
Forecast Positives:
• New State funding system• Increased investment revenue• Improved economy• Continued property
developments
6
Forecast Highlights-EBF
Revenue - 3 Sources FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
1) Local CPI Increase CPI Increase CPI Increase CPI Increase CPI Increase CPI Increase
2) State (New Funding Formula)
Base Funding Minimum 37,447,994 37,447,994 37,447,994 37,447,994 37,447,994 37,447,994
Categorical Payments:
Special Ed. Private Facility 1,741,087 1,741,087 1,741,087 1,741,087 1,741,087 1,741,087
Orphanage 3,089 3,089 3,089 3,089 3,089 3,089
Drivers Education 150,000 150,000 150,000 150,000 150,000 150,000
Early Childhood Block Grant 232,800 232,800 232,800 232,800 232,800 232,800
Transportation 7,911,860 7,911,860 7,911,860 7,911,860 7,911,860 7,911,860
Tier 2 Funding 971,594 971,594 971,594 971,594 971,594 971,594
Total State 48,458,424 48,458,424 48,458,424 48,458,424 48,458,424 48,458,424
3) Federal No Change No Change No Change No Change No Change No Change
The State HAS NOT finalized tier funding so we HAVE NOT received any payments to date
We HAVE NOT received any of our Categorical Payments which should come quarterly - State owes us $5.8M to date
We HAVE been receiving our Base Funding Minimum in biweekly payments
7
Evidence Based Funding- Elements
Per Student
12 Gifted
13 Professional Development
14 Instructional Materials
15 Assessment
16 Computer Technology
17 Student Activities
Central Services
18 Maintenance and Oper
19 Central Office
20 Employee Benefits
Diverse Learners
21a Intervention (Poverty)
21b Intervention (EL)
22a Pupil Support (Poverty)
22b Pupil Support (EL)
23a Extended Day (Poverty)
23b Extended Day (EL)
24a Summer Sch (Poverty)
24b Summer Sch (/EL)
25 English Learners (EL)
26a Special Ed Teachers
26b Psychologist
26c Special Ed Instructional Asst
Core FTE
1a Core Teachers K-3 (Low Income)
1b Core Teachers K-3
1c Core Teachers 4-8 (Low Income)
1d Core Teachers 4-8
2a Core Teachers 9-12 (Low Income)
2b Core Teachers 9-12
3 Specialist Teachers
4 Instructional Facilitators
5 Core Intervention Teachers
6 Substitutes
7a Core Guidance
7b Nurse
8 Supervisory Aides
9a Librarian
9b Library Aide/Media Tech
10a Principal
10b Asst Principal
11 School Site Staff
8
Evidence Based Funding - Percent of Adequate
0%
20%
40%
60%
80%
100%
120%
140%
Indian Prairie Wheaton Batavia Geneva St. Charles Elmhurst Naperville Barrington
Percent Adequate
9
Evidence Based Funding – Funding Gap
$(60,000,000)
$(40,000,000)
$(20,000,000)
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
Indian Prairie Wheaton Batavia Geneva St. Charles Elmhurst Barrington Naperville
Funding Gap
Assumptions - EAV
10
Assumptions - CPI
11
12
Assumptions – Tax Rate
13
Future Activities
• Monitor FY18 Budgeted Expenditures and Revenues
• State Budget determined by the end of May
• Continue to monitor assumptions
• Continued Board of Education updates
• Forecast transition to Tentative Budget early spring