Raleigh Street Westminster CO 80030

Transcription

1 Raleigh Street Westminster CO 80030

2 TABLE OF CONTENTS BOARD OF EDUCATION... 1 CENTRAL OFFICE ADMINISTRATION... 2 DISTRICT ORGANIZATION... 3 BUDGET AWARD... 4 SUPERINTENDENT S BUDGET MESSAGE... 5 EXECUTIVE SUMMARY INTRODUCTION... 7 DISTRICT VISION, MISSION, AND CORPORATE VALUES... 7 STRATEGIC PLAN: VISION BRIEF OVERVIEW OF SCHOOL FINANCE IN COLORADO... 8 FINANCIAL BUDGETING AND ACCOUNTING BASIS... 8 BUDGET TIMELINE... 8 SUMMARY OF REVENUE AND EXPENDITURE CHANGES - ALL FUNDS... 9 GENERAL FUND... 9 OTHER FUNDS BUDGET COMPLIANCE STATEMENTS FINANCIAL SECTION SUMMARY OF REVENUES AND EXPENDITURES- ALL FUNDS GENERAL FUND OTHER FUNDS... 27

3 Board of Education Mr. Ryan McCoy School Board President Mr. Joe Davidek School Board Vice President Mr. Ken Ciancio School Board Secretary Mr. Max Math School Board Treasurer Mr. Larry Dean Valente School Board Director

4 Central Office Administration Dr. Pamela Swanson Superintendent CENTRAL OFFICE ADMINISTRATION Dr. James Duffy, Chief Operating Officer Dr. Oliver Grenham, Chief Education Officer Mr. Kirchers Leday, Chief of Staff Ms. Sandra Nees, Chief Financial Officer Mr. Steve Saunders, Chief Communications Officer

5 District Organization

6 Budget Award Meritorious Budget Award The Association of School Business Officials International (ASBO) presented the district the Meritorious Budget Award (MBA) for the fiscal year beginning July 1, The MBA program promotes and recognizes excellence in school budget presentation and enhances school business officials' skills in developing, analyzing, and presenting a school system budget. The district has submitted this budget document for award consideration.

7 Superintendent s Budget Message January 22, 2019 Dr. Pamela Swanson and Board of Education 7002 Raleigh Street Westminster, Colorado Transmittal of the Amended Budget for the Fiscal Year The Finance Services staff is pleased to submit to you and the Board of Education the Amended Budget for the fiscal year July 1, 2018, to June 30, The Amended Budget is presented in compliance with applicable Colorado Revised Statutes and the Colorado Department of Education regulations. The Amended Budget is an abbreviated version of the Adopted Budget due to the minimal changes that were needed. A balanced budget is presented for each of the District s funds with current resources plus anticipated revenues. The budget presented has been developed to accomplish the policies and goals established by the Board of Education. Colorado Revised Statute (C.R.S (5)) grants the Board the authority to revise the Adopted Budget until January 31, Revisions after that date may only be made to accommodate monies received from sources other than property taxes that become available to the District. Supplemental budgets must also be balanced with revenues equal to expenditures. This document has been developed to provide you with the changes that have been made since the Adopted Budget was completed back in June This document is to serve as a reference for the new appropriations. The Amended Budget for is formatted as a communication document that is reader friendly for our parents, community, and staff. It is not intended to replace the Adopted Budget as a whole. Sincerely, Brisa Montgomery Sandra Nees Chief Financial Officer Brisa Montgomery Director of Finance

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9 AMENDED BUDGET EXECUTIVE SUMMARY

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11 Introduction This summary provides an overview of the Amended Budget for the fiscal year for Westminster Public Schools. State law requires the Board of Education to adopt and appropriate a budget for all district funds each year. If needed, the Board of Education can amend the Adopted budget by January 31 of each year. Information in this summary is based upon the Amended Budget to be approved by the Board of Education on January 22, Supporting data for the information contained in this summary may be found in the detailed information reported in the other sections of this document. The Amended Budget is available for review on the District s website under the Financial Transparency web page at District Vision, Mission, and Corporate Values Preparing future leaders, learners and thinkers for a global community. WPS will create opportunities to develop competent, agile learners who will contribute to their community and achieve personal success. Strategic Plan: VISION 2020 Since implementing a Competency Based System (CBS) in 2009, the District has shown sustained academic growth and has become a recognized leader in educational innovation. CBS requires students to show proficiency or mastery of a learning topic before moving to the next level. It does away with social promotion, which allows too many students to graduate from high school unprepared for the workforce or a college education. has set a bold five-part vision to achieve in five years: Identity articulates the Mission, Values and Vision that are shared by the District and community, enabling it to demonstrate outstanding quality that transcends the boundaries of the classroom walls and is personified in our staff and students. is an educational leader whose priority is to seek high academic standards, support innovative instructional programs and practices, increase academic achievement, and develop our students learning skills. supports the personal, social, financial literacy, career exploration and development of our students in order to ensure each is professionally prepared. provides functional and safe infrastructure and facilities, which make a significant contribution to a positive student and workplace experience. is an employer of choice committed to fostering an environment of education innovation through a workplace that attracts, sustains, and inspires great people, working for a great purpose, while promoting diversity, equity, civility, and respect.

12 Brief Overview of School Finance in Colorado In November 2000, Colorado taxpayers approved Amendment 23 to the Colorado Constitution. This amendment guarantees increases in funding to public elementary and secondary schools at a rate of inflation plus 1 percent for a total of 10 years. The increase is guaranteed at the rate of inflation thereafter. The goal of this amendment is to restore public education funding to 1988 levels. In addition to the base funding factor, the Act includes several other factors that are used to determine the District s total per-pupil funding level before and after at-risk funding. To accommodate for a necessary reduction in state aid, a budget stabilization factor was added to the formula starting in This budget assumes the other factors will remain the same as the prior year. In the event that legislation changes any factors, the effect on total program revenue will be included in the amended budget as presented in January Financial Budgeting and Accounting Basis The District follows Generally Accepted Accounting Principles (GAAP) established by the Governmental Accounting Standards Board (GASB) for both accounting and budgeting. The majority of the day-to-day operations of the school district are accounted for in the General Fund. Complete definitions of the funds maintained by the District are presented later in this executive summary. In addition, the Board of Education adopts specific policies by which the District is governed. Budget Timeline The District s annual budget provides the framework for both budgeted expenditures and projected revenues for the year. The budget development process concludes in January of each year with the Amended Budget. December January February March May June July January The beginning of the budget process for schools and departments Review of key assumptions and Board Priorities Contract discussions with Westminster Education Association begin Review of the first draft of Budget Review any new legislation/laws End of Legislative session Public Notice of Budget publication Public Hearing on Proposed Budget Adoption of Budget at a Board of Education meeting New Fiscal Year Begins Amended Budget: revision of Adopted Budget

13 Summary of Revenue and Expenditure Changes All Funds Revenue Summary Comparison of All Funds Adopted 2019 Amended General Fund 93,568,998 97,389, Risk Management Fund 1,590,330 1,662, Colorado Preschool & Kindergarten Fund 4,478,966 5,089, Nutrition Services 6,006,256 6,006, Government Designated Purpose Grants Fund 10,854,787 10,854, Student Athletic & Activity Fund 741, , Daycare Program 656, Fee Supported Fund Bond Redemption Fund 8,619,344 8,619, Building Fund Capital Reserve 3,389,275 84,195, School Activity Fund 750, ,000 Total $ 129,998,960 $ 215,978,039 The Capital Reserve fund reflects an increase of $80 million to budgeted revenues in the Amended Budget due to the district s plan to issue Certificates of Participation (COPs). The purpose of COPs is to provide funds for capital equipment or real property acquisitions and improvements to include construction, renovations, equipment, and other projects. Expenditure Summary of All Funds Adopted 2019 Amended General Fund 98,981, ,433, Risk Management Fund 1,597,830 1,697, Colorado Preschool & Kindergarten Fund 4,468,966 5,818, Nutrition Services 5,593,323 6,515, Government Designated Purpose Grants Fund 10,854,787 10,854, Student Athletic & Activity Fund 740, , Daycare Program 656, Fee Supported Fund - 31 Bond Redemption Fund 8,574,994 8,574, Building Fund Capital Reserve 3,389,275 5,842, School Activity Fund 750, ,000 Total $ 134,950,603 $ 143,908,500 General Fund District s Total Program Funding The total program funding is the revenue available to the District under the School Finance Act of 1994 that accounts for approximately 83% of the District s General Fund revenue. Each year since the passage of the School Finance Act, The Colorado Legislature has modified the funding formula in order to provide funding for public education in Colorado. An inflation factor of 3.2% increase as mandated by Amendment 23, approved by the voters statewide in November 2000, and was added to the base funding factor for the fiscal year In addition to the base funding factor, the School Finance Act includes several other factors that are used to determine the District s per-pupil funding level before and after at-risk funding. However, as a result of the projected revenue shortfall at the state level, the State modified the School Finance Act for the fiscal years of This modification is now called Budget Stabilization Factor and sets the statewide funding level for Colorado school districts below the fiscal year funding, which in results in an 8.71% reduction in revenue compared to the unadjusted School Finance Act funding level.

14 Total Program Funding Funded Pupil Count Formula Per-pupil Funding At-risk Funding Online & ASCENT Funding The assumptions that were calculated to complete the Adopted Budget for the fiscal year have been updated in this Amended Budget for The Amended Budget reflects a total program funding based on a funded pupil count using the actual pupil count from October 3, the official count day for the school year, the District s assessed valuation and specific ownership taxes, Read Act dollars, categorical funding were the main changes in this budget. The sum of state aid, property tax collections and specific ownership taxes collected during the fiscal year equal the total program funding. State Equalization The District s primary revenue component from state equalization payments is created by the School Finance Act. For this budget, we are estimating $56,179,014 in state equalization payments during the fiscal year. State equalization revenue is received in equal monthly installments on the 25th of each month. The District projects necessary monthly cash flows for the ensuing fiscal year based on receiving state payments in twelve equal payments. Assessed Valuation, Mill Levy, and Property Tax Adams County Assessor must notify the District by August 25 of the initial district-wide assessed value with final certification to be completed by the Board of Education by December 15. The General Fund program mill levy is established in accordance with state statutes and constitutional limitations. The simplified calculation is based upon the following restrictions: Property tax collections may only increase by the total amount of increase in funded pupil count plus the Denver-Boulder CPI for the previous calendar year. The mill levy (tax rate) cannot be increased without voter approval. An additional amount must be levied annually to recapture tax credits, abatements, and omissions granted by county or state officials during the preceding tax year. Additional levies for voter-approved override amounts are calculated separately from the finance act. Based upon the current estimated pupil count, inflation and state statute, the District s General Fund finance act mill levy for the fiscal year has been certified to be 27 mills. Property tax revenue for the District s fiscal year is collected in two different calendar years. Historical trends show that about 1.5% of annual property tax revenues are collected between September and January with the remaining 98.5% collected between February and August. Property taxes are levied on January 1 and are payable in two methods; 1) first half payment due by February 27 and the second half due by June 15 or, 2) full payments due by April 30. Property taxes must be determined in accordance with the Tax Payers Bill of Rights (TABOR) of the state constitution. Public education funding shifts from local property tax resources to state resources in years when the mill levy must drop to the rate allowed by TABOR. Keeping with the required guidelines of the Gallagher Amendment of 1982, HB lowered the Colorado Residential Assessment Rate from 7.96% to 7.2% for Mill Levy Override Funding State law allows local school districts to ask voters for additional funding, called mill levy. Such funding is capped at 25% of the total program. A separate levy is calculated for the override property tax approved by District voters in November 1988, November 2002, and November 2018, and must be certified annually by the Board of Education. The 2018 Mill Levy request, approved by the voters on November 6, 2018, will raise $9.9 million a year to support the operations, program, construction, and maintenance needs in WPS.

15 Mill Levy for General Obligation Bonds District voters have passed a couple of bond elections over the last 20 years. Principal and interest for those bonds are repaid from property tax revenues. A mill levy is set each year to provide revenue for the annual bond payments. The Bond Redemption Mills for this Amended Budget is calculated at mills. Delinquent Taxes and Abatements Delinquent property taxes are taxes that were due in prior years but collected by the county treasurer in the current year. In some cases, delinquent taxes are deemed uncollectible. Abatements, on the other hand, are the reversal of taxes paid in a prior year following a successful appeal by a taxpayer. Any abated taxes granted by county or state officials are recaptured in the following fiscal year by the special mill levy. For the fiscal year, uncollectible taxes are to be offset by abatements, and penalties and interest assessed on late payments, with zero net effect to the overall revenue of the District. Total District Mill Levies for Current School Year Category General Fund Mills School Finance Act Mill Levy Override Hold Harmless School Finance Act Abatement Bond Redemption Mills Total Mills Net Assessed Valuation $ 573,590,860 $ 689,735,170 $ 682,441,830 Total Taxes $ 32,635,026 $ 35,732,819 $ 45,392,451 Specific Ownership Taxes A portion of Specific Ownership Taxes (SO Taxes) is used to fund the District s total program under the School Finance Act. SO Tax is an annual ownership fee charged on vehicle registrations. This revenue is distributed by the county treasurer to the various taxing districts in the county based upon the percentage of the total property taxes levied in the county by each taxing entity. The District currently expects to receive $2 million in specific ownership taxes for the fiscal year Investment Earnings The budgeted investment income for the General Fund is expected to remain flat from the current levels to reflect current market conditions. Other Revenues The levels of other revenues in the General Fund are estimated based upon historical collections for the various revenue sources. Other revenues are not expected to increase significantly above current funding levels, but as of January 2019 are on target to come within the budget. Total General Fund revenues are expected to be $97,389,773 for the fiscal year

16 Revenue Summary General Fund Summary of General Fund Revenue Property Taxes State Equalization (before the direct allocation to other funds) Specific Ownership Taxes Mill Levy Override Taxes Other State Revenue Other Local Revenue Federal Sources Amended Budget $ 18,425,929 56,179,014 2,000,012 12,978,064 4,598,535 3,133,236 74,983 Total General Fund Revenue $ 97,389,773 Fund Balance General Fund Beginning fund balances are projected conservatively and comply with Generally Accepted Accounting Principles (GAAP). All funds reflect GAAP accounting for salary accruals. The Amended Budget for the fiscal year reflects the use of fund balance in the amount of $5,043,262. The Board of Education and Finance Department monitor these reserves quarterly to ensure they are spent or retained as intended. Beginning General Fund balance is made up of legal reserves; carry forward of funds, committed, assigned, and unassigned reserves. The Board of Education monitors these reserves quarterly to ensure they are spent or retained as intended. The beginning fund balance for the General Fund for the Amended Budget has been updated to reflect $22,965,025 per the Comprehensive Audit Financial Report completed in November The District anticipates that the unassigned fund balance for the fiscal year will be $8,702,112. Fund Balance Totals $22,965,025 $20,706,027 $20,618,306 $17,921,763 $17,049,677 $15,205,876 $13,276,282 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Actual 2018 Adopted 2019 Amended 2019 Article X, Section 20 of the Colorado Constitution (TABOR) The District must calculate the School Finance mill levy and resulting property taxes in accordance with the Taxpayers Bill of Rights (TABOR). District voters approved removing the TABOR revenue and spending 12

17 limitations in November In addition, TABOR requires that all state and local government set aside three percent (3%) emergency reserve. In general, federal revenues, charitable donations, and voterapproved taxes are outside the reserve requirement. The District has budgeted the entire three percent (3%) reserve amount in the General Fund. The amount set aside for the fiscal year is $2,921,693. In summary, the District took a conservative approach in revenue estimates and student enrollment projections for the Adopted Budget for the fiscal year If new revenues become available due to any number of factors, the additional funds would be designated to the contingency reserve. Additional proposed expenditures would be brought to the Board of Education for consideration and approval in a supplemental budget appropriation. Expenditure Summary The expenditures described on the following pages reflect the changes to the Amended Budget for Salaries One of the highest priorities of the Board of Education is to attract and retain the best teachers and staff. Therefore, compensation for the fiscal year is a major component of the resource allocation plan. Benefits The District provides funding for several mandatory and District sponsored employee benefit plans. The mandatory plans include participation in the Public Employees Retirement Association (PERA) of Colorado and the Medicare insurance program. PERA The District contribution to PERA is 20.15% for each employee s qualifying compensation; employee contribution will remain at 8%. The District s contribution rate represents an increase of.5% for the fiscal year Medicare Insurance Tax In accordance with federal law, a Medicare insurance charge of 1.45% is paid by the District salary for individuals hired after March 31, Employees also have 1.45% deducted from their salary as required by law. Benefit Plans The District sponsored employee benefit plans for which District funding is provided include medical, dental, optical insurance as well as long term life insurance and disability insurance. The District currently pays 100% of the employee-only coverage for medical, dental, and long-term life and disability insurance plans. The District added $450,000 to the plan to stay consistent paying 100% of the employee-only coverage for medical, dental, vision, and long-term life and disability insurance plans. Unemployment Workers compensation and unemployment insurance are provided in accordance with state law. Other Funds Capital Reserve Fund & Risk Management Sub Fund These funds are no longer required by state law, however, to account for capital and risk management activities the District will continue to use these funds. The Capital Reserve Fund is used to account for certain projects identified in the statutes. Generally, major maintenance or repair, major remodeling, new construction in excess of $2,500, equipment purchases in excess of $1,000 or computer purchases in excess

18 of $500 may be paid from the fund. The Board of Education is required to approve all projects to be paid from the fund. For the Amended Budget, the Capital Reserve Fund will see an increase in the budgeted allocation due to the use of COPs. The budgeted revenues are expected to be $84,198,415. The Risk Management Fund (a General Fund Sub-Fund) is used to account for all insurance related activities for the District with the exception of employee health benefits. A per-pupil allocation is no longer required by the School Finance Act. However, the District recognizes the importance of these two allocations. Normally, the board approves an allocation of $383 per student to be allocated to the Capital Reserve Fund the Risk Management Sub Fund. The Capital Reserve receives $204 per student. The Risk Management will receive $180 per student. Bond Redemption Fund The Bond Redemption Fund is used to collect property tax revenues specifically restricted to payment of general obligation bonds of the District. Interest is paid from the fund in June and December each year. The estimated expenses in this fund are estimated to be $8.6 million for the fiscal year Principal payments are made each year in December. A restricted fund balance at year end is maintained in an amount sufficient to pay the debt services requirements for the following December. Building Fund The Building Fund was reactivated in January 2007 to account for the proceeds of general obligation bonds approved by District voters in November The election provides a total authorization of $98.6 million. Due to all funds being depleted from the Building Fund, it is no longer active. Other District Funds The other District funds in the Amended Budget reflect changes in amounts transferred from the General Fund from updated pupil counts, changes of beginning fund balances since the Comprehensive Financial Report that was completed in November 2018 and any adjustments in expenditures that were needed. Budget Compliance Statements In compliance with C.R.S , this budget s revenues were prepared using information provided by the Colorado Department of Education, the County Assessor, the Federal Government, and other sources using methods recommended in the Colorado Department of Education Financial Policies and Procedures Handbook (FPP Manual). This budget s expenditures were prepared based on program needs, enrollment projections, mandated requirements, employee contracts, contracted services and anticipated changes in economic conditions using methods described in the FPP Manual. In compliance with C.R.S , this Amended Budget includes the actual audited revenues, expenditures and fund balances for the last completed fiscal year. The figures are contained in the District s Comprehensive Annual Financial Report that is available in the Financial Services Office, the Colorado Department of Education or the State Auditor s Office and online at our website In compliance with C.R.S , the Amended Budget has been prepared in accordance with the revenue, expenditures, tax limitation and reserve requirements of Article X, Section 20 (TABOR) of the Colorado State Constitution.

19 AMENDED BUDGET FINANCIAL SECTION

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21 Summary of Revenues and Expenditures- All Funds Fiscal Years to Actual Actual Actual Adopted Amended Revenue Summary of All Funds General Fund $ 87,719,393 $ 89,268,132 $ 94,399,274 93,568,998 97,389, Risk Management Fund (271,240) 1,382,157 1,352,500 1,590,330 1,662, Colorado Preschool & Kindergarten Fund 4,444,608 4,543,650 4,543,650 4,478,966 5,089, Nutrition Services 5,893,538 5,971,465 5,903,282 6,006,256 6,006, Government Designated Purpose Grants Fund 9,745,914 9,544,143 10,529,305 10,854,787 10,854, Student Athletic & Activity Fund 741, , , , , Daycare Program 656, Fee Supported Fund 107,149 (272,266) Bond Redemption Fund 8,586,990 8,697,645 8,504,253 8,619,344 8,619, Building Fund Capital Reserve 7,332,891 2,101,819 2,365,000 3,389,275 84,198, School Activity Fund 664, , , , ,000 Total $ 124,965,735 $ 122,684,864 $ 128,993,015 $ 129,998,960 $ 215,978,039 Actual Actual Actual Adopted Amended Expenditure Summary of All Funds General Fund 84,063,042 89,355,853 92,052,555 98,981, ,433, Risk Management Fund 767,818 1,618,958 1,618,958 1,597,830 1,697, Colorado Preschool & Kindergarten Fund 3,509,692 4,209,090 4,209,090 4,468,966 5,818, Nutrition Services 5,457,360 5,606,958 5,606,958 5,593,323 6,515, Government Designated Purpose Grants Fund 9,745,914 9,544,143 9,544,143 10,854,787 10,854, Student Athletic & Activity Fund 660, , , , , Daycare Program 656, Fee Supported Fund 26, Bond Redemption Fund 8,360,619 8,329,049 8,329,049 8,574,994 8,574, Building Fund 881, Capital Reserve 3,746,306 4,953,226 4,953,226 3,389,275 5,842, School Activity Fund 654, , , , ,000 Total $ 117,873,871 $ 124,936,193 $ 127,632,895 $ 134,950,603 $ 143,908, School Activity Fund 43 Capital Reserve 41 Building Fund 29 Fee Supported Fund 23 Student Athletic & Activity Fund 22 Government Designated Purpose Grants Fund 21 Nutrition Services 19 Colorado Preschool & Kindergarten Fund 18 Risk Management Fund 10 General Fund 74 School Activity Fund 43 Capital Reserve 41 Building Fund 29 Fee Supported Fund 23 Student Athletic & Activity Fund 22 Government Designated Purpose Grants Fund 21 Nutrition Services 19 Colorado Preschool & Kindergarten Fund 18 Risk Management Fund 10 General Fund Expenditure Graph Includes Transfers to Other Funds All Funds - Revenue Summary Per Student $81 $- $- $81 $1,170 $647 $549 $179 All Funds - Expenditure Summary Per Student $9,076 $10,498 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $81 $630 $- $- $82 $1,170 $702 $627 $183 $11,042 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000

22 GENERAL FUND 10- General Fund - Summary of Revenues, Expenditures & Fund Balance Fiscal Years to Actual Actual Actual Adopted Amended Sources of Revenues % Local Sources $ 27,881,999 $ 28,835,924 $ 33,780,601 30,827,001 36,537, % State Sources 59,776,868 60,369,473 60,544,782 62,683,310 60,777, % Federal Sources 60,526 62,735 73,891 58,687 74, % Other Sources Revenues Before Transfer Allocations 87,719,393 89,268,132 94,399,274 93,568,998 97,389, % Transfer Allocations & Expenditures 84,063,042 89,355,853 92,052,556 98,231, ,433, % Prior Year Obligations , % Total Transfer Allocations & Expenditures 84,063,042 89,355,853 92,052,556 98,981, ,433,035 Total Excess Revenues Over (Under) 3,656,351 (87,721) 2,346,719 (5,412,430) (5,043,262) Fund Balance Ending (Before Reserves) $ 20,706,027 $ 20,618,306 $ 22,965,025 $ 15,205,876 $ 17,921,763 Amended Reserves & Fund Balance 2019 Nonspendable: Inventories $ 105,110 Restricted: TABOR 2,921,693 Committed: Performance Incentive 500,000 Assigned: Other Purposes 823,360 Purchases on Order - Contingency Reserve 4,869,489 Unassigned Fund Balance 8,702,112 Total $ 17,921,763 Amended Reserves & Fund Balance 2019 Nonspendable: Inventories 0.11% Restricted: TABOR 3% Committed: Performance Incentive 0.53% Assigned: Other Purposes 0.88% Contingency Reserve 5% Unassigned Fund Balance 9% Total 19.15% General Fund - Estimated Fund Balance Unassigned Fund Balance 9% Inventories 0.11% % of Budgeted Revenues TABOR 3% Performance Incentive 0.53% Contingency Reserve 5% Other Purposes 0.88%

23 10- General Fund - Local, State & Federal Revenue Sources Fiscal Years to Actual Actual Actual Actual Adopted Amended Revenue Sources Local Sources 1110 Property Taxes $ 15,141,903 $ 16,146,148 $ 16,203,575 $ 19,091,389 $ 18,600,000 $ 18,425, Prop Tax Mill Levy Over 7,897,386 7,828,293 7,865,902 7,800,853 7,844,000 12,978, Specific Ownership Taxes 1,756,209 1,905,083 1,998,667 2,305,234 1,805,999 2,000, So Tax Bond So Tax Mill Levy Override 857, , , , , , Delinq Tax/Penalty/Intere 63,601 24,998 21,080 13,731 25,000 36, Abatements (119,267) (83,844) (24,403) (17,322) (95,000) (70,071) 1310 Tuition From Individuals 14,935 24,201 5,850 5,651-4, Tuition From Other School Districts ,454 2, Interest Earnings 9,963 84, , , , , Fees - - 1, Oth Revenue/Local Sources 36, ,044 52,144 63,500 42, Transcripts - 6,874 8,678 7,843 10,000 5, Building Rental 2, , , , , Other Local Revenue Sources 7,048 (12,732) 10,276 8, Sale Of Assets 7, ,474 7,500 5, Instructional Materials Fees 185, , , , , , Charter School Revenue 111, Overhead Cost Revenue - 339, , , , , Indirect Cost Revenue 328, , , , , , Other Revenue 30,516 24,947 42,721 1,093, ,000 Total Local Sources 26,331,976 27,881,999 28,835,924 33,780,601 30,827,001 36,537, State Sources 3000 State Grants Received From Cde 5,158,530 5,138,929 4,892,006 4,776,247 4,303,535 4,462, State Grants Received From Other Agencies - 55,747 17, , State Equalization 56,806,349 54,582,192 55,495,306 55,446,683 58,379,775 56,179, Hold Harmless Kindergarten , , , Catagorical Adjustment - - 6, , Equalization Adjustment - - (157,731) (91,381) - - SubTotal State Sources 61,964,879 59,776,868 60,369,473 60,544,782 62,683,310 60,777, Federal Sources Federal Revenue from the Federal Govt 54,215 60,526 62,735 73,891 58,687 74,983 Subtotal Federal Sources 54,215 60,526 62,735 73,891 58,687 74,983 Total Revenue Allocation Before Transfer Allocations $ 88,351,070 $ 87,719,393 $ 89,268,132 $ 94,399,274 $ 93,568,998 $ 97,389,773

24 10- General Fund - Revenues by Source, Expenditures by Object & Fund Balance Fiscal Years to Actual Actual Actual Adopted Amended % Sources of Revenue Change Local Sources Taxes $ 26,668,956 $ 26,922,237 $ 30,097,360 $ 29,009,999 $ 34,244, % Tuition 24,201 22,304 7,976-4, Earnings on Investments 84, , , , , % Pupil Activities - 1, Other Revenue from Local Sources 1,104,028 1,664,894 3,290,365 1,664,502 1,738, % Subtotal Local 27,882,000 28,835,924 33,780,601 30,827,001 36,537, % State Sources State Sources 5,138,929 4,892,006 4,776,247 4,303,535 4,462, % State Revenue from Other State Agencies 55,747 17, , State Share Equalization 54,582,192 55,611,160 55,559,527 58,379,775 56,315, % Adjustments to Categorical Revenues - 6, , Equalization Adjustment - (157,731) (91,381) - - Subtotal State Sources 59,776,868 60,369,473 60,544,782 62,683,310 60,777, % Federal Sources Federal Revenue from the Federal Govt 60,526 62,735 73,891 58,687 74, % Subtotal Federal Sources 60,526 62,735 73,891 58,687 74, % Total Revenue Allocation Before Transfer Allocations 87,719,394 89,268,132 94,399,274 93,568,998 97,389, % Expenditures Salaries 49,792,581 51,389,534 53,079,324 59,992,156 56,400, % Employee Benefits 15,730,944 16,645,367 17,362,695 17,104,290 17,640, % Purchased Services 3,448,230 5,748,654 5,357,157 4,216,897 5,804, % Purchased Property Services 1,266, ,658 1,113, , , % Other Purchased Services 757, , ,891 1,158,419 1,236, % Supplies 3,756,198 4,102,221 3,176,669 3,482,728 3,769, % Property 1,217,019 1,332,544 1,985, ,098 1,119, % Other Objects 42, ,476 60, ,242 1,447, % Other Uses of Funds 354, , , , % Total Expenditures 76,365,254 81,194,169 83,198,512 88,125,357 89,139, % Other Sources/Transfer Allocations 5223 Transfer To Athl/Activity 650, , , , , % 5626 Transfer to Daycare Program 356, % 5243 Transfer To Capital Reserve 2,603,179 1,783,572 1,757,052 3,389,275 5,498, % 5618 Transfer To Insur Reserve - 1,321,842 1,600,000 1,587,830 1,689, % 5619 Transfer To Colorado Preschool Program 4,444,608 4,633,646 4,816,992 4,478,966 5,089, % 5229 Transfer To Fee Supported - (272,266) Transfer To General Fund - 44, Total Transfer Allocations 7,697,787 8,161,682 8,854,044 10,106,071 13,293, % Prior Year Obligations , % Total Transfer Allocations, Expenditures & Prior Year Obligations 84,063,041 89,355,851 92,052,555 98,981, ,433, % Net Change in Fund Balance 3,656,353 (87,719) 2,346,719 (5,412,430) (5,043,262) -6.82% Beginning Fund Balance (Deficit) 17,049,677 20,706,027 20,618,306 20,618,306 22,965, % Ending Fund Balance 20,706,027 20,618,306 22,965,025 15,205,876 17,921, % Reserves - - Nonspendable: - - Inventories 66,506 85, ,648 86, , % Restricted: 510, ,585 1,000 70,651 16, % TABOR 2,628,704 2,760,649 2,889,504 2,807,070 2,921, % Committed: 2,380, ,739 7,000 25,000 8, % Performance Incentive - 1,700,000 1,700,000 1,700, , % Assigned: 2,380, ,739 7,000 25,000 8, % Other Purposes 395, , , , , % Purchases on Order - 1,207,798 75, Contingency Reserve 4,335,295 4,451,069 4,678,450 4,678,450 4,869, % Subsequent Year Expenditures 7,822,826 2,253,860 5,674, Total Expenditures with Reserves 104,584, ,078, ,394, ,796, ,685, % Fund Balance Ending (Unassigned) $ 5,456,732 $ 7,956,664 $ 7,638,428 $ 5,510,996 $ 8,702, %

25 10- General Fund - Revenues by Source, Expenditures by Object & Fund Balance Fiscal Years to Projected Projected Projected Sources of Revenue Local Sources $ 44,729,833 $ 45,624,429 $ 46,536, Taxes Tuition 561, , , Earnings on Investments Pupil Activities 738, , , Other Revenue from Local Sources 46,029,140 46,934,956 47,858,889 Subtotal Local State Sources 4,657,228 4,750,372 4,845, State Sources State Revenue from Other State Agencies 56,641,314 57,374,141 58,521, State Share Equalization Adjustments to Categorical Revenues Equalization Adjustment 61,298,542 62,124,513 63,367,003 Subtotal State Sources Federal Sources 76,483 78,012 79, Federal Revenue from the Federal Govt 76,483 78,012 79,573 Subtotal Federal Sources 107,404, ,137, ,305,465 Total Revenue Allocation Before Transfer Allocations Expenditures 59,528,280 60,718,846 61,933, Salaries 17,993,767 18,353,643 18,720, Employee Benefits 5,921,002 6,039,422 6,160, Purchased Services 1,001,800 1,021,836 1,042, Purchased Property Services 1,261,280 1,286,506 1,312, Other Purchased Services 3,844,859 3,921,757 4,000, Supplies 1,141,649 1,164,482 1,187, Property 1,476,188 1,505,712 1,535, Other Objects 753, , , Other Uses of Funds 92,922,300 94,780,746 96,676,361 Total Expenditures Other Sources/Transfer Allocations 673, , , Transfer To Athl/Activity 363, , , Transfer to Daycare Program 5,608,383 5,720,551 5,834, Transfer To Capital Reserve 1,723,270 1,757,735 1,792, Transfer To Insur Reserve 5,191,423 5,295,251 5,401, Transfer To Colorado Preschool Program Transfer To Fee Supported Transfer To General Fund 13,559,396 13,830,583 14,099,787 Total Transfer Allocations Prior Year Obligations 106,481, ,611,329 Total Transfer Allocations, Expenditures & Prior 110,776,148 Year Obligations 922, , ,317 Net Change in Fund Balance 17,921,763 18,844,232 19,370,385 Beginning Fund Balance (Deficit) 18,844,232 19,370,385 19,899,701 Ending Fund Balance Reserves - 1,231,801 - Nonspendable: 87,720 89,474 91,264 Inventories 37,538 38,289 39,055 Restricted: 2,861,818 2,919,054 2,977,435 TABOR 4,692 4,786 4,882 Committed: Performance Incentive 4,692 4,786 4,882 Assigned: 431, , ,211 Other Purposes Purchases on Order 4,769,697 4,865,091 4,962,392 Contingency Reserve Subsequent Year Expenditures 114,679, ,205, ,305,268 Total Expenditures with Reserves $ 10,693,231 $ 11,056,363 $ 11,419,399 Fund Balance Ending (Unassigned)

26 10- General Fund - Summary of Expenditures by Program Fiscal Years to Actual Actual Actual Adopted Amended Expenditures by Program Summary Instructional $ 44,318,465 $ 43,737,995 $ 43,991,701 $ 51,071,207 $ 48,654, Support Services 31,439,547 34,448,748 36,445,361 36,082,500 38,380, Non-Instructional Services 230, , , , , Facilities Acquisition and Construction Services - 2,277,717 1,413, Other Uses 376, , , ,700 Total Expenditures by Program 76,365,254 81,194,169 83,198,512 88,125,357 88,599,510 Transfers 7,697,787 8,161,682 8,854,044 10,106,071 13,293,525 Total Expenditures $ 84,063,041 $ 89,355,851 $ 92,052,555 $ 98,231,428 $ 101,893,035 General Fund - Summary of Revenues for Fiscal Year Support Services 43.32% Instructional Services 54.92% Non-Instructional Services 0.93% Other Uses 0.83% General Fund - Summary of Expenditures by Program Per Student for Fiscal Year $6,000 $5,245 $5,000 $4,000 $4,137 $3,000 $2,000 $1,000 $89 $ Instructional Support Services Non-Instructional Services Per Pupil does not include transfer expenses to other funds

27 10- General Fund - Expenditures by Object Fiscal Years to Actual Actual Actual Adopted Amended Expenditures by Object Salaries $ 49,792,581 $ 51,389,534 $ 53,079,324 $ 59,992,156 $ 56,400, Employee Benefits 15,730,944 16,645,367 17,362,695 17,104,290 17,640, Purchased Services 3,448,230 5,748,654 5,357,157 4,216,897 5,804, Purchased Property Services 1,266, ,658 1,113, , , Other Purchased Services 757, , ,891 1,158,419 1,236, Supplies 3,756,198 4,102,221 3,176,669 3,482,728 3,769, Property 1,217,019 1,332,544 1,985, ,098 1,119, Other Objects 42, ,476 60, ,242 1,447, Other Uses of Funds 354, , , ,700 Total Expenditures by Object 76,365,254 81,194,169 83,198,512 88,125,357 89,139,510 Transfers 7,697,787 8,161,682 8,854,044 10,106,071 13,293,525 Total Expenditures $ 84,063,041 $ 89,355,851 $ 92,052,555 $ 98,231,428 $ 102,433,035 General Fund - Expenditures by Object for Fiscal Year Property Services 1.10% Purchase Services 6.51% Other Purchase Services 1.39% Supplies 4.23% Property 1.26% Other Objects 1.62% Employee Benefits 19.79% Salaries 63.27% Total Salaries & Benefits %

28 Summary of Job Classifications by Object Fiscal Years to Actual Actual Actual Adopted Amended Salaries Administrators $ 4,907,041 $ 5,404,585 $ 6,097,197 $ 5,697,781 $ 5,646,311 Certified 31,519,830 31,340,198 32,535,182 39,848,835 36,675,441 Professional/Technical 1,085,493 1,359,016 1,442,616 1,317,670 1,196,473 Paraprofessionals 3,394,048 4,854,522 3,684,525 3,672,781 3,370,343 Office Support 3,597,695 3,281,718 3,633,466 3,534,376 3,661,008 Crafts, Trade Services 5,288,474 5,149,495 5,686,338 5,920,713 5,818,803 Total Salaries 49,792,581 51,389,534 53,079,324 59,992,156 56,368,379 Benefits PERA & Medicare 10,709,737 11,521,687 10,875,937 11,112,756 11,414,544 Insurance & Other Benefits 5,021,207 5,123,680 6,486,757 5,991,534 6,226,404 Total Benefits 15,730,944 16,645,367 17,362,695 17,104,290 17,640,948 Operating Budgets 10,841,729 13,159,268 12,756,493 11,028,911 14,590,183 Total Expenditures $ 76,365,254 $ 81,194,169 $ 83,198,512 $ 88,125,357 $ 88,599,510 Comparison of Salary, Benefits & Operating Budgets of Total Expenditures Operating Budgets 16.47% Total Benefits 19.91% Total Salaries 63.62% Total Salaries & Benefits % Crafts, Trade Services 6.57% Office Support 4.13% Paraprofessionals 3.80% PERA & Medicare 12.88% Insurance & Other Benefits 7.03% Operating Budgets 16.47% Administrators 6.37% Professional/Technical 1.35% Certified 41.39%

29 Summary of Job Classifications by Object Fiscal Years to Projected Projected Salaries $ 5,590,044 $ 5,701,845 Administrators 36,310,598 37,036,810 Certified 1,433,957 1,462,636 Professional/Technical 4,402,699 4,490,753 Paraprofessionals 3,418,741 3,487,115 Office Support 5,930,072 6,048,674 Crafts, Trade Services 57,086,112 58,227,834 Total Salaries Benefits 11,228,653 11,453,226 PERA & Medicare 7,124,990 7,267,490 Insurance & Other Benefits 18,353,643 18,720,715 Total Benefits 15,708,258 16,022,423 Operating Budgets $ 91,148,012 $ 92,970,972 Total Expenditures

30 10- General Fund - Expenditures by School/Department Fiscal Year School/Department Category Salaries Employee Benefits Supplies & Materials 100 Elem - Distwide Elementary Schools - 5,000 12, Early Childhood Center 563, ,976 17, Fairview Elementary 1,453, ,857 90, FM Day Elementary 1,719, ,612 91, Harris Park Elementary 1,288, , , Hodgkins Elementary 3,111,141 1,205, , Mesa Elementary 1,440, , , Metz Elementary 1,352, , , Sherrelwood Elementary 1,071, ,448 88, Skyline Vista Elementary 2,136, ,619 95, Sunset Ridge Elementary 1,739, ,742 89, Tennyson Knolls Elementary 1,576, , , Orchard Court Middle School - Distwide Middle Schools 7,500 1, Ranum Middle School 3,356, , , Scott Carpenter Middle School 2,720, , , Shaw Heights Middle School 2,682, , , High School - Distwide Senior High Schools Westminster High School 9,846,773 3,182,924 1,343, Westminster Virtual School On-Line Activity Hidden Lake Alternative High Combination Schools 1,711, , , Gifted/Talented 28,750 3,320 7, ISC 618, ,615 46, Summer School 10, Colorado Stem Academy 1,875, , , WAIS 1,432, , , John E Flynn Marzanno Academy 1,215, ,285 70, Admin Building Centralized Services Board Of Education 61,076 16,165 23, Superintendent 454, ,393 27, Community Relations 350, ,999 81, Learning Services 1,652, ,298 88, Special Education 452, , , Co-Curricular Human Resources 781, ,391 59, Financial Services 549, ,242 27, Operations Office 462, ,308 8, Operation & Maintenance Service Centers 1,967, , , Purchasing & Warehouse 512, , , Technology 667, ,864 9, Transportation 1,617, , Districtwide District-Wide Costs 2,986,655 1,254, ,073 Total Expenditures $ 55,475,382 $ 18,895,826 $ 5,626,030

31 10- General Fund - Expenditures by School/Department Fiscal Year Capital Outlay Other Use of Funds Total Category School/Department 211, , Elementary Schools 100 Elem - Distwide , Early Childhood Center 2,025-2,067, Fairview Elementary 17,820-2,393, FM Day Elementary 1,108-1,892, Harris Park Elementary 3,625-4,501, Hodgkins Elementary 1,000-2,091, Mesa Elementary 2,875-1,971, Metz Elementary 1,875-1,600, Sherrelwood Elementary 8,875-2,863, Skyline Vista Elementary 4,325-2,440, Sunset Ridge Elementary 5,175-2,342, Tennyson Knolls Elementary Orchard Court 138, , Middle Schools 200 Middle School - Distwide 17,550-4,601, Ranum Middle School 7,200-3,727, Scott Carpenter Middle School 14,530-3,761, Shaw Heights Middle School 201, , Senior High Schools 300 High School - Distwide 303,500-14,741, Westminster High School On-Line Activity 465 Westminster Virtual School 51,550-2,780, Combination Schools 505 Hidden Lake Alternative High 3,500-55, Gifted/Talented 4, , ISC , Summer School 291,937-2,963, Colorado Stem Academy 171,531-2,212, WAIS 178,718-1,893, John E Flynn Marzanno Academy , Centralized Services 600 Admin Building 5, , Board Of Education 16, , Superintendent 20, , Community Relations 521,000-4,171, Learning Services 49,200-1,343, Special Education , Co-Curricular 10,100-1,410, Human Resources 6,000-1,004, Financial Services 2, , Operations Office 169,216-3,574, Service Centers 710 Operation & Maintenance 63,265-1,034, Purchasing & Warehouse 9, , Technology - - 2,262, Transportation 32, ,700 7,582, District-Wide Costs 805 Districtwide $ 2,550,039 $ 738,700 $ 89,139,510

32 10- General Fund - Per Pupil Spending Fiscal Year School/Department Student FTE* Total Budget Per Student Cost Elementary Schools 100 Elem - Distwide 3,247.0 $ 228,150 $ Early Childhood Center ,668 11, Fairview Elementary ,067,843 7, FM Day Elementary ,393,725 8, Harris Park Elementary ,892,762 6, Hodgkin's Elementary ,501,204 9, Mesa Elementary ,091,513 7, Metz Elementary ,971,888 6, Sherrelwood Elementary ,600,813 6, Skyline Vista Elementary ,863,216 8, Sunset Ridge Elementary ,440,109 7, Tennyson Knolls Elementary ,342,593 6, Orchard Court 8, Total Elementary 3, ,150,483 7, Middle Schools 200 Middle School - Distwide 1, , Ranum Middle School ,601,441 6, Scott Carpenter Middle School ,727,421 7, Shaw Heights Middle School ,761,349 6,705 Total Middle School 1, ,237,849 7, High School 300 High School - Distwide 2, , Westminster High School 2, ,741,415 6, On-Line Activity 465 Westminster Virtual School ,000 9,000 Total Elementary 2, ,169,495 6, Combination Schools 505 Hidden Lake Alternative High ,555,713 7, Gifted/Talented , ISC ,408 25, Summer School , Colorado Stem Academy ,963,196 7, Westminster Academy For International Studies ,963,196 11, John E Flynn a Marzano Academy ,893,107 7,807 Total Combination Schools 1, ,269,020 6,441 Total School/Other Programs Per Pupil Cost 9, ,826,847 6, Centralized Services 600 Admin Building 9, , Board Of Education 9, , Superintendent 9, , Community Relations 9, , Learning Services 9, ,171, Special Education 9, ,343, Human Resources 9, ,410, Financial Services 9, ,004, Operations Office 9, , Service Centers 710 Operation & Maintenance 9, ,574, Purchasing & Warehouse 9, ,034, It Network Enterprise Services 9, ,262, Transportation 9, ,262, District-Wide Costs 805 Districtwide 9, ,582, Total Departments Cost 9, ,582, Grand Total School/Department Cost 9,121.5 $ 71,409,178 $ 7,829 State Funding State Funding $ 8,326 *Is funded pupil count not enrollment count Does not include pre-school students