Presentation on theme: "April 8, 2015 - Budget Committee Meeting 2015-16 Budget Overview and Discussion."— Presentation transcript:
April 8, 2015 - Budget Committee Meeting 2015-16 Budget Overview and Discussion
ODE – Oregon Department of Education SSF – State School Fund ADM – Average Daily Membership ADMw – Average Daily Membership Weighted Acronyms
Budget Committee Reviews, modifies, and finally approves the proposed budget. Establishes the maximum property tax levy rate or dollar amount. District Files Approved Budget with TSCC by May 15 Board Adopts Budget and Enacts Resolutions by June 30 Limited to changes, within a fund, of not more than $5000 or 10%, with exceptions. District Files Adopted Budget and Response to Certification Letter within 15 days after budget adoption Levy Certification filed with County Assessor’s Office by July 15 Budget Document filed with County Clerk by September 30 Budget Process Overview
Meet publically to review the proposed budget document. Provide an opportunity for the public to ask questions and comment on the budget. Approve the budget with all funds in balance. Approve the maximum rate or dollar amount of property taxes. Budget Committee: Official Duties
We currently have 9 Active and Independent Funds General Fund Food Service Federal Funds Capital Projects Debt Service Early Retirement Student Body Bus Replacement Energy Projects Fund Structure
FunctionsObjects Functions define the WHO For each transaction we need to know for whom amount is being recorded. 1000 Instruction 1111 K-2 Classroom 2000 Support Services 2410 GS Principal Objects define the WHAT For each transaction we need to know what the transaction records. 0100 Salaries 0111 Certified 0200 Associated PY Costs 0220 FICA/Medicare 0400 0410 Supplies Functions and Objects
A Balanced Budget Beginning Fund Balance + Revenue + Transfers In - Transfers Out - Expenditures - Contingency = Ending Fund Balance Resources Requirements
Beginning Fund Balance The budgeted Beginning Fund Balance is an estimate of how much each fund will have remaining once the prior year has come to a close. Once the prior year has been audited, the financials are updated with the actual amount.
Revenue Revenue is categorized into the following: Local Sources Taxes Tuition Intermediate Sources County School Funds Medicaid Administrative Claiming State Sources State School Fund Some Grants Federal Sources IDEA Funds Title Funds Most revenue estimates are captured from data provided by the source agency. Some estimates are based on prior year data and program usage.
Transfers Transfers are how we move money between funds. Often this means a transfer from the General Fund to another, dependent fund, such as Early Retirement Projects, or the Bus Replacement Fund. The Transfers In and Transfers Out for the District budget should always match.
Expenditures All the spending for the district. Includes personnel, debt service payments, supplies, insurance, equipment, and many, many other things.
Contingency Contingency is how we allow ourselves to increase our expenditure budget, in the event that we have unfunded, yet necessary changes. Contingency is never spent. Instead, the Board could approve an increase in the expense budget and a decrease in contingency as needed.
Ending Fund Balance The Ending Fund Balance is the amount left over for use in the following fiscal year. An Ending Fund Balance of 3-5% of the total requirements is advisable. This percentage can be more depending on unknown economic conditions during budget preparation.
ODE Formula Revenue Local Sources Property Taxes Common School Fund County School Fund State School Fund Includes Transportation Grant Other Revenue Tuition Donations ESD Transits Federal Revenue High-Cost Disability Other Grants Where does our funding come from?
March 31, 2015 $4,172 Small High School Grant $25,044 High Cost Disability 2013-14 Revenue Adjustments Expect to receive this adjustment in May 2015
Estimate Date: March 23, 2015 Based on $7.235 Billion Co-Chair's Budget with 50/50 split 2015-16 ODE SSF Estimate
Estimate Date: March 23, 2015 Based on $7.235 Billion Co-Chair's Budget with 50/50 split Using the Funding Formula, an estimated $301k in Transportation Grant, and our internal estimate of ADMw we should prepare for the following: Total Formula Revenue: $9,972,718 Per ADMw Funding: $7,062 2015-16 CSD SSF Estimate 1412.25
Fiscal YearADMwRevenue (District Only)Per ADMw 2016-171412.25..$ 9,972,718$ 7,062 2015-161412.25.. 9,972,7187,062 2014-151425.78*9,888,1696,935 2013-141019.06*6,950,7606,821 2012-13..960.04*6,009,2336,259 Historic Total Formula Revenue Thanks to our wise legislatures, 2015-16 and 2016-17 each get 50% of the total biennial revenue. This means if given the same ADMw, we receive NO funding increases. Meaning… costs go up, but funding does not. *Includes Small High School Funding
Resources TSCC Website Publications (Tax Supervising and Conservation Commission) http://www.tsccmultco.com/publications.html http://www.tsccmultco.com/publications.html Oregon Department of Education : District SSF http://www.ode.state.or.us/search/results/?id=344 http://www.ode.state.or.us/search/results/?id=344