Adopted Budget 2019-2020 Independent S chool District 882 - PowerPoint PPT Presentation

Adopted Budget 2019-2020 Independent S chool District 882 Monticello Public S chools June 3, 2019

IS D 882 Monticello 2019-2020 Budget Overview • Required to have an approved budget prior to July 1 st each year • Financial plan used to help achieve our key obj ective General Fund OPEB Trust Special Ed Food Service Coop Community Service Debt Service Hockey Building Internal Construction Service

IS D 882 Monticello 2019-2020 Budget Overview • Represents our best estimates of revenues and expenditures • S ubj ect to revision

IS D 882 Monticello 2019-2020 Budget Process • S tarts in the fall with the levy process & enrollment proj ections • Capital requests are submitted by each school building • Principals & dept. heads are given their supply budget allocations • S alary proj ections with S uperintendent and Director of Human Resources

IS D 882 Monticello 2019-2020 Budget Assumptions • General Fund – 01 ▫ Revenues  Enrollment proj ection of 4,148 (ECS E-12)  Kindergarten at 284 (13 sections)  2% increase on the General Education Aid  S tate S pecial Education under new funding laws and current Cooperative structure  Federal funds remain the same  No additional relief from the S tate Legislative S ession

IS D 882 Monticello 2019-2020 Budget Assumptions • General Fund – 01 ▫ Expenditures  Reduced staffing positions within budget alignment plan  Contract & benefits based on estimates  8% health insurance rate increases  Other expenditures (supplies & utilities) 0-5% increase  No short-term borrowing needed for cash flow  Total expenditures will end up 0.5% under budget

IS D 882 Monticello 2019-2020 Budget Assumptions • General Fund – 01 ▫ Fund Balance  District’s unassigned fund balance policy is 8-16% of the General Fund’s expenditures  Pay GAS B 27 severance benefits with the Committed S everance fund balance  Carryover assigned fund balances on hold and evaluated at the end of the year

IS D 882 Monticello 2019-2020 Budget Assumptions • General Fund – 01 ▫ Other  Utilize the Other Post Employment (OPEB) Trust to pay for retiree insurance costs for contracts without sunset language  The S tate has not adopted its biennial budget  Budget alignment plan of $250,000

GENERAL FUND • Main operating fund (operating referendums) • Includes our capital budget • Includes special education cooperative – revenues & expenditures at $11.3 million when we report to the S tate

IS D 882 Monticello 2019-2020 General Fund Revenue Other Property Tax $2,149,778 Revenue Federal Revenue 4.60% $8,558,130 $508,228 18.29% 1.09% State Revenue $35,565,506 76.02% *Excluding Special Ed Cooperative

IS D 882 Monticello 2019-2020 General Fund Expenditures Supplies & Capital Outlay $908,584 Materials $2,211,569 1.98% Other Purchased 4.82% $253,245 Services 0.55% $5,663,735 12.34% Salaries Employee Benefits $25,797,278 $11,073,654 56.19% 24.12% *Excluding Special Ed Cooperative

IS D 882 Monticello 2019-2020 General Fund Estimated Fund Balance @ 6/ 30/ 19 $4,008,911 Revenue $46,781,642 Expenditures ($45,908,065) $873,577 Estimated Fund Balance @ 6/ 30/ 20 $4,882,488 *Unassigned Fund Balance proj ected to be around 4.77% . Fund Balance totals includes all fund balance categories. *Excluding Special Ed Cooperative

IS D 882 Monticello 2019-2020 General Fund • Have legally enforceable constraints placed on their use imposed by the Minnesota Department of Education Restricted Fund Balance Projection Proj ected Proj ected 6/ 30/ 17 6/ 30/ 18 6/ 30/ 19 6/ 30/ 20 Teacher Evaluation $2,360 $0 $0 $0 Health & S afety $303,185 $64,732 $64,257 $0 Operating Capital $268,497 $296,141 $217,831 $188,159 LT Facility Maint $194,742 $342,297 $836,238 $1,342,784 3 rd Party Billing $166,961 $152,507 $52,491 $56,424 Total Restricted $935,715 $855,677 $1,170,817 $1,587,366

IS D 882 Monticello 2019-2020 General Fund • S chool Board, by maj ority vote, may assign fund balances for specific purposes on amounts over $25,000 • A maj ority vote is also required to commit a fund balance for a specific purpose and subsequently to remove or change the balance Committed & Assigned Fund Balance Projection Proj ected Proj ected 6/ 30/ 17 6/ 30/ 18 6/ 30/ 19 6/ 30/ 20 Carryover $90,900 $103,900 $50,000 $50,000 S coreboard $133,382 $86,720 $88,050 $90,313 S everance $1,417,837 $1,222,367 $1,095,367 $965,367 Total Committed & $1,642,119 $1,412,987 $1,233,417 $1,105,680 Assigned

IS D 882 Monticello 2019-2020 General Fund • S chool District will strive to maintain a minimum unassigned fund balance of 8-16% (1-2 months) Unassigned Fund Balance Projection Proj ected Proj ected 6/ 30/ 17 6/ 30/ 18 6/ 30/ 19 6/ 30/ 20 Unassigned $2,786,926 $2,158,390 $1,604,677 $2,189,441 Fund Balance Expenditures $44,061,040 $46,392,404 $45,457,491 $45,908,065 % of Exp. 6.33% 4.65% 3.53% 4.77%

IS D 882 Monticello 2019-2020 S pecial Education Cooperative Revenue Federal Revenue $2,268,371 20.01% Other $9,069,332 79.99% *Closes to the General Fund

IS D 882 Monticello 2019-2020 S pecial Education Cooperative Expenditures Supplies & Purchased Materials Services Capital $28,780 $33,388 $6,618 Other 0.25% 0.29% 0.06% Employee Benefits $31,550 $3,649,749 0.28% 32.19% Salaries $7,587,618 66.92% *Closes to the General Fund

IS D 882 Monticello 2019-2020 S pecial Education Cooperative Estimated Fund Balance @ 6/ 30/ 19 $0 Revenue $11,337,703 Expenditures ($11,337,703) $0 Estimated Fund Balance @ 6/ 30/ 20 $0 *Closes to the General Fund

Fund 09 Hockey PECIAL REVENUE FUNDS Community Service Fund 04 Food Service Fund 02 S

IS D 882 Monticello 2019-2020 Food S ervice Estimated Fund Balance @ 6/ 30/ 19 $159,195 Revenue $2,042,179 Expenditures ($2,080,200) ($38,021) Estimated Fund Balance @ 6/ 30/ 20 $121,174

IS D 882 Monticello 2019-2020 Food S ervice Revenue State Revenue $149,523 7.32% Federal Revenue $779,911 38.19% Other $1,112,745 54.49%

IS D 882 Monticello 2019-2020 Food S ervice Expenditures Capital & Other $26,586 Supplies & Salaries 1.28% Materials $622,319 $839,108 29.92% 40.34% Employee Benefits Purchased $272,147 Services 13.08% $320,040 15.39%

IS D 882 Monticello 2019-2020 Community S ervice Estimated Fund Balance @ 6/ 30/ 19 $606,590 Revenue $3,910,109 Expenditures ($3,905,551) $4,558 Estimated Fund Balance @ 6/ 30/ 20 $611,148

IS D 882 Monticello 2019-2020 Community S ervice Revenue Property Tax Revenue $289,520 Other 7.40% State Revenue $2,192,800 $1,371,789 56.08% 35.08% Federal Revenue $56,000 1.43%

IS D 882 Monticello 2019-2020 Community S ervice Expenditures Supplies & Materials Capital & Other $169,350 Purchased $55,950 4.34% Services 1.43% $1,020,340 26.13% Salaries $2,028,837 Employee Benefits 51.95% $631,074 16.16%

IS D 882 Monticello 2019-2020 Hockey Estimated Fund Balance @ 6/ 30/ 19 $18,009 Revenue $412,853 Expenditures ($412,853) $0 Estimated Fund Balance @ 6/ 30/ 20 $18,009

IS D 882 Monticello 2019-2020 Hockey Revenue Other $412,853 100.0%

IS D 882 Monticello 2019-2020 Hockey Expenditures Supplies & Materials Capital & Other $26,175 $9,700 Salaries 6.34% 2.35% $138,767 33.61% Purchased Services $202,358 Employee Benefits 49.01% $35,853 8.68%

OTHER FUNDS Debt Internal Building OPEB Service Service Construction Trust Fund 07 Fund 20 Fund 06 Fund 45

IS D 882 Monticello 2019-2020 Building Construction Estimated Fund Balance @ 6/ 30/ 19 $6,766,823 Revenue $35,000 Expenditures ($4,172,374) ($4,137,374) Estimated Fund Balance @ 6/ 30/ 20 $2,629,449

IS D 882 Monticello 2019-2020 Building Construction Revenue Interest Revenue $35,000 100.00%

IS D 882 Monticello 2019-2020 Building Construction Expenditures Long-Term Facility Bond Referendum Maint $546,175 $1,539,534 13.09% 36.90% PWE HVAC $2,086,665 50.01%

IS D 882 Monticello 2019-2020 Debt S ervice Estimated Fund Balance @ 6/ 30/ 19 $700,136 Revenue $3,752,053 Expenditures ($3,688,078) $63,975 Estimated Fund Balance @ 6/ 30/ 20 $764,111

IS D 882 Monticello 2019-2020 Debt S ervice Revenue State Revenue Interest Revenue $206,172 $10,000 5.49% 0.27% Property Tax Revenue $3,535,881 94.24%

IS D 882 Monticello 2019-2020 Debt S ervice Expenditures Other $6,000 0.16% Interest Payment $1,467,078 39.78% Principal Payments $2,215,000 60.06%

IS D 882 Monticello 2019-2020 Internal S ervice Estimated Fund Balance @ 6/ 30/ 19 $162,242 Revenue $561,078 Expenditures ($509,461) $51,617 Estimated Fund Balance @ 6/ 30/ 20 $213,859

IS D 882 Monticello 2019-2020 Internal S ervice Revenue Dental Premiums $561,078 100.00%

IS D 882 Monticello 2019-2020 Internal S ervice Expenditures Admin Fees $40,681 7.99% Dental Claims $468,780 92.01%