EDUCATION NEEDS TO BE VIEWED AS AN INVESTMENT NOT AN EXPENSE
District Expenditure Reduction Measures Impacting Annual Budget Projections ◦ Staff and Program Reductions 12 Full Time Teachers ◦ Support Staff Reductions 2 Bus Drivers, 1 Full Time Tech Support, 1 Full Time Custodian, 1 Full Time Aid ◦ Transportation Service Reductions ◦ Moved to a Traditional Schedule ◦ New and Increased Fees (Athletic, lunch, etc. )
Energy Conservation Purchasing Program ◦ Ongoing Insurance Program Adjustments ◦ Reduced outside contractor fees. ◦ Eliminated Academic and Athletic Budget Line Items As needed basis only.
PCHS Uses Cash Basis Accounting ◦ Revenues and Expenditures are recognized at the time cash is received or disbursed. ◦ Beginning Fund Balances shown are tentative at the time the budget is balanced. Audit finalization and adjustments to entries may be made after posting.
Public School Budgets are estimates of revenues and expenditures. This budget was prepared using conservative estimates using trend data generated over recent years: ◦ Revenues are budgeted using low estimates ◦ Expenditures are budgeted using high estimates
Variables Impacting Revenue General State Aid Proration Level = 92.06% Note: This value may not be maintained at this level for the entire fiscal year. Underfunded Categorical Payments Transportation / Special Education 4 payments reduced to 2 or 3 actual disbursements Fluctuation in Local EAV Annual Availability of Federal Sources Potential for Property Tax Freeze Loss of CPI Unable to Capture EAV Growth $$
Local Sources ✓ Tax Revenues from Levy ✓ Corporate Personal Property Replacement Tax ✓ Food Service Revenues (Breakfast/Lunch Sales) ✓ Textbook Rental / Lab Fees / Etc. ✓ Flow Thru (District to District / ROE #30) ✓ Interest ✓ County Schools Facility Tax (New Revenue Stream) ✓ Local Donation Programs
State Sources ✓ General State Aide (GSA) ✓ Grant Revenues ✓ Sub-Categorical (Special Ed / Transportation Reimbursements) Federal Sources ✓ Title Funding ✓ Medicaid ✓ I.D.E.A ✓ Grant Revenues (REAP, PERKINS, E-RATE...)
State Defined ◦ “Big 4 Operating” Funds” ◦ Educational Fund ◦ Operations and Maintenance ◦ Transportation Fund ◦ Working Cash
LOCAL SOURCES $2,965,423 FLOW-THROUGH $ 18,689 STATE SOURCES $1,452,037 FEDERAL SOURCES $ 193,764 Total Projected Revenue $4,629,913 Total Proj. Expenditures $4,477,892 Surplus (Deficit) $152,021
Local $1,990, % State $1,452, % Federal $ 193, % Flow Thru $ 18, % Total $3,654, %
ISBE classifies expenditures using the following categories: ✓ Salaries ✓ Benefits ✓ Purchased Services ✓ Supplies ✓ Capital Outlay ✓ Other (includes dues/fees, tuition, and Debt Principal/Interest)
Education Fund ◦ Budgeted Revenues $3,022,844 ◦ Budgeted Expenditures $3,098,555 ◦ Surplus (Deficit) ($75,711) ◦ Estimated Fund Balance 7/1/15 $3,200,516 ◦ Projected Ending Fund Balance 6/30/16 $101,961
Salaries $2,052, % Benefits $ 447, % *Purchase Services $ 301, % *Supplies $ 275, % Capital Outlay $ 9, % Other/Tuition $ 11,450 – 0.03% Non-Cap Equip. $ 0 - 0% Total $3,098, % * Includes Some Telephone, Water, Sewer, Gas & Electric Services
O&M Fund ◦ Budgeted Revenues $245,150 ◦ Budgeted Expenditures $242,067 ◦ Surplus (Deficit) $3,083 ◦ Estimated Fund Balance 7/1/15 $117,151 ◦ Projected Ending Fund Balance 6/30/16 $120,234
Salaries $107, % Benefits $ 14, % Purchase Services $ 54, % Supplies $ 63, % Capital Outlay $ 2, % Total $242, %
Transportation Fund ◦ Budgeted Revenues $241,027 ◦ Budgeted Expenditures $205,454 ◦ Surplus (Deficit) $35,573 ◦ Estimated Fund Balance 7/1/15 $176,249 ◦ Projected Ending Fund Balance 6/30/16 $211,822
Salaries $ 121, % Benefits $ 5, % Purchase Services $ 16, % Supplies $ 62, % Capital Outlay $ 0 - 0% Other $ 500 – 0% Total $ 205, %
Working Cash Fund ◦ Budgeted Revenues $ 49,010 ◦ Budgeted Expenditures $0 ◦ Surplus (Deficit) $ 49,010 ◦ Estimated Fund Balance 7/1/15 $ 0 ◦ Projected Ending Fund Balance 6/30/16 $ 49,010
◦ Revenues $3,654,412 ◦ Expenditures $3,546,076 ◦ Surplus (Deficit) $90,336 * The District budgets conservatively... Revenues are estimated on the “low” side and expenditures are budgeted at “worst-case” scenarios.
Board Policy and ISBE direct that each District should strive to maintain fund balances between 15% and 20% of expenditure levels at the end of each fiscal year.
Recommended Fund Balances “Big 3 Operating Funds” for FY16 June 30 th Recommended Projected ◦ Ed = $619,711$120,234 ◦ Trans = $41,090$211,822 (Aging Bus Fleet) ◦ O&M = $48,067$120,234 Total = $708,868 $452,290 Total Below Recommended Level (-$256,578)
Adopting this Budget ◦ The District is not required to file a Deficit Reduction Plan with ISBE this year. ◦ We are still required to work with ISBE School Finance Officials to create Quarterly Cash Flow Reports and Projections ** ISBE School Finance Officials do not have a working budget and are restricted to their offices.**
Debt Service Fund ◦ Budgeted Revenues $480,652 ◦ Budgeted Expenditures $480,761 ◦ Surplus (Deficit) ($ 109) ◦ Estimated Fund Balance 7/1/15 $ 37,296 ◦ Projected Ending Fund Balance 6/30/16 $ 37,187
IMRF/Social Security Fund ◦ Budgeted Revenues $113,320 ◦ Budgeted Expenditures $123,466 ◦ Surplus (Deficit) ($ 10,146) ◦ Estimated Fund Balance 7/1/15 $ 51,049 ◦ Projected Ending Fund Balance 6/30/16 $ 40,903
Life Safety Fund ◦ Budgeted Revenues $ 48,910 ◦ Budgeted Expenditures $ 32,000 ◦ Surplus (Deficit) $ 16,910 ◦ Estimated Fund Balance 7/1/15 $179,465 ◦ Projected Ending Fund Balance 6/30/16 $196,375
Tort Fund ◦ Budgeted Revenues $286,600 ◦ Budgeted Expenditures $280,757 ◦ Surplus (Deficit) $ 5,843 ◦ Estimated Fund Balance 7/1/14 $34,386 ◦ Projected Ending Fund Balance 6/30/15 $40,229