Final Budget Presentation
General Fund Balance as of 6/23/2020 • Beginning Fund Balance $15,889,586 Revenues: $65,678,802 • Expenditures: $64,454,344 • Transfer ($ 650,000) • Est. Ending Fund Balance $16,464,044 • Est. General Fund Percentage 25.5% 6/23/2020
Expenditure Savings/Supplies and Purchased Services • Each year the District spends on average $5 million for Student transportation • This year with the reduced days and busses not running the District spent $4.1 million with an approximate savings $1 million from the 2019-2020 preliminary budget • 2019-2020 State allocation was $886,779, which was a reduction of approximately $113,000 6/23/2020
Expenditure Savings/Supplies and Purchased Services • Food Service is another significant line item to the annual budget – Due to a reduction in meals served and a reduction in supplies, there is a savings of approximately $450,000 from last year to this year • Utilities – With the buildings being closed, the District saved approximately $163,233 • These savings are one time savings directly related to the school closure 6/23/2020
COVID 19 Expenses • Year to Date expenses directly related to COVID – 19 – Essential personnel working through the closure • $17,000 – I-Ready to support remote learning as well as to help address the learning gaps • $98,000 – Cleaning supplies and equipment in order to address deep cleaning and sanitization • $81,850 – We have recently submitted these costs to DESE as part of a recent reimbursement survey
Local Revenues • Prop “C” is actually considered to be a local revenue even though it is paid through DESE – Despite COVID 19, Prop C finished close to the original projection for 2019-2020 – This was an increase of $313,000 from the Amended Budget • E-Rate reimbursement of $230,000 for equipment installed the summer of 2019 • Total Local Increase = $502,000
State Revenues • The Governor has reduced State revenues in this fiscal year due to delayed revenue collections – State Formula – Classroom Trust – Transportation • Total State Reduction = ($1.5 million)
Federal Revenues • Knowing that State revenues were going to be reduced significantly, we began filing for our Federal Programs reimbursements monthly as opposed to quarterly • We were able to apply for a reimbursement from our last pay roll and we received the funds this week • Total Federal Increase = $553,000 • Total overall revenue decrease = ($537,576)
Fund Balance/Transfers • Fund Balances/Transfers – We are projecting an ending fund balance of 25.5% – Percentage is directly tied to our expenditures – The Capital Projects Transfer will prefund the Facilities budget and allow us flexibility next year – The increase to fund balance will enable us to address any one time expenditures associated with COVID 19
Transfers • End of the Year Transfers estimates Special (Teachers) Fund $7,321,770 Capital Projects $ 650,000 Total $7,976,114
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