FY2010 Final BudgetAppoquinimink School District

February 9, 2009 Presentation

What we will cover

Process and timelinePrinciplesMajor changes from PreliminaryThe budgetLooking toward next year

ASD FY2010 Final Budget

Start with FY2009 Final BudgetMay/June – forecast final FY2009

revenues/expendituresMay/June – meet with schools and

departments to discuss FY2010 needs

Process and timeline

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

June – forecast FY2010 revenues based on FY2009 and draft State budget

June/July – set tax rates

Process and timeline

July – adjust based on final State budget and FY2009 ASD figures

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

July – preliminary budget presented to the Board for approval***

*** These may be done in June in years of more financial certainty

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 budget (total revenue budget = total expenditure budget)

Build and maintain our reservePreliminary budget conservatively

forecasts revenues in a lean year like FY2010

Budgeting Principles

Federal – $2.7 million in ARRA (“Stimulus”) SFSF (State Fiscal Stabilization Fund) 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 Preliminary

State appropriations were adjusted based on final September 30th Unit Count enrollment

Local tax receipts projected increased due to increased total assessed value of taxable property. We project that we will not have to draw on reserves to balance the budget.

Major changes from Preliminary

FY2010 Final Revenue BudgetState Funds (Div I/II/III/Other) 63,611,445

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

14,141,4765,285,0001,235,8236,119,3322,295,496

Federal Funds 6,874,482

Construction (State + Local) 19,489,734

Debt Service State Share 6,915,918

Minor Cap State Share 472,229

TOTAL 126,440,934

FY2010 Final Revenue Budget

Revenue Budget by Major Source

74.0%

27.1%

67.4%

5.5%

24.2%1.8%

Local

State

Federal

FY2010 Final Expenditure BudgetOperating Budget 36,469,139

Division I 45,518,708

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

1,600,0003,685,000

Federal Funds 5,179,018

Major Capital Improvements Debt Service Construction

13,035,25019,489,734

Minor Capital/Match Extra Time Local Minor Capital Improvements Technology Local

413,000787,373263,715

TOTAL 126,440,934

FY2011 – What we know

All of our major capital projects made it into the Bond Bill

State Budget – potential cuts ($2.99M+)Reduction of State transportation funds by 25% ($1.2M)

and “allowing” local boards to raise the Match TaxReduction of SFSF by 40% ($1.05M)Reduction of Minor Capital Program ($344K) Increase in OEC rate ($301K)Reduction of Div II All Other Costs by 5% ($99K)

FY2010 Final Budget

This final budget was reviewed and endorsed by the Financial Advisory Committee on February 2, 2010.

Questions?Approval