Annual Meeting Budget Hearing 2008-2009. Budget Process Overview Revenue Limit Calculation and Estimation of Other Revenues December Revenue Limit Calculation.

Annual MeetingBudget Hearing

2008-2009

Budget Process Overview

Revenue Limit Calculation

and Estimation of Other Revenues

December

Revenue Limit Calculation

and Estimation of Other Revenues

December

BudgetDevelopment

MeetingsDecember-June

BudgetDevelopment

MeetingsDecember-June

Budget PresentationsTo Finance CommitteeAnd Board of Education

Budget PresentationsTo Finance CommitteeAnd Board of Education

Annual MeetingBudget Hearing

July

Annual MeetingBudget Hearing

July

September3rd Friday

Student Count

September3rd Friday

Student Count

Final Equalized Property

Values ReceivedOctober 1

Final Equalized Property

Values ReceivedOctober 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

1657133

1626373

48264

258015249748

484231

UndifferentiatedCurriculum

Regular Curriculum

VocationalCurriculum

Physical Curriculum

Co-CurricularActivities

Special Needs

1657133

1626373

48264

258015249748

484231

UndifferentiatedCurriculum

Regular Curriculum

VocationalCurriculum

Physical Curriculum

Co-CurricularActivities

Special Needs

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

311576

61718

80843 336705

170194

235085

2076304632015

313217

Pupil Services

Instructional StaffServicesGeneralAdministrationSchool BuildingAdministrationBusinessAdministrationCentral Services

Insurance andJudgmentsDebt Services

Other SupoprtServices

311576

61718

80843 336705

170194

235085

2076304632015

313217

Pupil Services

Instructional StaffServicesGeneralAdministrationSchool BuildingAdministrationBusinessAdministrationCentral Services

Insurance andJudgmentsDebt Services

Other SupoprtServices

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

200255

1043778

Interfund/Govt.Transfers

PurchasedInstructional Services

200255

1043778

Interfund/Govt.Transfers

PurchasedInstructional Services

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

FUNDAudited

2006-2007

Unaudited 2007-2008

Budget 2008-2009

General Fund 4,093,325 4,587,473 4,869,704

Referendum Debt Service Fund 1,641,550 1,581,775 1,637,813

Non-Referendum Debt Service Fund 121,560 118,410 114,885

Capital Expansion Fund 0 0 0

Community Service Fund 295,000 261,500 378,000

TOTAL SCHOOL LEVY 6,151,435 6,549,158 7,000,402

PERCENTAGE INCREASE -- TOTAL LEVY FROM PRIOR YEAR 8.77% 6.47% 6.89%

Property Tax Rate

Tax Rate=Audited 2006-2007

Un-Audited 2007-2008

Budget 2008-2009

Tax Levy/Equalized Value      

Total Property Tax Levy 6,151,435 6,549,158 7,000,402

Tax Rate 11.18 11.18 11.07

  per $1,000 per $1,000 per $1,000

Example of School Tax

 Audited 2006-2007

Un-Audited 2007-2008

Budget 2008-2009

Value of Example Home 150,000.00 150,000.00 150,000.00

Multiplied by Tax Rate/$1,000 11.18 11.18 11.07

Example School Tax 1,677.02 1,677.75 1,660.18

Fund Balance

• Allows for cash flow and unforeseen needs/emergencies, demonstrate financial stability

• Projected Ending Balance from 2007-2008– $1,428,691– Currently 14.7% of the 2007-2008 Operating

Budget– Projected Ending Balance for 2008-2009

$1,539,546 15.7%

• 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

Fund 10 Financial Forecast

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015

UNAUDITED DRAFT ESTIMATEDESTIMATEDESTIMATEDESTIMATEDESTIMATEDESTIMATED

Revenue

Expenses