Annual Meeting Budget Hearing

Budget Process Overview Revenue Limit Calculation and Estimation of Other Revenues December Revenue Limit Calculation and Estimation of Other Revenues December Budget Development Meetings December-June Budget Development Meetings December-June Budget Presentations To Finance Committee And Board of Education Budget Presentations To Finance Committee And Board of Education Annual Meeting Budget Hearing July Annual Meeting Budget Hearing July September 3 rd Friday Student Count September 3 rd Friday Student Count Final Equalized Property Values Received October 1 Final Equalized Property Values Received October 1 Equalization Aid Certified October 15 Equalization Aid Certified October 15 Re-Calculation of Revenue Limit Re-Calculation of Revenue Limit Board Votes on Final Levy and Budget Amendments Board Votes on Final Levy and Budget Amendments

Total Budget for All Funds Revenues –$14,149,491 Expenses –$14,096,098

REVENUES (Fund 10) Primary Revenues –Equalization Aid Estimated: $4,363,505 –Property Taxes Estimated for fund 10: $4,869,704 Other Revenues –Grants, Payments for Services, Mobile Home Tax, Lottery Credit, Student Activity Income, Interest on Investments, etc. Estimated for fund 10: $663,100

Expenses (Fund 10)-Instructional $4,323,763

Expenses (Fund 10)-Support Sources $4,217,657

Expenses (Fund 10)- Non- Program Transactions $1,244,033

Special Projects (21, 23, 27, 29) $1,725,978 Primarily Special Education Instruction $1,218,004 Support Services $ 463,645 Non-Program Transactions $ 44,329

Debt Services Funds 38,39 $1,778,110 General Obligation Refunding Bonds 2005 –Last Payment in March of 2014 Johnson Controls Project 2003 –Last Payment in March of 2012

Food Service Fund 50 Estimated Revenues $396,507 –+ 7/21/08 BOE Approved Increase in Prices which will reduce the gap between Revenues and Expenditures Estimated Expenses $424,406

Community Service Fund $378,000 Expenses include a variety of community programs and services –Such as: Community Pool Youth Center Senior Citizen Programming Cambridge Community Activities Programming

Property Tax Levy FUND Audited Unaudited Budget General Fund4,093,3254,587,4734,869,704 Referendum Debt Service Fund1,641,5501,581,7751,637,813 Non-Referendum Debt Service Fund121,560118,410114,885 Capital Expansion Fund000 Community Service Fund295,000261,500378,000 TOTAL SCHOOL LEVY6,151,4356,549,1587,000,402 PERCENTAGE INCREASE -- TOTAL LEVY FROM PRIOR YEAR8.77%6.47%6.89%

Property Tax Rate Tax Rate= Audited Un-Audited Budget Tax Levy/Equalized Value Total Property Tax Levy6,151,4356,549,1587,000,402 Tax Rate per $1,000

Example of School Tax Audited Un-Audited Budget Value of Example Home150, Multiplied by Tax Rate/$1, Example School Tax1, , ,660.18

Fund Balance Allows for cash flow and unforeseen needs/emergencies, demonstrate financial stability Projected Ending Balance from –$1,428,691 –Currently 14.7% of the Operating Budget –Projected Ending Balance for $1,539, % Fund Balance Goal –17% of Operating Budget

Budget Challenges Declining Enrollment Expenses increasing at a much faster rate than the increase in the revenue calculation formula –i.e. Utilities Cost of employment and Retiree Benefits Transportation Gas