Valley View School District 365U September 25 th , 2017
Overall budget $286,030,475 (Increase of 2.6% of prior year’s actuals) (excludes $60.5M for TRS On-Behalf payment) Operating funds $241,244,100 (increase of $9.5M or 4.12% from FY17 budget)
Changes for 2017-2018 Revenue Corporate Personal Property Replacement Tax (CPPRT) projected decrease - $2.44M or 23.4% due to: • Replacement tax revenues are expected to decrease approximately 2% due to weak domestic profits • The business income tax refund fund percentage has increased from 17.25% in FY17 to 17.5% in FY18. • Public Act 100-0021 authorized $297 million in expenditures out of the PPRT fund for FY-18. 2. General State Aid estimated to increase $1.6 million due to the new funding formula 3. Property tax levy increase of $2.9 million, 50% of which applies to FY18, limited by the Tax cap to 2.1% of the prior year’s extension
Changes for 2017-2018 Expenditures Increase in salary costs of 3.6% per labor agreements, and the increase in the instructional technology coach positions that were covered via our tech lease last year, as well as the additional staff for the expanded Early Childhood Center, and the associated bus drivers and monitors for the expected enrollment increase at ECC Benefits are budgeted for an increase of 4.5% in claims costs and fixed costs Outside placement tuition budget has increased $410K Increase of $2.4 million in our scheduled debt service payment Addition of $75,000 to replace three driver’s education cars Addition of $68K for 75% of the cost for crossing guards in Bolingbrook that were paid for by the Village in the past The continuation of our 1:1 technology initiative utilizing a lease-purchase as we have in the past to procure chromebooks and a new SIS for the coming school year
Budget Revisions Since Tentative Budget was Put on Display Reduced the amount of Mandated Categorical (MCAT) funding to be received in FY18 by $3.3M due to distribution by the State of that amount of reimbursement in August Reduce budgeted Corporate Personal Property Replacement Tax (CPPRT) by over $448K to reflect the estimate to be distributed for FY18 (see Slide 9) Added $303K for Solar Renewable Energy Credits (SRECs) to be received by the Illinois Power Agency from installation of the solar panels at 5 of our schools Reduced budget for contracted speech by $200K due to review of needed staffing
2017-18 Sources of Revenue Local State* Federal TOTALS FUND Educational $ 127,565,462 $ 112,159,129 $ 18,548,581 $ 258,273,172 Operations and Maintenance $ 17,488,760 $ 303,200 $ 17,791,960 Debt Service $ 30,913,103 $ 30,913,103 Transportation $ 6,396,917 $ 8,504,210 $ 14,901,127 IMRF $ 7,803,650 $ 7,803,650 Capital Projects $ 359,814 $ 359,814 Working Cash $ 198,745 $ 198,745 Tort $ 2,316,300 $ 2,316,300 Fire Prevention and Safety $ 18,424 $ 18,424 $ - TOTALS $ 193,061,175 $ 120,966,539 $ 18,548,581 $ 332,576,295 58% 36% 6% 100% * Includes $60.54 million in TRS on-behalf payment in book entry only Percentages change if On-Behalf is NOT included $ 193,061,175 $ 60,428,239 $ 18,548,581 $ 272,037,995 71% 22% 7%
Source of Funding Five Year Average Local State* Federal 2013-14 76% 18% 6% 2014-15 74% 20% 6% 2015-16 73% 21% 6% 2016-17 72% 22% 6% 2017-18 (est.) 71% 22% 7% 5 Year Average 73.2% 20.6% 6.2% Does not include TRS On-Behalf Payment
General State Aid History Year Amount Difference % Change 2008-09 $ 26,850,995 $ (735,858) -2.7% 2009-10 $ 24,256,950 $ (2,594,045) -9.7% 2010-11 $ 22,943,888 $ (1,313,062) -5.4% 2011-12 $ 20,444,408 $ (2,499,480) -10.9% Prorated 2012-13 $ 18,741,728 $ (1,702,680) -8.3% Prorated 2013-14 $ 25,518,329 $ 6,776,601 36.2% Prorated 2014-15 $ 30,497,460 $ 4,979,131 19.5% Prorated 2015-16 $ 34,346,586 $ 3,849,126 12.6% Prorated 2016-17 $ 35,706,727 $ 1,360,141 3.96% 2017-18 $ 37,306,000 $ 1,599,273 4.48% estimated
Corporate Personal Property Replace Tax Historical Distribution Year CPPRT Accrual Basis % Year over Year Change $ change 2018* $ 7,969,643 76% ($2,442,295) 2017 $ 10,411,938 110% $984,958 2016 $ 9,426,980 92% ($870,242) 2015 $ 10,297,222 108% $722,521 2014 $ 9,574,701 101% $109,985 2013 $ 9,464,716 102% $201,417 2012 $ 9,263,299 92% ($806,284) 2011 $ 10,069,583 130% $2,304,748 2010 $ 7,764,835 81% ($1,833,326) 2009 $ 9,598,161 87% ($1,374,045) * estimated
Year to Year Budget Comparison Expenditure Object Report Summary 2017-18 2016-17 ALL FUNDS Object Budget Percent Actual Percent Salaries $ 148,45,932 52.0% 3.61% $ 143,657,236 51.6% Benefits $ 40,141,098 14.0% 5.6% $ 38,002,682 13.6% Purchased Services $ 25,948,966 9.1% 13.9% $ 22,780,221 8.2% Supplies and Materials $ 13,605,099 4.8% 4.0% $ 13,077,380 4.7% Capital Outlay $ 13,028,101 4.6% -30.0% $ 18,620,627 6.7% Other Objects $ 43,896,885 15.3% 7.3% $ 40,923,828 14.7% Non-Capitalized Equip. $ 406,644 0.1% -73.5% $ 1,532,917 0.6% Post Employment Benefits $ 157,750 0.1% 108.2% $ 75,763 0.0% Total $ 286,030,475 100.0% 2.6% $ 278,670,654 100.0% Education Fund Object Budget Percent Actual Percent Salaries $ 135,900,852 68.2% 4.3% $ 130,305,802 69.4% Benefits $ 30,066,148 15.1% 6.7% $ 28,189,438 15.0% Purchased Services $ 14,069,636 7.1% 29.7% $ 10,849,676 5.8% Supplies and Materials $ 7,850,928 3.9% 14.1% $ 6,879,369 3.7% Capital Outlay $ 496,500 0.2% -54.9% $ 1,101,218 0.6% Other Objects $ 10,381,310 5.2% 3.4% $ 10,039,120 5.3% Non-Capitalized Equip. $ 352,444 0.2% -17.7% $ 428,001 0.2% Post Employment Benefits $ 95,000 0.0% 55.8% $ 60,964 0.0% Total $ 199,212,818 100% 6.0% $ 187,853,588 100%
Projected Revenues, Expenditures and Fund Balances for Fiscal Year Ending June 30 th , 2018 Beginning Fund Balance Education Operations & Maint Transportation IMRF/FICA Tort Working Cash Total 1 **As of June 30, 2017 $ 34,543,341 $ 4,266,031 $ 1,324,353 $ 2,388,765 $ 912,130 $ 19,482,258 $ 62,916,878 2 Revenues: $ 197,734,872 $ 17,791,960 $ 14,901,127 $ 7,803,650 $ 2,316,300 $ 198,745 $240,746,654 3 Expenses: $ 199,212,818 $ 18,449,862 $ 13,461,470 $ 7,803,650 $ 2,316,300 $ - $241,244,100 Note: excludes TRS On Behalf of $60.54M 4 Estimated Ending Balance: $ 33,065,395 $ 3,608,129 $ 2,764,010 $ 2,388,765 $ 912,130 $ 19,681,003 $ 62,419,432 $ - $ 198,745 $ (497,446) 5 Difference $ (1,477,946) $ (657,902) $ 1,439,657 $ - % change in fund balance -4.28% -15.42% 108.71% 0.00% 0.00% 1.02% -0.79% 61 71 75 112 144 94 6 # Days cash on hand 6/30/18 Fund balance divided by (expenses/365) NOTE: District owed $5.5M in categorical grants from FY17
5 YEAR FUND BALANCE HISTORY As of July 1, 20XX Fund **2017 *2016 2015 2014 2013 Education $ 24,948,991 $ 24,947,873 $22,158,242 $19,977,432 $ 25,095,504 Food Service $ 9,594,350 $ 8,818,009 $ 8,127,080 $ 7,273,850 $ 6,825,818 Subtotal $ 34,543,341 $ 33,765,882 $30,285,322 $27,251,282 $ 31,921,322 Operations and Maintenance $ 4,266,031 $ 4,763,688 $ 7,643,950 $ 8,561,168 $ 9,341,110 Transportation $ 1,324,353 $ 1,227,408 $ 4,345,579 $ 4,950,799 $ 4,892,918 IMRF/Social Security $ 2,388,765 $ 2,132,731 $ 2,219,185 $ 2,087,742 $ 2,165,106 Working Cash $ 19,482,258 $ 18,867,555 $17,804,277 $17,231,057 $ 17,173,009 Tort $ 912,130 $ 1,682,692 $ 1,816,940 $ 1,095,362 $ 953,321 Life Safety $ 4,117 $ 887,653 $ 412,892 $ 406,636 $ 378,854 $ 62,920,995 $ 63,327,609 $64,528,145 $61,584,046 $ 66,825,640 NOTE: *District owed $4.2M in categorical grants from FY16 **District owed $5.5M in categorical grants from FY17
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