Lake Travis Independent School District 2018-2019 Official Budget - PDF document

Lake Travis Independent School District 2018-2019 Official Budget September 1, 2018- August 31, 2019

Lake Travis ISD 2018-2019 Official Budget Board of Trustees: Kim Flasch, President John Aoueille, Vice President Bob Dorsett, Secretary William Beard, Board Member Guy Clayton, Board Member Jessica Putonti, Board Member Lauren White, Board Member District Administration: Brad Lancaster, Ed.D. Superintendent of Schools Holly Morris-Kuentz Deputy Superintendent Mary Patin Chief Administrator for Strategic Projects Johnny W. Hill, CPA Asst. Superintendent for Business, Financial & Auxiliary Services 1

District Administration (cont.): Evalene Murphy Asst. Superintendent for Human Resource Services Elizabeth Dettera Asst. Superintendent for Learning and Teaching Chris Woehl Executive Director of Technology and Information System Services Marco Alvarado Director of Communications, Media & Community Relations Brad Goerke Director of Accounting and Budget/Comptroller Amber King, J.D. General Counsel Robert Winovitch Director of Facilities and Construction 2

Table of Contents BUDGET OVERVIEW…………………………………………………………………………………. 5 PROPOSED BUDGET- LEGALLY ADOPTED FUNDS……………………………………….. 7 GENERAL FUND……………………………………………………………………………………….. 8 Budget Overview ............................................................................... 9 Revenue Sources …………………………………………………………………………….. 10 Revenue Sources Chart …………………………………………………………………… 11 Budget Comparison …………………………………………………………………………. 12 Expenditure Budget Summary by Function and Object ……………………… 15 Expenditure Budget Charts ………………………………………………………………. 16 DEBT SERVICE FUND…………………………………………………………………………………. 18 Budget Comparison …………………………………………………………………………. 19 Debt Payment Schedule …………………………………………………………………… 20 Total Bonded Debt Outstanding ……………………………………………………….21 FOOD SERVICE FUND………………………………………………………………………………… 22 Budget Comparison …………………………………………………………………………. 23 TAX SECTION……………………………………………………………………………………………. 24 Projected Property Values and Estimated Tax Revenues …………………… 25 Budget Impact on Taxpayers ……………………………………………………………. 26 Notice of Public Meeting to Discuss Budget & Proposed Tax Rate ………27 Net Taxable Value History ……………………………………………………………….. 28 Tax Rate History ……………………………………………………………………………… 29 SUPPLEMENTAL INFORMATION………………………………………………………………… 30 Special Revenue Fund Planning Estimates ………………………………………… 31 Budget Planning Calendar ………………………………………………………………… 32 Student Enrollment History & Projections ………………………………………… 33 4

LAKE TRAVIS ISD 2018-2019 Official Budget Overview: This budget document and the annual financial and compliance report are the primary vehicles used to present the financial plan and the results of operations of the District. The primary purpose of this budget document is to provide timely and useful information concerning the past, current and projected financial status of the District, in order to facilitate financial decisions that support the educational goals of the District. The following document represents the financial plan for the Lake Travis Independent School District for the 2018-2019 fiscal year. This document culminates an intensive process involving input from parents, citizens, campus and administrative staff, the Superintendent and the Board of Trustees. This budget has been prepared in accordance with state regulations and local policies covering the required twelve month period from September 1, 2018 through August 31, 2019. Funding estimates were prepared under the state funding legislation passed in the 85th Session (SB1).The net effect of the 85 th Session was a cut of approximately $2,150,000 from the previous year’s State and Local Budget . Lake Travis ISD offset this loss with the successful passage of a Tax Ratification Election (TRE) in November 2017 ($2,100,000). Financial Status: Lake Travis ISD proudly carries one of the highest credit ratings of any school district in the State of Texas. Debt issued by the District is currently rated AA+/AA+ by Standard & Poor’s and Fitch, respectively. The District began the 2017-2018 fiscal year with a fund balance of $32.0 million. This healthy fund balance level will assist the District in continuing to absorb the impact of state funding cuts. The District will also continue to identify and incorporate budget efficiencies whenever and wherever possible. If necessary, budget reductions will be considered in future years. 5

Legislation at the state and federal levels will continue to be monitored in preparing future budgets. Legal Requirements: Federal, state and local guidelines govern the budget development process. The annually adopted budget includes the General Fund, Food Service Fund and the Debt Service Fund. For informational purposes only, planning estimate amounts for the federal grant funds are presented. Section 44.002 through 44.006 of the Texas Education Code establishes the legal basis for the budget development in school districts. These codes require that the District prepare a budget by the date set by the state board of education, currently August 20 th for districts with an August 31 st fiscal year end. The code further requires that the president of the Board of Trustees call a public meeting, giving ten days public notice in a newspaper for the adoption of the Dis trict’s budget. The Board of Trustees must adopt the prepared budget no later than August 31 st . The officially adopted District budget must be filed with the Texas Education Agency (TEA) through the Public Education Information Management System (PEIMS) by the date prescribed annually by TEA. A budget comparison for the annually adopted budget is presented below in Table 1. Amended Budget Proposed Budget Table 1. 2017-2018 2018-2019 Change ______________________________________________________________________________ General Fund $ 120,075,933 $ 133,755,406 + 11.39% Food Service Fund $ 4,849,000 $ 5,000,000 + 3.11% Debt Service Fund $ 36,738,290 $ 41,000,000 + 11.60% Total $161,663,223 $ 179,755,406 + 11.20% 6