2015-16 Budget Hearing Monday, October 19 th , 2015 @ 4:00 p.m. Board Conference Room, District Office Building 200 S. Broadway Green Bay, WI 54303
Mission Statement: We educate every child to be college, career and community ready, inspired to succeed in our diverse community.
Why a Budget Hearing? Per Wisconsin Statute 65.90, staff and board shall formulate a proposed budget, hold a public hearing and adopt a budget identifying expected revenues, expenditures and fund balances.
Debt Capacity • The total indebtedness of a public K-12 school district may not exceed ten percent (10%) of the equalized value of property in the school district or $811,507,881 for GBAPS. • GBAPS has total debt of $12,762,643 o Represents 0.157% of our property value. o Represents 1.57% of our borrowing authority. 4
Health of Debt: Bond Rating It is possible that the District will be incurring new debt in the next few years, so this rating is important to maintain through healthy financial decisions, specific to fund balance and expenditure justification. 5
Community Service Fund Activity Per Statute, the State of Wisconsin requires communication to provide awareness of the types of expenses included in our Fund 80. The following is a summarized list: After-school academic programming is offered to students of • various schools Middle School sports are available to age-appropriate members • of the community School & Community Resource Officers • Board of Education communications, specific at it relates to the • taping of monthly meetings (No notable changes have been made compared to last year) 6
Fund Balance: GASB 54 Rules under the Governmental Accounting Standards Board require categorization of fund balance into descriptors. General Fund (Fund 10) fund balance increased by $126,952 (audited) as a result of fiscal • awareness and conservancy Special Projects Fund (20’s Funds) decreased slightly by $2,587 due to use of fund balance • from prior fund-raising opportunities Debt Services Fund (30’s Fund) increased fund balance by $4,207,801 due to a transfer from • the District’s General Fund to offset future unfunded debt Capital Projects Fund (40’s Funds) decreased fund balance by $5,191,509 due to incurring • expenses related to renovation projects approved by the Board of Education Food Service Fund (Fund 50) increased fund balance by $721,117 due to efficiencies in • production and procurement The Community Service Fund (Fund 80) began with a balance of $136,880 and the district • underspent leaving an ending balance of $803,455 to be used in the 2015-16 school year 7
Basic School Funding Formula #1 Revenue Limit = General State Aid + Property Taxes 8
Students Drive our Revenue 9
per State statute… No increase is allowed for 2015-16 Allowed per-Pupil Change (700.00) (600.00) (500.00) (400.00) (300.00) (200.00) (100.00) 100.00 200.00 300.00 400.00 0.00 96-97 206.00 97-98 206.00 98-99 208.88 99-00 212.43 00-01 220.29 01-02 226.68 02-03 230.08 03-04 236.98 04-05 241.01 05-06 248.48 06-07 256.93 07-08 264.12 08-09 274.68 09-10 200.00 10-11 200.00 11-12 (627.07) 12-13 50.00 13-14 75.00 10 14-15 75.00
Act 10… …It Still Applies. 11
Our 2015-16 Estimated Revenue Limit Counted Students (Membership) X (Multiplied by) Allowable Revenue per Student = Revenue Limit 12
Formula #1 ~ Revisited Revenue Limit = General State Aid + Property Taxes OR…more appropriately: Revenue Limit – General State Aid = Property Taxes 13
General State Aid 14
Basic School Funding Formula #2 Tax (Mill) Rate = Property Taxes (Levy) ÷ Total Assessed (Equalized) Value (Why is this important?...) 15
Property Values Drive Taxes 16
Basic School Funding Formula #2 Tax (Mill) = Property Taxes Total Assessed ÷ Rate (Levy) (Equalized) Value = ÷ • Rate is spread out equally among all taxpayers • Differences in values across the state impact us 17
A History of a Home’s Taxes …Accurate as an “Average”. 18
Expenses Assumptions are still visible this afternoon as we discuss both revenues and expenditures. Because of this: • Membership count will be updated before 11/2 • Final State Aid amount has yet to be provided • Impact of Vouchers is not included in this information • Salaries need to be finalized ~ but ~ Benefits are set • Budget is a working document…amendments will be brought forward as changes need to be made 19
2015-16 Budget Proposal • A $3.8M deficit budget is being presented Chappell renovation of $2.0M included o No increase in per-student revenue o Staffing (# and possible raises) have been budgeted, as have all benefits o • Use of fund balance will offset the deficit assuming that all expenditures are realized • Our membership count is based on estimates • Our General State Aid is an estimate and will be finalized soon • The levy ($) is estimated to rise approximately 2.0% • The mill rate (%) is estimated to decrease by >1.0%* • The District continues to be financially stable • Vouchers are not included in today’s information and will have an impact on most of the above data 20
Questions?... 21
Thank you…
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