Adoption Requirements Before the start of the fiscal year the school board must adopt a budget for: General Fund – (distributed on flash drive July 27) Interest & Sinking Fund Child Nutrition Fund We will present budget for capital projects fund and special revenue funds (when available)
Interest & Sinking Fund Used to maintain funds received for the specific purpose of the repayment of a legal obligation. Source of funds – property taxes Legal obligations – outstanding bonds I&S tax rate (2014): $0.2589 Proposed I&S tax rate (2015): $0.3839
Interest & Sinking Fund Proposed Budget Comparison Original 2014-2015 Budget DescriptionAmount 5700Local Revenue$ 11,509,520 5900Fed Revenue 100,000 Total Revenue$ 11,609,520 71Debt Service 10,835,665 BudgetedRev over Exp $ 773,855 Proposed 2015-2016 Budget DescriptionAmount 5700Local Revenue$ 11,903,502 5900Fed Revenue 100,000 Total Revenue$ 12,003,502 71Debt Service 11,163,232 BudgetedRev over Exp$ 840,270 Final 2014-2015 budget will be significantly different than Original budget due to refunding bonds issued.
Child Nutrition Fund Used to run the food service operations of the District Breakfast and Lunch programs daily Summer feeding program Catering operations – as requested Most pressing issue: excess fund balance Being addressed
Capital Projects Fund Used to account for resources (bond proceeds) for construction projects. Three bond issues in FY 15 November partial refunding issue April refunding issue July issuance of new funds ($75,000,000)
Capital Projects Fund Proposed Budget Budgeted revenue $10,000 – investment earnings Currently in TexPool account Looking into higher yielding products Budgeted Expenditures $75,000,000 – bond proceeds Won’t spend entire amount in 1 year Current estimate from architect: $3,165,000