FY ADOPTED BUDGET

Transcription

1 FY ADOPTED BUDGET FOR THE FISCAL YEAR JULY 1, 2017 JUNE 30, 2018 June 15, 2017 Colorado Springs, El Paso County, Colorado

2 TABLE OF CONTENTS INTRODUCTORY SECTION o Budget Resolution 1 o Board of Education/Central Office Administration 2 o Superintendent Budget Transmittal Letter 3 o Business Services Budget Transmittal Letter 5 o ASBO Meritorious Budget Award Certificate 8 o Executive Budget Summary 9 o Budget Compliance Statements 26 ORGANIZATIONAL SECTION o Organization of the School District 27 o District Organizational Chart 30 o Principal Support Services Organizational Chart 31 o Building Map 32 o Fund Accounting 34 o Chart of Accounts 37 o Budget Procedures 40 o Significant Budget Development Statues, Policies & Guidelines 41 o Budget Development Calendar 46 o Budget Development Guidelines for Schools/Departments 47 FINANCIAL SECTION o Revenue Assumptions 49 o Expenditure Assumptions 57 o District Funds Summary Schedule of Revenues, Expenditures and Fund Balance 66 o Governmental Funds General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances 70 GRAPH General Fund Total Revenues, Other Sources and Fund Balances 72 GRAPH General Fund Revenue by Source 73

3 Schedule of Resource Changes 74 Schedule of Revenues and Fund Balance 75 GRAPH Expenditures and Transfers by Program 76 GRAPH Expenditures and Transfers by Object 77 Expenditure Summary by Program 78 Expenditure Summary by Object 80 Expenditure Detail by Program Mandated/Not Mandated 82 Mandates, Non Mandates Graph 86 Summaries of Expenditures by Program and Object 88 School Resource Allocations o Pupil Count Projections/Allocations 119 o School Resource Allocations 120 o Technology Resource Allocations 121 o District Resource Allocations by Location FTE 122 o Full Time Equivalent Employees by Program 124 o District Resource Allocations FTE 125 Charter School Allocations 127 Special Revenue Funds Food Service Fund 130 Designated Purpose Grants Fund 132 Transportation Fund 136 Debt Service Fund Bond Redemption Fund 139 Debt Service Schedule for All District Bonds 142 Capital Projects Funds Building Fund 145 Capital Reserve Capital Projects Fund 147 Technology Fund 150 o Fiduciary Funds Agency Funds o Agency (Scholarship) Fund 153 o School Activity Fund 154 INFORMATIONAL SECTION o Property Tax & Demographic Information 155 o Enrollment History/Projections 165 o Fund Forecasts 173 o Staffing Allocations 191 o Salary Schedules 193 o Performance Measurements District Achievement 201 o Budget Policies 205 o Glossary 215 o Student Art Work Credit 234

4 Introductory Section Executive Summary Budget Resolution 1 Board of Education/Central Office Administration 2 Superintendent s Budget Transmittal Letter 3 Business Services Budget Transmittal Letter 5 ASBO Meritorious Budget Award Certificate 8 Executive Budget Summary 9 Budget Compliance Statements 26

5 BE IT RESOLVED, by the Board of Education of Academy District 20 in El Paso County, that the amounts shown in the following schedule be appropriated to each fund as adopted on June 15, 2017 for the fiscal year beginning on July 1, 2017 and ending on June 30, Adopted Budget FY Cash Reserves and Anticipated Resources June 15, 2017 Budgeted FY Interfund Transfers and Payments Included in Other Funds Total Appropriation by Fund Fund General Fund $218,529,050 $41,997,439 $260,526,489 Charter Schools 27,918,409 $27,918,409 Special Revenue Funds Food Service Fund 5,544, ,000 $5,744,771 Designated Governmental Purpose Grant Fund 7,400,000 $7,400,000 Transportation Fund 9,450,434 $9,450,434 Debt Service Fund Bond Redemption Fund 49,007,105 $49,007,105 Capital Projects Building Fund 153,568,929 $153,568,929 Capital Reserve Capital Projects Fund 7,514,412 $7,514,412 Technology Fund 15,166,618 $15,166,618 Trust and Agency Funds Agency Fund 216,610 $216,610 School Activity Fund 15,051,633 $15,051,633 Total Budget $509,367,971 $42,197,439 Adopted Budget 1 June 15, 2017

6 BOARD OF EDUCATION Mr. Glenn Strebe, President Mrs. Tracey Johnson, Vice-President Mr. Larry Borland, Treasurer Mrs. Catherine Bullock, Director Mrs. Linda Van Matre, Director Col. Troy Harting, USAFA Academy Liaison CENTRAL OFFICE ADMINISTRATION Executive Cabinet Dr. Mark Hatchell, Superintendent Mr. Tom Gregory, Deputy Superintendent/CFO Dr. Susan Field, Assistant Superintendent for Learning Services Dr. Jim Smith, Assistant Superintendent for Administrative Services Dr. David Peak, Assistant Superintendent for Human Resources Mrs. Shelley Kooser, Chief Information Officer Mrs. Allison Cortez, Director of Communication Adopted Budget 2 June 15, 2017

7 Superintendent s Budget Transmittal Letter

8 Academy District 20 Dr. Mark Hatchell, Superintendent of Schools Education and Administration Center 1110 Chapel Hills Drive, Colorado Springs, CO Phone: Website: Fax: June 15, 2017 Board of Education Academy School District Twenty 1110 Chapel Hills Drive Colorado Springs, Colorado Transmittal of the Adopted Budget I am pleased to submit the budget for FY This budget has been developed in compliance with Colorado laws and regulations and represents the final step toward adoption of the budget by the Board of Education in June Projections for funded pupil counts and certified mill levies are the basis for development of this budget. These variables will be known with certainty in November and December 2017 at which time the budget will be adjusted accordingly. You will find information related to budget development goals, revenue and expenditure assumptions, prior year comparison data, compliance requirements, and detailed budgets for each district fund in the various sections of this document. The budget development process assures the alignment of our fiscal resources with the mission of the district and with the policies, targets, and goals adopted by the administration and Board of Education. Because of legislative changes and limited resources, it is critical to focus resources on the continued improvement of our students academic success. Economic Outlook The local economy showing the growth signs of a recovery along with the rest of Colorado. State economists are seeing gains in private sector job growth and several indicators are signaling economic improvements. Continued economic growth is expected to continue throughout the coming fiscal year. Academy School District Twenty has been fortunate to maintain a level of excellence in support for students and staff in the face of minimal increases in state funding. This level of excellence has been maintained through careful planning and budgeting, the voter approved 2008 Mill Levy Override and student enrollment growth. Because of the continued enrollment growth within the district a $230 million bond issue was placed on the November 2016 ballot. The district residents passed the bond measure with historic levels of support, 60 percent in favor to 40 percent against. Student Academic Performance The most significant measure of district success is the continued academic performance of students. State and federal mandates to improve student achievement continue to challenge public education. We welcome these challenges. Highly committed teachers and administrators, along with actively involved parents and patrons, assure our continued recognition as a highly successful district, committed to all of our students. The district Adopted Budget 3 June 15, 2017

9 consistently ranks among the highest achieving school districts in the state, as measured by CMAS, Colorado Measures of Academic Success. Student Population Accurate forecasting of student enrollment continually challenges budgeting needs as we strive to meet the mission of Academy District 20. The recently passed bond issuance will help meet the facility needs of the district related to enrollment growth. As economic recovery continues and construction of new homes accelerates, enrollment is expected to show continued growth. Additionally, with 20% of the district s students being from military families, it is expected a portion of reassigned military families will continue to choose Academy District 20. This budget anticipates continued student enrollment growth. Fiscal Management Financial stability and resource management are important factors when it comes to meeting high standards of excellence in education, while addressing the issues the district will face in FY The uncertain national political landscape, recent Colorado legislative decisions, commitments to maintain class sizes, and offering competitive compensation and benefit packages are some of the current fiscal challenges faced by Academy District 20. A focus on long term financial health will continue as we plan the fiscal operation of the district. The Colorado Legislature has increased the per-pupil funding to K-12 education over the prior year. The legislature will not grow in total the negative factor in The negative or budget stabilization factor will remain at $828 million. This negative factor, or amount of decreased funding, for the district is still a substantial amount of $22.3 million. This equates to a loss per student of $935 for Academy District 20. Compensation for our staff is a high priority as resources are allocated for the next year. This budget provides salary and benefit increases for all employees and maintains a balanced budget. In addition to employee compensation, the budget includes reserve levels required by the state constitution as well as board policy and prudent fiscal practices. In closing, I want to thank the Board of Education for your vision as you govern and provide leadership for district students, staff, and community. Our community entrusts us with their children; so we are committed to providing the best possible educational opportunities, while utilizing strong fiscal management practices to assure prudent use of resources. Sincerely, Mark Hatchell, Ed.D. Superintendent of Schools Adopted Budget 4 June 15, 2017

10 Business Services Budget Transmittal Letter

11 Academy District 20 Dr. Mark Hatchell, Superintendent of Schools Education and Administration Center 1110 Chapel Hills Drive, Colorado Springs, CO Phone: Website: Fax: June 15, 2017 Dr. Mark Hatchell, Superintendent Academy School District Twenty 1110 Chapel Hills Drive Colorado Springs, Colorado Subject: Transmittal of the Adopted FY Budget The Business Services Staff is pleased to submit to you and the Board of Education the budget for the fiscal year July 1, 2017 to June 30, The budget is presented in compliance with applicable Colorado Revised Statutes and Colorado Department of Education regulations. A balanced budget is presented for each of the District s funds with projected current resources plus anticipated revenues equal to expenditures and other resource allocations. The budgets presented have been developed to accomplish the policies and goals established by you and the Board of Education. Currently, 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 unanticipated monies received from sources other than property taxes that become available to the District. Supplemental budgets must also be balanced with resources equal to expenditures. This document has been developed to assist reader understanding of the district budget and the development process. Included in the document are the major assumptions used to prepare the budget, as well as summary and detailed information to accommodate the interest level of the various readers of the document. The budget is formatted as a communication document that is reader and user friendly for our parents, patrons, and staff. The Adopted Budget will be available for review on the district s website upon approval by the Board of Education. Legislation and the Economic Outlook The budget development process is guided by numerous state mandated timelines. We delivered the required proposed budget to the Board of Education by May 31 st. The Board held a public hearing on the proposed budget and plans to adopt and appropriate the budget by June 30 th. All actions required by statute. The Colorado Legislature annually reviews educational funding and other educational issues for legislative action. This process takes place during the regular session from mid-january to mid-may. Annual funding adjustments for public education in Colorado are guided by Amendment 23 of the Colorado Constitution, passed by voters, in November This amendment provides for mandatory increases in base per pupil funding equal to the Denver- Boulder CPI. The Denver-Boulder CPI was 2.8% in FY2016. The constitutional adjustment to the base must be at least 2.8%. The School Finance Act includes factors that multiply (grow) the base to recognize demographic and economic differences between each of Colorado s 178 school districts. However, due to the state revenue shortfall, the impact of these additional factors has been significantly reduced since introduction of the negative factor in The negative factor Adopted Budget 5 June 15, 2017

12 or budget stabilization factor results in an estimated 11.1% reduction in per pupil funding level, including at risk funding reductions this represents a loss of approximately $935 per pupil, and a total program loss of more than $22.3 million to the district compared to a fully funded School Finance Act. The per-pupil funding level anticipated in this budget compared to last year increased from $7,035 to $7,272. This is an increase of approximately $237 per pupil from prior year funding. According to the 2017 Colorado Business Economic Outlook from the University of Colorado Boulder the Colorado s economy will open up slightly this year. It will be led by hiring in construction, tourism and health care. The Outlook calls for Colorado to gain 2.4 percent or 63,400 jobs next year. It is expected that Colorado will rank amount the top 10 states for job growth. Colorado is also expected to have the second fastest rate of population growth in the country this year. The Colorado Springs economy is finally starting to experience economic growth similar to Denver. The amount of growth and length of time is still uncertain. The defense industry continues to have a great influence in El Paso County and the local economy. The United States Air Force Academy, located within the district s boundaries, is at the base of the Rampart Range on 18,500 acres. In addition to the Air Force Academy, El Paso County has four other military installations including, Peterson AFB, Schriever AFB, Fort Carson and North American Aerospace Defense Command (NORAD) or Cheyenne Mountain Air Station. Movement of personnel to military bases in the county will be a constant for the local economy. It is also likely that the district will serve a number of the children who move here as their parents are reassigned into the area. The district is projecting local economic growth to remain consistent over the next twelve months. Residential housing development in the district has improved but is still slower than the record highs in As people continue to select the Academy School District as their educational choice, new home construction within the district has been on the rise and directly relates to an anticipated increase of student population. Significant Budget Development Assumptions The budget is based on a projection of the number of full time students enrolled in our schools on October 1, An outside consultant performs a series of comprehensive projections for the district. Projections indicate an estimated enrollment growth rate of 1.7% for the school year. Final pupil counts will be certified in November, and will be used by the state to determine and adjust our actual fiscal year school finance funding level. Required per pupil minimum spending allocations for instructional materials and supplies as well as for the capital and insurance funds were eliminated in the 2009 School Finance Act. These changes are still in effect and allow for discretion by site administrators to best utilize scarce resources to maximize benefits to students and staff. Property taxes are another major component in the budget development process. The two variables in property tax revenue for the district are assessed valuations of property and mill levies certified by the Board of Education. All property in Colorado is reassessed every other calendar year. Tax collection for the year is based on a property value reassessment. The district expects property assessed values to increase a modest 5% from the previous year. The County Assessor is required to provide a preliminary assessed valuation notice to the district by August 25 th, with any final adjustments due by December 10 th. The Board must then certify mill levies to the County by December 15 th. Once levies are certified, a portion of local property tax revenue is used in the school finance act funding formula to determine the amount of state revenue paid to the district. The Gallagher Amendment adjusts the residential assessment value from 7.96% to 7.2% in Adopted Budget 6 June 15, 2017

13 In addition to the priorities established by the superintendent, the Business Services Staff used the following guidelines in the development of the budget for FY : align revenue and expenditures with Legislative action related to school funding requirements, ensure Board of Education Ends, Administrative Policies, and District Initiatives are met, use conservative but realistic assumptions for financial forecasting and analysis in order to maintain long-term fiscal stability and to support academic achievement, provide necessary resources to schools to accommodate growth in enrollment, provide resources to maintain competitive salary and benefits for district employees, develop a budget document to provide transparency of the fiscal operations of the district, and maintain staff and community involvement in the budget development process to promote greater understanding of and demand greater accountability for the financial matters of the district. Budget Award The Association of School Business Officials (ASBO) International determined that the district s adopted budget for fiscal year met the stringent requirements of the Meritorious Budget Award program for the fourteenth consecutive year. In order to earn the Meritorious Budget Award, the district must satisfy standards that grade the budget on effectiveness as an easily readable policy document, an operating guide, a financial plan and a communication device. This award is valid for a period of one year only. We believe the district s budget continues to meet the program requirements and we will once again submit for review. While every page of this document provides valuable information, the Executive Summary will assist the reader in obtaining an excellent overview of the fiscal operations of the district. In addition, the Revenue and Expenditure Assumptions in the Financial Section give substantial detail related to the major components of the budget. We would like to thank the Business Services Staff for their assistance in the development of this document. Finally, thank you, Dr. Hatchell and Board of Education for your commitment to the students, parents, patrons, and staff of the district and for your support of the district s expanded budget development and accountability process. Sincerely, Deputy Superintendent/Chief Financial Officer Ms. Linda Warhoe, Director of Budget and Planning Adopted Budget 7 June 15, 2017

14 This Meritorious Budget Award is presented to ACADEMY SCHOOL DISTRICT TWENTY for excellence in the preparation and issuance of its budget for the Fiscal Year The budget adheres to the principles and standards of ASBO International s Meritorious Budget Award criteria. Mark C. Pepera, MBA, RSBO, SFO Acting President John D. Musso, CAE, RSBA Executive Director Adopted Budget 8 June 15, 2017

15 Executive Budget Summary

16 ACADEMY DISTRICT 20 Executive Budget Summary for Fiscal Year This summary provides an overview of the FY Adopted Budget for Academy School District Twenty. State law requires the Board of Education to adopt and appropriate a budget for all district funds each year. Information in this summary is based upon the adopted budget submitted to the Board of Education on June 15, Supporting data for the information contained in this summary may be found in detailed information reported in the other sections of this document. Budget documents are available on the district s website by selecting the Financial Transparency option on the home page, or upon request from the Business Services Department of the district at (719) Financial Budgeting and Accounting 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 each of the funds maintained by the district are presented later in this executive summary. In addition, budgeting and accounting is governed by Board of Education Ends, Executive Limitations and Administrative Policy. In the winter, the administration develops pupil enrollment forecasts for the following school year. This forecast is used to develop other key budget assumptions as well as determine allocations for school staffing equivalents and financial resources. During April and May, the Board deliberates to discuss the preliminary and proposed budgets. The Board must adopt and appropriate a budget annually by formal resolution no later than June 30. Budget Goals/Objectives Academy School District 20 pioneered the site based management philosophy decades ago. The district continues to delegate significant decision making authority to school leadership and their school communities. Authority ranges from curricular programming to discipline and behavior expectations to resource management. Coordination of mission and action is managed and maintained through a formal site planning process. Stakeholders assist with the development of a mission statement for the district and then school and department communities further refine the mission as it applies to their program. Site plans are evaluated and adjusted annually and undergo a complete review every five years. Patron accountability groups provide input to each plan at both the school and district levels. Site planning also informs the budget process through school accountability committees and the district accountability committee. Other inputs to the budget development process include state statutes, superintendent initiatives, program enhancement and enrollment fluctuations. In response to these inputs, the following have been identified as budget priorities for : 1. develop a staff compensation package that maintains or enhances the district s competitive position relative to other school districts in the Pikes Peak region, 2. provide necessary resource to accommodate student growth, and 3. continue to provide resources that maintain jobs in the district, maintain current class sizes, protect student programs, and protect capital assets Adopted Budget 9 June 15, 2017

17 GENERAL FUND Total Appropriation The General Fund adopted budget appropriation for FY is $260,526,489. This is an increase of $3,591,490, or 1.4% from the final adjusted FY General Fund budget of $256,934,999. Total appropriation is comprised of the beginning fund balance plus the revenues projected to be received during the fiscal year. Increases in the appropriation mainly result from increases to pupil funding and continued student growth. Total state program funding is projected to increase compared to FY by approximately $237 per pupil. Beginning Fund Balance Colorado Statutes require that certain reserves must be funded while other designations may be approved by the Board of Education. The District has fully funded their liability for accrued salary and benefits ($22,080,610) as noted in the Comprehensive Annual Financial Report for FY The adopted budget anticipates the resources necessary to maintain the accrual at a fully funded level. Excluding accruals, the total beginning fund equity, restricted, assigned, and unassigned balances available for appropriation in FY is estimated to be $36,659,460 or % of total appropriated resources. Sources of Revenue Approximately 80.04% of the revenue anticipated to be received by the General Fund is determined by the School Finance Act of 1994 as amended during the 2017 legislative session and the provisions of section 17 of Article IX of the state constitution (Amendment 23). The Act and Constitution determine per pupil funding levels for each Colorado public school district. Property taxes, specific ownership taxes (vehicle tax) and state aid provide the required funding for the Act. The largest source of total revenue for the General Fund, 59.6%, is from state aid equalization. Local property taxpayers provide a total of 30.7%, which includes a special voter-approved tax equal to 12.0% of total revenue. Other sources of revenue include specific ownership taxes from vehicle registrations, other local sources, other state sources, and Federal Impact Aid revenue. Major Revenue Source Changes The major factors and changes in revenue sources for FY are as follows: Continued increases in student enrollment. Increase in state total program per-pupil funding of $237 per pupil. Adopted Budget 10 June 15, 2017

18 The following graph and table illustrate anticipated General Fund sources of revenue. General Fund Sources of Revenue Fiscal Year Property Tax 12.0% 5.5% 59.6% Property Tax (Override) Other Local Sources State Aid Other State Sources Federal Sources 18.7% 1.3% 2.9% CHANGES IN TOTAL RESOURCES AND RESERVE AVAILABLE IN THE GENERAL FUND FY FY Resource Adopted Budget % of Budget Final Budget % of Budget Property Tax $ 41,680, % $ 39,689, % Property Tax (Override) 26,750, % 26,749, % Other Local Sources 12,110, % 12,065, % State Aid 132,888, % 126,239, % Other State Sources 6,530, % 6,475, % Federal Sources 2,850, % 2,850, % Revenue Subtotal 222,811, % 214,070, % Beginning Fund Balance 37,515,457 42,664,125 Operating Transfers In 200, ,000 Total Resources Available $260,526,489 $256,934,999 Adopted Budget 11 June 15, 2017

19 Property taxes fund 18.7% of the total revenue for the district. The following chart is the historical mill levies for the past five years related to the school district. A more detailed analysis and specific examples are provided throughout this document and a very detailed typical home example is included in the Informational Section Est School Finance Levy Abatement Levy Override Levy Debt Service Levy Total District Levy Total Program Funding The Total Program Funding formula is set forth by the School Finance Act of 1994 as amended and determines approximately 80.04% of the district s General Fund revenue. Total Program Funding, or the portion of state and local revenue available from school finance laws, is determined using a complex per pupil revenue formula multiplied by a pupil count adjusted to equate to full-time equivalent pupils. To accommodate for a necessary reduction in state aid, a negative factor was added in the formula for to produce an equitable reduction across the state. The negative factor concept remains and has been adjusted to reflect the necessary reduction for fiscal year A simplified diagram of this formula is presented in the Revenue Assumptions section. During each session of the General Assembly, legislators set a base dollar amount for each funded pupil in Colorado s 178 school districts. Legislators also periodically review factors related to staffing costs, cost-of-living, district size and at-risk pupils. The end result of the formula is the amount the state deems necessary to educate a child in a given district. The Colorado Constitution mandates the base per pupil dollar amount to increase each year by the rate of inflation for the most recent completed calendar year (determined by the Denver- Boulder CPI). The Denver-Boulder inflation rate for CY2016 was 2.8%. Therefore, the base amount per FTE student in Colorado for is $6,546.20, an increase of $178.30, or 2.8%, over , before application of the negative factor. The addition of the negative factor reduces statewide funding of prek-12 education by an estimated $828 million from the amount otherwise required by the current School Finance Act. The impact of the negative factor on the district is a reduction to Total Program Funding of $22.3 million or $935 per pupil below what the current School Finance Act should provide. Funding has not kept up with inflationary costs, such as health care, utilities, diesel fuel and new programs. Therefore, district voters have approved tax overrides that provide additional local tax revenue to the district. In 1999, voters approved additional revenue of $12.75 million and in November 2008 approved an additional $14 million override. Revenue from the 2008 override was phased-in over a seven year period. The budget anticipates to fully fund both overrides. There is no sunset to override revenue, but is capped by voters at $26,750,862. Adopted Budget 12 June 15, 2017

20 Categorical Program Funding Categorical programs include special education, vocational education, gifted and talented education, English language education, and pupil transportation. State legislators are expected to provide increases to categorical programs for Amendment 23 mandates that the total, other than special education, combined funding for these programs increase at the rate of inflation. Costs for these programs have continued to rise at a rate greater than the Denver- Boulder CPI causing the district to subsidize the programs at increasing rates. Student Enrollment A key element of the district s Total Program Funding is the Funded Pupil Count. The Funded Pupil Count is equal to the number of students enrolled in the district on October 1 adjusted for characteristics of certain student groups such as half-day kindergarten students and part time high school students. For , the School Finance Act will continue funding an offset for full day kindergarten by calculating all kindergartners at.58 FTE. The following graph illustrates the past and projected future funded pupil counts for the district. Projected future counts are shown as a range from low to high range for each year in the projection. Based on trends from the past three years, the district uses a conservative estimate for budgeting and forecasting purposes. 27,000 25,500 24,000 22,500 21,000 19,500 18,000 16,500 15,000 Student Enrollment Oct 1 Funded Pupil Count Low Range Enrollment Funded Pupil Count High Range Enrollment Fiscal Year Adopted Budget 13 June 15, 2017

21 Assessed Valuation, Property Tax Mill Levy and Property Tax Assessed Valuation (AV) is the taxable value of real estate as established by the County Assessor. Assessed values for various property classifications are taxed at the applicable rates set by state constitution. The calendar year 2018 assessment rate for non-residential property is 29% while the rate for residential property is 7.2% based on the reassessment performed from January 2015 through June Each odd numbered year, property in Colorado is reassessed based on market activity from the preceding 18-month assessment period. For example, the 2001 reassessment resulted in a residential rate of 9.15% which was used to set residential taxes for collection in 2002 and Set a number of years ago, the original residential assessment rate was 21%. The purpose for lowering the residential assessment rate is to maintain a statewide ratio between commercial and residential property of 55% to 45%, respectively. This reassessment and residential rate manipulation is the result of the Gallagher amendment to the state constitution passed in The district is budgeting a 5% increase in assessed value for the current year. Over the past ten years the assessed value of property in the district, as well as Colorado in general, increased significantly until 2007 when it took quite a sharp decrease and currently has been rebounding to the levels it had ten years prior. The Gallagher and Tax Payer Bill of Rights (TABOR) amendments to the Colorado constitution were established to control assessed value rates and property tax rate increases but did not take into account decreases in assessed value. This budget has been developed in accordance with these amendments, but because of their complexity both singularly and in combination, a full discussion of these amendments is not included in this document. TABOR requires the property tax rate and related revenues be determined by calculating both growth and inflation (Denver-Boulder CPI for the previous year) times the prior year property tax levy and dividing by the total assessed value for FY with the stipulation that the mill levy cannot increase from the prior year, unless approved by district voters. In 2002, district voters approved a measure that exempts the district from the revenue and expenditure limits imposed by TABOR. Expenditures Expenditures for the General Fund are first allocated by programs that identify specific activities such as regular education, special education, maintenance, etc. Within each program, expenditures are further allocated to specific objects such as salaries, benefits, purchased services, etc. Expenditures by Program General Fund expenditures are grouped into major program categories as specified by the Colorado Uniform Chart of Accounts. The majority of the expenditures budgeted within the General Fund, approximately 62.8%, are allocated for direct instruction and student support. These categories include costs for all teachers, counselors, teacher training, library media, classroom supplies and equipment, field trips and support of extra-curricular programs. Adopted Budget 14 June 15, 2017

22 Major Changes in Budgeted Expenditures by Program Changes in budgeted expenditures by program for FY mainly result from the following components: salary, retirement and health benefit increases for all staff; additional funding in Special Education and ESL programs; increase funding to Technology Fund; unassigned appropriated operating reserves equal to 8.8% of General Fund available resources The General Fund budget by program plus Reserves are illustrated in the following chart. General Fund Expenditures by Program plus Reserves FY % 0.9% 10.7% 6.6% 37.5% 6.7% 3.7% 8.8% 1.9% 2.0% 2.3% 1.1% 5.3% 5.4% Regular Instruction Special Education Gifted and Talented Education Charter Schools Support Services Pupils & Staff School Administration Central Adminstration & Other Services Maintenace, Operations & Security Utilities Transportation Fund Transfer Capital Projects Capital Reserve Fund Transfer Technology Fund Transfer Restricted/Assigned Reserves Unassigned Reserves Adopted Budget 15 June 15, 2017

23 Changes in budgeted expenditures by program in the General Fund from FY to FY are as follows: FY FY Program Adopted Budget % of Budget Adjusted Budget % of Change Regular Instruction $97,808, % $93,768, % Charter Schools 27,918, % 27,132, % Special Education 18,376, % $16,787, % Gifted and Talented Education 2,400, % 2,480, % Total Instructional Services 146,503, % 140,169, % Support Services - Pupils & Staff 17,252, % 15,841, % Total Instructional and Student Support 163,756, % 156,010, % School Administration 17,371, % 16,770, % Central Administration & Other Services 9,722, % 9,696, % Maintenance, Operations & Security 14,058, % 13,647, % Utilities 4,879, % 4,991, % Total Support & Administration Services 46,031, % 45,106, % Interfund Transfers Transportation Fund 5,340, % 5,106, % Capital Reserve 2,777, % 7,954, % Technology Fund 5,960, % 5,242, % Total Transfers 14,079, % 18,302, % Total Expenditures and Transfers 223,867, % 219,419, % Non-recurring Ending Reserves: NONSPENDABLE - PREPAID ITEMS - 0.0% 66, % RESTRICTED - TABOR Reserve 5,387, % 5,387, % ASSIGNED - Risk Related Activity 2,934, % 2,434, % - Contractual Obligations 300, % 300, % - Employee Benefit Programs 472, % 472, % - Longevity Bonus 1,260, % 1,260, % - Medicaid 1,220, % 1,220, % - Economic Development Service Contract 169, % 149, % - School Supply Carryover 1,887, % 1,887, % UNASSIGNED - Appropriated Operating Reserve 23,029, % 24,337, % Total Reserves 36,659, % 37,515, % Total Expenditures, Transfers and Reserves $260,526, % $256,934, % Adopted Budget 16 June 15, 2017

24 Expenditures by Object In addition to budgeting expenditures by program, accounts are also budgeted into groupings referred to as objects. Objects refer to the service or item that is purchased. There are eight major object groups required by the state. Those groups include salaries, benefits, purchased professional services, purchased property services, other purchased services, supplies, property and other uses. Salary costs include regular employee wages, overtime pay, supplemental pay and substitute employee pay. Benefits include health, vision and dental premiums as well as contributions to the mandatory state retirement system. Purchased professional services include non-employee costs such as services provided by attorneys, auditors, bankers and consultants. Purchased property services include non-employee costs for repair of buildings and equipment, rental of facilities or equipment and water and trash services. Other purchased services include costs related to field trips, tuition paid to other entities, communications, printing, postage, insurance premiums and travel. Supplies include natural gas and electric utilities in addition to typical office and classroom supply items. Property costs include non-capital assets (unit cost between $500 and $5,000) and capital assets (unit cost greater than $5,000). Other uses include inter-fund transfers and payments of principal and interest on short-term notes and long-term debts. The following chart depicts budgeted expenditures in the General Fund by object. Employee compensation and benefits account for 59.7% of the total General Fund appropriation and 69.5% of budgeted expenditures. General Fund Expenditure by Object plus Reserves FY % 2.3% 5.3% 8.8% 1.1% 10.7% 0.3% 4.4% 5.4% 59.7% Salaries & Benefits Purchased Services Supplies & Materials Capital Outlay & Other Charter Schools Capital Reserve Transfer Transportation Transfer Technology Transfer Restricted/Assigned Reserves Unassigned Reserves Adopted Budget 17 June 15, 2017

25 Changes in budgeted expenditures by object from the prior fiscal year are as follows: FY FY Object Adopted Budget % of Budget Adjusted Budget % of Change Salaries & Benefits $155,530, % $148,401, % Purchased Services 14,137, % 13,486, % Supplies & Materials 11,483, % 11,371, % Capital Outlay & Other 718, % 724, % Charter Schools 27,918, % 27,132, % Capital Reserve Transfer 2,777, % 7,954, % Transportation Transfer 5,340, % 5,106, % Technology Transfer 5,960, % 5,242, % Total Expenditures and Transfers $223,867, % $219,419, % Non-Recurring Ending Reserves NONSPENDABLE -Prepaid Items - 0.0% 66, % RESTRICTED -TABOR 5,387, % 5,387, % ASSIGNED -Risk Management Reserve 2,934, % 2,434, % -Contractual Obligations 300, % 300, % -Employee Benefits Program 472, % 472, % -Longevity/Retirement Reserve 1,260, % 1,260, % -Medicaid 1,220, % 1,220, % -Economic Develop Svc Contract 169, % 149, % -School Carryover 1,887, % 1,887, % UNASSIGNED -Appropriated Operating Reserve 23,029, % 24,337, % Total Appropriated Reserves 36,659, % 37,515, % Total Expenditures, Transfers and Reserves $260,526, % $256,934, % Major Changes in Budgeted Object Expenditures The major changes in expenditures budgeted by object are documented as follows: increases in salaries consist of the following: mandatory 0.5% contribution increase to pension plan for all employees academic increments for all staff members cost of living, experience steps increases and health insurance increase of 3% additional staffing for enrollment growth Adopted Budget 18 June 15, 2017

26 General Fund Authorized Staffing/Compensation All staff positions approved by the Board of Education, including the staff needed to serve the projected enrollment, have been incorporated into this budget. Specific assignments, total staff numbers and board approved compensation schedules are included in the Informational Section of this budget. OTHER DISTRICT FUNDS Special Revenue Funds Funds used to account for the proceeds from special revenue sources that are legally restricted to expenditure for specified purposes. Food Service Fund Prior to FY the Food Service Fund operated as a business enterprise with a revenuebased budget using a profit and loss format. Beginning in FY the food service fund was classified as a special revenue fund. The food service operations in the district are provided under a management contract with Sodexo, Inc. and Affiliates. The contractor prepares an annual budget that is submitted to the Fiscal Services Department of the district for review, revision and inclusion in the annual budget of the district. The Food Service Fund total appropriation for is $5,744,771. This is $70K more than the adjusted appropriation. This increase is small and primarily associated with an increased charge for services. Designated Purpose Grant Fund Designated purpose grants are external funds that are received mostly from the U.S. Department of Education to provide for a particular group or need. Generally, the funds must supplement the district s expenditures for these activities/needs and should not be used to supplant district responsibilities. The fund is used to account for a variety of grants that are detailed in the specific budget section. Title I, II, III, IV, and V grants, IDEA, Perkins, S.W.A.P., the DoD-USAFA Community Assistance Grant, and other state and local grants are recorded in the Designated Purpose Grant Fund. The budget for is established at $7, Transportation Fund The Transportation Fund is used to record the financial transactions related to transporting the district s students to and from school, and other approved activities. Revenues to support these activities come from reimbursement allocated from the state, transfer from the district s General Fund, and fees for service. The adopted budget for FY is $9,450,434. Changes in the appropriations for the Special Revenue Funds from FY to FY are as follows: Special Revenue Funds FY Budget FY Final Budget % of Change Food Service Fund 5,744,771 5,674, % Designated Purpose Grants Fund 7,400,000 7,500, % Transportation Fund 9,450,434 9,259, % Total Special Revenue Funds $22,595,205 $22,434, % Adopted Budget 19 June 15, 2017

27 Debt Service Fund Fund used to service the long-term general obligation debt of the school district including principal, interest, and related expenses. Fund may also be used to service other long-term voter approved debt of the school district. Bond Redemption Fund Colorado Revised Statutes require that the revenues from a tax levy for the purpose of satisfying bond obligations, both principal and interest, be recorded in the Bond Redemption Fund. The amount necessary to service the voter-approved long-term debt in the district is approximately $25.6 million for fiscal year The projected levy anticipated to generate sufficient revenue is mills. On November 8, 2016, district residents passed a $230 million dollar bond measure with historic levels of support, 60 percent in favor to 40 percent against. The bond provides funding for capital projects and identified priorities such as building and improving schools. Property owners will not incur a property tax rate increase because of this bond. $14,580,000 is budgeted for reduction of debt principal during the fiscal year. The District will have $240,835,000 or 15.8% of assessed value in outstanding principal at the end of the fiscal year. In the district will have issued $160 million of the authorized amount. Total budget for this fund in is established at $49,007,105. The following chart shows the district s end of the year outstanding debt for the past five years. 300,000, ,000, ,000, ,000, ,000,000 50,000,000 Outstanding Debt Service - 17/18 16/17 15/16 14/15 13/14 Adopted Budget 20 June 15, 2017

28 Capital Projects Funds Funds used to account for financial resources used to acquire major capital facilities, sites, and equipment and are designated to account for acquisition or construction of capital outlay assets which are not acquired directly by other funds. Building Fund On November 8, 2016, district residents passed a $230 million dollar bond. The bond provides funding for capital projects and identified priorities such as building and improving schools. The bond money will be used to build two new elementary schools, one middle school and an innovation and learning center. As part of the bond, each Academy District 20 school, including the Classical Academy, receives funding to use at its own discretion. The adopted budget for is $153,568,929. Capital Reserve Capital Project Fund In previous years, revenues for the Capital Reserve Fund were received as an allocation from Total Program Funding as required by the School Finance Act of This Act was amended during the 2009 legislative session to remove the prescribed allocation. The Capital Reserve Fund will continue to receive voluntary allocation from total program funding to fund projects and liabilities permitted by law, but no longer meet the criteria for a special revenue fund under GAAP. Expenditures from this fund are limited to the acquisition of land, improvements, construction of structures, or additions to existing structures, and acquisition of equipment and furnishings. The anticipated General Fund transfer for is equivalent to $125 per pupil. The fund receives small revenues from other sources. The adopted budget for is $7,514,412 Technology Fund In the district implemented a Technology Fund for the first time. Historically, accounting for revenue and expenditures associated with technology occurred in the General, Capital Reserve, and Building Funds. Implementing a Technology Fund allows for the district to more easily identify financial transactions, provide increased transparency, and better serve the technology needs of the district. In the school year the district implemented a 1:1 mobile device initiative at the technology strand schools. This initiative is funding ipad devices for students attending the technology strand schools. This initiative was phased in over four years and will be renewed in The adopted budget for the technology fund is established at $15,166,618. Changes in the appropriations for the Capital Project Funds from FY to FY are as follows: Capital Projects Funds FY Budget FY Final Budget % of Change Building Fund 153,568, ,766, % Capital Reserve Capital Projects Fund 7,514,412 12,452, % Technology Fund 15,166,618 15,125, % Total Capital Projects Funds $176,249,959 $211,344, % Adopted Budget 21 June 15, 2017

29 Enterprise Funds Funds used to account for operations that are financed and operated in a manner similar to private business enterprises where the stated intent is that the costs of providing goods or services to students or the general public on a continuing basis are financed by charges for services or products. For the FY the district will have no enterprise funds. Fiduciary Funds Funds used to report assets held in a trustee or agency capacity for others and therefore cannot be used to support the government s own programs. School Activity Fund The School Activity Fund is used to account for assets held by the district in a trustee capacity for individuals and school organizations. Agency Fund The Agency Fund is used to account for resources received and held by the district for (i) student scholarships and (ii) legislative consultation on behalf of member school districts of the Pikes Peak region. Five-Year Budget Forecasts A five-year budget forecast for each fund is prepared each year as part of the budget development process and is provided for public information. This forecast includes the FY budget as year one (base year) for our forecast. The budget forecast is one of many tools used in the budget development and decision making process. The parameters utilized in projecting revenues and expenditures are detailed below. All figures are subject to change and, therefore, the projection should only be used as one of many decision-making and planning tools. Complete budget forecasts and assumptions for the General, Food Service, Transportation, Building, Capital Reserve Capital Projects, Technology, and Bond Redemption Funds are included in the Informational Section. General Fund The District expects funded pupil count to increase by 1.5% per year through FY2022. Total base funding is anticipated to grow 2.8% for FY and 2.8% thereafter until 2022 as funding changes are indexed to the regional inflation rate. Salaries and benefits are expected to rise by 2%. While purchased service costs will increase by 2.8% per year. Over the next five years the district anticipates staffing two new elementary schools and one middle school. These staffing additions are included in the five year forecast. All decreases in fund balance will maintain unassigned fund balance between 8.6% and 10.3% and is within the range established in Board Policy. Food Service Fund The majority of the food service operations in the district are provided under a management contract is Sodexo, Inc. and Affiliates. The base funding is anticipated to grow at 2.8% for and at 2.8% thereafter until The food service fund reimburses the general fund $200,000 annual to cover salary and utility costs in the general fund. Adopted Budget 22 June 15, 2017

30 Transportation Fund State reimbursement is expected to increase at 2.8% per year for inflation plus 1.7% per year for student growth for a total of 4.5% per year. Field trip revenue is anticipated to increase by inflation of 2.8% per year. The district implemented a transportation fee in FY2013. This fee is projected to increase at the rate of student growth of 1.7%. Expenditures are projected to increase 2.8% each year. The adjusted budget for projected the fund balance at June 30, 2018 to be 16.7%. Fund balance will increase if fuel costs continue to decrease. This increase in fund balance will be utilized to replace the school activity buses when needed and possible other capital expenditures. Bond Redemption Fund Assessed valuations are expected to increase by 5% in the upcoming collection year and increase by 2-3% per year thereafter. The district has been authorized to sell $230 million in GO bonds. Currently $160 million have been sold. The remaining bonds will be sold in the next five years. The sale of the additional issuance has been reflected in the five year forecast. Building Fund Fund The projects associated with the building fund are listed in the narrative of the building fund. The sale proceeds of the full $230 million are anticipated to be fully spent in 8-10 years. Capital Reserve Capital Projects Fund The school finance act no longer requires a certain minimum per pupil amount be allocated each year to fund capital improvements and insurance needs. However, a minimum amount has been allocated to the fund to finance the anticipated costs for vehicles and facilities. Technology Fund The Technology Fund was created for to track district technology operations and capital needs. Major revenue sources, which include Federal Impact Aid Section 7002 revenue and a General Fund transfer, are expected to increase at rates sufficient to provide for on-going costs. Revenues and expenditures in the fund are expected to be fairly congruent through 2022, with most components contributing to fund balance growth being restricted or assigned for specific purpose. Personnel Resource Changes A summary of staffing positions by program for each job class, a five year staffing history for the district, and a school based staffing comparison are included in both the Financial (General Fund) and Informational Sections. The anticipated net increase in school staff from final FTE to projected is approximately 62 additional full time equivalents (FTE s). The additional school-based staff is needed to accommodate enrollment fluctuations within the district and growth as a result of accepting new out-of-district students. A large portion of this additional staff will be to increase district custodial staff. The district will be cancelling its outsourcing of custodians due to increase in contracted amounts. Providing custodial services internally is currently more cost efficient for the district. Additional headcount will be added in to accommodate two new elementary schools and one new middle school. Adopted Budget 23 June 15, 2017

31 At full phase-in, the Mill Levy Override approved by district voters in 2008 provides additional teaching positions to maintain class sizes in elementary, middle, and high schools. Approximately eight positions will be reserved each year until after the first few days of school. Determination of hot spots will be made based on actual enrollment and teacher FTE allocated to address unanticipated needs. The budget allows for eight teaching positions to support class size issues after the start of school. Student Performance For the seventh year in a row, Academy District 20 has received the prestigious Accredited with Distinction rating for the District Performance Framework. The Accredited with Distinction rating is a testament to the high levels of achievement and academic growth shown by the students of Academy District 20. Additionally, Academy District 20 is a high performing large school district in Colorado, with a dropout rate of.5% for the school year based upon the Colorado Department of Education and the Partnership for Assessment of Readiness for College and Careers (PARCC) results. District Performance Frameworks, along with a wealth of other data for all Colorado schools and districts, can be seen on Colorado Department of Education s SchoolView website through the District Dashboard. The Colorado Department of Education uses the SchoolView reporting system, a Web portal required under S.B that provides unprecedented transparency for all school performance data. The primary state assessments for Colorado school districts for 2016 include PARCC, the Colorado Measures of Academic Success (CMAS) and the Colorado ACT. PARCC: In the spring of 2016, Colorado students completed the following PARCC assessments for the second time: Grades 3-9 English Language Arts Grades 3-8 Mathematics Algebra I, Geometry, and Algebra II (Students span grades 7-9) Scoring: PARCC assessments have five performance levels that students can achieve: Exceeded Expectations, Met Expectations, Approached Expectations, Partially Met Expectations, and Did Not Yet Meet Expectations. For PARCC, the % ME (the percentage of students who Met and Exceeded Expectations) is one of the data points analyzed. School districts receive results for their district, Colorado, and the PARCC Consortium of states. Results: In English Language Arts, the % Met and Exceeded for D20 exceeded Colorado on each of the 7 grade level tests in ELA by an average of 14 percentage points. In Math, the % Met and Exceeded for D20 exceeded Colorado in 8 of the 9 grade level/content area tests by an average of 12 percentage points. Adopted Budget 24 June 15, 2017

32 CO ACT: The Colorado ACT is given to all Colorado students during their junior year. The 2016 Colorado ACT results represent the achievement of last year s juniors of the class of All student scores from the official Colorado ACT test dates are included in these results. The Colorado ACT is one of the Colorado assessments used for accountability purposes as reflected on school and district performance frameworks. Results: The 2016 Academy District 20 Composite score of 22.7 was the highest ever posted by Academy 20 juniors. The 2015 Academy 20 Composite score was.3 higher than The 2016 Academy 20 mean score exceed those of the state on all four content area tests and the composite by an average of 2.2 points. ACADEMY DISTRICT English Math Reading Science Composite COLORADO English Math Reading Science Composite Adopted Budget 25 June 15, 2017

33 Budget Compliance Statements In Compliance with C.R.S , this budget s revenue projections 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 School District Financial Policies and Procedures Handbook. This budget s expenditure estimates 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 Financial Policies and Procedures Handbook. Beginning fund balances and revenues equal or exceed budgeted expenditures and reserves. In compliance with C.R.S , this budget includes 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 on line at under the financial transparency link or through the Colorado Department of Education or the Colorado State Auditor s Office. Also, this budget includes the budgeted and estimated actual expenditures for the current fiscal year for comparison to the Fiscal Year budget. In compliance with C.R.S , the fiscal year budget has been prepared in accordance with the revenue, expenditures, tax limitation and reserve requirements of Article X, Section 20 of the Colorado State Constitution. Lastly, this budget was developed and is presented in accordance with Meritorious Budget criteria established by the Association of School Business Officials International (ASBO). Adopted Budget 26 June 15, 2017

34 Organizational Section District Organization/Facilities/Services 27 District Organizational Chart 30 PSSG Organizational Chart 31 District Map 32 Fund Accounting Detail 34 Chart of Accounts 37 Budget Procedures 40 Significant Budget Development Statutes, Policies & Guidelines 41 Budget Development Calendar 46 Budget Development Guidelines for Budget Managers 47

35 Academy District 20 Organization of the School District Fiscal Year The District The district, which is a fiscally independent unit of government, is served by a five member Board of Education and a United States Air Force Academy liaison. The Board serves as the taxing authority, contracting body, policy maker, and ensures that all general laws of the State of Colorado are followed in expenditures of the district s tax dollars and approves the annual adoption and appropriation resolution of the budget. The Board is empowered to employ a chief executive officer, the Superintendent, who is responsible to the Board of Education for the daily operations of the district. The district was established in 1957 and is organized under the constitution of the State of Colorado. Under such laws, there is no authority for a school district to have a charter or to adopt local laws. The legislative power of the district is vested in the Board of Education, consisting of five members elected at large for staggered four-year terms. To provide guidance for decision making and define the purpose, Academy School District 20 operates in accordance with the following statement: The mission of Academy School District 20 is to educate every student in a safe and nurturing environment and to provide comprehensive, challenging curricular and extracurricular opportunities that meet the unique needs of every individual by expanding interests, enhancing abilities, and equipping every student with the knowledge, skills and character essential to being a responsible citizen of our community, our nation and the world. WE BELIEVE: An educated citizenry is the cornerstone of a democratic republic. Every individual has innate worth and is entitled to be treated with respect. Learning is a lifelong endeavor. Every individual can learn and does so in a variety of ways. The education of each student is a responsibility shared by students, families, schools, and communities. Parents have both the right and the responsibility to choose the school, curriculum, and program(s) that best meet the needs of their student(s). The development of virtuous character is equal in importance to academic growth and critical to developing responsible citizens of our community, our nation, and the world. Whether in the classroom or at home, students achieve best in a nurturing environment where physical, intellectual, and emotional health is emphasized and safety is assured. Adopted Budget 27 June 15, 2017

36 Students must be held to the highest standards of academic achievement while recognizing the true success of our academic program is measured by the success of each student relative to his or her unique potential and individual progress. Every graduate must be fully prepared for the post-graduation path of his or her choice. Every student, staff member, and volunteer is responsible for the effective and efficient use of supplies, facilities, and financial resources. The district is located approximately 5 miles north of downtown Colorado Springs, El Paso County, Colorado. It covers an area of approximately 130 square miles, which includes the United States Air Force Academy. The city has experienced continued growth since The city had an estimated population of 456,568 in 2015, being the second most populous city in the state of Colorado, behind Denver, and the 40th most populous city in the United States, while the Colorado Springs Metropolitan Statistical Area had an estimated population of 682,545 in During the school year, the district served 24,124 full-time equivalent students. These students were housed in 18 elementary schools, 4 middle schools, 4 high schools, an alternative middle and high school, one K-12 campus, two online programs servicing K-12, a home school program and one K-12 charter school spread over 3 campuses. The district is anticipating serving a total of 24,524 full-time equivalent students during the school year. In the school year the district will have open one new elementary school and an innovative learning center. The new elementary school will be in the Wolf Ranch development and will serve grades PK-5th. The innovative learning center will include the home school academy, both online educational Programs as well as the Challenger Learning Center. Services and Programs Provided The district provides a wide variety of educational and support services to meet the needs of the children of the district and the requirements of the State of Colorado. These services include, but are not limited to, vocational programs, post secondary classes, High Trails outdoor education, programs for the talented and gifted, English as a second language, educational programming for expelled students, summer school remedial and enrichment opportunities, and services for special needs students. In addition a Home School Academy and an On-line High School were added in with great success and continue to grow enrollment. In the district added a K-8 on-line school serving approximately 140 students. More detailed information may be obtained by contacting the district s Central Registry Office and the district s Parent Guide for Academy School District offers an extensive choice program that is open to students within as well as outside of the district. Choice schools offer programs or opportunities Adopted Budget 28 June 15, 2017

37 that may be unique to a particular building. Differences may include the school schedule or its curricular focus. Current examples of the variety of choices available include: a K-12 technology strand, K-12 International Baccalaureate strand, accelerated school, alternative high school, K-12 charter school, K-12 math/science school, partial immersion programs, arts and ideas school, Chinese language school, and a 4th grade earth/environmental full-year program. The district provides daily busing for 8,000 K-12 students, utilizing the VersaTrans routing system. About 18% of the total student population utilized the transportation system. In addition, the district uses a Bus Service Index tool to evaluate circumstances that may require additional transportation service. The district implemented a fee for transportation entitled 20Ride for the school year that will continue in Please see the district website for further information. Student/staff food service is provided through a contract with Sodexo Corporation. Sodexo has provided food services to the district since 1981 when its predecessor company, SAGA, was not awarded the contract. Superintendent Initiatives In order to continually strive for excellence within District Twenty, each year the superintendent maintains a list of specific objectives or district focus areas. The following are the superintendent s initiative for : 1. Third Grade Reading Reduce the number of students identified as significantly reading deficient by 20%. 2. Achievement Gap Continue to close the achievement gap by utilizing Tableau to deeper analyze student data and program effectiveness. 3. Bring Your Own Device Expand the BYOD program and define standards for sustainability. 4. Graduation Guidelines Develop procedures for the implementation of new state graduation requirements for the school year. 5. Bond Issue Ensure effective communication to stakeholders of bond planning, to include approved projects, tax implications, and compliance with the Fair Campaign Practices Act. If the issue passes at the ballot, further activities will include establishment of construction management team, bond issuance timeline, credit rating presentation, multi-year project timeline, and bond oversight committee. 6. Future Ready District Pledge Formulate a Future Ready action plan to maximize personalized student learning. 7. Social Emotional Learning Lead efforts to improve social emotional learning and well-being of PK-12 students and staff. 8. Career Pathways Expand career pathways in D20 high schools that will enable students to earn an industry certificate, associate s degree and/or participate in apprenticeships/internships while simultaneously meeting district graduation requirements. The Budget was developed to assist in meeting or maintaining these initiatives. Initiatives for were developed in June Adopted Budget 29 June 15, 2017

38 Academy District 20 Organizational Chart Superintendent Dr. Mark Hatchell Deputy Superintendent/ Chief Financial Officer Tom Gregory Assistant Superintendent for Administrative Services Dr. Jim Smith Chief Information Officer Shelley Kooser Assistant Superintendent for Learning Services Dr. Susan Field Assistant Superintendent for Human Resources Dr. David Peak Executive Director for Security Brian Grady Executive Director for Learning Services Becky Allan Executive Director for Special Education Bob Barrows General Counsel Robert Cohn Director for Communication Allison Cortez Director for Legal Relations Tonya Thompson Adopted Budget 30 June 15, /1/17

39 PRINCIPAL SUPPORT SERVICES FOR Dr. Mark Hatchell Superintendent Dr. Susan Field, Coordinator Assistant Superintendent Learning Services Maureen Lang Dr. Jim Smith Becky Allan Dr. Susan Field Director Professional Learning Assistant Superintendent Administrative Services Executive Director Learning Services Assistant Superintendent Learning Services AEES ATES EWES-SITW EXES PHES RCES RRES TdVA AOHS AAHS AVC 7-12 DCC-HS HSA LHS PCHS RHS AC K-8 CMS CTES DCC-MS EMS FHES MRMS TMS AIES DCC-ES DVES FRES HPES MVES PIES WRES ELEM #20 Classified Staff Member Termination: Non-renewal of Probationary Teachers: Principal works directly with David Peak re: non-renewal of probationary licensed staff. Principals work with Gail Kozhevnikov or Rick Tanski regarding preparation of info on school classified staff member dismissal. Info must be reviewed and approved by David Peak prior to taking resolution to Board of Education and prior to principal/supervisor talking to and releasing the staff member. Principal, David Peak, and Bob Cohn will meet with Dr. Hatchell to review non-renewal info for the Board of Education. Allegations against a staff member: Principal/Supervisor contacts David Peak immediately in situations of: Any alleged inappropriate conduct by a staff member toward a student; Performance Concerns re: Teachers: Principal works directly with a Director for Human Resources re: teacher performance concerns. Adopted Budget 31 June 15, 2017 * TCA principals report to TCA personnel, but contact Jim Smith if questions. Dr. David Peak, Assistant Superintendent for Human Resources (All personnel support for schools) Alleged sexual harassment/harassment/physical abuse allegations by a student against a staff member; Notice of Deficiency for Non-probationary Teachers re: Unsatisfactory Performance/Remediation Plan for Non-probationary Teachers: Alleged sexual harassment/harassment by staff against staff; Non-school based supervisors follow this same process in working with Rick Tanski. Principal works directly with David Peak and the Director for HR re: unsatisfactory performance of non-probationary teachers Alleged sexual harassment/harassment by a parent against a staff member. Guest Teachers: Principal contacts Rick Tanski ASAP in a situation of alleged inappropriate conduct by guest teacher. 5/1/17 Staff Member Relations/Job Performance/Brainstorming Solutions: Principal works with Rick Tanski (secondary schools) and Gail Kozhevnikov (elementary schools) regarding staff member relations and performance concerns related to teachers and other staff. Non-school based supervisors work with Rick Tanski, Director for HR. David Peak will immediately notify Dr. Hatchell and the PSSG evaluator. In an emergency, if David Peak is unavailable, Bob Cohn should be contacted and if Bob Cohn is not available, Dr. Hatchell should be contacted. When in doubt, err on the side of making the phone call.

40 Building Map Adopted Budget 32 June 15, 2017

41 Contact Information 1 Academy Calvert K-8 Online Donna Heinrich, Principal 3475 Hampton Park Drive, PHONE: Academy Endeavour Elementary Bobbi Harper, Principal 3475 Hampton Park Drive, PHONE: FAX: Academy International Elementary Laura McNally, Principal 8550 Charity Drive, PHONE: FAX: Academy Online High School Nathan Gorsch, Principal 1110 Chapel Hills Drive, PHONE: , FAX: A 9th Grade Pilot Program Nathan Gorsch, Principal Thunder Mountain Ave., PHONE: , FAX: Air Academy High School Dan Olson, Principal 6910 Carlton Drive, PHONE: FAX: Antelope Trails Elementary Laura Cresap, Principal Jessie Drive, PHONE: FAX: Aspen Valley Campus 9-12 George Stone, Principal 1450 Chapel Hills, PHONE: FAX: A Aspen Valley Campus 7-8 Randy Thomas, Program Facilitator 1470 Chapel Hills Drive, PHONE: Challenger Middle School Tony Scott, Principal Lexington Drive, PHONE: FAX: Chinook Trail Elementary Patrick Schumaker, Principal Grand Lawn Circle, PHONE: FAX: Discovery Canyon Campus Andie Ruskin, Elementary Principal Mario Romero, Middle School Principal Jim Bailey, High School Principal 1810 North Gate Blvd., PHONE: FAX: Douglass Valley Elementary Kelly Farmer, Principal 4610 Douglass Drive, PHONE: FAX: Eagleview Middle School John Jamison, Principal 1325 Vindicator Drive, PHONE: FAX: Edith Wolford Elementary Bob Wedel, Principal Black Forest Road, PHONE: FAX: Explorer Elementary Kay Lynn Waddell, Principal 4190 Bardot Drive, PHONE: FAX: Foothills Elementary Rose Bergles, Principal 825 Allegheny Drive,80919 PHONE: FAX: Frontier Elementary Kelly Garnhart, Principal 3755 Meadow Ridge Drive, PHONE: FAX: High Plains Elementary Tom Andrew, Principal 2248 Vintage Drive, PHONE: FAX: Home School Academy Brandan Comfort, Administrator 1110 Chapel Hills Drive, PHONE: FAX Liberty High School Alan Thimmig, Principal 8720 Scarborough Drive, PHONE: FAX: Mountain Ridge Middle School Jeff Sterk, Principal 9150 Lexington Drive, PHONE: FAX: Mountain View Elementary Jill Hooper, Principal Lexington Drive, PHONE: FAX: Pine Creek High School Kolette Back, Principal Thunder Mountain Avenue, PHONE: FAX: Pioneer Elementary Diane Naghi, Principal 3663 Woodland Hills Drive, PHONE: FAX: Prairie Hills Elementary Vicki Axford, Principal 8025 Telegraph Drive, PHONE: FAX: Rampart High School Peter Alvarez, Principal 8250 Lexington Drive, PHONE: FAX: Ranch Creek Elementary Susan Paulson, Principal 9155 Tutt Boulevard, PHONE: FAX: Rockrimmon Elementary Carre Bonilla, Principal 195 W. Mikado Drive, PHONE: FAX: School in the Woods Bob Wedel, Principal Vollmer Road, PHONE: The Classical Academy Central K-6 Rebecca DeMeyer, Principal 1655 Springcrest Road, PHONE: FAX: The Classical Academy East-K-6, Cottage Program-K-8, College Pathways Program-7-12 Amy Nelson, East K-6 Principal Susan Nosal, Cottage K-8 Principal Cross Peak View, PHONE: FAX: Steve Wright, College Pathways Principal PHONE: FAX: The Classical Academy, North K-12 Don Stump, Elementary Principal 975 Stout Road, PHONE: FAX: Hugh Di Pretore, Jr. High Principal PHONE: FAX: Sean Shields, High School Principal PHONE: FAX: The da Vinci Academy Cindy Fesgen, Principal 1335 Bridle Oaks Lane, PHONE: FAX: Timberview Middle School Brett Smith, Principal 8680 Scarborough Drive, PHONE: FAX: Woodmen-Roberts Elementary Jenny Sterk, Principal 8365 Orchard Path Road, PHONE: FAX: Education and Administration Center, Learning Services, Preschool at Briargate, Finance, Purchasing, Technology 1110 Chapel Hills Drive, PHONE: FAX: Facilities and Planning Lexington Drive, PHONE: Sodexo 7408 Duryea Drive, PHONE: Transportation 7408 Duryea Drive, PHONE: Adopted Budget 33 June 15, 2017

42 Academy District 20 Fund Accounting Fiscal Year The accounts of the district are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance, revenues, and expenditures. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds can be grouped into the following three categories. Basis of accounting is modified accrual in compliance with Generally Accepted Accounting Principles (GAAP) governmental reporting requirements. 1. GOVERNMENTAL FUNDS General Fund (10) As the district s major operating fund, the General Fund accounts for the ordinary operating expenditures financed by property taxes, state equalization payments, service charges, and other sources. The fund includes all resources and expenditures not legally or properly accounted for in other funds as directed by C.R.S (1)(a). The General Fund balance is available to the district for any purpose provided it is expended or transferred according to Colorado Revised Statutes. Special Revenue Funds Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or for major capital projects) that are restricted to expenditures for specific purposes. The district maintains three Special Revenue Funds: The Food Service Fund (21) is used to account for all revenues and expenses associated with providing breakfast and lunch for students and staff. The intent of the Board of Education is that the cost of providing food or services to the students on a continuing basis be financed or recovered primarily through meal charges. The Designated Purpose Grant Fund (22) is used to account for the various federal, state and local grants awarded to the district to accomplish specific activities. The Transportation Fund (25) is used to account for financial transactions related to district sponsored transportation of pupils. These activities are partially supported by state transportation reimbursement and mostly subsidized with General Fund revenues from the General Fund. Debt Service Funds (31) Debt Service Funds account for the accumulation of resources and payment of long-term debt used to finance capital construction and land acquisition. Specifically, the district utilizes the Bond Redemption Fund, as specified in C.R.S (b), to finance and account for the payment of principal and interest on all long-term debt of the district. A third party trustee oversees the activities of the fund. Adopted Budget 34 June 15, 2017

43 Capital Projects Funds ---Capital project Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, acquisition or construction of major capital facilities and other capital assets (other than those financed by proprietary funds and trust funds). GASB and GASB Statement No. 54. The Building Fund (41) is used to account for all resources available for acquiring capital sites, buildings, and equipment. Examples of such resources include bond sale proceeds, grants, donations, an interfund transfers. The Capital Reserve Capital Projects Fund (43) is used to account for the purposes and limitations specified by Section (1)(c), C.R.S., including the acquisition of sites, buildings, equipment, and vehicles. The Technology Fund (44) is used for financial transactions related to all district related technological activity. These activities, including but not limited to information technology salaries and benefits, are subsidized with General Fund revenues from the General Fund as well as Federal Impact Aid. 2. PROPRIETARY FUNDS Enterprise Funds The district utilizes an Enterprise Fund to account for operations that are financed and operated in a manner similar to private business enterprise. The district does not currently have any enterprise funds. Internal Service Funds Internal Service Funds are used to account for the financing, on a cost-reimbursement basis of goods and services provided by one department or agency to other departments or agencies within the same government or to other governments or not-for-profit organizations. The district does not currently have any internal service funds. 3. FIDUCIARY FUNDS Expendable Trust and Agency Funds are used to account for assets held by the government as an agent for individuals, private organizations, and/or other funds. The district uses the following Agency Funds: The Agency Fund (73) accounts for assets held that are custodial in nature and do not involve measurement of operations. The School Activity Fund (74) accounts for assets held by the district in a trustee capacity for individuals and organizations. Adopted Budget 35 June 15, 2017

44 ACADEMY DISTRICT 20 Fund Organization Chart The Reporting Entity Annual Budget Comprehensive Annual Financial Report GOVERNMENTAL FUNDS General Special Revenue Debt Service General Fund (10) Food Service Fund (21) Bond Redemption Fund (31) Designated Purpose Grant Fund (22) Transportation Fund (25) Capital Projects Building Fund (41) Capital Reserve Capital Projects Fund (43) Technology Fund (44) PROPRIETARY FUNDS Enterprise None Internal Service None FIDUCIARY FUNDS Agency School Activity Fund (74) Adopted Budget Expendable Trusts Agency Fund (73) 36 June 15, 2017

45 Chart of Accounts Colorado Revised Statutes (C.R.S), Colorado Code of Regulations (C.C.R.), and Code of Federal Regulations (C.F.R.) stipulate the requirements for the funds and accounts used by school districts. The following information is provided to assist the readers of this document to identify revenue sources and program expenditures. This document provides only a brief overview of the required chart of accounts. Individuals seeking more detail may contact the Fiscal Services Office for a complete chart of accounts document. The following diagram illustrates the format and sequencing of the dimensions of the required reporting for revenues, expenditures, and balance sheet accounts. XX - XXX - XX - XXXX - XXXX - XXX - XXXX Fund Location SRE Program Source Object Equity/Liability/Asset Job Classification Grant/Project The following code sequences are required: FUND-established to carry on specific activities or attain certain objectives 10 General Fund Special Revenue Funds 21 Food Service Fund 22 Governmental Designated-Purpose Grant Fund 25 Transportation Fund Debt Service Funds 31 Bond Redemption Fund Capital Project Funds 41 Bond Fund 43 Capital Reserve Capital Projects Fund 44 Technology Fund Fiduciary Funds 73 Agency Fund 74 School Activity Fund LOCATION-used to identify organizational units 100 Elementary Schools 200 Middle (Junior High) Schools Adopted Budget 37 June 15, 2017

46 High Schools Vocational/Technical/Online Schools Combination Schools Centralized Services Service Centers District-wide Costs Other Operational Units SPECIAL REPORTING ELEMENT-describes the activity for which a service or material object is acquired 10 Instruction 20 Support Services 30 Non-instructional Services 40 Facilities Acquisition and Construction Services 50 Other Uses 90 Reserves PROGRAM-plan of activities and procedures designed to accomplish a predetermined objective or set of objectives Adopted Budget Instruction Support Services-Students Support Services-Instructional Staff Support Services-General Administration Support Services-School Administration Support Services-Business Operation and Maintenance of Plant Services Student Transportation Services Support Services-Central Planning, Research, Development, and Evaluation Services Other Support Services Volunteer Services Non-Instructional Services Food Services Facilities Acquisition and Construction Services Other Uses Reserves 38 June 15, 2017

47 OBJECT/SOURCE/BALANCE SHEET OBJECT-is used to describe the service or commodity obtained as the result of a specific expenditure 100 Salaries 200 Employee Benefits 300 Purchased Professional and Technical Services 400 Purchased Property Services 500 Other Purchased Services 600 Supplies 700 Property 800 Other Objects 900 Other Uses of Funds SOURCE-is used to describe the funding origin (source) and type of revenue 1000 Revenue from Local Sources 2000 Revenue from Intermediate Sources 3000 Revenue from State Sources 4000 Revenue from Federal Sources 5000 Other Sources BALANCE SHEET CODES-used only for balance sheet reporting 6000 Fund Balance / Net Assets 7000 Current Liabilities 8000 Assets and Other Debits JOB CLASSIFICATION-enables the district to break down expenditures for salaries and benefits 100 Administrator 200 Professional-Instructional 300 Professional-Other 400 Paraprofessional 500 Office/Administrative Support 600 Crafts, Trades, and Services GRANT/PROJECT-provides a means of segregating financial data associated with specific grants and categorical funding projects. Major codes are specified by the Colorado Department of Education with other codes available for local activities. Adopted Budget 39 June 15, 2017

48 Academy District 20 Budget Procedures Fiscal Year The district adheres to the following procedures in establishing the budgetary data reflected in the financial statements: 1. Budgets are required by state law, except fiduciary fund types. Annual appropriated budgets are adopted for all funds. During May, the Superintendent of Schools submits to the Board of Education a proposed budget for the fiscal year commencing the following July 1. The budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted by the Board of Education to obtain taxpayer comments on the proposed budget. 3. Prior to June 30 the budget is adopted and appropriated by formal resolution. 4. Expenditures may not legally exceed appropriations at the fund level. Authorization to transfer budgeted amounts between departments within any fund and the reallocation of budget line items within any department in the General Fund rests with administration. Revisions that alter the total expenditures of any fund must be approved by the Board of Education. 5. Budgets for all fund types are adopted on a basis consistent with generally accepted accounting principles. 6. All original and supplemental unencumbered appropriations for all funds lapse at the end of the fiscal year. (Certain uncommitted general fund school allocations are re-appropriated in the succeeding fiscal year by administrative policy). 7. Formal budgetary integration is employed as a management control device during the year for all funds consistent with the general obligation bond indenture and other statutory provisions. All funds must complete the year within the amount of their legally authorized appropriation. 8. Appropriation amounts are as originally adopted, or as amended by the Board of Education throughout the year by supplemental appropriations. Adopted Budget 40 June 15, 2017

49 Academy District 20 Significant Budget Development Statutes, Policies & Guidelines Fiscal Year I. The Purpose of a Budget The purpose of a budget is to provide a plan of financial operation, incorporating an estimate of proposed expenditures for a given period and a purpose that includes the proposed means of financing that plan. To achieve this basic purpose, a comprehensive budget system must be integrated with the financial accounting system. II. Detailed budget planning allows the district to reflect educational values and needs. The structure and format provided by a well-designed budget promotes rational decision-making regarding the importance of various school district services. In this way, administrators and the Board of Education are assisted in educational planning as well as the prioritization and planning of all district operations through the allocation of resources. 1B Long Range Planning The district utilizes the Cambridge Planning Process for administrative departments and school. This long range planning process assures that department and school site plans align closely with the district s mission and belief statements. Each site has developed objectives and detailed action plans that are intended to improve student achievement and the overall effectiveness of the district s operations. III. Site plans are reviewed on a quarterly basis for accomplished actions and costs. An annual review process assures that each plan reflects the changing needs of the site. For example, schools might revise elements in their site plan to reflect priorities identified during the accreditation process or from Annual Yearly Progress (AYP) requirements. 2B The Budget Process The budget process involves multiple steps, which includes identification of district goals, budget calendar, budget projections, budget content, program budgeting, and the utilization and presentation of prescribed forms. In addition to the preparation of the operating budget, the capital budget must be prepared. The capital budget is based on a five-year plan, prioritized based on useful life of systems maintenance, safety and improvements to district buildings. The impact of capital projects is considered when developing the operating budget. A. Adopted Budget Budgetary Accounting The budget serves as the basis for information appearing on required reports, as an integral part of the accounting records and as a tool for management control of expenditures during the fiscal year. 41 June 15, 2017

50 B. The district s budget is prepared on Generally Accepted Accounting Principles (GAAP) basis. A GAAP budget includes all expenditures incurred and revenue earned during the period, regardless of the timing when cash is actually received or paid. Budget Projections In order to prepare budget projections for the ensuing fiscal year, the district has developed underlying assumptions, aligned with Board s Policy Governance objectives and goals, administrative policies, and the district s mission statement, for use in forecasting sources and uses of funds. 1. Beginning Fund Balance/Retained Earnings The district determines an estimate of year-end fund balances/retained earnings to be carried forward to the ensuing year as beginning balances/earnings. In February 2009, the Governmental Accounting Standards Board (GASB) issued Statement No. 54, which substantially altered the categories and terminology used to describe fund balance components. The new focus includes constraints on the specific purposes for which the fund balance can be spent. Restricted Fund Balance is governed by laws through constitutional provisions or enabling legislation. Committed Fund Balance has limitations imposed at the highest level of decision making authority of the entity. Assigned Fund Balance can be established by the highest level committee or personnel official designated for that purpose. Classification of Fund Balance requires projection of accounts payable and receivable, expenditures, and revenues for the remaining portion of the current budget year. One needs to be constantly reminded that this process is definitely an art and not a science as the projections constantly change as additional actual data becomes available. 2. Revenues For a review of the major revenue sources and the projection process, see detailed Revenue Assumptions presented in the Financial Section of this document. 3. Expenditures For a review of the major expenditures and the projection process, see detailed Expenditure Assumptions presented in the Financial Section of this document. 4. Budget Transfers a. Administrative Policy [DBJ] and state statutes govern budget transfers after the annual budget has been adopted by the Board of Education. The Board of Education has delegated transfer authority to administration with certain limitations. The Board of Education must approve transfers in excess of these limitations. b. Operating subsidies to other funds must be approved by the Board of Education. Adopted Budget 42 June 15, 2017

51 IV. 3B Budget Publication and Adoption The Board of Education of the district must adopt a budget and an appropriation resolution for each fund that presents a complete financial plan for the ensuing fiscal year. In accordance with state budget law, the budget shall include actual revenues and expenditures/expenses in detail for the last completed fiscal year, revenues and expenditures/expenses anticipated/budgeted or both for the current fiscal year and proposed revenues and expenditures/expenses for the ensuing fiscal year. A. Notice of Budget Publication 1. Proposed Budget/Notice to Public The proposed budget shall be submitted to the Board of Education at least 30 days prior to the beginning of the fiscal year. Per statute, Within 10 days after the submission of the proposed budget, The Board of Education must publish a notice stating that the proposed budget is on file at the principal administrative offices of the district; that the proposed budget is available for inspection during reasonable business hours; that any person paying school taxes in the district may file or register an objection thereto at any time prior to its adoption; and that the Board of Education of the district will consider adoption of the proposed budget for the ensuing fiscal year on the date, time and place specified in the notice. 2. Budget Consideration by the public B. C. D. Adopted Budget State law requires that a public meeting be held at which the proposed budget will be considered by the Board of Education. Budget Adoption 1. The Board of Education must adopt a budget for each fiscal year prior to the beginning of the fiscal year (July1). 2. After adoption, the Board of Education may modify the budget prior to January 31 of the current fiscal year. Changes to the budget after that date may be authorized only under supplemental budget provisions. Appropriation Resolution 1. The Board of Education must adopt a budget and an appropriation resolution for each fiscal year prior to the beginning of such year. The appropriation resolution must specify the amount of money appropriated to each fund. The amounts appropriated to a fund must not exceed the amount as specified in the adopted budget. 2. The Board of Education may not expend any monies in excess of the amount appropriated by resolution for a particular fund in the absence of a supplemental budget resolution. Budget Filing The appropriation resolution must be filed with the Colorado Department of Education by January 31st, following the start of the fiscal year for which the budget was adopted. A copy of the budget is also to remain on file at the 43 June 15, 2017

52 E. F. V. VI. 4B main administrative office of the district throughout the year and must be open for public inspection during reasonable business hours. Failure to Adopt a Budget If either the budget or appropriation resolution is not properly adopted as required by statute, then 90% of the last duly adopted budget and appropriation resolution shall be deemed to be budgeted and appropriated. Financial Transparency Certain financial information must be posted online as prescribed by Article 44, Title 22 of the Colorado Revised Statutes. TABOR Constitutional Amendment In November 1992, a majority of voters in the State of Colorado passed a constitutional amendment commonly referred to as Amendment 1 or the Taxpayers Bill of Rights (TABOR). The intent of the amendment is to restrict the growth of government in the state. Property tax revenue and total spending are restricted to increase by no more than the rate of population growth plus the Denver/Boulder Consumer Price Index for the calendar year immediately preceding the fiscal year. 5B Policy Governance Guided by the districts mission statement, in June 2005, the Board of Education adopted a Policy Governance framework which further enhances the district s focus on increasing student knowledge and academic achievement. As part of the framework, the Board adopted four Ends Statements which are summarized as follows: E-1 E-2 E-3 E-4 Adopted Budget Mega End All students will have the knowledge, skills, and character necessary for successful transition to the next level and upon graduation will be fully prepared for success. Knowledge/Academic Achievement All students will meet or exceed District 20 standards and graduation requirements and will identify and pursue their areas of personal interest and ability. Learning Skills All students will develop the skills and motivation necessary for life-long learning and success. Character and Citizenship All students will develop the qualities of character and citizenship necessary to be positive contributors to society. 44 June 15, 2017

53 For a complete text of the Ends Statements, please refer to the Board Governance Policies under the Visitors Center on the district s website at H In addition to the Ends Statements, the Board adopted several Executive Limitation (EL) policies which address limitations on the Superintendent in his efforts to satisfy the Ends Policies. EL-2.6 details the budget development process and includes the following: EL-2.6 Financial Planning and Budgeting Financial planning for any fiscal year shall not deviate materially from the Board of Education s Ends policies, risk fiscal jeopardy to the district, or fail to be derived from a multi-year plan. Specifically, the Superintendent may not allow a budget process that is not presented in an easily understood summative format and that does not provide a clear relationship between budget items and the Board s Ends policies (as stated above). In addition, the Superintendent may not plan for expenditure in any fiscal year of more funds than are conservatively projected to be available in the year. The Adopted Budget meets the requirements of EL-2.6 as demonstrated by the following Financial Section of this document. Ends Policies The district is committed to attracting and retaining superior teachers, administrators, and staff by offering competitive compensation packages and staff development budgets. Funding for teachers has increased from fiscal year , as detailed in the Financial Section of the adopted budget. The district s staffing formula is illustrated within Expenditure Assumptions in the Financial Section. Funding for School Operations and Student Support Services has increased from Budgets for instructional and support programs are detailed in the Financial Section. Other Support Service Programs such as Business Services and Human Resources, indirectly contribute to the Ends policies by providing and safeguarding the district s resources. Fiscal Jeopardy The Adopted Budget is based on audited revenues and expenditures for fiscal years , , and , adjusted budget balances for , and additional budget factors specific to Budget planning assumptions, in compliance with state and federal statutory requirements and regulations, are itemized in the Organizational Section. Balanced budgets have been prepared for all funds. Multi-Year Plan Five-year forecasts for the General Fund, Transportation Fund, Technology Fund, Capital Reserve Capital Projects Fund, and Debt Service Fund are included in the Informational Section of the Adopted Budget publication. Format The Adopted Budget has been prepared in a format similar to the Adopted Budget which earned the Association of School Business Officials Meritorious Budget Award. Adopted Budget 45 June 15, 2017

54 Academy District 20 Budget Development Calendar FY August 2016 September 2016 Board of Education charges District Accountability Committee to study and recommend expenditure priorities for Budget presentations to District Accountability Committee (DAC) and Budget Subcommittee of DAC December 15, 2016 Mill Levy Certification of property tax collection for calendar year 2017 (FY ) January 2017 January 19, 2017 January 31, 2017 February 2017 March 16, 2017 May 1, 2017 DAC hears budget priority presentations from each school and develops district wide priorities for inclusion in the annual report to the Board of Education. Mid-year modifications approved by the Board of Education Deadline for submitting final adjusted budget to CDE Denver-Boulder CPI announced (CY2016 inflation) Board of Education receives and approves budget priorities report from DAC Schools informed of their per pupil allocation May 11, 2017 Proposed Budget to Board of Education June 1, 2017 Public forum on Proposed Budget May 8-22, 2017 June 15, 2017 June 23, 2017 August 25, 2017 Publish Notice to the public that the Proposed Budget is available for review per C.R.S (1) Budget Adoption by Board of Education School and department budget worksheets completed and locked Initial district wide assessed value received from County Assessor s office October-November Anticipated modifications based on October Certified Enrollment informally presented to the Board of Education November 10, 2017 Pupil Count Certified to CDE December 15, 2017 Mill Levy Certification of property tax collection for calendar year 2018 (FY ) Adopted Budget 46 June 15, 2017

55 Academy District 20 School Budget Development Guidelines Fiscal Year Budget Controls School administrators will control accounts for building substitutes, overtime, certain extra duty salaries, before/after school tutoring, purchased services, supplies, materials, and capital outlay, in the General Fund Principals should budget according to site planning and accreditation goals. Finance develops and monitors regular salary and benefit budgets. All budget transfers are subject to the requirements established in state statute and administrative policy and must be approved by building principals and the director for budget and planning. Per Pupil Allocations for School Sites Initial allocations will be based on 90% of the budget s projected October 2017 enrollments. Adjustments based on the October certified count will be adopted by the Board of Education and submitted to CDE in January The Colorado Public School Finance Act of 2008 removed the requirement that a specified per pupil amount be budgeted for instructional supplies and materials each year. This requirement elimination will continue to allow schools more flexibility in meeting staff and student needs in The Per Pupil Allocations that provide discretionary support for are as follows: Elementary Middle High School School Program per Pupil $ $ $ Custodial Supplies Textbook and Snow Allocation Removal per Pupil per school $5, $ 47.50A $12, $ $22,900.00B $ Athletic Support Per School $0.00 $0.00 $76,610C A Elementary allocation includes $5 for science kits B An additional amount of $10,000 is added for pool maintenance C Additional amounts of $3,700 for boys LAX and girls field hockey After completion of the District s FY2016 financial audit, in November 2017, remaining balances will be determined and carried-forward to the appropriate school budget accounts. Schools will be allotted $70 per student in to replace and/or improve technology available to staff and students. School principals must chose technology from a menu of options approved by the Chief Information Officer. Adopted Budget 47 June 15, 2017

56 Academy District 20 Administrative Department Budget Development Guidelines Fiscal Year Budgetary Controls Finance will develop regular salary (0110), (0190) and benefit (0200) budgets. Administrators will control accounts for substitutes (0120), overtime (0130), extra duty salaries (0150), purchased services (0390), printing (0550), cell phones (0530), travel & registration (0580), supplies & materials (0610), capital outlay (0735), and dues and fees (0810). Administrators are responsible for oversight of their department budgets. All budget transfers are subject to the requirements established in Colorado state statute and District Twenty administrative policy. All budget transfers must be pre-approved by an administrator before approval by the director of budget and planning. Base Budgets for Administrative Departments departmental budgets will be based on allocations and will only increase for specific superintendent approved initiatives. All reductions to budgets must have no impact on classroom instruction/activities. Adopted Budget 48 June 15, 2017

57 Financial Section Revenue Assumptions 49 Expenditure Assumptions 57 DISTRICT FUNDS SUMMARY, Schedule of Revenue/Expenditures/Fund Balance All Funds 66 Governmental Funds General Fund Schedule of Revenue, Expenditures, and Changes in Fund Balance 70 Graph of Revenue and Fund Balance 72 Graph of Fund Revenue by Source 73 Schedule of Resource Changes 74 Schedule of Revenue and Fund Balance 75 Graph of Expenditures and Transfers by Program Graph of Expenditures and Transfers by 76 Object 77 Summary of Expenditures and Transfers by Program 78 Summary of Expenditure and Transfers by Object 80 Expenditure Detail by Program Mandated/Not Mandated 82 Mandates, Non Mandates Graph 86 Summaries of Expenditures by Program and Object 88

58 School Resource Allocations Per Pupil Projections/Allocations 119 School Resource Allocations 120 Technology Resource Allocations 121 District Resource Allocations by Loc FTE 122 Full Time Equiv Employees by Program 124 District Resource Allocations FTE 125 Charter School Allocations 127 Special Revenue Funds Food Service Fund 130 Designated Purpose Grants Fund 132 Transportation Fund 136 Debt Service Fund Bond Redemption Fund 139 Debt Service Schedule 142 Capital Projects Fund Building Fund 145 Capital Projects Capital Reserve Fund 147 Technology Fund 150 Fiduciary Funds Agency Funds Agency (Scholarship) Fund 153 School Activity Fund 154

59 Revenue Assumptions

60 Academy District 20 Revenue Assumptions for Fiscal Year Total Program Funding Total Program Funding is the revenue available to the district as determined by the School Finance Act of 1994 (as amended for ) and accounts for approximately 80.04% of the district s General Fund Revenue. Each year since passage of the Act, the Colorado Legislature has modified the formula in order to provide funding for public education in the state. Amendment 23, approved by voters statewide in November 2000, requires an annual inflationary increase to the statewide base per pupil amount. For the budget year the base will be increased by the 2016 Denver/Boulder CPI. The Denver/Boulder CPI for 2016 was 2.8% resulting in an increase to the base per pupil amount from $6, to $6, or $ for FY Complementary to the state-wide base amount, the Act includes several other multiplying factors that are used to determine the district s total per pupil funding level before and after atrisk funding. However, another year of projected revenue shortfall is expected at the state level. This shortfall of revenue has forced the state to modify the School Finance Act since fiscal year and each subsequent year. This modification is The Negative Factor and sets the statewide funding level for Colorado school districts at a lesser amount, which results in an 11.1% reduction in revenue compared to the unadjusted School Finance Act funding level. The district is a minimum funded district ( floor funded ; as defined by the act), and as such, receives funding no less than 95% of the statewide per pupil average when the actual formula does not generate revenue at least equal to the minimum. Because the district per pupil funding is adjusted upward to 95%, the district s per pupil funding actually will have an increase from minimum funding levels. Finance Act Per Pupil Funding FY FY $ Change % Change Minimum Funding (95% of state average) $7, $7, $ % Projected per pupil funding amounts will be adjusted to reflect the actual amounts following the district s certified October, 2016 funded pupil count (FPC). The district s adopted budget is based upon the following school finance act factors: Anticipated Statutory Formula Per Pupil Funding Factors Funded Pupil Count 24,524.2 Base Funding Per Pupil $6, Cost of Living Factor District Size Factor Personnel Cost Factor Non-Personnel Cost Factor At-Risk Funded Pupil Count 2,395.2 State Budget Negative Factor -11.1% Minimum Per Pupil Amount $7, Adopted Budget 49 June 15, 2017

61 District versus State Funding Assumptions Assumptions for the FY adopted budget reflect total program funding based on a funded pupil count using the district s projected pupil count model, a state-wide at-risk student percentage of 37.2%, the district s estimate of assessed valuation and anticipated specific ownership taxes for the current fiscal year. Once all of these variables are finalized, actual total funding may vary considerably from this adopted budget. The most significant budgetary impact would occur with changes in the district s funded pupil count. A 1% deviation between the projected pupil count and the actual funded pupil count will cause revenue to fluctuate by approximately $1.8 million. The following chart highlights the current differences between the district s projection model for FY and the projections prepared by the Colorado Legislative Council Staff. Total Program Funding Comparisons by Funding Component Factors District Projection Model State Projection Model Information Only Estimated October Funded Pupil Count 24, , Estimated "Minimum" Funding Per Pupil 7, , Total Program Funding $178,328,947 $178,446,742 Property Taxes (Lesser of) Estimated Assessed Valuation $1,526,071,113 $1,417,683,957 Mill Levy Maximum Total Property Tax $41,130,669 $38,209,418 Specific Ownership Tax Estimated Collections $4,309,912 $4,424,464 Estimated State Equalization $132,888,366 $135,812,860 NOTE: The state formula assumes 100% collection of property taxes by June 30. Historically the district collects less than 100% during the entire tax year. However, 100% of the levy is budgeted as revenue in accordance with the state formula. The annual abatement mill levy generally provides revenue in an amount that is the approximate difference in the formula levy and the actual collection. After the State Legislature has established the funding level per pupil, which usually is not completed until near the end of the session in May, the amount is multiplied by the projected October 2017 funded pupil count to estimate the district s total program funding. Total program funding will be adjusted by the Colorado Department of Education in December 2017 to reflect the actual pupil count; at-risk funding based upon actual free lunch and ELL (English Language Learners) counts; the district s actual assessed valuation; the actual specific ownership tax collected during the previous fiscal year; and adjustments for the actual number of out-ofdistrict placed pupils. The sum of FY state aid, local property tax collections estimated at 100%, and specific ownership taxes collected during the fiscal year comprise total program funding projected in the budget. The diagram on the following page illustrates the School Finance Act formula. The amounts used in the illustration are taken from the state s projection model. Adopted Budget 50 June 15, 2017

62 State-wide base funding for previous year ( ) $6, Denver-Boulder CPI = 2.80% $6, State-wide base funding current year ( ) School Finance Act Summary FY Estimate using CDE's Estimated Pupil Count * Personnel Cost Factor * Non-Personnel Cost Factor At-Risk Calculation Free Lunch Count (1-8) 1,350.0 = = Total Membership (1-8) 14,386.0 * Cost of Living Factor Projected K-12 Free Lunch Count $7, $ K-12 Membership = 24,808.0 Actual 1-8 Free Lunch % = $7, (PLUS) + English Language Learners = x Size Factor = Actual K12 Free Lunch Count = Base Per Pupil Before At-Risk $8, Greater of Projected & Actual = At-Risk Funding Amount $2,595, Funded Pupil Count $191,773,729 23,837.4 Online Ascent On-Line & Ascent Formula $194,368,750 $8, $5,549,482 $7, Minimum Formula Funding Total Program Funding $806,399 $200,724,631 $32.86 "Base" Minimum Funding Per Pupil $8, Less State Budget Negative Factor % $22,277,764 Negative Factor Per Pupil $ Final Total Program Funding for $178,446,867 Total Per Pupil Revenue $7, Adopted Budget 51 June 15, 2017

63 Funded Pupil Count The preliminary funded pupil count for FY budget development is based upon a projection of 24, The actual funded pupil count will be certified to the Colorado Department of Education by November 10, 2017 based on an official count held the first week of October. Budget impact of certified student count will be reported to the Board of Education in November 2017 with final budget modification presented to the Board of Education no later than Jan 31, The following table shows pupil enrollments and funded pupil counts (estimated enrollment for FY ), including at-risk and charter school counts, for the most recent four school years: Certified FY Certified FY Certified FY Certified FY Estimated FY At-Risk, Grades K-12 2, , , , ,322.0 October 1 Enrollment 23, , , , ,524.2 Non-Charter Funded Pupil Count 19, , , , ,938.0 Average Attendance Adjustment Full Day Kindergarten Factor Subtotal 19, , , , ,072.2 Charter School Funded Pupil Count 3, , , , ,452.0 Total Funded Pupil Count 23, , , , ,524.2 In 2008, the state legislature adjusted the school finance formula to provide partial funding for full day kindergarten. The total kindergarten count is multiplied by the factor (in this factor remained at.08) to determine a number that is added to the certified pupil count to arrive at the Total Funded Pupil Count. 2. State Equalization The district s primary revenue component from state equalization payments is created by the School Finance Act. For this budget, the district is anticipating $132,888,366 in state equalization payments during the fiscal year, which represents about 59.6% of General Fund revenue for FY This amount includes projected student growth. The actual state equalization amount will be adjusted in December to reflect certified pupil counts, certified mill levies as well as the audited specific ownership taxes from the previous fiscal year. State equalization revenue is received in twelve equal monthly installments on the 25 th of each month. The district projects necessary monthly cash flows for the ensuing fiscal year based on state payments. 3. Assessed Valuation, Mill Levies and Property Taxes The current tax year is a property tax reassessment year. The assessed valuation of property is expected to increase by 5%. The budget assumes an assessed valuation of properties to be $1,526,071,113. The El Paso County Assessor must notify the district by August 25, 2017 of the initial district-wide assessed value with final certification provided by December 15, Adopted Budget 52 June 15, 2017

64 The General Fund total program mill levy is established in accordance with state statutes and constitutional limitations. The simplified calculation is based upon the following restrictions: Senate Bill 99, passed in 2007, established the General Fund mill levy at mills. 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. Property tax revenue for the district s fiscal year is actually collected in two different calendar years. Historical trends show that about 2% of annual property tax revenues are collected between September and January with the remaining 98% 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 28 and the second half due by June 15 or, 2) full payment due by April 30. Property tax revenue estimate for FY is based upon anticipated taxes received by the district from September 2017 through August This issue is critical in estimating and managing the monthly cash flows of the district as minimal property taxes are collected in September through January of any given fiscal year. Gallagher Amendment The Gallagher Amendment, passed in 1982, was designed to maintain a constant ratio between the property tax revenue that comes from residential property and from business property. To simplify a set of complex formulas, the effect of Gallagher was to reduce the assessment rate (the percent of property value that is subject to taxation) whenever statewide total residential property values increased faster than business property values. As a result of the Gallagher Amendment, the assessment rate for residential property has declined by more than two-thirds over the years because of Colorado s population growth and because of increases in residential real estate values. The net effect has been a marked decline in revenues collected from property tax, which prior to Gallagher, provided the majority of school funding. This budget projects the residential assessment rate to decrease from 7.96% to 7.2%. The effect of this change would decrease the assessed value of a $100,000 home to $7,200 from $7,960. Mill Levy Override Funding A separate levy is calculated for two override property tax proposals approved by district voters in November 1999 and November 2008 and must be certified annually by the Board of Education. The 1999 election allows for a maximum annual collection of $12,750,862 and the 2008 election allows for an additional maximum annual collection of $14,000,000. The 1999 election also set a maximum cap for all four district mill levies combined at The Board of Education will review its options regarding the amount to levy prior to the mill levy certification in December Based upon current assessed valuation assumptions, mills are anticipated to be levied and would generate revenues to fully fund the 1999 and 2008 override. Adopted Budget 53 June 15, 2017

65 Mill Levy for General Obligation Bonds District voters have passed three 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. On November 8, 2016 district residents passed the bond measure with historic levels of support, 60 percent in favor to 40 percent against. The district is authorized to sell $230 million in GO bonds. The bond money will be used to build two new elementary schools, one middle school and an innovation and learning center. As a part of the bond, each existing school and the charter school will receive funding to use at its own discretion. Property owners will not incur a property tax rate increase because of this bond. The levy for this budget is calculated at mills. Mill Levy for 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. Uncollectible taxes are estimated to reduce the overall revenue to the district by $131,900. 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 special abatement levy. The FY abatement levy is initially projected to be mills, the same level as certified for Total District Mill Levies The following table shows the district mill levies anticipated for fiscal year Based on the actual assessed valuation, the Board of Education will certify mill levies in December 2017 to comply with statutory requirements. Certified Certified Certified Certified Projected Mill Levy FY FY FY FY FY School Finance Act Levy Abatement Levy Override Levy Override Levy Bond Redemption Levy Total Mill Levies Specific Ownership Taxes A portion of Specific Ownership Taxes (SO Taxes) are used to fund the district s total program under the School Finance Act. SO Tax is an annual ownership fee charged on vehicle registrations in El Paso County. These revenues are distributed by the county treasurer to the various ad valorem taxing jurisdictions in the county based upon the percentage of the total property taxes levied in the county by each taxing entity. The portion of SO Tax estimated for the School Finance Act is $4,309,912. Additional SO Tax revenue of $5,162,169 is generated by the other district mill levies and is exempt from inclusion in the School Finance Act. This revenue is also credited to the General Fund. Total SO Tax Adopted Budget 54 June 15, 2017

66 revenues are projected to be approximately the same as last year due to the local economy remaining relatively flat related to vehicle purchases. Other State Revenues Projected levels of other revenues in the General Fund are estimated based upon historical collections for the various revenue sources. Except for expelled and at-risk student services grant revenue, other revenues are not expected to vary significantly from historic funding levels. The following table shows other revenues from state sources (estimated for FY and FY ), for the most recent five school years: GENERAL FUND Audited FY Audited FY Audited FY Final Budget FY Budget FY Vocational Education $1,078,709 $1,408,167 $1,324,996 $1,850,000 $1,850,000 Special Education 3,459,793 3,518,542 3,570,939 3,400,000 3,400,000 Gifted & Talented 218, , , , ,000 English Language Learners (ELL) 79, , , , ,240 Charter School Capital Construction 289, , , , ,301 Totals $5,126,024 $5,815,091 $6,064,865 $6,475,388 $6,530, Federal Impact Aid Impact aid revenue is a result of the impact of the Federal Government presence near or within a school district. For Academy School District 20, this impact is directly related to the military presence in El Paso County. The district receives funding for students whose parents are connected to the federal government (mostly military). This revenue amount is expected to slightly decrease from the level. In some fiscal years, additional funding from the Department of Defense is received for special needs students who live on a military facility. This revenue is not certain from year to year. The anticipated amount in the budget is projected to remain flat from the prior year. In addition to per pupil revenue, the district receives funding for lost property taxes as a result of the Air Force Academy being a Federal, non-taxable property within district boundaries. Approximately 20% of the district s land mass is owned by the federal government for the Academy. This revenue amount is also expected to remain at the current year level. This year the district anticipates transferring $1,500,000 of this revenue to the technology fund to maintain the districts technology replacement plan. Adopted Budget 55 June 15, 2017

67 6. General Fund Equity The beginning fund balance estimated for July 1, 2017 is based upon the following assumptions: Local revenue will be received at 99.5% of the adjusted budget State revenue will be received at 99.5% of the adjusted budget Federal revenue will be received at 99.5% of the adjusted budget Salary and benefits will be expended at 99.5% of the adjusted budget Purchased services will be expended at 97.4% of the adjusted budget Supplies, equipment and fees will be expended at 97.4% of the adjusted budget (unspent school budgets will be recorded as assigned fund balance) The district has implemented the requirements of GASB 54. The following table presents the July 1, 2017 projected fund equity. Unassigned Restricted & Assigned Total June 30, 2016 audited fund balances $28,635,281 $14,028,844 $42,664,125 Projected revenues 214,270, ,270,874 Projected expenditures (218,568,542) (851,000) (219,419,542) June 30, 2017 projected fund balances $24,337,613 $13,177,844 $37,515, Article X, Section 20 of the Colorado Constitution (TABOR) District voters approved removing the Tax Payers Bill of Rights, TABOR, revenue and spending limitations in November As a result, these limitation requirements are no longer considered in the development of the annual budget. However the TABOR requirement that all state and local governments set aside a 3% emergency reserve based on certain revenue collections remains. In general, federal revenues, charitable donations and voter-approved taxes are outside the reserve requirement. The district budgeted the entire 3% reserve amount in the General Fund. In summary, the district has been conservative in revenue estimates and student enrollment projections for FY If new revenue becomes available due to any number of factors, the additional funds would be allocated to the unassigned fund balance. Additional adopted expenditures would be submitted to the Board of Education for consideration and approval in December and January during the midyear budget modification process. Adopted Budget 56 June 15, 2017

68 Expenditure Assumptions

69 Academy District 20 Expenditure Assumptions for Fiscal Year Expenditure assumptions described on the following pages reflect the budget goals incorporated in the Board of Education s Executive Limitation Policies for FY2018. The expenditure assumptions may be revised during the budget adoption process to ensure the budget is balanced with available resources. 1. Salaries Salary schedules have been approved by the Board of Education and are included in the Informational Section of the budget document. One of the highest priorities of the Board of Education is to attract and retain the best teachers and staff. Therefore, compensation for FY is a major component of the resource allocation plan. The following information shows the adjustments made to the compensation package for each employee group when compared to levels: Employee Classification Employee PERA COLA / OTHER Extra Duty & Lanes Total Package Teaching Staff** 0.5% 3.0% 0.8% 4.3% Classified Staff 0.5% 3.0% 0.7% 4.2% Staff Specialists 0.5% 3.0% 0.7% 4.2% School Administrators 0.5% 3.0% 0.7% 4.2% Other Administrators 0.5% 3.0% 0.7% 4.2% **Extra Duty or Supplemental pay is an additional.12% The detailed line items in the Budget have been adjusted to reflect the salary and benefit increases adopted by the Board of Education. For , the average teacher salary budgeted is $52,400 plus benefits of $14,280 for a total of $66,680. This calculation was based upon the average annualized salary after February 2017 payroll plus the above pay increases. 2. Employee Benefits The District provides funding for several mandatory and District sponsored employee benefit plans. The following is a summary of each type of plan and the estimated costs: Mandatory: Public Employees Retirement Association 20.15% of salary Medicare (for all employees hired after 3/31/86) % of salary In 2006 and 2010, legislation passed in Colorado that requires annual increases to the employer contribution (AED) through 2016 and the employer/employee contribution (SAED) through 2018 toward the Public Employees Retirement Association (PERA) on behalf of all district employees. As the District is an affiliated employer of PERA, the mandatory annual contribution increase has significant financial impact. The legislation does not change the employee contribution rate of 8% of salary. The table below shows the required annual contribution increases beginning in 2008: (Calendar Year) Employee 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Employer 10.15% 10.15% 10.15% 10.15% 10.15% 10.15% 10.15% 10.15% 10.15% 10.15% 10.15% AED 1.4% 1.8% 2.2% 2.6% 3.0% 3.4% 3.8% 4.2% 4.5% 4.5% 4.5% SAED 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% Employer Tot Total Change 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.8% 0.5% 0.5% Adopted Budget 57 June 15, 2017

70 District Sponsored/Voluntary: Medical, vision and dental insurance Life insurance Disability insurance The district has renewed its sponsored health, dental and vision benefit plans for FY Renewal of the health plan in will see premium decrease for all insured categories. This decrease in premiums will be passed along to the plan participants. All employees who are eligible for the district provided health insurance plan receive an employer contribution option under Internal Revenue Code Section 125. Full time employees who opt out of the district health plan and have proof of insurance elsewhere are eligible to receive the cafeteria contribution as taxable income. For employees who participate in the health plan, the cafeteria contribution goes toward the health premium. The district s cafeteria contribution remains the same as the prior year at $115 per month for full time employees. Renewals for the basic and buy-up dental and vision plans for require no cost increase to either employees or the district. Premiums for the district sponsored life insurance plans are paid by the district. Employees may choose to purchase additional life insurance and long-term disability from the district s plan provider. Mandatory unemployment and worker s compensation insurances will be accounted for in the General Fund in and are fully paid by the district. Employee benefits in the general and grant funds are calculated as a percentage of total salaries for the adopted budget as shown in the following table: Job Classification Percentage 100 Administrators 24.92% 200 Teachers 27.24% Non-teaching Professionals 26.46% Paraprofessionals 31.96% Administrative Support 30.06% Skills & Trades 30.87% 3. Longevity/Early Retirement Incentive & Annual Staff Leave Reimbursement Administrative policy provides a longevity incentive to eligible employees (employees hired on or before June 30, 1999) who have completed 15 years of full time service. In addition, certain annual staff leave may be reimbursed when eligible employees leave the District. $1,000,000 has been budgeted in FY for the requirements of these policies. Adopted Budget 58 June 15, 2017

71 4. Staffing Formulas The district uses staffing formulas and guidelines to provide human resources to schools. Each school has a projected pupil count which is multiplied by the Teacher Equivalency (TE) Factor to create a TE allocation which is then used at the school to determine the actual staff positions necessary to serve the students in the school. In addition to the TE allocation each school receives a core allocation to provide for operation of the other school programs. The following table illustrates examples of sample staffing allocation formulas. Position Elementary Schools Middle Schools High Schools Teacher Equivalency Factor (TE) used to provide positions to schools. Schools have flexibility to use the TE allocations for teachers and other staff to best serve the needs of their respective school community x school FTE (K-5 Enrollment, K=.5).0558 x school enrollment.0597 x school enrollment GENERAL ALLOCATION (FLEX) TE -- BASED ON ENROLLMENT DATA Counselors <350 students =.5 TE Variable Factors Variable Factors 350+ students = 1 TE College Counselors n/a n/a 1.0 TE per school Deans n/a < 1,000 students = 1.0 TE from General Allocation Lic. Or Class. Librarian/Media Spec 0.63 TE per school 1 TE per school 1 TE per school Literacy Teacher Variable Factors 1 TE per school 1 TE per school IB Cood (IB School only)/acad Arts Variable 1 TE per IB/Arts School Variable Principal's Secretaries/Admin Asst.64 TE per school.7 TE per school.83 TE per school Oracle Bookkeepers.14 TE per school.32 TE per school.32 TE per school Security n/a n/a -.45 TE per school Technology Technicians n/a.38 TE per school.38 TE per school Planning 1 TE per 412 enrolled students (does not include new choice) Restructuring Grants 3 TE / 4 Title n/a n/a Schools Title Funding Variable n/a n/a Graduation Requirements n/a n/a.5 TE /.35 AVHS Small School Adjustment < 400 enrollment qualifies for small school allocation. The allocation is.5 TE per 50 under 400 enrolled students (does not include new choice) n/a n/a CORE CLASSIFIED (NON-FLEX) TE Athletic Trainer n/a n/a 1 TE per school Building Manager.79 TE per school.83 TE per school.86 TE per school Crossing Guards TE per school TE per school n/a Custodians Variable Variable Variable Sodexo Meal Clerk TE per school n/a n/a CORE ADMIN (NON-FLEX) TE Principals 1 per school 1 per school 1 per school Assistant Principals < 375 enrollment = enrollment = 1 n/a < 650 enrollment = enrollment = enrollment = 3 n/a < 900 enrollment = ,199 enrollment = 2 1,200+ enrollment = 3 Athletic Directors n/a n/a 1 per school MISC OTHER Full Day Kindergarten n/a n/a.72 TE per school.93 TE per Title I JROTC TE (AAHS Only) n/a n/a 3 TE per ROTC School Adopted Budget 59 June 15, 2017

72 5. Building Budget Allocations The Colorado Public School Finance Act of 2009 removed the prior requirement that a specified per pupil amount be budgeted for instructional supplies and materials each year. The amount required in FY was $ Elimination of this requirement allows the schools more budget flexibility in meeting staff and student needs. In the school allocation will remain at levels. The average school budget support per pupil for is $ Because budget support to schools is based on projected enrollment, individual schools are initially allocated budget at 90% of projected enrollment. After the official state count on October 1, 2017, schools are allocated the balance based on actual certified enrollment. Detailed allocations for schools are included in the Financial Section. The following table summarizes initial school allocations for School Program Textbooks/Science Kits Custodial Supplies/ Total Level Per Pupil Budget Per Pupil Budget Snow Removal Budget Elementary schools $ $1,323,835 $47.50 $401,807 $108,550 $1,834,192 Middle schools $ $950,175 $47.50 $244,629 $63,000 $1,257,804 High schools Base allocation $ $1,749,295 $47.50 $373,449 $141,400 $2,264,144 Athletics $394,150 $0 $0 $394,150 Total high schools $2,143,445 $373,449 $141,400 $2,658,294 Total schools $4,417,455 $1,019,885 $312,950 $5,750,290 Other Programs International Baccalaureate $203,500 $203,500 Total school allocations $4,620,955 $1,019,885 $312,950 $5,953,790 Adopted Budget 60 June 15, 2017

73 6. Utilities The total utility budget for FY has not increased over One analysis method the district utilized to develop the utility budget is by taking the average of the past 3 years of actual expenses for each utility type and increasing the average by 4%. This methodology is not applied to the Other category. Comparative utility costs / budgets for five years are shown in the following table for natural gas, electricity, water/sewage, trash removal, and other. 3 Year Final Audited Audited Audited Average Budget Budget GENERAL FUND FY FY FY Plus 4% Natural Gas $ 915,435 $ 723,030 $ 558,198 $ 761,510 $ 967,630 $ 949,170 Electricity 2,356,238 2,330,528 2,271,421 2,412,171 2,565,580 2,584,040 Water/Sewage 982, ,538 1,035,966 1,043,824 1,104,910 1,104,910 Waste Removal** 88,294 83,749 91,637 91,409 89,830 89,830 Other** 426, , ,258 n/a 317, ,500 Totals $ 4,769,154 $ 4,788,209 $ 4,646,480 $ 4,308,915 $ 5,045,587 $ 4,879,450 Percent Change 6.62% 0.40% (2.96%) 1.35% -3.29% ** Includes Sustainability (Green Grant) Funding 7. Charter School Charter school budget allocations are based on projected student enrollments. The district, as the executive chartering authority, receives per pupil revenue for the charter enrollment and passes it through to the charter school each month. The following table shows the projected enrollment for along with the past nine years of actual enrollments. Certified Certified Certified Certified Certified Certified Certified Certified Certified Projected Enrollment 2, , , , , , , , , ,820.0 Funded Count 2, , , , , , , , , , Administrative Policy DBD - Determination of Budget Priorities Administrative policy DBD Determination of Budget Priorities directs the administration to prepare the budget each year meeting certain requirements set forth in the policy. The policy requirements have been incorporated in this adopted budget. 3% Emergency Reserve Article X, Section 20 of the state constitution (the Taxpayers Bill of Rights or TABOR) requires that the state and local governments set aside a 3% emergency reserve based on certain revenue collections. In general, federal revenues, charitable donations and voter-approved taxes are outside the reserve requirement. The entire 3% reserve amount is budgeted in the General Fund. While the 2009 School Finance Act added language to allow school districts in Colorado to pledge buildings in part or in whole, in lieu of cash, toward this reserve and further allow districts to borrow short term cash from the reserve for emergencies; District 20 does not use this option. Adopted Budget 61 June 15, 2017

74 Unassigned Appropriated Operating Reserve This reserve is to be set no lower than 3% of General Fund budgeted revenue each year. Due to the uncertain economic situation in the state budget and the district building three new schools in the next five years the reserve is set at $23,029,000 or 10.3% of revenue in the FY budget. Salary and Benefit Accruals The budget must be developed on a GAAP (Generally Accepted Accounting Principles) basis in order to maintain full funding of the salary and benefit accruals each year. Salary and benefit budget allocations have been set at levels sufficient to meet this policy requirement. Unfulfilled Purchase Obligations on June 30 Purchase order encumbrances on June 30 do not lapse under this policy. An assignment of fund balance for encumbrances or contractual obligations is set aside in order to provide budget in the subsequent year when the goods or services are actually received. This amount is budgeted at $300,000. Carryover of Unspent Per Pupil Allocations The requirement in state statutes to carryover certain unspent school budget amounts was eliminated beginning with the fiscal year. However, this policy applies to all school per pupil budget allocations and provides carryover authority. This assignment of ending fund balance is budgeted at $1,887,000. Risk Related Activity The district policy is to have all unspent budget related to risk related activity carryover into the following year. The carryover in intended to be spent in the event of a facility emergency. In the past three years $1.5 million of reserves has been spent on safety equipment and surfaces enhancements at the elementary schools in addition to roof repairs. Medicaid In prior years, Medicaid reimbursement has accounting for in the designated purpose grants fund. Many school districts in Colorado were account for these expenditures in the general fund. To enhance district comparability to other districts these expenditures were moved to the general fund and unspent reimbursements in a fiscal year are recorded as an assigned fund balance. Economic Development Service Contract This is a contract between the city of Colorado Springs and the school district. It is a fee that the city will charge the district related to increase business startups within the district attendance area. The city has not billed the district for this fee so a reserve was established to pay this fee when billed. 9. Food Services Fund The district contracts with Sodexo Corporation to provide school lunch and breakfast programs for district students. Sodexo will reimburse the district $200,000 in for indirect costs, such as utilities, maintenance, etc. related to the food service program. Sodexo reimbursed the district $200,000 in Transportation Fund The Transportation Fund was created in FY to provide better accounting for student transportation related activities. Revenue to the fund is provided from two major sources. The amount subsidized from the general fund in FY is $5,340,230. The Adopted Budget 62 June 15, 2017

75 General Fund provides approximately 67.9% of the revenue while a state categorical grant provides slightly less than 21.3%. Beginning in FY the district began charging a small fee for certain types of student transportation. A complete listing of the fee schedule is available on the district s website by selecting the Transportation icon. This fee based system is expected to generate $400,000 in revenue for the transportation fund. This revenue will help relieve some of the burden on the general fund s obligation to fund transportation. The cost of fuel, mainly diesel, is a significant variable and difficult to determine at this time. The district acknowledges there may be a need for supplemental appropriation during due to the potential volatility of fuel prices. 11. Bond Redemption Fund The Bond Redemption Fund is used to collect property tax revenues specifically restricted for payment of the general obligation bonds issued by the district. Interest is paid from the fund in June and December each year. Principal payments are made once each year, in December. A restricted fund balance at year end is maintained in an amount sufficient to pay the debt service requirements for the following December. Should the fund balance be insufficient, Tax Anticipation Notes (TAN s) or internal borrowing will be utilized on a shortterm basis to fund any cash flow needs. Any short-term borrowing will be repaid from property taxes collected during the fiscal year. 12. Building Fund The Building Fund was reactivated in January 2017 to account for the proceeds of general obligations bonds approved by district voters in November The election provides a total authorization of $230 million. On January 12, 2017 the district issued $160 million in bonds. The bonds closed on January 24, The remaining $70 million will be sold at a later date. The majority of the proceeds, $80.5 million will be used to construct two new elementary schools and an innovation learning center. $38.2 million will be used for remodels and additions to existing facilities to meet growth needs. $14.5 million will be divided, based on a fairness formula, and distributed each school to spend on site specific needs. $5 million will be spent on items identified in a facility audit. $14.6 million will be shared with the district s charter school, The Classical Academy, to meet their specific facility needs. The remaining $7.2 million will be spent on district wide technology needs and board contingency items. 13. Capital Reserve Capital Projects Fund The Capital Reserve Capital Projects Fund was re-designated in FY This fund was previously called the Capital Reserve Fund. However, in 2009 the school finance act removed the mandatory transfers to this fund. After this legislative change, it was determined that this fund no longer meets the standards for a special revenue fund designation and should be categorized as a capital projects fund. Compliant expenses from the fund include major maintenance or repair, major remodeling, new construction, lease agreements, equipment purchases, or computer purchases. A per pupil allocation provides revenue to this fund as well as dollars from the mill levy override approved by district voters in The allocation to the Capital Reserve Capital Adopted Budget 63 June 15, 2017

76 Projects Fund budgeted for will be funded at $2,777,875 which equals $ per projected K-12 pupil headcount. 14. Technology Fund The district created a Technology Fund in FY to provide better accounting for the technology requirements of the district. Historically, accounting for revenue and expenditures associated with technology has occurred in the General, Capital Reserve, and Building Funds. Implementing the Technology Fund will allow the district to identify financial transactions and better meet the technology needs of the district. The adopted budget for includes the resources necessary to support the district s infrastructure requirements and replace obsolete classroom technology in accordance with the district s replacement plan. The district will continue a one to one initiative that provides an apple ipad to all students in the technology strand schools. The transfer from the general fund for FY is $5,960,925. In summary, the district has developed balanced budgets for the district. The district has been conservative in revenue estimates and student enrollment projections for FY The district has also anticipated the staffing requirements based on the enrollment projections and reduced expenditure budgets to balance with the known revenue reduction from the state school finance act. Should new revenue become available due to any number of factors, the additional funds would be allocated initially to the unassigned fund balance. Additional proposed expenditures would be submitted to the Board of Education for consideration and approval in December and January during the midyear budget modification process. Adopted Budget 64 June 15, 2017

77 DISTRICT FUNDS SUMMARY Schedule of Revenue, Expenditures, and Fund Balance

78 Where dreams take flight One student at a time. Adopted Budget 65 June 15, 2017

79 Academy District 20 ALL DISTRICT FUNDS Schedule of Revenues, Expenditures and Fund Balance FY Budget Governmental Funds Fiduciary Funds Special Revenue Funds Transportation, Grants & Food Service Debt Service Fund Capital Projects Funds Capital Reserve & Technology General Fund Agency Funds Beginning Fund Balance Fund Balances/Retained Earnings/Carryover 37,515,457 1,795,975 25,532, ,802,009 4,158,243 Adjusted Fund Balances/Retained Earnings 37,515,457 1,795,975 25,532, ,802,009 4,158,243 Revenues Property and Specific Ownership Tax 77,903,505-23,330, State Sources 139,418,907 2,709, Federal Sources 2,850,000 8,050,000-1,620,000 - Charges for Services - 4,040, Interest on Investments 100, , ,500 - Tuition & Fees 1,385, ,650 - Other Revenue 1,153, , ,000 11,110,000 Total Revenues 222,811,032 15,459,000 23,474,575 2,709,150 11,110,000 Other Financing Sources Transfers In 200,000 5,340,230-8,738,800 - Total Financing Sources 200,000 5,340,230-8,738,800 - Total Resources Available 260,526,489 22,595,205 49,007, ,249,959 15,268,243 Expenditures Instructional Services 118,585,086 7,400, ,005 - Pupil Services 10,565, ,240 - Instructional Staff 6,686, General Administration 1,882, School Administration 17,371, Business Administration 2,449, Central Services 1,739, ,376,935 - Risk Management 3,116, Security Services 2,235, Maintenance and Operations 11,823, Utilities 4,879, Transportation Services - 7,912, Community Services 387, Non-Instructional Services 147, Debt Service ,566, Capital Outlay ,264,077 - Operating Expenses - 5,330, Other ,000-11,110,000 Total Expenditures 181,869,590 20,642,700 25,592, ,246,257 11,110,000 Other Financing Uses Transfers Out 41,997, , Total Financing Uses 41,997, , Ending Fund Balance Restricted Earnings 5,387,000-23,414,576-4,158,243 Committed Earnings Assigned for Projects 8,243,460 1,752,505-54,003,702 - Unassigned Fund Balance 23,029, Total Resources Appropriated 260,526,489 22,595,205 49,007, ,249,959 15,268,243 Adopted Budget 66 June 15, 2017

80 Academy District 20 ALL DISTRICT FUNDS Schedule of Revenues, Expenditures and Fund Balance FY Budget Component Unit Charter School Payments Included in Other Funds Adjusted Grand Totals Grand Total Beginning Fund Balance - 233,804, ,804,214 Fund Balances/Retained Earnings/Carryover - 233,804, ,804,214 Adjusted Fund Balances/Retained Earnings Revenues - 101,234, ,234,080 Property and Specific Ownership Tax - 142,127, ,127,907 State Sources - 12,520,000-12,520,000 Federal Sources - 4,040,000-4,040,000 Charges for Services - 995, ,500 Interest on Investments - 1,533,650-1,533,650 Tuition & Fees - 13,112,620-13,112,620 Other Revenue - 275,563, ,563,757 Total Revenues Other Financing Sources 27,918,409 42,197,439 (42,197,439) - Transfers In 27,918,409 42,197,439 (42,197,439) - Total Financing Sources 27,918, ,565,410 (42,197,439) 509,367,971 Total Resources Available Expenditures 27,918, ,606, ,606,500 Instructional Services - 11,468,165-11,468,165 Pupil Services - 6,686,745-6,686,745 Instructional Staff - 1,882,085-1,882,085 General Administration - 17,371,509-17,371,509 School Administration - 2,449,430-2,449,430 Business Administration - 6,116,530-6,116,530 Central Services - 3,116,000-3,116,000 Risk Management - 2,235,505-2,235,505 Security Services - 11,823,135-11,823,135 Maintenance and Operations - 4,879,450-4,879,450 Utilities - 7,912,700-7,912,700 Transportation Services - 387, ,975 Community Services - 147, ,150 Non-Instructional Services - 25,566,529-25,566,529 Debt Service - 116,264, ,264,077 Capital Outlay - 5,330,000-5,330,000 Operating Expenses - 11,136,000-11,136,000 Other 27,918, ,379, ,379,485 Total Expenditures Other Financing Uses - 42,197,439 (42,197,439) - Transfers Out - 42,197,439 (42,197,439) - Total Financing Uses Ending Fund Balance - 32,959,819-32,959,819 Restricted Earnings Committed Earnings - 63,999,667-63,999,667 Assigned for Projects - 23,029,000-23,029,000 Unassigned Fund Balance 27,918, ,565,410 (42,197,439) 509,367,971 Total Resources Appropriated Adopted Budget 67 June 15, 2017

81 Where dreams take flight One student at a time. Adopted Budget 68 June 15, 2017

82 GOVERNMENTAL FUNDS These are the funds through which most governmental functions are typically financed. The funds included in this category are: General Fund Special Revenue Funds Food Service Designated Purpose Grants Fund Transportation Fund Debt Service Fund Bond Redemption Fund Capital Projects Fund Building Fund Capital Reserve Capital Projects Fund Technology Fund

83 GENERAL FUND As the District s major operating fund, The General Fund accounts for ordinary operating expenditures financed by property taxes, state equalization payments, service charges and other sources. The fund includes all resources and expenditures not legally or properly accounted for in other funds. The General Fund balance is available to the District for any purpose provided it is expended or transferred according to Colorado Revised Statutes. It is the most significant fund in relation to the District s overall operation.

84 Where dreams take flight One student at a time. Adopted Budget 69 June 15, 2017

85 Academy District 20 GENERAL FUND Schedule of Revenues, Expenditures and Changes in Fund Balances Budget - FY FY FY FY Audited Final Difference % of DESCRIPTION Actuals Budget Budget Final Budget Budget Beginning Fund Balances NONSPENDABLE -Prepaid Items $ 33,155 $ 66,896 $ 66,896 $ % RESTRICTED -TABOR Reserve 5,132,000 5,387,000 5,387, % ASSIGNED -Risk Related Activity 3,626,034 3,434,527 2,434,527 (1,000,000) 0.93% -Contractual Obligations 212, , , % -Employee Benefit Programs 543, , , % -Longevity Bonus 1,461,000 1,260,000 1,260, % -Medicaid - 1,220,121 1,220, % -Economic Development Service Contract , , % -School Supply Carryover 1,685,273 1,887,004 1,887, % UNASSIGNED - -Appropriated Operating Reserve 24,704,710 28,635,281 24,337,613 (4,297,668) 9.34% Total Fund Balance 37,398,778 42,664,125 37,515,457 (5,148,668) 14.43% Budgeted Revenues Local Revenues 77,723,637 78,505,546 80,542,125 2,036, % State Revenues 127,824, ,715, ,418,907 6,703, % Federal Revenues 2,896,423 2,850,000 2,850, % Total Revenues 208,444, ,070, ,811,032 8,740, % Other Financing Sources Operating Transfers In 200, , , % Total Revenue & Other Sources 246,043, ,934, ,526,489 3,591, % Budgeted Expenditures Instructional Services & Student Support 146,124, ,010, ,756,165 7,745, % General Administration 1,481,708 1,796,625 1,882,085 85, % School Administration 16,740,051 16,770,943 17,371, , % Business Administration 2,354,885 2,491,180 2,449,430 (41,750) 0.94% Central Services 1,551,145 1,712,091 1,739,595 27, % Risk Management Activities 2,974,860 3,110,110 3,116,000 5, % Security Services 1,922,256 2,224,575 2,235,505 10, % Maintenance & Operations 11,040,934 11,422,978 11,823, , % Utilities 4,646,480 4,991,390 4,879,450 (111,940) 1.87% Other Non-instructional Services 801, , ,125 (51,179) 0.21% Total Expenditures 189,638, ,116, ,787,999 8,671, % Other Financing Uses Operating Transfers Out 13,740,652 18,302,694 14,079,030 (4,223,664) 5.40% Total Expenditures & Other Uses 203,379, ,419, ,867,029 4,447, % Ending Fund Balances 42,664,125 37,515,457 36,659,460 (855,997) 14.07% NONSPENDABLE -Prepaid Items 66,896 66,896 - (66,896) 0.00% RESTRICTED -TABOR Reserve 5,387,000 5,387,000 5,387, % ASSIGNED - -Risk Related Activity 3,434,527 2,434,527 2,934, , % -Contractual Obligations 300, , ,000 (402) 0.12% -Employee Benefit Programs 472, , ,000 (894) 0.18% -Longevity Bonus 1,260,000 1,260,000 1,260, % -Medicaid 1,220,121 1,220,121 1,220,000 (121) 0.47% -Economic Development Service Contract - 149, ,860 20, % -School Supply Carryover 1,887,004 1,887,004 1,887,000 (4) 0.72% Total Nonspendable, Restricted, & Assigned 14,028,844 13,177,844 13,630, , % Unassigned Appropriated Operating Reserve 28,635,281 24,337,613 23,029,000 (1,308,613) 8.83% Total Resources Appropriated 246,043, ,934, ,526,489 3,591, % Adopted Budget 70 June 15, 2017

86 Academy District 20 GENERAL FUND Schedule of Revenues, Expenditures and Changes in Fund Balances Budget FY FY FY FY Audited Final Difference % of DESCRIPTION Actuals Budget Budget Final Budget Budget Beginning Fund Balances NONSPENDABLE Prepaid Items $ 33,155 $ 66,896 $ 66,896 $ 0.03% RESTRICTED TABOR Reserve 5,132,000 5,387,000 5,387, % ASSIGNED Risk Related Activity 3,626,034 3,434,527 2,434,527 (1,000,000) 0.93% Contractual Obligations 212, , , % Employee Benefit Programs 543, , , % Longevity Bonus 1,461,000 1,260,000 1,260, % Medicaid 1,220,121 1,220, % Economic Development Service Contract 149, , % School Supply Carryover 1,685,273 1,887,004 1,887, % UNASSIGNED Appropriated Operating Reserve 24,704,710 28,635,281 24,337,613 (4,297,668) 9.34% Total Fund Balance 37,398,778 42,664,125 37,515,457 (5,148,668) 14.43% Budgeted Revenues Local Revenues 77,723,637 78,505,546 80,542,125 2,036, % State Revenues 127,824, ,715, ,418,907 6,703, % Federal Revenues 2,896,423 2,850,000 2,850, % Total Revenues 208,444, ,070, ,811,032 8,740, % Other Financing Sources Operating Transfers In 200, , , % Total Revenue & Other Sources 246,043, ,934, ,526,489 3,591, % Budgeted Expenditures Salary & Benefit 140,750, ,401, ,530,007 7,128, % Purchased Services 13,184,401 13,486,831 14,137, , % Supplies & Materials 8,247,220 11,371,805 11,483, , % Capital Outlay 543, , ,076 (2,500) 0.07% Other Expenses 561, , ,245 (3,800) 0.21% Total Expenditures 163,287, ,984, ,869,590 7,884, % Other Financing Uses Charter Schools 26,350,810 27,132,214 27,918, , % Operating Transfers Out 13,740,652 18,302,694 14,079,030 (4,223,664) 5.40% Total Expenditures & Other Uses 203,379, ,419, ,867,029 4,447, % Ending Fund Balances 42,664,125 37,515,457 36,659,460 (855,997) 14.07% NONSPENDABLE Prepaid Items 66,896 66,896 (66,896) 0.00% RESTRICTED TABOR Reserve 5,387,000 5,387,000 5,387, % ASSIGNED Risk Related Activity 3,434,527 2,434,527 2,934, , % Contractual Obligations 300, , ,000 (402) 0.12% Employee Benefit Programs 472, , ,000 (894) 0.18% Longevity Bonus 1,260,000 1,260,000 1,260, % Medicaid 1,220,121 1,220,121 1,220,000 (121) 0.47% Economic Development Service Contract 149, ,860 20, % School Supply Carryover 1,887,004 1,887,004 1,887,000 (4) 0.72% Total Nonspendable, Restricted, & Assigned 14,028,844 13,177,844 13,630, , % Unassigned Appropriated Operating Reserve 28,635,281 24,337,613 23,029,000 (1,308,613) 8.83% Total Resources Appropriated 246,043, ,934, ,526,489 3,591, % Adopted Budget 71 June 15, 2017

87 Academy District 20 FY Budget General Fund Total Revenues, Other Sources and Fund Balances Restricted Revenue & Transfers 0.1% Fund Balance 14.4% Federal Revenue 1.1% Other State Revenue 2.5% Property Tax 16.0% Override Property Tax 10.3% Specific Ownership Tax 3.6% State Equalization 51.0% Other Local Revenue 1.0% Total General Fund Revenue $223,011,032 Total General Fund Balance 37,515,457 Total General Fund Resources Available for Appropriation $260,526,489 Adopted Budget 72 June 15, 2017

88 Academy District 20 FY Budget General Fund Revenue by Source Federal Revenue 1.3% Restricted Revenue & Transfers 0.1% Other State Revenue 2.9% Property Tax 18.7% Override Property Tax 12.0% State Equalization 59.6% Specific Ownership Tax 4.2% Other Local Revenue 1.2% Total General Fund Revenue $222,811,032 Total Restricted Revenue plus Transfers 200,000 Total General Fund Revenues Available for Appropriation $223,011,032 Adopted Budget 73 June 15, 2017

89 Academy District 20 GENERAL FUND Schedule of Resource Changes Budget - FY FY FY Non- Final Recurring Recurring Adopted Difference % of DESCRIPTION Budget Revenue Revenue Budget Budget Beginning Fund Balances NONSPENDABLE -Prepaid Items $66,896 - $66,896 $66,896 $0 0.03% RESTRICTED -TABOR Reserve 5,387,000-5,387,000 5,387, % ASSIGNED -Risk Related Activity 3,434,527-2,434,527 2,434,527 (1,000,000) 0.93% -Contractual Obligations 300, , , % -Employee Benefit Programs 472, , , % -Longevity Bonus 1,260,000-1,260,000 1,260, % -Medicaid 1,220,121-1,220,121 1,220, % -Economic Development Service Contract , , , % -School Supply Carryover 1,887,004-1,887,004 1,887, % UNASSIGNED -Appropriated Operating Reserve 28,635,281-24,337,613 24,337,613 (4,297,668) 9.34% Total Fund Balance 42,664,125-37,515,457 37,515,457 (5,148,668) 14.40% Property Taxes Current 39,172,065 41,130,669-41,130,669 1,958, % 1 Property Taxes Override 26,749,847 26,750,501-26,750, % Property Taxes Abatement Levy 649, , ,154 32, % Property Taxes Uncollectible (131,900) (131,900) - (131,900) % Total Property Tax Revenue 66,439,682 68,431,424-68,431,424 1,991, % Specific Ownership Tax Equalized 4,295,596 4,309,912-4,309,912 14, % 1 Specific Ownership Tax Remaining 5,176,485 5,162,169-5,162,169 (14,316) 1.98% Tuition From Individuals 10,000 10,000-10, % Summer School Tuition 250, , ,000 25, % Full Day Kindergarten Tuition 800, , , % Preschool Tuition 300, , , % Investment Interest 100, , , % Charter School Services 283, , ,620 19, % Rental Revenue 180, , , % Crossing Guards 30,000 30,000-30, % Parking Fees 65,000 65,000-65, % Advertising Revenue 15,000 15,000-15, % Insurance Claims 10,000 10,000-10, % Other Miscellaneous Revenue 250, , , % P-CARD Rebate Revenue 100, , , % Unanticipated Donations and Grants 200, , , % Total Local Revenue Sources 78,505,546 80,342, ,000 80,542,125 2,036, % State Equalization Revenue 147,745, ,242, ,242,814 4,496, % 1 State Budget Negative Factor (22,157,660) (22,263,068) - (22,263,068) (105,408) -8.55% 1 Contingent Revenue for Increase in the Pupil Count 651,604 2,908,620-2,908,620 2,257, % 1 State Equalization - General Fund 126,239, ,888, ,888,366 6,648, % Vocational Education 1,850,000 1,850,000-1,850, % Special Education 3,400,000 3,400,000-3,400, % Gifted & Talented 210, , , % English Language Learners (ELL) 197, , , % Charter School Capital Construction 818, , ,301 55, % Total State Revenue Sources 132,715, ,418, ,418,907 6,703, % Department of Defense (JROTC) 100, , , % Medicaid 950, , , % Revenue Impact Aid 1,800,000 1,800,000-1,800, % Total Federal Revenue Sources 2,850,000 2,850,000-2,850, % Total Revenues 214,070, ,611, , ,811,032 8,740, % Other Financing Sources Transfer from Food Services Fund 200, , , % Total Revenues & Other Financing Sources 214,270, ,811, , ,011,032 8,740, % Total Revenues, Other Sources & Fund Balances 256,934, ,811,032 37,715, ,526,489 3,591, % 1. These items make up the School Finance Act FY FY Variance Total Program Funding amount of: 169,707, ,328,947 8,621,346 The Total Program Funding change is equal to $8,621,346 ( $178,328,947 - $169,707,601 ) Total Program Funding is based on a Funded Pupil Count of 24,524.2, which includes 3,452.0 charter school students. Adopted Budget 74 June 15, 2017

90 Academy District 20 GENERAL FUND Schedule of Revenues and Fund Balance Budget - FY FY FY Audited Revenues Final % of DESCRIPTION FY FY FY Budget Change Budget Budget Beginning Fund Balances NONSPENDABLE -Prepaid Items $ - $ - $ 33,155 $66,896 $ - $66, % RESTRICTED FOR -TABOR Reserve 4,593,000 4,853,000 5,132,000 5,387,000-5,387, % ASSIGNED TO -Risk Related Activity 3,165,694 3,881,161 3,626,034 3,434,527 (1,000,000) 2,434, % -Contractual Obligations 61, , , , , % -Employee Benefit Programs 620, , , , , % -Longevity Bonus 2,000,000 1,687,000 1,461,000 1,260,000-1,260, % -Medicaid ,220,121-1,220, % -Economic Development Service Contract , , % -School Supply Carryover 1,539,090 1,888,563 1,685,273 1,887,004-1,887, % UNASSIGNED -Appropriated Operating Reserve 23,874,811 23,756,488 24,704,710 28,635,281 (4,297,668) 24,337, % Total Fund Balance 35,855,032 37,008,467 37,398,778 $42,664,125 (5,148,668) $37,515, % Property Taxes Current 35,746,987 35,541,628 38,259,893 39,172,065 1,958,604 41,130, % 1 Property Taxes Override 25,535,958 26,771,673 26,625,317 26,749, ,750, % Property Taxes Abatement Levy 240, , , ,670 32, , % Property Taxes Uncollectible (142,168) 110,733 (122,599) (131,900) - (131,900) -0.05% Total Property Tax Revenue 61,381,579 63,108,440 65,260,978 66,439,682 1,991,742 68,431, % Specific Ownership Tax 3,457,213 3,938,816 3,962,465 4,295,596 14,316 4,309, % 1 Specific Ownership Tax Remaining 4,716,390 4,746,839 5,509,617 5,176,485 (14,316) 5,162, % Tuition From Individuals 31,584 10,384 21,227 10,000-10, % Summer School Tuition 281, , , ,000 25, , % Full Day Kindergarten Tuition 887, , , , , % Preschool Tuition 309, , , , , % Investment Interest 50,780 58, , , , % Charter School Services 288, , , ,783 19, , % Rental Revenue 209, , , , , % Crossing Guards 32,826 49,438 32,567 30,000-30, % Parking Fees 63,326 66,120 68,306 65,000-65, % Advertising Revenue 31,263 10,206 17,337 15,000-15, % Insurance Claims 351,496 31,744 63,858 10,000-10, % Other Miscellaneous Revenue 287, , , , , % P-CARD Rebate Revenue 155, , , , , % Unanticipated Donations and Grants 157, , , , , % Total Local Revenue Sources 72,694,499 74,641,595 77,723,637 78,505,546 2,036,579 80,542, % Revenue State Equalization 134,328, ,713, ,756, ,745,996 4,496, ,242, % 1 State Budget Negative Factor (26,715,563) (23,137,138) (22,048,623) (22,157,660) (105,408) (22,263,068) -8.55% 1 Contingent Revenue for Increase in the Pupil Count ,604 2,257,016 2,908, % 1 Revenue - General Fund 107,613, ,576, ,708, ,239,940 6,648, ,888, % Vocational Education 1,078,709 1,408,167 1,324,996 1,850,000-1,850, % Special Education 3,459,793 3,518,542 3,570,939 3,400,000-3,400, % Gifted & Talented 218, , , , , % English Language Learners (ELL) 79, , , , , % Other State Revenue - 5,675 51, % Charter School Capital Construction 289, , , ,148 55, , % Total State Revenue Sources 112,739, ,397, ,824, ,715,328 6,703, ,418, % Department of Defense (JROTC) & Other Fed 625, , , , , % Medicaid - 943, , , , % Revenue Public Law 874-Impact Aid 1,350,506 1,736,350 1,416,793 1,800,000-1,800, % Total Federal Revenue Sources 1,975,767 3,138,825 2,896,423 2,850,000-2,850, % Total Revenues 187,409, ,177, ,444, ,070,874 8,740, ,811, % Other Financing Sources Operating transfer from Food Services Fund 200, , , , , % Total Revenues & Other Financing Sources 187,609, ,377, ,644, ,270,874 8,740, ,011, % Total Revenues, Other Sources & Fund Balances 223,464, ,386, ,043,223 Total Resources Appropriated $256,934,999 $3,591,490 $260,526, % 1) These items make up the School Finance Act Total Program Funding amount 146,817, ,056, ,930, ,707,601 6,364, ,328,947 Total Program Funding as a % of Total Revenue 78.34% 77.85% 78.64% 79.28% 80.04% Total Program Funding is based on a Funded Pupil Count of 24,524.2, which includes 3,452.0 charter school students. Total Revenues & Other Financing Sources 187,609, ,377, ,644, ,270, ,011,032 Funded Pupil Count 23,227 23,306 23,702 24,124 24,524 Amount Per Pupil $8,077 $8,555 $8,803 $8,882 $9,094 Adopted Budget 75 June 15, 2017

91 Academy District 20 FY Budget Expenditures and Transfers by Program Direct Instruction, Student & Staff Support 73.2% General Administration 0.8% Technology Fund 2.7% Transportation Fund 2.4% Capital Reserve Capital Projects Fund 1.2% Other Services 0.2% Maintenance, Operations & Security 8.5% Risk Management 1.3% School Administration 7.8% Business Administration 1.1% Central Services 0.8% Total Appropriated Expenditures and Transfers $223,867,029 Total Appropriated Reserves 36,659,460 Total General Fund Appropriation $260,526,489 Adopted Budget 76 June 15, 2017

92 Academy District 20 FY Budget Expenditures and Transfers by Object Teacher Salaries & Benefits 49.1% Administrator Salaries & Benefits 6.7% Technology Fund 2.7% Professional Salaries & Benefits 1.1% Transportation Fund 2.4% Capital Reserve Capital Project Fund 1.0% Charter School 12.5% Capital Outlay & Other Expenses 0.5% Supplies & Materials 5.1% Classified Salaries & Benefits 12.6% Purchased Services 6.3% Total Appropriated Expenditures and Transfers $223,867,029 Total Appropriated Reserves 36,659,460 Total General Fund Appropriations $260,526,489 Adopted Budget 77 June 15, 2017

93 Academy District 20 GENERAL FUND FY Adopted Budget Expenditure Summary by Program Audited Expenditures FY FY FY DESCRIPTION Amount % Amount % Amount % Regular Instruction 81,481, % 86,532, % 86,933, % Charter School 23,337, % 25,470, % 26,350, % Special Education 13,406, % 13,812, % 15,118, % Gifted and Talented Education 2,310, % 2,307, % 2,328, % Total Instructional Services 120,535, % 128,122, % 130,731, % Pupil Services 7,598, % 8,945, % 8,731, % Instructional Staff 5,683, % 6,158, % 6,662, % Total Student Support 13,281, % 15,104, % 15,393, % Total Instruction and Student Support 133,816, % 143,226, % 146,124, % General Administration 1,583, % 1,438, % 1,481, % School Administration 14,900, % 16,024, % 16,740, % Business Administration 2,231, % 2,299, % 2,354, % Central Services 1,351, % 1,588, % 1,551, % Risk Management 2,653, % 2,398, % 2,974, % Total Administration 22,719, % 23,749, % 25,102, % Security Services 1,922, % 1,984, % 1,922, % Maintenance & Operations 10,493, % 10,948, % 11,040, % Utilities 4,769, % 4,788, % 4,646, % Total Security, M&O & Utilities 17,184, % 17,720, % 17,609, % Community Services 529, % 761, % 664, % Non-instructional Services 127, % 127, % 136, % Total Other Services 657, % 889, % 801, % Total Administration & Support Services 40,561, % 42,359, % 43,513, % INTERFUND TRANSFERS - Transportation Fund 4,465, % 5,090, % 4,912, % - Capital Reserve Capital Project Fund 3,349, % 3,252, % 3,979, % - Technology Fund 4,262, % 5,058, % 4,848, % Total Transfers 12,077, % 13,401, % 13,740, % Total Expenditures and Transfers 186,456, % 198,987, % 203,379, % NON-RECURRING RESERVES RESTRICTED -TABOR Reserve ASSIGNED -Risk Related Activity -Contractual Obligations -Employee Benefit Programs -Longevity Bonus -School Supply Carryover UNASSIGNED -Appropriated Operating Reserve Total Appropriated Reserves TOTAL EXPENDITURES, TRANSFERS & RESERVES Total Expenditures and Transfers $186,456,158 $198,987,314 $203,379,098 Certified Funded Pupil Count 23,227 23,306 23,702 Amount Per Pupil $8,028 $8,538 $8,581 % Change in Funded Pupil Count 2.23% 0.34% 1.70% % Change in Amount Per Pupil 2.86% 6.35% 0.50% Adopted Budget 78 June 15, 2017

94 Academy District 20 GENERAL FUND FY Adopted Budget Expenditure Summary by Program Mid Year Budget FY Adopted Budget FY NON- RECURRING RECURRING TOTAL %of ADJUSTED % EXPENDITURES EXPENDITURES BUDGET BUDGET DESCRIPTION $93,768, % 97,808,016 97,808, % Regular Instruction 27,132, % 27,918,409 27,918, % Charter School 16,787, % 18,376,890 18,376, % Special Education 2,480, % 2,400,180 2,400, % Gifted and Talented Education 140,169, % 146,503, ,503, % Total Instructional Services 9,163, % 10,565,925 10,565, % Pupil Services 6,677, % 6,686,745 6,686, % Instructional Staff 15,841, % 17,252,670-17,252, % Total Student Support 156,010, % 163,756, ,756, % Total Instruction and Student Support 1,796, % 1,882,085 1,882, % General Administration 16,770, % 17,371,509 17,371, % School Administration 2,491, % 2,449,430 2,449, % Business Administration 1,712, % 1,739,595 1,739, % Central Services 3,110, % 3,116,000 3,116, % Risk Management 25,880, % 26,558,619-26,558, % Total Administration 2,224, % 2,235,505 2,235, % Security Services 11,422, % 11,823,135 11,823, % Maintenance & Operations 4,991, % 4,879,450 4,879, % Utilities 18,638, % 18,938,090-18,938, % Total Security, M&O & Utilities 445, % 387, , % Community Services 140, % 147, , % Non-instructional Services 586, % 535, , % Total Other Services 45,106, % 46,031,834-46,031, % Total Administration & Support Services INTERFUND TRANSFERS 5,106, % 5,340,230 5,340, % - Transportation Fund 7,954, % 2,777,875 2,777, % - Capital Reserve Capital Project Fund 5,242, % 5,960,925 5,960, % - Technology Fund 18,302, % 14,079,030-14,079, % Total Transfers 219,419, % 223,867, ,867, % Total Expenditures and Transfers NONSPENDABLE 66, Prepaid Items RESTRICTED 5,387,000-5,387,000 5,387,000 -TABOR Reserve ASSIGNED 2,434,527-2,934,600 2,934,600 -Risk Management Reserve 300, , ,000 -Contractual Obligations 472, , ,000 -Employee Benefit Programs 1,260,000-1,260,000 1,260,000 -Longevity Bonus 1,220,121-1,220,000 1,220,000 -Medicaid 149, , ,860 -Economic Development Service Contract 1,887,004-1,887,000 1,887,000 -School Supply Carryover UNASSIGNED 24,337,613-23,029,000 23,029,000 -Appropriated Operating Reserve 37,515,457-36,659,460 36,659,460 Total Appropriated Reserves $256,934,999 $223,867,029 $36,659, ,526,489 TOTAL EXPENDITURES, TRANSFERS & RESERVES $219,419,542 $223,867,029 Total Expenditures and Transfers 24,124 24,524 Certified Funded Pupil Count $9,095 $9,128 Amount Per Pupil 1.78% 1.66% % Change in Funded Pupil Count 5.99% 0.36% % Change in Amount Per Pupil Adopted Budget 79 June 15, 2017

95 Academy District 20 GENERAL FUND FY Adopted Budget Expenditure Summary by Object Audited Expenditures FY FY FY DESCRIPTION Amount % Amount % Amount % SALARY AND BENEFITS Teacher Salaries 75,169, % 78,797, % 79,015, % Teacher Benefits 18,240, % 19,872, % 20,953, % Subtotal Teachers Salaries & Benefits 93,409, % 98,670, % 99,969, % Administrator Salaries 10,365, % 10,730, % 11,027, % Administrator Benefits 2,300, % 2,450, % 2,655, % Subtotal Administrator Salaries & Benefits 12,666, % 13,181, % 13,682, % Professional Salaries 1,759, % 1,955, % 2,034, % Professional Benefits 449, % 505, % 532, % Subtotal Professional Salaries & Benefits 2,208, % 2,461, % 2,566, % Classified Salaries 17,645, % 18,514, % 18,768, % Classified Benefits 5,015, % 5,426, % 5,764, % Subtotal Classified Salaries & Benefits 22,660, % 23,941, % 24,532, % TOTAL SALARY AND BENEFITS 130,944, % 138,254, % 140,750, % NON-SALARY EXPENDITURES Purchased Services 10,850, % 11,886, % 13,184, % Supplies & Materials 8,428, % 8,862, % 8,247, % Capital Outlay 299, % 587, % 543, % Other Expenses 518, % 524, % 561, % TOTAL NON-SALARY EXPENDITURES 20,096, % 21,861, % 22,536, % INTERFUND TRANSFERS - Charter Schools 23,337, % 25,470, % 26,350, % - Transportation Fund 4,465, % 5,090, % 4,912, % - Capital Reserve Capital Project Fund 3,349, % 3,252, % 3,979, % - Technology Fund 4,262, % 5,058, % 4,848, % TOTAL INTERFUND TRANSFERS 35,414, % 38,872, % 40,091, % TOTAL NON-SALARY & INTERFUND TRANSFERS 55,511, % 60,733, % 62,628, % TOTAL RECURRING EXPENDITURES 186,456, % 198,987, % 203,379, % NON-RECURRING RESERVES NONSPENDABLE -Prepaid Items RESTRICTED -TABOR Reserve ASSIGNED -Risk Related Activity -Contractual Obligations -Employee Benefit Programs -Longevity Bonus -Medicaid -Economic Development Service Contract -School Carryover UNASSIGNED -Appropriated Operating Reserve TOTAL APPROPRIATED RESERVES TOTAL EXPENDITURES, TRANSFERS & RESERVES Total Expenditures and Transfers per Pupil $186,456,158 $198,987,314 $203,379,098 Certified Funded Pupil Count 23,227 23,306 23,702 Amount Per Pupil $8,028 $8,538 $8,581 Adopted Budget 80 June 15, 2017

96 Academy District 20 GENERAL FUND FY Adopted Budget Expenditure Summary by Object FY Adopted Budget Mid Year Budget NON- FY RECURRING RECURRING TOTAL % of ADJUSTED % EXPENDITURES EXPENDITURES BUDGET BUDGET DESCRIPTION SALARY AND BENEFITS $82,503, % 86,627,650 86,627, % Teacher Salaries 22,259, % 23,060,555 23,060, % Teacher Benefits 104,763, % 109,688, ,688, % Subtotal Teachers Salaries & Benefits 11,491, % 12,010,170 12,010, % Administrator Salaries 2,863, % 2,985,770 2,985, % Administrator Benefits 14,355, % 14,995,940-14,995, % Subtotal Administrator Salaries & Benefits 2,028, % 2,029,930 2,029, % Professional Salaries 598, % 529, , % Professional Benefits 2,626, % 2,559,340-2,559, % Subtotal Professional Salaries & Benefits 19,942, % 21,663,118 21,663, % Classified Salaries 6,713, % 6,623,404 6,623, % Classified Benefits 26,656, % 28,286,522-28,286, % Subtotal Classified Salaries & Benefits 148,401, % 155,530, ,530, % TOTAL SALARY AND BENEFITS NON-SALARY EXPENDITURES 13,486, % 14,137,967 14,137, % Purchased Services 11,371, % 11,483,295 11,483, % Supplies & Materials 183, % 181, , % Capital Outlay 541, % 537, , % Other Expenses 25,583, % 26,339,583-26,339, % TOTAL NON-SALARY EXPENDITURES INTERFUND TRANSFERS 27,132, % 27,918,409 27,918, % - Charter Schools 5,106, % 5,340,230 5,340, % - Transportation Fund 7,954, % 2,777,875 2,777, % - Capital Reserve Capital Project Fund 5,242, % 5,960,925 5,960, % - Technology Fund 45,434, % 41,997,439-41,997, % TOTAL INTERFUND TRANSFERS TOTAL NON-SALARY & INTERFUND 71,018, % 68,337,022-68,337, % TRANSFERS 219,419, % 223,867, ,867, % TOTAL RECURRING EXPENDITURES NON-RECURRING RESERVES NONSPENDABLE 66, Prepaid Items RESTRICTED 5,387,000-5,387,000 5,387,000 -TABOR Reserve ASSIGNED 2,434,527-2,934,600 2,934,600 -Risk Related Activity 300, , ,000 -Contractual Obligations 472, , ,000 -Employee Benefit Programs 1,260,000-1,260,000 1,260,000 -Longevity Bonus 1,220,121-1,220,000 1,220,000 -Medicaid 149, , ,860 -Economic Development Service Contract 1,887,004-1,887,000 1,887,000 -School Carryover UNASSIGNED 24,337,613-23,029,000 23,029,000 -Appropriated Operating Reserve 37,515,457-36,659,460 36,659,460 TOTAL APPROPRIATED RESERVES TOTAL EXPENDITURES, TRANSFERS $256,934,999 $223,867,029 $36,659, ,526,489 & RESERVES $219,419,542 $223,867,029 Total Expenditures and Transfers per Pupil 24,124 24,524 Certified Funded Pupil Count $9,095 $9,128 Amount Per Pupil Adopted Budget 81 June 15, 2017

97 Academy District 20 Expenditure Detail by Program - Percent of Budget -Mandated, Required or Contractual- FY Adopted Budget MANDATES PROGRAM DESCRIPTION BUDGET % of TOTAL BUDGET SPECIAL EDUCATION 1700 Special Ed 14,093, % 1770 Speech Language Programs 2,314, % 1781 SSN - Multiple Disabilities 14, % 1791 Special Ed Preschool 1,867, % 1793 Transition 6, % 1799 Extended School Year 82, % 2100 Student Support Services 112, % 2113 Social Workers 1,089, % 2120 Guidance Services 661, % 2130 Health Services 1,052, % 2132 Nursing Services 559, % 2139 Other Health Services 171, % 2140 Psych Services 1,377, % 2150 Audiology Services 167, % 2191 Occupational Therapy 552, % 2192 Physical Therapy 231, % 2231 Supervision of Special Ed 676, % TOTAL SPECIAL EDUCATION 25,028, % OTHER STATUTES 0092 Detention Center 100, % 0590 ESL 1,191, % 2316 Tax Collection 160, % 2317 Audit 52, % 2321 Superintendent 541, % 2622 Telecommunications 300, % 2624 Utilities 4,879, % 5711 Charter Schools 27,918, % TOTAL STATE AND OTHER 35,143, % DISTRICT PURPOSE General Instruction 85,678, % 0090 Other Instructional Programs 1,989, % 0090 Substitutes 1,920, % 0090 Teacher Retirement 737, % 0096 Tutors 73, % 2222 School Library Services 1,961, % 2410 School Administration 17,371, % 2900 Support Longevity 327, % TOTAL DISTRICT PURPOSE 110,060, % RESERVES 9100 Appropriated Operating Reserve 23,029, % 9310 TABOR Emergency Reserve 5,387, % 9390 Risk Related Activity 2,934, % 9400 Contractual Obligations 300, % 9930 Longevity Bonus 1,260, % 9950 Medicaid 1,220, % 9960 Economic Development 169, % 9910 School Supply Carryover 1,887, % 36,187, % BUDGET MANDATED,REQUIRED OR CONTRACTUAL 206,419, % TOTAL BUDGET $260,526, % BUDGET REMAINING FOR DISCRETIONARY 54,106, % Adopted Budget 82 June 15, 2017

98 Academy District 20 Expenditure Detail by Program - Percent of Budget -Not Mandated, Required or Contractual- FY Adopted Budget PROGRAM DESCRIPTION BUDGET % of TOTAL BUDGET INSTRUCTION 0050 Post Secondary Programs 425, % 0061 AVID 42, % 0070 Talented and Gifted 2,190, % 0071 International Baccalaureate Program 209, % 0080 Media Programs 5, % 0095 Textbooks/Science Kits 1,019, % 0097 Instructional Copiers and Printing 827, % 1800 Co-curricular Activities - Athletic 3,017, % 1900 Co-curricular Activities - Non - Athletic 779, % PUPIL SUPPORT 2110 Central Registration 393, % 2122 Counseling Services 4,197, % INSTRUCTIONAL STAFF SUPPORT Instructional Staff Support 4,049, % GENERAL ADMINISTRATION 2311 Supervision of Board Services 171, % 2314 Election Services 92, % 2315 Legal Services 166, % 2323 State and Federal Relations 342, % 2329 Other Executive Administration 355, % BUSINESS ADMINISTRATION 2500 Business Services Admin 625, % 2510 Fiscal Services 1,039, % 2520 Purchasing Services 504, % 2530 Warehouse & Distribution 187, % 2540 Print Shop 93, % MAINTENANCE & OPERATIONS 2600 Maintenance & Operations 93, % 2610 Maint. & Operation Supervision 793, % 2620 Operation (Custodial) 6,432, % 2625 Building Maintenance 2,735, % 2630 Grounds Maintenance 1,043, % 2640 Equipment Maintenance 209, % 2650 Vehicle Maintenance 215, % 2660 Security Services 2,235, % CENTRAL SERVICES 2810 Planning, Research & Evaluation 71, % 2820 Communications Services 368, % 2830 Human Resource Services 1,299, % 2850 Risk Management 3,116, % OTHER ADMIN SUPPORT 2910 Volunteer Services 60, % OTHER SUPPORT 3100 Food Service Operations 147, % 5243 Capital Reserve 2,777, % 5225 Transportation 5,340, % 5244 Technology 5,960, % RESERVES 9920 Employee Benefit Programs 472, % Total Non-Mandates 54,106, % Adopted Budget 83 June 15, 2017

99 Academy District 20 Expenditure Detail by Program - Percent of Budget -Mandated, Required or Contractual- -SCHOOLS- FY Adopted Budget PROGRAM DESCRIPTION BUDGET % of TOTAL BUDGET MANDATES General Instruction 85,678, % 0090 Other Instructional Programs 1,989, % 0090 Substitute Teachers 1,920, % 0096 Tutors 73, % 0590 ESL 1,191, % 1700 Special Ed 14,093, % 1770 Speech Language Programs 2,314, % 1781 SSN - Multiple Disabilities 14, % 1791 Special Ed Preschool 1,867, % 1793 Transition 6, % 1799 Extended School Year 82, % 2100 Student Support Services 112, % 2113 Social Workers 1,089, % 2120 Guidance Services 661, % 2130 Health Services 1,052, % 2132 Nursing Services 559, % 2139 Other Health Services 171, % 2140 Psych Services 1,377, % 2150 Audiology Services 167, % 2191 Occupational Therapy 552, % 2192 Physical Therapy 231, % 2222 School Library Services 1,961, % 2410 School Administration 17,371, % 2622 Telecommunications 300, % 2624 Utilities 4,879, % 5711 Charter Schools 27,918, % TOTAL BUDGET MANDATES 167,636, % NON-MANDATES 0061 AVID 42, % 0070 Talented and Gifted 2,190, % 0071 International Baccalaureate Program 209, % 0080 Media Programs 5, % 0095 Textbooks/Science Kits 1,019, % 1800 Co-curricular Activities - Athletic 3,017, % 1900 Co-curricular Activities - Non - Athletic 779, % 2110 Central Registration 393, % 2122 Counseling Services 4,197, % 2213 Staff Development 639, % 2225 Technology Technician 679, % 2620 Custodial Positions & Supplies 6,432, % 2625 Building Maintenance 2,735, % 2630 Grounds Maintenance 1,043, % 2640 Equipment Maintenance 209, % 2660 Security Services 2,235, % 3100 Food Service Operations 147, % 5225 Transportation Support 5,340, % TOTAL BUDGET NON-MANDATES 31,318, % TOTAL SCHOOL BUDGET 198,955, % TOTAL BUDGET $260,526, % BUDGET REMAINING FOR NON-SCHOOL 61,570, % Adopted Budget 84 June 15, 2017

100 Academy District 20 Expenditure Detail by Program - Percent of Budget -Mandated, Required or Contractual- -NON-SCHOOLS- FY Adopted Budget PROGRAM DESCRIPTION BUDGET % of TOTAL BUDGET MANDATES 0090 Teacher Retirement 737, % 0092 Detention Center 100, % 2231 Supervision of Special Ed 676, % 2316 Tax Collection 160, % 2317 Audit 52, % 2321 Superintendent 541, % 2900 Support Longevity 327, % 9100 Appropriated Operating Reserve 23,029, % 9910 TABOR Emergency Reserve 5,387, % 9390 Risk Related Activity 2,934, % 9400 Contractual Obligations 300, % 9930 Longevity Bonus 1,260, % 9950 Medicaid 1,220, % 9960 Economic Development 169, % 9910 School Supply Carryover 1,887, % TOTAL BUDGET MANDATES 38,782, % NON-MANDATES 0050 Post Secondary Programs 425, % 0097 Instructional Copiers and Printing 827, % 2210 Curriculum & Instruction Development 250, % 2212 Curriculum & Instruction Supervision 1,415, % 2214 Evaluation of Instruction 251, % 2219 Other Improvements of Instructional Svcs 98, % 2223 Audiovisual Services 129, % 2230 Supervision of Instructional Programs 32, % 2232 Supervision of Vocational Education 276, % 2235 Supervision of Talented & Gifted 183, % 2311 Supervision of Board Services 171, % 2314 Election Services 92, % 2315 Legal Services 166, % 2323 State and Federal Relations 342, % 2329 Other Executive Administration 355, % 2500 Business Services Admin 625, % 2510 Fiscal Services 1,039, % 2520 Purchasing Services 504, % 2530 Warehouse & Distribution 187, % 2540 Print Shop 93, % 2600 Salary & Benefit Increase 93, % 2610 Maint. & Operation Supervision 793, % 2650 Vehicle Maintenance 215, % 2810 Planning, Research & Evaluation 71, % 2820 Communications Services 368, % 2830 Human Resource Services 1,299, % 2850 Risk Management 3,116, % 2910 Volunteer Services 60, % 5243 Capial Reserve Capital Projects 2,777, % 5244 Technology 5,960, % 9920 Employee Benefit Programs 472, % TOTAL BUDGET NON-MANDATES 22,787, % TOTAL NON-SCHOOL BUDGET 61,570, % Adopted Budget 85 June 15, 2017

101 FY Budget Budgets by School and Non-School Mandatory vs. Non-mandatory % 90.00% 80.00% Percent of Budget 70.00% 60.00% 50.00% 12.02% 40.00% 30.00% 64.34% 20.00% 10.00% 8.75% 14.89% 0.00% Schools Non-Schools Non-mandates 12.02% 8.75% Mandates 64.34% 14.89% Adopted Budget 86 June 15, 2017

102 Where dreams take flight One student at a time. Adopted Budget 87 June 15, 2017

103 ACADEMY DISTRICT 20 GENERAL FUND EXPENDITURES FY Adopted Budget Consolidated Program & Object Summary SALARIES BENEFITS PROGRAM # AND NAME Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total Instructional Programs 0 77,824, ,360,998 84,185, ,702, ,030,110 22,732, Pupil Services 66,250 6,661, , ,250 7,460,885 16,510 1,801,390 73, ,880 2,033, Instructional Staff Support 1,344,655 2,116, , ,610 4,898, , , , ,880 1,298, General Adminstration 678,230 24, , , ,540 5, , , School Administration 8,197, ,760,460 12,957,940 2,037, ,447,504 3,484, Business Administration 679, , ,900 1,661, , , , , Maintenance, Operations & Security 380, ,520 7,479,360 8,490,805 94, ,200 2,275,040 2,534, Central Services 534, , ,350 1,094, , , , , Risk Management 119, ,330 84, ,750 29, ,200 22,980 67, Other Support Services 8, , , ,000 3, ,100 19,400 26, Non-Instructional Services , , ,420 34,420 TOTAL EXPENDITURES 12,010,170 86,627,650 2,029,930 21,663, ,330,868 2,985,770 23,060, ,410 6,623,404 33,199,139 OPERATING TRANSFERS 5711 Charter School - TCA Transportation Capital Reserve Capital Projects Technology TOTAL OPERATING TRANSFERS TOTAL BEFORE RESERVES 12,010,170 86,627,650 2,029,930 21,663, ,330,868 2,985,770 23,060, ,410 6,623,404 33,199,139 PERCENT 5.4% 38.7% 0.9% 9.7% 54.7% 1.3% 10.3% 0.2% 3.0% 14.8% RESERVES Unassigned Reserves: 9100 Appropriated Operating Reserve Nonspendable 9300 Prepaid Items Restricted Reserves: 9310 TABOR Reserve Assigned Reserves: 9390 Risk Related Activity Contractual Obligations Employee Benefit Programs Longevity Bonus Medicaid Economic Development School Carryover RESERVES SUBTOTAL GRAND TOTALS 12,010,170 86,627,650 2,029,930 21,663, ,330,868 2,985,770 23,060, ,410 6,623,404 33,199,139 Adopted Budget 88 June 15, 2017

104 ACADEMY DISTRICT 20 GENERAL FUND EXPENDITURES FY Adopted Budget Consolidated Program & Object Summary Purchased Supplies/ Capital Charter Transfers/ Services Materials Outlay Other Schools Uses TOTAL Percent PROGRAM # AND NAME 4,836,782 6,319,740 90, , ,585, % Instructional Programs 903,225 96,615 47,080 25, ,565, % 2100 Pupil Services 318, ,665 7,500 13, ,686, % 2200 Instructional Staff Support 561,790 74,900 5,550 65, ,882, % 2300 General Adminstration 880,935 44, , ,371, % 2400 School Administration 301,860 18,680 11,100 3, ,449, % 2500 Business Administration 3,164,320 4,741,225 7, ,938, % 2600 Maintenance, Operations & Security 302,195 30,500 12,000 5, ,739, % 2800 Central Services 2,780,220 6, , ,116, % 2850 Risk Management 87,825 1, , % 2900 Other Support Services , % 3100 Non-Instructional Services 14,137,967 11,483, , , ,869, % TOTAL EXPENDITURES OPERATING TRANSFERS ,918, ,918, % 5711 Charter School - TCA ,340,230 5,340, % 5225 Transportation ,777,875 2,777, % 5243 Capital Reserve Capital Projects ,960,925 5,960, % 5244 Technology ,918,409 14,079,030 41,997, % TOTAL OPERATING TRANSFERS 14,137,967 11,483, , ,245 27,918,409 14,079, ,867, % TOTAL BEFORE RESERVES 6.3% 5.1% 0.1% 0.2% 12.5% 6.3% 100.0% PERCENT RESERVES Unassigned Reserves: ,337,613 0 (1,308,613) 23,029, Appropriated Operating Reserve Nonspendable ,896 0 (66,896) Prepaid Items Restricted Reserves: ,387, ,387, TABOR Reserve Assigned Reserves: ,434, ,073 2,934, Risk Related Activity ,402 0 (402) 300, Contractual Obligations ,894 0 (894) 472, Employee Benefit Programs ,260, ,260, Longevity Bonus ,220,121 0 (121) 1,220, Medicaid , , , Economic Development ,887,004 0 (4) 1,887, School Carryover ,515,457 0 (855,997) 36,659,460 RESERVES SUBTOTAL 14,137,967 11,483, ,076 38,052,702 27,918,409 13,223, ,526,489 GRAND TOTALS Purchased Services include expenditures for: 1) professional services acquired from outside the district such as auditors and lawyers, 2) repairs and maintenance on district assets, 3) printing and advertising tuition paid to other organizations, telecommunications and travel. Supplies/Materials include costs for natural gas and electricity utility bills in addition to typical supply items. Capital Outlay expenditures are generally for equipment and items that cost $500 or more. Other expenditures include payments for field trips, dues and fees for memberships. Adopted Budget 89 June 15, 2017

105 GENERAL FUND EXPENDITURES FY Instructional Services Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total General Education Programs 0 65,506, ,303,580 66,810, ,606, ,350 18,024, Talented & Gifted Education 0 1,644, ,970 1,693, , , , Other General Education 0 2,823, ,820 3,403, , , , Special Education Programs 0 7,850, ,428,628 12,278, ,132, ,417,170 3,549,440 Total 0 77,824, ,360,998 84,185, ,702, ,030,110 22,732,205 Percent 0.0% 65.5% 0.0% 5.4% 70.9% 0.0% 17.5% 0.0% 1.7% 19.2% Adopted Budget 90 June 15, 2017

106 GENERAL FUND EXPENDITURES FY Instructional Services Summary Purchased Supplies/ Capital Charter Services Materials Outlay Other SchoolsTransfers Total Percent Program # & Name 805,660 4,537,420 81, , ,666, % General Education Programs 220,500 12,840 4,500 5, ,400, % 0070 Talented & Gifted Education 1,328,385 1,715, ,141, % 0090 Other General Education 2,482,237 54,395 4,000 8, ,376, % 1700 Special Education Programs 4,836,782 6,319,740 90, , ,585, % Total 4.1% 5.3% 0.1% 0.4% 0.0% 0.0% 100.0% Percent Adopted Budget 91 June 15, 2017

107 GENERAL FUND EXPENDITURES FY General Education Programs Elementary, Middle & High School - Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 0010 Elementary 0 23,632, ,570 24,564, ,384, ,120 6,683, Middle School 0 13,933, ,500 13,985, ,790, ,570 3,806, High School 0 1,920, ,800 2,052, , , , Integrated Ed 0 578, , , , , , Art 0 721, , , , Business 0 769, , , , Distributive/Marketing Ed 0 51, ,830 68, , ,420 16, English Language Arts 0 3,453, ,453, , , Reading Program Support 0 865, , , , Drama 0 526, , , , English as a Second Language 0 785, , , , , , Foreign Language 0 2,051, ,051, , , Physical Curriculum 0 1,771, ,771, , , JROTC 0 256, , , , Family & Consumer 0 103, , , , Industrial Arts & Technology 0 380, , , , Math 0 3,293, ,293, , , Music 0 802, , , , Science Education 0 3,260, ,570 3,292, , , , Social Sciences 0 3,172, ,172, , , Technology Education 0 373, , , , Cocurricular Activities - Athletic 0 2,161, ,161, , , Cocurricular Activities - Nonathletic 0 642, , , ,210 Total 0 65,506, ,303,580 66,810, ,606, ,350 18,024,960 Percent 0.0% 72.3% 0.0% 1.4% 73.7% 0.0% 19.4% 0.0% 0.5% 19.9% Adopted Budget 92 June 15, 2017

108 GENERAL FUND EXPENDITURES FY General Education Programs Elementary, Middle & High School - Summary Purchased Supplies/ Capital Charter Services Materials Outlay Other Schools Transfers Total Percent Program # & Name 1,210 1,398, , ,652, % 0010 Elementary 0 955, , ,754, % 0020 Middle School 97,790 1,761,565 6, ,467, % 0030 High School 0 275, ,032, % 0060 Integrated Ed , % 0200 Art , % 0300 Business 634,060 6,000 20, , % 0400 Distributive/Marketing Ed ,395, % 0500 English Language Arts 6, ,108, % 0511 Reading Program Support , % 0560 Drama 14,000 9,440 5, ,191, % 0590 English as a Second Language ,610, % 0600 Foreign Language ,254, % 0800 Physical Curriculum 0 7, , % 0891 JROTC , % 0900 Family & Consumer , % 1000 Industrial Arts & Technology ,192, % 1100 Math 4,500 3,900 50, ,078, % 1200 Music 47, , ,357, % 1300 Science Education ,036, % 1500 Social Sciences , % 1600 Technology Education , ,017, % 1800 Cocurricular Activities - Athletic , % 1900 Cocurricular Activities - Nonathletic 805,660 4,537,420 81, , ,666, % Total 0.9% 5.0% 0.1% 0.4% 0.0% 0.0% 100.0% Percent Adopted Budget 93 June 15, 2017

109 GENERAL FUND EXPENDITURES FY Gifted and Talented Programs Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 0070 Gifted & Talented Programs 0 1,644, ,970 1,693, , , , International Baccalaureate Program Total 0 1,644, ,970 1,693, , , ,900 Percent 0.0% 68.6% 0.0% 2.0% 70.6% 0.0% 18.6% 0.0% 0.7% 19.3% Adopted Budget 94 June 15, 2017

110 GENERAL FUND EXPENDITURES FY Gifted and Talented Programs Summary Purchased Supplies/ Capital Charter Services Materials Outlay Other Schools Transfers Total Percent Program # & Name 11,000 12,840 4,500 5, ,190, % 0070 Gifted & Talented Programs 209, , % 0071 International Baccalaureate Program 220,500 12,840 4,500 5, ,400, % Total 9.2% 0.5% 0.2% 0.2% 0.0% 0.0% 100.0% Percent Adopted Budget 95 June 15, 2017

111 GENERAL FUND EXPENDITURES FY Other General Instructional Programs 0040/0050/0061/009X - Subprograms Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 0050 Post Secondary Programs AVID Instructional Library/Media Other Instructional Programs 0 833, ,000 1,033, , , , Substitutes 0 1,300, ,030 1,582, , , , Longevity & Retirement 0 690, , , , , Detention Center Textbooks/Science Kits Tutors ,790 60, ,990 12, Instructional Copiers & Printing Total 0 2,823, ,820 3,403, , , ,905 Percent 0.0% 39.6% 0.0% 8.1% 47.7% 0.0% 7.2% 0.0% 2.5% 9.7% Adopted Budget 96 June 15, 2017

112 GENERAL FUND EXPENDITURES FY Other General Instructional Programs 0040/0050/0061/009X - Subprograms Summary Purchased Supplies/ Capital Charter Services Materials Outlay Other Schools Transfers Total Percent Program # & Name 425, , % 0050 Post Secondary Programs 40,000 2, , % 0061 AVID 5, , % 0080 Instructional Library/Media 50, , ,989, % 0090 Other Instructional Programs ,920, % 0090 Substitutes , % 0090 Longevity & Retirement 100, , % 0092 Detention Center 0 1,019, ,019, % 0095 Textbooks/Science Kits , % 0096 Tutors 707, , , % 0097 Instructional Copiers & Printing 1,328,385 1,715, ,141, % Total 18.6% 24.0% 0.0% 0.0% 0.0% 0.0% 100.0% Percent Adopted Budget 97 June 15, 2017

113 GENERAL FUND EXPENDITURES FY Special Education Programs Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 1700 General Special Education 0 5,539, ,848,238 9,387, ,503, ,234,250 2,738, Speech Language Programs 0 1,406, ,920 1,447, , , , SSN - Multiple Disabilities Special Education Preschool 0 881, ,980 1,378, , , , Transition Extended School Year 0 23, ,490 65, , ,500 15,520 Total 0 7,850, ,428,628 12,278, ,132, ,417,170 3,549,440 Percent 0.0% 42.7% 0.0% 24.1% 66.8% 0.0% 11.6% 0.0% 7.7% 19.3% Adopted Budget 98 June 15, 2017

114 GENERAL FUND EXPENDITURES FY Special Education Programs Summary Purchased Supplies/ Capital Charter Services Materials Outlay Other Schools Transfers Total Percent Program # & Name 1,936,450 20,000 4,000 7, ,093, % 1700 General Special Education 470, ,314, % 1770 Speech Language Programs 0 14, , % 1781 SSN - Multiple Disabilities 75,537 14, ,867, % 1791 Special Education Preschool 0 5, , , % 1793 Transition , % 1799 Extended School Year 2,482,237 54,395 4,000 8, ,376, % Total 13.6% 0.3% 0.0% 0.0% 0.0% 0.0% 100.0% Percent Adopted Budget 99 June 15, 2017

115 GENERAL FUND EXPENDITURES FY Pupil Services Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2100 Student Support Services Central Registration 66, , , ,590 16, ,780 54,250 84, Social Work Services 0 741, , , , Guidance Services 0 524, , , , Counseling Services 0 3,305, ,305, , , Health Services 0 697, , , , Nursing Services , , , ,560 66, , Other Health Services Psychological Services 0 741, , , , Audiology Services 0 129, , , , Occupational Therapy 0 358, , , , , , Physical Therapy 0 164, , , ,790 Total 66,250 6,661, , ,250 7,460,885 16,510 1,801,390 73, ,880 2,033,120 Percent 0.6% 63.1% 2.6% 4.3% 70.6% 0.2% 17.0% 0.7% 1.3% 19.2% Adopted Budget 100 June 15, 2017

116 GENERAL FUND EXPENDITURES FY Pupil Services Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name 85,500 27, , % 2100 Student Support Services 3,075 5, , % 2110 Central Registration 145, ,089, % 2113 Social Work Services , % 2120 Guidance Services ,197, % 2122 Counseling Services 164, ,052, % 2130 Health Services , % 2132 Nursing Services 35,000 64,220 47,080 25, , % 2139 Other Health Svc 434, ,377, % 2140 Psychological Services 2, , % 2150 Audiology Services 10, , % 2191 Occupational Therapy 22, , % 2192 Physical Therapy 903,225 96,615 47,080 25, ,565, % Total 8.7% 0.9% 0.4% 0.2% 0.0% 100.0% Percent Adopted Budget 101 June 15, 2017

117 GENERAL FUND EXPENDITURES FY Instructional Staff Support Services Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2200 Instructional Staff Support Services 68, ,660 18, , Curriculum & Instruction Development 107,280 23, , ,250 26,610 4, ,970 44, Curriculum & Instruction Supervision 285, , ,630 1,052,990 70, , , , Instructional Staff Training Services 121, , , ,130 30,250 17, ,140 75, Evaluation of Instruction 110,750 8, , ,340 27,480 1, ,010 41, Other Improvement of Instructional Svcs 0 74, , , , School Library Services 0 1,260, ,560 1,532, , , , Audiovisual Services ,310 98, ,590 31, Educational Technology Services , , , , Supervision of Instructional Programs Supervision of Special Education 448, , , , , , Supervision of Vocational Education 107, ,110 61, ,685 28, ,640 18,090 56, Supervision of Talented & Gifted 95, , ,480 23, ,150 35,830 Total 1,344,655 2,116, , ,610 4,898, , , , ,880 1,298,570 Percent 20.2% 31.6% 8.6% 12.9% 73.3% 5.0% 8.3% 2.3% 3.8% 19.4% Adopted Budget 102 June 15, 2017

118 GENERAL FUND EXPENDITURES FY Instructional Staff Support Services Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name 0 4, , % 2200 Instructional Staff Support Services 11,020 21, , % 2210 Curriculum & Instruction Development 48,200 44,540 1,500 2, ,415, % 2212 Curriculum & Instruction Supervision 168,595 58,425 5,000 9, , % 2213 Instructional Staff Training Services 48,500 1,200 1, , % 2214 Evaluation of Instruction 3,500 1, , % 2219 Other Improvement of Instructional Svcs ,961, % 2222 School Library Services , % 2223 Audiovisual Services , % 2225 Educational Technology Services 25,600 7, , % 2230 Supervision of Instructional Programs 4, , % 2231 Supervision of Special Education 3,050 7, , % 2232 Supervision of Vocational Education 6,000 5, , % 2235 Supervision of Talented & Gifted 318, ,665 7,500 13, ,686, % Total 4.8% 2.2% 0.1% 0.2% 0.0% 100.0% Percent Adopted Budget 103 June 15, 2017

119 GENERAL FUND EXPENDITURES FY General Administration Services Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2311 Supervision of Board Services 0 2, ,630 55, ,810 16, Election Services Legal Services 99, ,190 24, , Tax Assessment/Collection Audit Services Office of the Superintendent 285,820 16, , ,460 69,390 3, ,670 99, State & Federal Relations 138, , ,180 34, ,570 40, Other Executive Administration 154,490 6, , ,390 38,230 1, ,210 59,780 Total 678,230 24, , , ,540 5, , ,090 Percent 36.0% 1.3% 0.0% 12.3% 49.6% 8.9% 0.3% 0.0% 3.6% 12.8% Adopted Budget 104 June 15, 2017

120 GENERAL FUND EXPENDITURES FY General Administration Services Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name 43,500 32,500 2,000 22, , % 2311 Supervision of Board Services 90,000 2, , % 2314 Election Services 39, , , % 2315 Legal Services 160, , % 2316 Tax Assessment/Collection 52, , % 2317 Audit Services 27,055 15,400 3,000 2, , % 2321 Office of the Superintendent 108,760 1, , , % 2323 State & Federal Relations 40,200 24, , , % 2329 Other Executive Administration 561,790 74,900 5,550 65, ,882, % Total 29.8% 4.0% 0.3% 3.5% 0.0% 100.0% Percent Adopted Budget 105 June 15, 2017

121 GENERAL FUND EXPENDITURES FY School Administration Services Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2410 Office of the Principal 8,197, ,760,460 12,957,940 2,037, ,447,504 3,484, TCA Capital Construction Total 8,197, ,760,460 12,957,940 2,037, ,447,504 3,484,964 Percent 47.2% 0.0% 0.0% 27.4% 74.6% 11.8% 0.0% 0.0% 8.3% 20.1% Adopted Budget 106 June 15, 2017

122 GENERAL FUND EXPENDITURES FY School Administration Services Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name 7,635 44, , ,498, % 2410 Office of the Principal 873, , % 2410 TCA Capital Construction 880,935 44, , ,371, % Total 5.0% 0.3% 0.0% 0.0% 0.0% 100.0% Percent Adopted Budget 107 June 15, 2017

123 GENERAL FUND EXPENDITURES FY Business Administration Services Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2500 Business Services Admin 289, ,720 66, ,100 71, ,900 19, , Fiscal Services 201, , , ,460 50, ,330 68, , Purchasing Services 188, , ,420 46, ,160 87, Warehouse & Distribution , , ,760 42, Print Shop ,120 71, ,930 21,930 Total 679, , ,900 1,661, , , , ,220 Percent 27.7% 0.0% 14.1% 26.0% 67.8% 6.9% 0.0% 3.7% 7.9% 18.5% Adopted Budget 108 June 15, 2017

124 GENERAL FUND EXPENDITURES FY Business Administration Services Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name 56,350 9,480 5,000 1, , % 2500 Business Services Admin 150,935 4,000 5,000 1, ,039, % 2510 Fiscal Services 92,175 1,000 1, , % 2520 Purchasing Services 2,400 4, , % 2530 Warehouse & Distribution , % 2540 Print Shop 301,860 18,680 11,100 3, ,449, % Total 12.3% 0.8% 0.5% 0.1% 0.0% 100.0% Percent Adopted Budget 109 June 15, 2017

125 GENERAL FUND EXPENDITURES FY Maintenance & Operations Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2600 Operation Admin Support ,790 76, ,550 16, Maint. & Operation Supervision 218, , , ,350 53, ,980 40, , Operations (Custodial) ,010 4,412,680 4,691, ,920 1,348,390 1,422, Telecommunications Utilities Building Maintenance ,204,380 1,204, , , Grounds Maintenance , , , , Equipment Maintenance , , ,480 49, Vehicle Maintenance Security Services 162, ,530 1,131,690 1,405,005 40, , , ,600 Total 380, ,520 7,479,360 8,490,805 94, ,200 2,275,040 2,534,390 Percent 2.0% 0.0% 3.3% 39.5% 44.8% 0.5% 0.0% 0.9% 12.0% 13.4% Adopted Budget 110 June 15, 2017

126 GENERAL FUND EXPENDITURES FY Maintenance & Operations Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name , % 2600 Operation Admin Support 27,600 14, , % 2610 Maint. & Operation Supervision 1, , ,432, % 2620 Operations (Custodial) 300, , % 2622 Telecommunications 1,221,030 3,658, ,879, % 2624 Utilities 674, , ,735, % 2625 Building Maintenance 520,900 50,000 7, ,043, % 2630 Grounds Maintenance , % 2640 Equipment Maintenance 45, , , % 2650 Vehicle Maintenance 373,550 40, ,235, % 2660 Security Services 3,164,320 4,741,225 7, ,938, % Total 16.8% 25.0% 0.0% 0.0% 0.0% 100.0% Percent Adopted Budget 111 June 15, 2017

127 GENERAL FUND EXPENDITURES FY Central Services Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2810 Planning, Research & Evaluation Communications Services 133, , ,760 33, ,120 39, Human Resource Services 163, , ,920 40, ,400 56, Supervision of Staff Services 114, , , ,660 28, ,430 74, , Recruiting & Placement Services 123, , , ,380 30, ,470 36,790 74, Other Staff Services Central Services Total 534, , ,350 1,094, , , , ,280 Percent 30.7% 0.0% 6.2% 26.0% 62.9% 7.6% 0.0% 1.6% 7.7% 16.9% Risk Management Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2850 Risk Mgmt Support Service 119, ,330 84, ,750 29, ,200 22,980 67, Unemployment Claims Worker's Comp Premiums & Claims General Liability Premiums & Claims Other Insurances Vandalism Building Premiums & Deductibles Vehicle Premiums & Deductibles Risk Management Total 119, ,330 84, ,750 29, ,200 22,980 67,730 Percent 3.9% 0.0% 1.8% 2.7% 8.4% 1.0% 0.0% 0.5% 0.7% 2.2% Adopted Budget 112 June 15, 2017

128 GENERAL FUND EXPENDITURES FY Central Services Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name 69,000 2, , % 2810 Planning, Research & Evaluation 149,995 20,000 2,000 2, , % 2820 Communications Services 68,500 8,500 10, , % 2830 Human Resource Services , % 2831 Supervision of Staff Services 9, , , % 2832 Recruiting & Placement Services 5, , % 2839 Other Staff Services 302,195 30,500 12,000 5, ,739, % Central Services Total 17.4% 1.8% 0.7% 0.3% 0.0% 100.0% Percent Risk Management Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name 316,220 6, , , % 2850 Risk Mgmt Support Service 130, , % 2851 Unemployment Claims 1,230, ,230, % 2852 Worker's Comp Premiums & Claims 385, , % 2853 General Liability Premiums & Claims 80, , % 2856 Other Insurances 94, , % 2857 Vandalism 335, , % 2858 Building Premiums & Deductibles 210, , % 2859 Vehicle Premiums & Deductibles 2,780,220 6, , ,116, % Risk Management Total 89.2% 0.2% 0.0% 0.0% 0.0% 100.0% Percent Adopted Budget 113 June 15, 2017

129 GENERAL FUND EXPENDITURES FY Community Support Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 2900 Longevity & Retirement 8, , , ,000 3, ,100 19,400 26, Volunteer Services Total 8, , , ,000 3, ,100 19,400 26,150 Percent 2.3% 0.0% 9.4% 58.7% 70.4% 0.9% 0.0% 0.8% 5.0% 6.7% Adopted Budget 114 June 15, 2017

130 GENERAL FUND EXPENDITURES FY Community Support Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name 28, , % 2900 Longevity & Retirement 59,100 1, , % 2910 Volunteer Services 87,825 1, , % Total 22.6% 0.3% 0.0% 0.0% 0.0% 100.0% Percent Adopted Budget 115 June 15, 2017

131 GENERAL FUND EXPENDITURES FY Non-Instructional Services Summary Salaries Benefits Program # & Name Admin Teacher Prof Classified Total Admin Teacher Prof Classified Total 3100 Food Service Operations , , ,420 34,420 Total , , ,420 34,420 Percent 0.0% 0.0% 0.0% 76.6% 76.6% 0.0% 0.0% 0.0% 23.4% 23.4% Adopted Budget 116 June 15, 2017

132 GENERAL FUND EXPENDITURES FY Non-Instructional Services Summary Purchased Supplies/ Capital Services Materials Outlay Other Transfers Total Percent Program # & Name , % 3100 Food Service Operations , % Total 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% Percent Adopted Budget 117 June 15, 2017

133 GENERAL FUND EXPENDITURES FY Interfund Transfers Summary Charter Program # & Name Schools Transfers Total Percent 5711 Charter Schools 27,918, ,918, % 5225 Transportation Fund 0 5,340,230 5,340, % 5243 Capital Reserve Capital Projects Fund 0 2,777,875 2,777, % 5244 Technology Fund 0 5,960,925 5,960, % Total 27,918,409 14,079,030 41,997, % Percent 66.5% 33.5% 100.0% Reserves & Contingencies Summary Ending Balance Program # & Name Beginning Balance Uses Ending Balance Percent Revenue Unassigned Reserves: 9100 Appropriated Operating Reserve 24,337,613 (1,308,613) 23,029, % Nonspendable 9300 Prepaid Items 66,896 (66,896) 0 0.0% Restricted Reserves: 9310 TABOR Reserve 5,387, ,387, % Assigned Reserves: 9390 Risk Related Activity 2,434, ,073 2,934, % 9400 Contractual Obligations 300,402 (402) 300, % 9920 Employee Benefit Programs 472,894 (894) 472, % 9930 Longevity Bonus 1,260, ,260, % 9950 Medicaid 1,220,121 (121) 1,220, % 9960 Economic Development 149,000 20, , % 9910 School Carryover 1,887,004 (4) 1,887, % Total 37,515,457 (855,997) 36,659, % Adopted Budget 118 June 15, 2017

134 GENERAL FUND (continued) School Resource Allocations Per pupil allocations are provided for site-based educational costs based on projected pupil counts. School resource allocations are included in the General Fund appropriations.

135 Academy District 20 Pupil Count Projections FY # School Certified FPC Projected Head Count Kinder or 1/2 time Projected FPC 462 Academy Calvert K Academy Endeavour Academy International Antelope Trails Chinook Trail Discovery Canyon Douglass Valley Edith Wolford Explorer Foothills Frontier High Plains Home School Academy Elementary Mountain View Pioneer Prairie Hills Ranch Creek Rockrimmon School in the Woods The da Vinci Academy Woodmen-Roberts Total Elementary Schools 7, , , ,918.0 # School Certified FPC Projected Head Count Kinder or 1/2 time Projected FPC 462 Academy Calvert K Aspen Valley Campus Challenger Discovery Canyon Eagleview Home School Academy Middle School Mountain Ridge 1, , , Timberview 1, , ,170.0 Total Middle Schools 5, , ,272.5 # School Certified FPC Projected Head Count Kinder or 1/2 time Projected FPC 352 Academy On-line High School Air Academy 1, , , Aspen Valley Campus Discovery Canyon 1, , , Liberty 1, , , Pine Creek 1, , , Rampart 1, , ,695.0 Total High Schools 7, , ,641.0 TOTAL SCHOOL ALLOCATIONS 20, , , ,831.5 # School Certified FPC Projected Head Count Kinder or 1/2 time Projected FPC 1XX Other eligibles (Kindergarten.08) XX Preschool Funded Students Matches to School Forecast 20, , , ,072.2 # School Certified FPC Projected Head Count Kinder or 1/2 time Projected FPC Charter School 951 TCA Elementary 1, , , TCA Middle TCA High TCA Home School TCA College Pathways & Online Total Charter/Contract Count 3, , ,452.0 Total Student Count 24, , , ,524.2 FPC = Funded Pupil Counts Full funding is provided based on certified October 1 enrollment. Adopted Budget 119 June 15, 2017

136 Academy District 20 School Resource Allocations Based on Certified Counts FY Budget # School Projected Head Count used for Allocation 90% of Project Head Count used for Allocation % ORIGINAL ALLOCATION % ORIGINAL ALLOCATION Combined Per Pupil Allocation Textbooks Science Kits Total Athletics Snow Removal Custodial $ $42.50 $5 Initial Allocation (Program 0010) Initial Allocation (Program 0095) Initial Allocation (Program 0095) Remaining Allocation Received after Certified Count Amount $12.50/hr x 6 snow days x 6 hrs/day: (Program 2620) 100% of Allocation (Program 2620) TOTAL Initial Allocation 118 Academy Endeavour ,286 21,803 2,565 11, , , Academy International ,137 23,120 2,720 12, , , Antelope Trails ,298 13,388 1,575 7, ,500 70, Chinook Trail ,457 24,565 2,890 13, , , Discovery Canyon ,086 19,848 2,335 10, , , Douglass Valley ,298 13,388 1,575 7, ,500 70, Edith Wolford ,298 13,388 1,575 7, ,500 70, Explorer ,669 18,105 2,130 9, ,500 92, Foothills ,879 16,533 1,945 8, ,500 85, Frontier ,844 15,980 1,880 8, ,500 82, High Plains ,298 13,388 1,575 7, ,500 70, Mountain View ,041 22,823 2,685 12, , , Pioneer ,279 15,555 1,830 8, ,500 80, Prairie Hills ,383 17,213 2,025 9, ,500 88, Ranch Creek ,953 23,885 2,810 12, , , Rockrimmon ,298 13,388 1,575 7, ,500 70, School in the Woods ,955 2, , ,000 15, The da Vinci Academy ,070 17,128 2,015 9, ,500 88, Woodmen-Roberts ,913 17,085 2,010 9, ,500 87,958 Total Elementary Schools 8,459 1,191, ,558 38, ,577 8, ,000 1,661,615 # School Projected Head Count used for Allocation 90% of Project Head Count used for Allocation % ORIGINAL ALLOCATION % ORIGINAL ALLOCATION Combined Per Pupil Allocation Textbooks Science Kits Total Athletics Snow Removal Custodial $ $47.50 N/A Initial Allocation (Program 0020) Initial Allocation Remaining Allocation Received after Certified Count Amount $12.50/hr x 6 snow days x 8 hrs/day: (Program 2620) 100% of Allocation (Program 2620) TOTAL Initial Allocation 545 Aspen Valley Campus ,225 2,375 1, , Challenger ,135 39,425 21, , , Discovery Canyon ,360 41,800 22, , , Eagleview ,730 41,895 22, , , Mountain Ridge 1, ,616 44,698 24, , , Timberview 1,170 1, ,280 50,018 27, , ,898 Total Middle Schools 5, , , ,247 3,000 60,000 1,138,557 # School Projected Head Count used for allocation 90% of Project Head Count used for allocation % ORIGINAL ALLOCATION % ORIGINAL ALLOCATION Combined Per Pupil Allocation Textbooks Science Kits Total Athletics Snow Removal Custodial $ $47.50 N/A Initial Allocation (Program 0030) Initial Allocation Remaining Allocation Received after Certified Count HS Athletic Program Support (Program 1800) Amount $12.50/hr x 6 snow days x 12 hrs/day: (Program 2620) 100% of Allocation (Program 2620) TOTAL Initial Allocation 342 Air Academy 1,349 1, ,115 57,665 36,450 80, , , Aspen Valley Campus ,088 14,963 9, ,000 91, Discovery Canyon 1,211 1, ,525 51,775 32,670 76, , , Liberty 1,602 1, ,846 68,495 43,200 80, , , Pine Creek 1,630 1, ,409 69,683 44,009 80, , , Rampart 1,720 1, ,431 73,530 46,440 76, , ,471 Total High Schools 7,862 1,574, , , ,150 5, ,000 2,446,075 IB Allocations (Program 0071) $ 203,500 TOTAL SCHOOL ALLOCATIONS 3,621, ,880 38, , ,150 16, ,000 $ 5,449,747 $ 5,953,790 Per pupil allocations to schools are made based on actual Oct 1 membership, not funded counts. Schools are initially provided 90% of projected enrollment. Full funding is provided upon receipt of CDE certified October 1 enrollment. Some schools with enrollments less than 350 students receive pupil allocations at 350. Adopted Budget 120 June 15, 2017

137 Academy District 20 Technology Resource Allocations FY Budget Per Pupil Technology Funding Amount $ # School Certified FPC Projected Head Count Funding Amount to 350 Total Kinder or 1/2 time Funded Headcount Technology Funding 90% Funding 1to1 % 1to1 $ Contribution Contribution 90% Initial Allocation 462 Academy Calvert K ,600 5,040-5, Academy Endeavour ,900 35,910-35, Academy International ,280 38,052-38, Antelope Trails ,500 22,050-22, Chinook Trail ,940 40,446-40, Discovery Canyon ,330 32,697-32, Douglass Valley ,500 22,050-22, Edith Wolford ,500 22,050-22, Explorer ,110 29,799-29, Foothills ,240 27,216-27, Frontier ,260 26,334-26, High Plains ,500 22,050-22, HSA students Elementary ,570 22,113-22, Mountain View ,790 37,611 10% 3,761 33, Pioneer ,490 25,641-25, Prairie Hills ,500 28,350-28, Ranch Creek ,680 39,312-39, Rockrimmon ,500 22,050-22, School in the Woods ,460 4,914-4, The da Vinci Academy ,360 28,224-28, Woodmen-Roberts ,290 28,161-28,161 Total Elementary Schools 7, , , , ,070 3, ,309 # School Certified FPC Projected Head Count Funding Amount to 350 Total Kinder or 1/2 time Funded Headcount Technology Funding 90% Funding 1to1 PPT 1to1 $ Contribution Contribution 90% Initial Allocation 462 Academy Calvert K ,200 3,780-3, Aspen Valley Campus ,850 3,465-3, Challenger ,540 58,086 55% 31,947 26, Discovery Canyon Campus Middle School ,460 61,614-61, Eagleview ,600 61,740-61, HSA students Middle School ,750 7,875-7, Mountain Ridge 1, , , ,150 65,835-65, Timberview 1, , , ,900 73,710-73,710 Total Middle Schools 5, , , , ,105 31, ,158 # School Certified FPC Projected Head Count Funding Amount to 350 Total Kinder or 1/2 time Funded Headcount Technology Funding 90% Funding 1to1 PPT % 1to1 $ Contribution Contribution 90% Initial Allocation 352 Academy On-line High School ,400 7,560 7, Air Academy 1, , , ,430 84,987-84, Aspen Valley Campus ,650 18,585-18, Discovery Canyon 1, , , ,770 76,293-76, Liberty 1, , , , , , Pine Creek 1, , , , ,690 55% 56,480 46, Rampart 1, , , , , , Expulsion 15,000 13,500 13,500 Total High Schools 7, , , , ,901 56, ,421 TOTAL SCHOOL ALLOCATIONS 1,565,640 1,409,076 92,188 1,316,888 TECHNOLOGY REPLENISHMENT SELF WARRANTY COSTS ,000 IT NETWORK INFRASTUCTURE ,000 D20 TV ,000 School Technology Replacement Plan Total 1,637,640 Adopted Budget 121 June 15, 2017

138 Academy District 20 District Resource Allocations by Location (FTE) Projected Allocations for FY Principal/ Assistant Principal (JC100) Classroom Teachers (JC200) Grant Funded Teachers (JC200) TAG/ESL Teachers (JC200) Literacy Teachers (JC200) Special Ed/Preschool Teachers (JC200) Deans / Counselors / Support (JC200) Certified Library/ Media (JC200) Staff Specialist (JC300) # School Projected FPC 118 Academy Endeavour Academy International Antelope Trails Chinook Trail Discovery Canyon Douglass Valley Edith Wolford/School in the Woods Explorer Foothills Frontier High Plains Mountain View Pioneer Prairie Hills Ranch Creek Rockrimmon The da Vinci Academy Woodmen-Roberts Contigent Growth TE Total Elementary Schools 7, Principal/ Assistant Principal (JC100) Classroom Teachers (JC200) Grant Funded Teachers (JC200) TAG/ESL Teachers (JC200) Literacy Teachers (JC200) Special Ed Teachers (JC200) Deans / Counselors / Support (JC200) Certified Library/ Media (JC200) Staff Specialist (JC300) # School Projected FPC 235 Challenger Discovery Canyon Eagleview Mountain Ridge 1, Timberview 1, Contingent Growth TE Total Middle Schools 5, Principal/ Assistant Principal (JC100) Classroom Teachers (JC200) Grant Funded Teachers (JC200) TAG/ESL Teachers (JC200) Literacy Teachers (JC200) Special Ed Teachers (JC200) Deans / Counselors / Support (JC200) Certified Library/ Media (JC200) Staff Specialist (JC300) # School Projected FPC 342 Air Academy 1, Discovery Canyon 1, Liberty 1, Pine Creek 1, Rampart 1, Contingent Growth TE Total High Schools 7, Principal/ Assistant Principal (JC100) Classroom Teachers (JC200) Grant Funded Teachers (JC200) TAG/ESL Teachers (JC200) Literacy Teachers (JC200) Special Ed Teachers (JC200) Deans / Counselors / Support (JC200) Certified Library/ Media (JC200) Staff Specialist (JC300) # School Projected FPC 462 Academy Calvert K Aspen Valley Campus Academy On-line High School Expulsion School Home School Academy Preschool Summer School Enrichment Contingent Growth TE Total High Schools TOTAL SCHOOL RESOURCE 20, , Classroom Teachers (JC200) Grant Funded Teachers (JC200) TAG/ESL Teachers (JC200) Literacy Teachers (JC200) Special Ed Teachers (JC200) Deans / Counselors / Support (JC200) Certified Library/ Media (JC200) Staff Specialist (JC300) Admin Other District Resources (JC100) Instructional Instructional Pupil and Staff Support General Administration Business Services Maintenance and Operations Transportation Central Services Construction Management Contingent Growth TE 1.0 (1.0) - - (1.0) Total Other District Staffing TOTAL STAFFING RESOURCE , Adopted Budget 122 June 15, 2017

139 Instructional Para Professionals (JC400) Instructional Para Professionals (JC400) Instructional Para Professionals (JC400) Instructional Para Professionals (JC400) Instructional Para Professionals (JC400) Grant Funded Para Professionals (JC400) TAG/ESL Para Professionals (JC400) Special Ed Para Professionals (JC400) Classified Library/ Media (JC400) Other Para Professionals (JC400) Food Service (JC500) Custodial/ Security/ Transportation (JC600) Total Staff School # Secretarial (JC500) Academy Endeavour Academy International Antelope Trails Chinook Trail Discovery Canyon Douglass Valley Edith Wolford/School in the Woods Explorer Foothills Frontier High Plains Mountain View Pioneer Prairie Hills Ranch Creek Rockrimmon The da Vinci Academy Woodmen-Roberts Contigent Growth TE Total Elementary Schools Grant Funded Para Professionals (JC400) TAG/ESL Para Professionals (JC400) Special Ed Para Professionals (JC400) Classified Library/ Media (JC400) Other Para Professionals (JC400) Food Service (JC500) Custodial/ Security/ Transportation (JC600) Total Staff School # Secretarial (JC500) Challenger Discovery Canyon Eagleview Mountain Ridge Timberview Contingent Growth TE Total Middle Schools Grant Funded Para Professionals (JC400) TAG/ESL Para Professionals (JC400) Special Ed Para Professionals (JC400) Classified Library/ Media (JC400) Other Para Professionals (JC400) Food Service (JC500) Secretarial (JC500) Custodial / Security (JC600) Total Staff School # Air Academy Discovery Canyon Liberty Pine Creek Rampart Contingent Growth TE Total High Schools Grant Funded Para Professionals (JC400) TAG/ESL Para Professionals (JC400) Special Ed Para Professionals (JC400) Classified Library/ Media (JC400) Other Para Professionals (JC400) Food Service (JC500) Secretarial (JC500) Custodial / Security (JC600) Total Staff School # Academy Calvert K Aspen Valley Campus Academy On-line High School Expulsion School Home School Academy Preschool Summer School Enrichment Contingent Growth TE Total High Schools ,229.1 TOTAL SCHOOL RESOURCE Grant Funded Para Professionals (JC400) TAG/ESL Para Professionals (JC400) Special Ed Para Professionals (JC400) Academy District 20 District Resource Allocations by Location (FTE) Projected Allocations for FY Classified Library/ Media (JC400) Other Para Professionals (JC400) Food Service (JC500) Custodial/ Security/ Transportation (JC600) Total Staff Other District Resources Secretarial (JC500) Instructional Instructional Pupil and Staff Support General Administration Business Services Maintenance and Operations Transportation Central Services Construction Management Contingent Growth TE Total Other District Staffing ,824.9 TOTAL STAFFING RESOURCE Adopted Budget 123 June 15, 2017

140 Adopted Budget 124 June 15, 2017 Projected PROGRAM Instruction 1, , , , , , , , , , ,455.6 Instructional Pupil and Staff Support General Administration School Administration Business Services Maintenance and Operations Transportation Central Services Community and Other Services , , , , , , , , , , ,373.0 % Staff Growth 2.26% 1.48% -0.42% 2.57% 1.66% 2.40% 0.42% 2.57% 2.55% 2.15% 0.57% 1 Central Services includes Food Service personnel employed by District Community and Other Services includes Construction Management Personnel ACADEMY DISTRICT 20 Full-time Equivalent Employees by Functional Program

141 Academy District 20 District Resource Allocations (FTE) Projected Allocations for FY District Wide Employee Counts Administration Teachers 1,447.4 Support Serviced Instruction/Certified Library/Media 21.9 Support Services Students/Counselors/ Deans 68.5 Support Services Instruction/Classified Library/Media 13.6 Instructional Para Professionals Instructional Support Services 27.8 Staff Specialists 84.1 Office/Admin Support Crafts/Trades/Services Total District Staff 2,824.9 Employee Distribution Office/Admin Support 8.2% Crafts/Trades/Services 13.4% Administration 4.3% Staff Specialists 3.0% Instructional Support Services 1.0% Teachers 51.2% Instructional Para Professionals 15.2% Support Services Instruction/Classified Library/Media 0.5% Support Services Students/Counselors/ Deans 2.4% Support Serviced Instruction/Certified Library/Media 0.8% Adopted Budget 125 June 15, 2017

142 Where dreams take flight One student at a time. Adopted Budget 126 June 15, 2017

143 GENERAL FUND (continued) Charter School Allocations The Classical Academy (TCA) charter school has three campuses within the District. Charter school allocations are included in the General Fund appropriation for program 5711.

144 Charter School Revenue Calculations FY The Classical Academy (TCA) School Finance for Funding/Accounting Midyear Budget Variance State/Local Share for School Finance $7, $8, $ Gross Per Pupil Revenue $7, $8, $ LESS Required Reductions: State Budget Negative Factor ($916.29) ($905.61) $10.68 Rescission for School Finance Staff (.03%) (2.19) (2.19) 0.00 Total Per Pupil Reductions ($918.48) ($907.80) $10.68 Net Per Pupil Revenue $7, $7, $ Net Per Pupil Revenue Online $6, $7, $ Funded Pupil Count College Pathways On-line Kindergarten TCA Cottage (Part-Time) Less Kindergarten College Pathways (Part-Time and Full-Time) st - 12th grades 2, , Total FPC 3, , Total Enrollment 3, ,820.0 (1.0) School Finance Program Revenue $24,171,652 $24,983,889 $812, Mill Levy Override 1,765,374 1,765, Mill Levy Override 412, ,500 - Restructuring Grants 450, ,000 - English Language Learners, ELPA (State) 18,913 12,581 (6,332) Special Ed Revenue (State) 248, ,065 (14,795) Impact Aid (Estimate) 64,915 60,000 (4,915) Other Revenue from General Fund (Estimate) 2,960,562 2,934,520 (26,042) Revenue from General Fund 27,132,214 27,918, ,195 Revenue from Federal IDEA (non-arra) 259, ,538 20,764 Total Revenue 27,391,988 28,198, ,959 Less: Annual Intercept Payment Amount $3,795,384 $3,516,963 ($278,421) Less: Capital Construction Grant (State) 818, ,301 55,152 Total Revenue 23,596,604 24,681,984 1,085,380 Buyback Services -Annual Services Other Contracted Services Special Education Direct & Indirect Cost 1 38,500 48,000 9,500 Spring Creek Youth Services Center 1 2,100 4,500 2,400 Finance Director Support ($5 / FPC) 1 17,259 17,260 1 Charter School Liaison 1 14,500 12,000 (2,500) General Admin Support- (per contract) publications, admin support other than finance and student support services) 1 15,000 15,000 - Security Services 3 School Security Officers 1** 123, ,290 - Patrol Support 1** 10,000 10,000 - Uniform, Training and Supervision 1** 3,000 3,000 - Loomis Fargo 1** 6,396 6, IT Services Technology ($9.00 / pupil for Infinite Campus) 1* 33,243 34,380 1,137 Extended Portal Document Management ($3.00 / pupil) 1* 11,463 11,460 (3) iboss Filter ($2.00 / pupil) 1* 3,897 7,640 3,743 Baraccuda (.80 / 576) 1* D2L to IC integration 1* - 1,800 1,800 Internet Access (TCA 8.0% of bandwidth use) 1* 4,700 8,329 3,629 Annual/Recurring Sub-total 283, ,620 19,837 Total Buyback Services 283, ,620 19,837 Net Revenue Available for Operations 23,312,821 24,378,364 1,065,543 Notes: 1 These items will be withheld from the monthly payments. All items will be included as a part of year end reconciliation. TCA generates additional revenue from fees, donations and fund raising activities. Adopted Budget 127 June 15, 2017

145 Where dreams take flight One student at a time. Adopted Budget 128 June 15, 2017

146 SPECIAL REVENUE FUNDS Special Revenue Funds account for the proceeds of specific revenue sources (other than expendable trusts or for major capital projects) that are legally restricted to expenditures for specific purposes. Food Service Designated Purpose Grant Fund Transportation Fund

147 Where dreams take flight One student at a time. Adopted Budget 129 June 15, 2017

148 Academy District 20 Food Service Fund Fund Profile The Food Service Fund beginning in FY began operating as a special revenue fund. Prior years this fund was categorized as a business enterprise fund. The majority of the food service operations in the district are provided under a management contract with Sodexo, Inc. and Affiliates. Pine Creek High School does not participate in the school meal program provided by Sodexo. This school has elected to provide student managed meal programs. The meal programs at this school is not part of the food service fund. The Classical Academy is part of this fund. Current, 5% of Other Expense in operating expenditures are authorized to fund food service equipment costs and repairs at The Classical Academy. Sodexo prepares an annual budget that is submitted to the Fiscal Services Department of the district for review, revision and inclusion in the annual budget of the district. The following chart is the Daily Average Meal Count by funding source category: Academy District 20 Budgeted FY Daily Average Meal Count 5,966 67% 834 9% 2,101 24% Free Reduced Full Price Adopted Budget 130 June 15, 2017

149 Academy School District No. 20 FOOD SERVICE FUND Schedule of Revenues, Expenses and Retained Earnings FY Adopted Budget Audited Budget Actual Actual Actual Final Changes Adopted Beginning Fund Balance Contractual Obligations $ - $ - $ - $ - $ - $ - Assigned for Future Projects 1,334, , , ,771 (265,000) 214,771 Total Beginning Fund Balance 1,334, , , ,771 (265,000) 214,771 Operating Revenue Charges For Services 3,223,319 3,066,290 3,196,517 3,265, ,000 3,400,000 Total Operating Revenues 3,223,319 3,066,290 3,196,517 3,265, ,000 3,400,000 Non-Operating Revenue Federal Sources USDA Commodities 311, , , , , ,000 Federal Reimbursement 1,470,565 1,438,808 1,587,129 1,500, ,000 1,600,000 State Sources State Support 67,941 81,701 81,492 80,000-80,000 Total Non-Operating Revenues 1,850,480 1,865,691 2,032,278 1,930, ,000 2,130,000 Total Resources Available 6,408,237 5,855,610 5,779,367 5,674,771 70,000 5,744,771 Operating Expenses USDA Commodities 311, , , , , ,000 Contracted Services 4,532,036 4,331,701 4,352,468 4,585,000 15,000 4,600,000 Depreciation Expense ** 61, Other Expense 58, , , ,000 (45,000) 280,000 Total Operating Expenditures 4,963,702 5,105,038 5,099,596 5,260,000 70,000 5,330,000 Non-Operating Expense Operating Transfer Out 200, , , , ,000 Total Non-Operating Expenditures 200, , , , ,000 Total Expenses 5,163,702 5,305,038 5,299,596 5,460,000 70,000 5,530,000 Prior Period Adjustment ** (320,906) Fund Balance Contractual Obligations - 232, Assigned for Future Projects 923, , , , ,771 Total Fund Balance $ 923,629 $ 550,572 $ 479, , ,771 Total Appropriation $ 5,674,771 $ 70,000 $ 5,744,771 ** Please note in FY the Food Service Fund has moved from an Enterprise Fund to a Special Revenue Fund. All Fund Balance associated with Fixed Assets will be treated as a prior period adjustment. Adopted Budget 131 June 15, 2017

150 Academy District 20 Designated Purpose Grants Fund Fund Profile The Designated Purpose Grants Fund is used to account for the various federal, state, and local grants awarded to the district to accomplish specific activities. These programs are restricted as to the type of expenditures for which they may be used and normally have a different fiscal period than that of the district. These grant funds supplement the regular district educational programs. The following list includes some of the major grants received by the district: Federal Grants No Child Left Behind/Every Child Succeeds Title I, Part A - Improving Academic Achievement of the Disadvantaged Title I, Part A Grants to LEAs provide financial assistance to school districts for services that improve the teaching and learning of children at risk of not meeting academic standards, especially those children who reside in low-income areas. Title II, Part A Effective Teachers and Leaders This funding is a key principle of No Child Left Behind - high quality teachers will be available for all students. The grant provides for teacher training and recruitment of highly qualified teachers, para-educators, and principals capable of ensuring that all children achieve high standards. Title II-D Enhancing Education through Technology The goal of this grant is to improve academic achievement through the use of technology and to encourage the effective integration of technology curriculum development to establish instructional methods that can be widely implemented. The focus is on 21st century skills and information literacy. Title III - English Language Acquisition, Language Enhancement and Academic Achievement for English Language Learners (ELL) This grant helps children with limited English skills develop high levels of academic attainment in English and meet the state academic achievement standards set for each grade level. Title III also addresses the need for family literacy, providing English language instruction for parents and preschool age children. Other Federal Grants Carl D. Perkins Vocational and Technical Education Act This grant is intended to develop career and technical skills of secondary education students. This program assists students by preparing them for high skill, high demand occupations in current and emerging professions. Money is allocated to student tuitions, computer equipment, training, and conferences. Adopted Budget 132 June 15, 2017

151 Individuals with Disabilities Education Act (IDEA) Public Law (Education for All Handicapped Children Act) requires free appropriate public education in the least restrictive environment for all school-aged children. Public Law extends services to children with developmental delay from birth to 3 years of age and to their families. School to Work Alliance Program (SWAP) The purpose of SWAP is to provide successful employment outcomes, increased community linkages, and new patterns of service for young people. Students who need assistance going from school to the working world receive services each year. The SWAP staff helps place students in apprenticeship programs through Vocational Rehabilitation. DoDEA-Promoting Student Achievement-Military Impact This grant program focuses on enhancing student learning opportunities, student achievement, and educator professional development at military-connected public schools. DoDEA's aim is to enhance the education of military students, but funds may be used to raise student achievement for all students. State Grants ELPA The English Language Proficiency Act Program is a state funded program that provides financial and technical assistance to school districts implementing programs to serve the needs of students who dominant language is not English. The ELPA program is funded annually on a per pupil basis. Adopted Budget 133 June 15, 2017

152 Academy School District No. 20 DESIGNATED PURPOSE GRANTS FUND BUDGET Schedule of Revenues and Expenditures FY Adopted Budget Audited Budget Actual Actual Actual Final Changes Adopted Beginning Fund Balance $ - $ - $ - $ - $ - $ - Revenues Title I-A (84.010) 932,845 1,067, ,372 1,106,000 (321,000) 785,000 IDEA Part B (84.027) 2,969,675 3,027,073 3,129,246 3,615,000-3,615,000 Perkins Basic grant (84.048) 72,665 78,968 73,967 84,500-84,500 S.W.A.P. 229, , , ,000 21, ,000 IDEA Preschool (84.173) 59,565 60,582 64,349 79,500 10,500 90,000 Title III-A Language Instruction for ESL Students (84.365) 33,154 30,653 27,296 47,000 3,000 50,000 Title III Language Instr for ESL Students-Set Aside Immigrant (84.365) - 32, , ,000 Title II-A (84.367) 240, , , , ,000 DoDEA-Promoting Student Achievement-Military Impact (12.556) 672, , , ,000 (302,000) 25,000 Medicaid Reimbursement/Other Federal Grants 377,489 23,929 8, Expelled and At-Risk Student Services (EARSS) , ,000 (73,500) 220,500 READ ACT 119, , , ,000 53, ,000 State Grants 297, , , , ,000 Future Grants , , ,000 Total Revenues 6,003,669 6,046,389 6,440,476 7,500,000 (100,000) 7,400,000 Total Funds Available 6,003,669 6,046,389 6,440,476 7,500,000 (100,000) 7,400,000 Expenditures Title I-A (84.010) 932,845 1,067, ,372 1,106,000 (321,000) 785,000 IDEA Part B (84.027) 2,969,675 3,027,073 3,129,246 3,615,000-3,615,000 Perkins Basic grant (84.048) 72,665 78,968 73,967 84,500-84,500 S.W.A.P. (84.126) 229, , , ,000 21, ,000 IDEA Preschool (84.173) 59,565 60,582 64,349 79,500 10,500 90,000 Title III-A Language Instruction for ESL Students (84.365) 33,154 30,653 27,296 47,000 3,000 50,000 Title III Language Instr for ESL Students-Set Aside Immigrant (84.365) - 32, , ,000 Title II-A (84.367) 240, , , , ,000 DoDEA-Promoting Student Achievement-Military Impact (12.556) 672, , , ,000 (302,000) 25,000 Medicaid Reimbursement 377,489 23,929 8, Expelled and At-Risk Student Services (EARSS) , ,000 (73,500) 220,500 READ ACT 119, , , ,000 53, ,000 State Grants 297, , , , ,000 Future Grants , , ,000 Total Expenditures 6,003,669 6,046,389 6,440,476 7,500,000 (100,000) 7,400,000 Ending Fund Balance $ - $ - $ - $ - $ - $ - NOTE: The District's Designated Purpose Grant Fund is used to account for the various federal, state and local grants awarded to the District to accomplish specific activities. Due to the requirements for grants accounting, fund balance accumulations are not permitted. Adopted Budget 134 June 15, 2017

153 Where dreams take flight One student at a time. Adopted Budget 135 June 15, 2017

154 Academy District 20 Transportation Fund Fund Profile The mission of the Academy District 20 Transportation Department, a team of highly skilled, dedicated, and service-oriented professionals, is to provide safe, reliable, and efficient student transportation services in a nurturing and respectful environment, so that students arrive at their destinations in a timely manner ready to engage in learning. The Transportation Fund was created in FY to provide better accounting for student transportation related activities. Revenue to the fund is provided from two major sources. The amount subsidized from the general fund in FY is $5,340,230. The General Fund provides approximately 67.8% of the revenue while a state categorical grant provides slightly less than 21.3%. Beginning in FY the district began charging a small fee for certain types of student transportation. A complete listing of the fee schedule is available on the district s website by selecting the Transportation icon. This fee based system is expected to generate $400,000 in revenue for the transportation fund. This revenue will help relieve some of the burden on the general fund s obligation to fund transportation. The following chart displays funding resources over the past five years. $6,000,000 Transportation Revenue $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- State Transportation Refund Field Trip Revenue Student Transportation Trip Charge Other General Fund Transfers Audited Audited Audited Budget Budget Adopted Budget 136 June 15, 2017

155 Academy School District No. 20 TRANSPORTATION FUND Schedule of Revenues, Expenditures and Fund Balance FY Adopted Budget Audited Budget Actual Actual Actual Final Changes Adopted Nonspendable, Prepaid Items $ - $ - $ - $ 5,275 $ (5,275) $ - Assigned For Future Projects 132, ,334 1,027,342 1,481,357 (36,153) 1,445,204 Assigned for Activity Bus Replacement 32,025 64,050 80, ,778 28, ,000 Total Beginning Fund Balance 164, ,384 1,107,342 1,594,410 (13,206) 1,581,204 Revenues State Transportation 1,561,839 1,570,868 1,734,165 1,679,264 (264) 1,679,000 Field Trip Revenue 228, , , , ,000 Student Transportation Trip Charge 429, , , ,000 (30,000) 400,000 Other 175, , , , ,000 Total Revenues 2,395,398 2,495,004 2,622,140 2,559,264 (30,264) 2,529,000 Other Financing Sources Operating Transfer In 4,465,052 5,090,190 4,912,430 5,106, ,050 5,340,230 Total Financing Sources 4,465,052 5,090,190 4,912,430 5,106, ,050 5,340,230 Total Resources Available 7,025,341 8,028,578 8,641,912 9,259, ,580 9,450,434 Operating Expenditures Transportation Administration (2710) Salaries & Benefits 654, , , ,440 54, ,090 Non-salary 126, , , ,000 (14,000) 189,000 Contingency ,000-75,000 Subtotal 781, , ,869 1,048,440 40,650 1,089,090 Bus Operation (2720) Salaries & Benefits 3,318,350 3,633,240 3,810,574 3,979, ,250 4,079,490 Fuel & other 887, , , ,000 14, ,000 Subtotal 4,206,275 4,297,791 4,271,738 4,685, ,250 4,799,490 Bus Monitors (2730) Salaries & Benefits 641, , , ,440 43, ,570 Non-salary Subtotal 641, , , ,440 43, ,570 Vehicle Maintenance (2740) Salaries & Benefits 444, , , ,830 36, ,850 Non-salary 508, , , , ,700 Subtotal 953,029 1,013,124 1,111,474 1,072,530 36,020 1,108,550 Total Expenditures and Transfers 6,581,957 6,921,236 7,047,502 7,678, ,050 7,912,700 Nonspendable, Prepaid Items - - 5, Assigned for Activity Bus Replacement 64,050 80, , ,000 30, ,000 Assigned for Future Projects, End of Year 379,334 1,027,342 1,481,357 1,445,204 (73,470) 1,371,734 Total Appropriation $ 7,025,341 $ 8,028,578 $ 8,641,912 $ 9,259,854 $ 190,580 $ 9,450,434 Adopted Budget 137 June 15, 2017

156 Where dreams take flight One student at a time. Adopted Budget 138 June 15, 2017

157 DEBT SERVICE FUNDS Debt Service Funds account for the accumulation of resources and payment of long-term debt used to finance governmental activities capital construction and acquisition. Bond Redemption Fund The Bond Redemption Fund is used to finance and account for the payment of principal and interest on all long-term debt of the District per C.R.S (b).

158 Academy District 20 Bond Redemption Fund Fund Profile The Bond Redemption Fund is used to account for property taxes levied, investment income, and bond premium, to provide for payment of general long-term debt principal retirement, semiannual interest, and related fees. The district s long-term debt, in the form of general obligation bonds, totals $255,415,000 as of June 30, The budgeted amount for this debt service in Fiscal Year is $25,566,526. This amount is comprised of $14,580,000 in principal payments and $10,986,529 of debt interest. In accordance with Colorado School Law, the legal debt limit is the greater amount of the following totals: 20% of the District s assessed valuation, or 6% of the actual value of the district. Certain fast growing school districts may use 25% of assessed valuation. The debt limit, as of June 30, 2017 when based on 6% of the projected actual value would be approximately $987 million. The 6% of actual value limit was introduced by the legislature after the Tax Payers Bill of Rights (TABOR) and has not been tested legally. Based on 20% of the districts projected 2017 assessed valuation of $1.55 billion, the legal debt limit would be $305 million. The district limits aggregate debt to 20% of assessed value. This debt limit exceeds the net amount of the district s bonds payable, minus funds available for debt service payment by approximately $64 million. The following table is a summary of the districts debt limit data for the past 10 years. Fiscal Year Tax Collection Year Assessed Valuation Year District-Wide Assessed Value 20% Debt Limit *25% Debt Limit June 30 Bonded Debt Debt Capacity 17/ ** $ 1,526,071,113 $ 305,214,223 $ 381,517,778 $241,130,000 $ 64,084,223 16/ ,453,401, ,680, ,350, ,415,000 35,265,212 15/ ** 1,432,791, ,558, ,197, ,014, ,544,004 14/ ,335,029, ,005, ,757, ,091, ,914,479 13/ ** 1,308,708, ,741, ,177, ,181, ,560,083 12/ ,302,804, ,560, ,701, ,104, ,456,342 11/ ** 1,303,656, ,731, ,914, ,660, ,070,949 10/ ,394,305, ,861, ,576, ,745, ,115,828 09/ ** 1,401,074, ,214, ,268, ,434, ,780,417 08/ ,316,575, ,315, ,143, ,479,463 70,835,715 **Years of property valuation reassessment. Adopted Budget 139 June 15, 2017

159 The district s enrollment has increased approximately 17.8% over the last ten years and continued annual increases are expected for the next several years. District needs for additional school facilities are planned to continue to increase over the next several years. The district was authorized by the local taxpayers in the November 2016 election to issue $230 million in bonds. In January 2017 the district sold $160 million bonds at a $23 million premium. The average interest rate is 3.3% on the bonds. The property tax levy for principal and interest on bonds is anticipated to be mills for 2017, which is approximately 25.4% of the total projected tax levy of mills. The annual principal and interest payments on currently outstanding bonds range from $26 to $9 million annually through Moody s Investor Services upgraded the districts bond rating to Aa2 in the spring of The accompanying Bond Redemption Fund graph includes annual comparative indicators for the level of total bonded indebtedness and the annual debt service, presented on a per pupil basis. The net bonded debt per pupil will continue to decrease each year as bond principal payments are made and enrollment increases, unless additional bonds are issued. DEBT SERVICE PER FUNDED STUDENT 12,000 10,000 8,000 6,000 4,000 1,168 1,030 1, ,043 2,000 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 - Debt $ Per Student Pmt $ Per Student Adopted Budget 140 June 15, 2017

160 Academy School District No. 20 BOND REDEMPTION FUND Schedule of Revenues, Expenditures and Fund Balance FY Adopted Budget Audited Budget Actual Actual Actual Final Changes Adopted Restricted Fund Balance, Beginning of Year $ 25,634,759 $ 24,737,797 $ 23,678,600 $ 25,929,118 $ (396,588) $ 25,532,530 Revenues Property Taxes Current 17,686,288 16,952,871 20,181,722 20,946,416 2,384,159 23,330,575 Investment Income 22,969 22,757 54,784 20, , ,000 Total Revenues 17,709,257 16,975,628 20,236,506 20,966,416 2,508,159 23,474,575 Other Financing Sources Proceeds from Refunding Bonds - 32,296, Total Other Financing Sources - 32,296, Total Resources Available 43,344,016 74,009,999 43,915,106 46,895,534 2,111,571 49,007,105 Partial Defeasance by Series 2010 Refunding Bonds Expenditures Principal Retirement 2003 G.O. ($22.125m) 1,215, Refunding ($44.175m) 2,710,000 2,845, B G.O. ($17.285m) 895, , G.O. ($26.357m) 251,395 1,590,000 1,655, B Refunding ($12.065m) 1,250,000 1,305,000 1,365,000 1,420,000 65,000 1,485, G.O. ($22.2m) Partial Defeasance by Series 2015 Refunding Bonds 86,416 60,291 42,064 29, , , G.O. Refunding ($58.38m) 1,425,000 5,510,000 5,775,000 5,930, ,000 6,205, G.O. Refunding ($16.52m) , ,000 1,130, G.O. Refunding ($25.545m) 90,000 85, , ,000 1,535,000 2,145, G.O. Refunding ($8.14m) - 40,000 2,505,000 2,615,000 (2,050,000) 565, G.O. Refunding ($21.4m) , ,000 5, , G.O. ($160m) ,890,000 1,890,000 Total Principal Payments 7,922,811 12,365,291 12,077,064 11,599,342 2,980,658 14,580,000 Interest Payments 2003 G.O. ($22.125m) 30, Refunding ($44.175m) 625,500 71, B G.O. ($17.285m) 51,657 17, G.O. ($26.357m) 1,468,405 98,000 33, B Refunding ($12.065m) 265, , ,325 95,143 (62,659) 32, G.O. ($22.2m) Partial Defeasance by Series 2015 Refunding Bonds 1,910,209 1,426, , ,159 (923,909) 23, G.O. Refunding ($58.38m) 5,206,306 2,266,955 2,077,350 1,866,944 (236,550) 1,630, G.O. Refunding ($16.52m) 310, , , ,400 (173,050) 271, G.O. Refunding ($25.545m) 804, ,700 1,444,000 2,042,800 (1,274,800) 768, G.O. Refunding ($8.14m) - 209, , ,776 (59,363) 70, G.O. Refunding ($21.4m) - 249, , ,488 (4,550) 703, G.O. ($160m) ,502,952 3,983,748 7,486,700 Total Interest Payments 10,672,758 5,662,640 5,899,874 9,737,662 1,248,867 10,986,529 Total Debt Service Expenditures 18,595,569 18,027,931 17,976,938 21,337,004 4,229,525 25,566,529 Annual Paying Agent Fees 10,650 9,338 9,050 26,000-26,000 Total Expenditures 18,606,219 18,037,269 17,985,988 21,363,004 4,229,525 25,592,529 Other Financing Uses Payments to Escrow Agent & Paying Agent - 32,294, Total Other Financing Uses - 32,294, Restricted Fund Balance, End of Year $ 24,737,797 $ 23,678,600 $ 25,929,118 25,532,530 (2,117,954) 23,414,576 Total Appropriation $ 46,895,534 2,111,571 $ 49,007,105 Assessed Valuation 1,308,708,900 1,335,029,420 1,432,791,730 1,453,401,060 72,670,053 1,526,071,113 Mill Levy Adopted Budget 141 June 15, 2017

161 Academy District 20 Debt Service Schedule for All District Bonds Budget FY Series Series Series Series Series 2006B Refunding Refunding 2011 Refunding 2012 Refunding Month Principal (1) Interest Principal (2) Interest Principal (3) Interest Principal (4) Interest Principal (5) Interest Dec-17 $1,485,000 $32,484 $930,000 $23,250 $6,205,000 $867,972 $1,130,000 $144,150 $2,145,000 $394,725 Jun-18 $762,422 $127,200 $373,275 Dec-18 $6,405,000 $762,422 $1,170,000 $127,200 $2,190,000 $373,275 Jun-19 $609,047 $103,800 $351,375 Dec-19 $6,720,000 $609,047 $1,220,000 $103,800 $2,210,000 $351,375 Jun-20 $449,172 $79,400 $329,275 Dec-20 $7,035,000 $449,172 $1,270,000 $79,400 $2,250,000 $329,275 Jun-21 $273,297 $54,000 $295,525 Dec-21 $7,425,000 $273,297 $1,325,000 $54,000 $2,255,000 $295,525 Jun-22 $87,672 $27,500 $261,700 Dec-22 $1,805,000 $87,672 $1,375,000 $27,500 $2,415,000 $261,700 Jun-23 $42,547 $213,400 Dec-23 $1,945,000 $42,547 $3,890,000 $213,400 Jun-24 $135,600 Dec-24 $4,095,000 $135,600 Jun-25 $53,700 Dec-25 $2,685,000 $53,700 Jun-26 Dec-26 Jun-27 Dec-27 Jun-28 Dec-28 Jun-29 Dec-29 Jun-30 Dec-30 Jun-31 Dec-31 Jun-32 Dec-32 Jun-33 Dec-33 Jun-34 Dec-34 Jun-35 Dec-35 Jun-36 Dec-36 Jun-37 Dec-37 Jun-38 Dec-38 Jun-39 Dec-39 Jun-40 Dec-40 TOTAL $1,485,000 $32,484 $930,000 $23,250 $37,540,000 $5,316,284 $7,490,000 $927,950 $24,135,000 $4,422,425 (1) Bond Series 2006B issued $ million of Refunding Bonds for the Series 1997 (2) Bond Series 2007 issued $22.2 million of the $163 million authorized (final series) (3) Bond Series 2010 issued $58.38 million of refunding for Series 2002 & 2003 (4) Bond Series 2011 issued $8.26 million of refunding for Series 2004B (5) Bond Series 2012 issued $ million of refunding for Series 2004B and Series 2006 (6) Bond Series 2014 issued $8.14 million of refunding for eligible Series 2004 (7) Bond Series 2015 issued $21.4 million of refunding for eligible Series 2007 (8) Bond Series 2017 issued $160 million of the $230 million authorized Adopted Budget 142 June 15, 2017

162 Academy District 20 Debt Service Schedule for All District Bonds Budget FY Series Series Series Total Total Total Total 2014 Refunding 2015 Refunding 2017 Combined Combined Fiscal Year Calendar Year Principal (6) Interest Principal (7) Interest Principal (8) Interest Principal Interest Debt Service Debt Service Debt Service Month $565,000 $38,738 $230,000 $353,119 $1,890,000 $3,762,250 $14,580,000 $5,616,688 $20,196,688 $24,998,222 Dec-17 $31,675 $350,819 $3,724,450 $0 $5,369,841 $5,369,841 $25,566,528 Jun-18 $580,000 $31,675 $1,125,000 $350,819 $790,000 $3,724,450 $12,260,000 $5,369,841 $17,629,841 * $22,999,681 Dec-18 $24,425 $339,569 $3,708,650 $0 $5,136,866 $5,136,866 $22,766,706 Jun-19 $595,000 $24,425 $1,150,000 $339,569 $830,000 $3,708,650 $12,725,000 $5,136,866 $17,861,866 $22,998,731 Dec-19 $15,500 $325,194 $3,692,050 $0 $4,890,591 $4,890,591 $22,752,456 Jun-20 $610,000 $15,500 $1,175,000 $325,194 $2,875,000 $3,692,050 $15,215,000 $4,890,591 $20,105,591 $24,996,181 Dec-20 $7,875 $301,694 $3,634,550 $0 $4,566,941 $4,566,941 $24,672,531 Jun-21 $630,000 $7,875 $1,225,000 $301,694 $3,355,000 $3,634,550 $16,215,000 $4,566,941 $20,781,941 $25,348,881 Dec-21 $277,194 $3,567,450 $0 $4,221,516 $4,221,516 $25,003,456 Jun-22 $2,455,000 $277,194 $7,885,000 $3,567,450 $15,935,000 $4,221,516 $20,156,516 $24,378,031 Dec-22 $228,094 $3,370,325 $0 $3,854,366 $3,854,366 $24,010,881 Jun-23 $2,545,000 $228,094 $6,185,000 $3,370,325 $14,565,000 $3,854,366 $18,419,366 $22,273,731 Dec-23 $199,463 $3,215,700 $0 $3,550,763 $3,550,763 $21,970,128 Jun-24 $2,605,000 $199,463 $7,735,000 $3,215,700 $14,435,000 $3,550,763 $17,985,763 $21,536,525 Dec-24 $166,900 $3,022,325 $0 $3,242,925 $3,242,925 $21,228,688 Jun-25 $2,670,000 $166,900 $4,300,000 $3,022,325 $9,655,000 $3,242,925 $12,897,925 $16,140,850 Dec-25 $113,500 $2,914,825 $0 $3,028,325 $3,028,325 $15,926,250 Jun-26 $2,780,000 $113,500 $6,460,000 $2,914,825 $9,240,000 $3,028,325 $12,268,325 $15,296,650 Dec-26 $57,900 $2,753,325 $0 $2,811,225 $2,811,225 $15,079,550 Jun-27 $2,895,000 $57,900 $6,435,000 $2,753,325 $9,330,000 $2,811,225 $12,141,225 $14,952,450 Dec-27 $2,592,450 $0 $2,592,450 $2,592,450 $14,733,675 Jun-28 $8,760,000 $2,592,450 $8,760,000 $2,592,450 $11,352,450 $13,944,900 Dec-28 $2,373,450 $0 $2,373,450 $2,373,450 $13,725,900 Jun-29 $9,200,000 $2,373,450 $9,200,000 $2,373,450 $11,573,450 $13,946,900 Dec-29 $2,143,450 $0 $2,143,450 $2,143,450 $13,716,900 Jun-30 $9,655,000 $2,143,450 $9,655,000 $2,143,450 $11,798,450 $13,941,900 Dec-30 $1,902,075 $0 $1,902,075 $1,902,075 $13,700,525 Jun-31 $10,140,000 $1,902,075 $10,140,000 $1,902,075 $12,042,075 $13,944,150 Dec-31 $1,648,575 $0 $1,648,575 $1,648,575 $13,690,650 Jun-32 $10,705,000 $1,648,575 $10,705,000 $1,648,575 $12,353,575 $14,002,150 Dec-32 $1,434,475 $0 $1,434,475 $1,434,475 $13,788,050 Jun-33 $6,460,000 $1,434,475 $6,460,000 $1,434,475 $7,894,475 $9,328,950 Dec-33 $1,272,975 $0 $1,272,975 $1,272,975 $9,167,450 Jun-34 $6,785,000 $1,272,975 $6,785,000 $1,272,975 $8,057,975 $9,330,950 Dec-34 $1,103,350 $0 $1,103,350 $1,103,350 $9,161,325 Jun-35 $7,125,000 $1,103,350 $7,125,000 $1,103,350 $8,228,350 $9,331,700 Dec-35 $925,225 $0 $925,225 $925,225 $9,153,575 Jun-36 $7,485,000 $925,225 $7,485,000 $925,225 $8,410,225 $9,335,450 Dec-36 $738,100 $0 $738,100 $738,100 $9,148,325 Jun-37 $7,840,000 $738,100 $7,840,000 $738,100 $8,578,100 $9,316,200 Dec-37 $542,100 $0 $542,100 $542,100 $9,120,200 Jun-38 $8,670,000 $542,100 $8,670,000 $542,100 $9,212,100 $9,754,200 Dec-38 $368,700 $0 $368,700 $368,700 $9,580,800 Jun-39 $9,025,000 $368,700 $9,025,000 $368,700 $9,393,700 $9,762,400 Dec-39 $188,200 $0 $188,200 $188,200 $9,581,900 Jun-40 $9,410,000 $188,200 $9,410,000 $188,200 $9,598,200 $9,786,400 Dec-40 $2,980,000 $197,688 $20,855,000 $5,073,769 $160,000,000 $105,435,800 $255,415,000 $121,429,650 $376,844,650 $367,246,450 $381,646,184 TOTAL * Projected Fund Balance at June 30, 2018 is $23,414,576 and will be sufficient to pay the December 2018 debt service requirement. Adopted Budget 143 June 15, 2017

163 Where dreams take flight One student at a time. Adopted Budget 144 June 15, 2017

164 CAPITAL PROJECT FUNDS Is used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, acquisition or construction of major capital facilities and other capital assets (other than those financed by proprietary funds and trust funds). GASB and GASB Statement No. 54. Building Fund Capital Reserve Capital Projects Fund Technology Fund The Capital Reserve Capital Projects Fund is used to account for the purposes and limitations specified by Section (1)(c), C.R.S., including the acquisition of sites, buildings, equipment, and vehicles. This fund is used for a capital reserve fund which is classified as a capital projects fund.

165 Academy District 20 Building Fund Fund Profile On November 8, 2016, the voters residing in the boundaries of Academy District 20 passed a bond referendum in the amount of $230 million. The funds from the bond issuance will be used to pay for new construction, renovations and remodels, technology infrastructure, and updates to all current school facilities. On January 12, 2017, the first set of bond certificates were issued and sold. $160 million face value bonds were sold in the first issuance, including a premium of $23 million. The remaining $70 million of bond certificates will be sold in two separate issuances of $40 million and $30 million, respectively, at later dates. The Building Fund will budget and account for the proceeds from the sale of the bond certificates and the related expenditures of those funds for various projects around the District. The budgets for each category of projects provided by the first issuance of bonds are as follows: Project Budget Amount New Construction Projects Two Elementary Schools $21,000,000 One Middle School $47,500,000 Innovation Learning Center $12,000,000 Total New Construction Projects $80,500,000 Renovation and Remodel Projects $38,155,000 The Classical Academy Projects $14,640,000 Fairness Formula Projects $14,522,000 Technology Infrastructure Projects $ 5,500,000 Facilities Audit Projects $ 5,053,000 Contingencies $ 1,630,000 Project Totals $160,000,000 Details on each category and progress can be found on the district website at Adopted Budget 145 June 15, 2017

166 Academy School District Twenty BUILDING FUND Schedule of Revenues, Expenditures and Fund Balance FY Adopted Budget Budget Final Changes Adopted Beginning Fund Balance ASSIGNED -Carryover Projects $ - $ 123,324,739 $ 123,324,739 -TCA Carryover - 10,980,000 10,980,000 -Arbitrage Rebate - 600, ,000 -Project Management - 8,272,500 8,272,500 -BOE Contingency - 1,630,000 1,630,000 UNASSIGNED -Available for Projects - 8,011,690 8,011,690 Total Beginning Fund Balance - 152,818, ,818,929 Revenues 1510 Investment Income - 750, ,000 Total Revenues - 750, ,000 Other Financing Sources Net Proceeds from General Obligations Bonds 160,000,000 (160,000,000) - Bond Premium 23,766,429 (23,766,429) - Total Financing Sources 183,766,429 (183,766,429) - Total Resources Available 183,766,429 (30,197,500) 153,568,929 Expenditures Debt Issue Costs and Underwriters Discount 846,000 (761,193) 84,807 Professional Services/Project Management 571, , ,760 Office Rental - 52,000 52,000 Capital Outlay Projects: New Construction: Land, Site and Building Improvements 5,031,250 21,152,250 26,183,500 Buildings 5,031,250 21,152,250 26,183,500 Remodel and Renovation: Land, Site and Building Improvements 9,538,750 20,832,630 30,371,380 Buildings Fairness Formula 3,630,500 7,152,085 10,782,585 Technology Infrastructure 1,375,000 1,237,500 2,612,500 Facility Audit Projects 1,263,250 2,829,680 4,092,930 TCA Projects 3,660,000 5,220,000 8,880,000 Contingency Reserve/Encumbrances Total Expenditures 30,947,500 79,232, ,179,962 Excess of Resources over Expenditures 152,818,929 (109,429,962) 43,388,967 ASSIGNED -Carryover Projects 121,266,429 (97,418,085) 23,848,344 -TCA Carryover 10,980,000 (8,880,000) 2,100,000 -Arbitrage Rebate 600, ,000 -Project Management 8,272,500 (3,070,760) 5,201,740 -BOE Contingency 1,630,000-1,630,000 UNASSIGNED -Available for Projects 10,070,000 (61,117) 10,008,883 Fund Balance, End of Year $ 152,818,929 $ (109,429,962) $ 43,388,967 Total Appropriation $ 183,766,429 $ (30,197,500) $ 153,568,929 Adopted Budget 146 June 15, 2017

167 Academy District 20 Capital Reserve Capital Projects Fund Fund Profile The Capital Reserve Capital Projects Fund is used to account for the ongoing capital needs of the District such as site acquisitions, building additions and improvements, as well as purchases of equipment and vehicles. This fund receives a transfer from the General Fund. Due to funding reductions caused by revenue declines in the State budget, the Capital Reserve Capital Projects Fund has seen decreased allocation from the General Fund. The district decided it would not be fiscally responsible to continue with this trend. For the school year the transfer to the fund will be a flat dollar amount per funded pupil. Projects selected for funding will be restricted to high priority needs required to ensure the safety, security, asset preservation and basic operation of schools and facilities in the District. The district formed a capital projects review committee. When funding is available this committee will meet regularly to review future capital projects requirements and needs. In FY the following projects were approved with the identified budgets: Project Budget Amount District Wide Asphalt Projects $500,000 Columbine Locks $200,000 DDC Projects $200,000 Modular Ranch Creek $150,000 Modular Chinook Trail $150,000 Modular Timberview Middle $150,000 Pine Creek High School Sidewalk $14,000 Rockrimmon Drainage $15,000 Discovery Canyon Gym Expansion $3,100,000 Security Equipment and Vehicles $250,000 Maintenance Vehicle Replacement $270,000 Transportation Bus Replacement $1,030,000 All projects are expected to be completed within 18 months. The capital projects review committee will begin meeting and scheduling FY projects in the following months: October Facilities Supervisors, Leads, and one Business Services representative will meet to review the current project list, add projects, and revise priorities. November A list of projects will be forwarded to the CFO for review and scheduling of the capital projects committee meeting. Adopted Budget 147 June 15, 2017

168 December The Capital Projects Committee will meet to discuss projects and determine priority for funding. January Capital Projects List is finalized and funding is designated for projects. Project Managers are assigned and will provide a scope of work to Contracting for the RFP. It is imperative that all required costs associated with the project be included. February RFP s are developed by Contracting for approved projects and sent out with a due date at the end of February. March Bids are awarded by Contracting and Project Managers are notified to contact awardees and schedule work to begin after the last staff day. Project Managers will be given a budget for each project they have been assigned and will be accountable for making sure the project does not exceed the allocated amount. Adopted Budget 148 June 15, 2017

169 Academy District 20 CAPITAL RESERVE CAPITAL PROJECTS FUND Schedule of Revenues, Expenditures and Fund Balance FY Adopted Budget Audited Budget Actual Actual Actual Final Changes Adopted Beginning Fund Balance Restricted for Debt Service 545, , , Assigned for Arbitrage Rebate 285, , Assigned for Contractual Obligations - - 2,213,455 1,555,874 (1,555,874) - Assigned for Capital Projects 1,574,940 2,085, , ,722 1,349,278 1,500,000 Assigned for Future Food Service Projects , ,274 Assigned for Security Systems , ,000 Assigned for Future Projects 2,468,648 2,880,021 2,229,265 2,271, ,539 2,465,763 Total Beginning Fund Balance 4,874,250 5,796,264 5,439,911 4,208, ,943 4,446,037 Revenues Investment Income 2,366 1,584 1,564 1,500-1,500 Sale of Assets 188, , , , ,000 Miscellaneous Revenue 2, , Revenues from Intermediate Sources - 20,451 80, Land Fees 321, , , , ,000 Total Revenues 515, , , , ,500 Other Financing Sources Transfer from General Fund 3,349,915 3,252,470 3,979,732 7,954,039 (5,176,164) 2,777,875 Total Financing Sources 3,349,915 3,252,470 3,979,732 7,954,039 (5,176,164) 2,777,875 Total Resources Available 8,739,691 9,792,066 9,877,007 12,452,633 (4,938,221) 7,514,412 Expenditures Building and Site Modifications & Repairs 1,736,387 1,844,206 2,439,657 4,800,000 (3,300,000) 1,500,000 Security Equipment and Vehicles , ,000 Non-Security Equipment and Vehicles 387,400 1,242,480 1,935,816 1,250,000 50,000 1,300,000 Purchase and Renovation Building 61, , Subtotal Capital Outlay Projects 2,185,347 3,581,100 4,375,473 6,300,000 (3,250,000) 3,050,000 Debt Services: COP Principal 660, ,000 1,265, COP Interest 98,080 71,055 28, Subtotal Principal and Interest Payments 758, ,055 1,293, Other Financing Uses Carryover Projects ,706,596 (706,596) 1,000,000 Total Expenditures & Financing Uses 2,943,427 4,352,155 5,668,913 8,006,596 (3,956,596) 4,050,000 Restricted for Debt Service 545, , Assigned for Arbitrage Rebate 285, Assigned to Contractual Obligations - 2,213,455 1,555, Assigned for Capital Projects 2,085, , ,722 1,500,000 (1,000,000) 500,000 Assigned for Future Food Service Projects , , ,274 Assigned for Security Systems , , ,000 Assigned for Future Projects 2,880,021 2,229,265 2,271,224 2,465,763 (231,625) 2,234,138 Fund Balance, End of Year 5,796,264 5,439,911 4,208,094 4,446,037 (981,625) 3,464,412 12,452,633 (4,938,221) 7,514,412 Adopted Budget 149 June 15, 2017

170 Academy District 20 Technology Fund Fund Profile The Technology Fund is used to account for the ongoing technology needs of the District. This fund manages purchases such as student and teacher technology equipment, technology maintenance and license agreements, salaries and benefits of district employees that support various district purchased software and hardware as well as the purchase of various technology infrastructure and software requirements. The revenue sources for this fund are allocation from the General Fund, Mill Levy Override funds, and Section 7002 Federal Impact Aid Revenue. This fund was created beginning FY Prior to the formation of this fund the expenditures were part of the General Fund and the Capital Reserve Fund. The FY total appropriations for the Technology Fund totals $15,166,618. Budgeted expenditures during this period are $8,016,295 of which $1,637,640 will be used towards technology replacement. The allocation from the General Fund will be $5,960,925. Technology Replacement fund balance reserve will be used for all technology replacement items during the year. The allocation given to each school is based on each school s respective per pupil membership. The allocation for FY is set at $70 per student. The following chart graphically displays the annual actual and budgeted expenditures for technology replacement over the past eight years of the program and two years of projected expenditures. Technology Replacement Annual Expense 1,800,000 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 - $1,637,640 $1,609,220 $1,118,967 $1,047,109 $1,217,529 $940,725 $1,193,970 $1,462,036 $837,515 $1,122,560 Adopted Budget 150 June 15, 2017

171 Academy School District No. 20 TECHNOLOGY FUND Schedule of Revenues, Expenditures and Fund Balance FY Adopted Budget Audited Budget Actual Actual Actual Midyear Change Adopted Beginning Fund Balance Assigned for One to One Mobile Device Initiative - 197, , ,774 (59,578) 334,196 Assigned for Contractual Obligations ,394 38,250 (38,250) - Assigned for Technology Replacement 5,937,664 6,292,011 6,749,349 7,176,863 (207,977) 6,968,886 Assigned for Future Projects 646, ,679 1,124, ,456 (371,495) 233,961 Total Beginning Fund Balance 6,584,219 7,092,122 8,185,816 8,214,343 (677,300) 7,537,043 Revenues Miscellaneous 3, , One to One Initiative Self Insurance Fee 36,712 28, ,749 48,650-48,650 E-RATE Funding 123, , , , ,000 SCETC Grant 10,000 7, Federal Impact Aid 1,553,962 1,730,916 1,726,355 1,500,000-1,500,000 Total Revenues 1,727,516 1,894,833 2,034,036 1,668,650-1,668,650 Other Financing Sources Transfer from Technology Replacement to One to One Initiative (77,055) (79,608) (81,312) (98,757) 6,569 (92,188) Transfer to One to One Initiative from Technology Replacement 77,055 79,608 81,312 98,757 (6,569) 92,188 Transfer from General Fund - One to One Mobile Initiative 245, , , , ,000 Transfer from General Fund 4,017,687 4,813,490 4,603,490 4,997, ,450 5,715,925 Total Financing Sources 4,262,687 5,058,490 4,848,490 5,242, ,450 5,960,925 Total Resources Available 12,574,422 14,045,445 15,068,342 15,125,468 41,150 15,166,618 Expenditures Current Operational Costs: Office of the CIO (651) Salaries & Benefits 234, , , ,440 2, ,040 Non-salary 699, , , , ,000 1,113,725 Subtotal 933, ,444 1,077,047 1,230, ,600 1,380,765 Department of Educational Services (652) Salaries & Benefits 628, , , , , ,705 Non-salary 222, , , , ,180 Subtotal 851, ,446 1,018,525 1,065, ,740 1,169,885 Department of Programming Services (654) Salaries & Benefits 810, ,137 1,015,040 1,057, ,300 1,184,060 Non-salary Subtotal 810, ,137 1,015,268 1,057, ,300 1,184,060 Department of Operations Services (656) Salaries & Benefits 950,020 1,018,165 1,076,920 1,259,600 17,810 1,277,410 Non-salary 390, , , , ,550 Subtotal 1,340,250 1,732,251 1,600,575 1,824,150 17,810 1,841,960 Subtotal - Operational Costs 3,935,900 4,386,278 4,711,415 5,177, ,450 5,576,670 Capital Outlay Projects: School Technology Replacement Plan 1,122,560 1,193,970 1,217,529 1,609,220 28,420 1,637,640 Transportation System 37, Technology Systems 70,930 28, , , ,000 One to One Mobile Device Initiative 161, , , , ,985 One to One Mobile Device Repairs - 23,021 23,652 50,000-50,000 SILT Wireless Upgrade 154, Subtotal Capital Outlay Projects 1,546,400 1,473,351 2,142,584 2,411,205 28,420 2,439,625 Total Expenditures & Financing Uses 5,482,300 5,859,629 6,853,999 7,588, ,870 8,016,295 Total Sources in Excess of Total Uses 7,092,122 8,185,816 8,214,343 7,537,043 (386,720) 7,150,323 Ending Fund Balances Assigned for One to One Mobile Device Lease 197, , , ,196 (66,147) 268,049 Assigned for Contractual Obligations - 12,394 38, Assigned for Technology Replacement 6,292,011 6,749,349 7,176,863 6,968,886 (229,828) 6,739,058 Assigned for Future Projects 602,679 1,124, , ,961 (90,745) 143,216 Total Ending Fund Balances 7,092,122 8,185,816 8,214,343 7,537,043 (386,720) 7,150,323 Total Appropriation 15,125,468 41,150 15,166,618 Adopted Budget 151 June 15, 2017

172 Where dreams take flight One student at a time. Adopted Budget 152 June 15, 2017

173 FIDUCIARY FUNDS Fiduciary fund types are used to account for assets held by the government in a trustee capacity. The District utilizes the following: AGENCY FUNDS School Activity Fund Agency Fund

174 Academy School District No. 20 AGENCY FUND Schedule of Asset Additions, Deletions and Net Assets FY Adopted Budget Audited Budget Actual Actual Actual Final Changes Adopted Beginning Net Assets $ 89,670 $ 101,187 $ 105,905 $ 106,610 $ - $ 106,610 Additions Fundraising activities 20,512 47,498 25,585 45,000-45,000 Beverage Scholarship Fund 60,000 60,000 60,000 60,000-60,000 Pikes Peak Alliance Receipts 1,088 (1,621) (500) 5,000-5,000 Total Additions 81, ,877 85, , ,000 Total Assets Available 171, , , , ,610 Deletions Scholarships Awarded 61,200 60,000 60,000 60,000-60,000 Other 8,883 41,159 24,380 50,000-50,000 Total Deletions 70, ,159 84, , ,000 Ending Net Assets $ 101,187 $ 105,905 $ 106, , ,610 Total Appropriation $ 216,610 $ - $ 216,610 Adopted Budget 153 June 15, 2017

175 Academy School District No. 20 SCHOOL ACTIVITY FUND Schedule of Asset Additions, Deletions and Net Assets FY Adopted Budget Audited Budget Actual Actual Actual Midyear Changes Adopted Beginning Net Assets $ 4,121,762 $ 4,092,040 $ 4,018,034 $ 4,051,633 $ - $ 4,051,633 Additions Local Sources 9,821,662 10,300,368 10,662,662 10,700, ,000 11,000,000 Total Additions 9,821,662 10,300,368 10,662,662 10,700, ,000 11,000,000 Total Assets Available 13,943,424 14,392,408 14,680,696 14,751, ,000 15,051,633 Deletions Organizational Expenditures 9,851,384 10,374,374 10,629,063 10,700, ,000 11,000,000 Total Deletions 9,851,384 10,374,374 10,629,063 10,700, ,000 11,000,000 Ending Net Assets $ 4,092,040 $ 4,018,034 $ 4,051,633 4,051,633-4,051,633 Total Appropriation $ 14,751,633 $ 300,000 $ 15,051,633 NOTE: The School Activity Fund is used to account for assets held by the District in a trustee capacity for individuals and organizations. Adopted Budget 154 June 15, 2017

176 Informational Section Property Tax, Assessed Value, and Demographics Homeowner Tax Burden 155 Property Tax Data 156 District Principal Tax Payers 158 Assessed Property Value Trends 159 GRAPH - District Assessed Value 160 GRAPHS Inflation Comparisons 161 Enrollment History/Projections 165 Fund Forecasts General Fund 173 Food Service Fund 176 Transportation Fund 178 Bond Redemption Fund 181 Building Fund 183 Capital Reserve Capital Projects Fund 185 Technology Fund 187 Staffing Allocations 191

177 Salary Schedules Non-Administrative Licensed Personnel Contracts/Compensations/Salary Schedules Procedure 193 Staff Specialist Compensation Procedure 195 Classified Support Personnel Pay Ranges 197 Administrative Compensation Procedure 199 Student Performance Measurements 201 Budget Policies 205 Glossary 215 Art Work Credits 234

178 Property Tax & Demographic Information

179 Academy School District Twenty Annual Property Tax Information Summary Homeowner Tax Burden Assessment Year est. (Tax payable the next year) Market Value Appreciation Rates (on a 200K home) $200,000 $184,502 $195,203 $186,619 $194,643 $208,073 $213,067 $228,408 $241,884 $250,108 Home Appreciation Rates (Pikes Peak Region (Year-to-Year Average) -8.50% 5.40% -5.10% 5.10% 6.90% 2.60% 6.90% 6.50% 4.90% 5.90% Assessment Rate 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.96% 7.20% Assessment Value $15,920 $14,686 $15,538 $14,855 $15,494 $16,563 $16,960 $18,181 $19,254 $18,008 School District Mill Levies School Finance Levy Abatement Levy Override Levy Debt Service Levy Total District Levy School Taxes Before Inflation $959 $884 $936 $894 $933 $997 $1,021 $1,095 $1,159 $1,084 School Taxes After Inflation $457 $424 $441 $406 $415 $435 $438 $461 $479 $440 Inflation Factor, = Example Home Market Value, Assessed Value, School Taxes Before Inflation and After Inflation School Taxes Before & After Inflation $1,400 Market Value vs Assessed Value (in 000's) $300 $1,200 $250 $1,000 $200 $800 $150 $600 $400 $100 $200 $50 $ School Taxes Before Inflation $959 $884 $936 $894 $933 $997 $1,021 $1,095 $1,159 $1,084 School Taxes After Inflation $457 $424 $441 $406 $415 $435 $438 $461 $479 $440 Market Value (in 000's) $200 $185 $195 $187 $195 $208 $213 $228 $242 $250 Assessment Value (in 000's) $16 $15 $16 $15 $15 $17 $17 $18 $19 $18 $0 TABOR (Taxpayers' Bill of Rights) restricts the annual increase in the amount of property tax paid to inflation plus the increase in the district's student population. This graph clearly illustrates the intent of TABOR to limit significant residential property tax increases with out approval from district voters. As can be seen the market value of this home has increased slightly in combination with assessed value. Taxes before inflation have followed a similar trend as the market value, and inflation has remained low and kept school taxes after inflation low. Adopted Budget 155 June 15, 2017

180 Academy School District Twenty Property Tax Data (General Fund Only) Fiscal Year Collection Year Assessed Valuation School Finance Mill Levy Override Mill Levy Property Tax Revenue Levied for School Finance Property Tax Revenue Levied for Override Certified Funded Pupil Count % Change Funded Pupil Count 08/ $ 1,315,656, $ 34,582,525 $ 15,382,872 20, % 09/ $ 1,401,074, $ 37,928,686 $ 17,920,786 21, % 10/ $ 1,394,305, $ 37,867,152 $ 20,599,267 21, % 11/ $ 1,303,656, $ 35,441,168 $ 22,039,108 22, % 12/ $ 1,302,804, $ 35,113,180 $ 24,910,920 22, % 13/ $ 1,311,680, $ 35,352,407 $ 25,719,427 23, % 14/ $ 1,335,029, $ 35,981,713 $ 26,748,649 23, % 15/ $ 1,432,791, $ 38,616,603 $ 26,750,222 23, % 16/ $ 1,453,401, $ 39,172,065 $ 26,749,847 24, % 17/18 est $ 1,526,071, $ 41,130,669 $ 26,750,501 24, % Note: Fiscal Year 17/18 (Collection Year 2017) information are estimates based on Projected Counts, Assessed Values, and Property Tax Revenue Adopted Budget 156 June 15, 2017

181 Academy School District Twenty Property Tax Data (General Fund Only) Fiscal Year Collection Year Calendar Year Used by School Finance for CPI CPI Inflation Rate Inflation Factor School Finance Tax Revenue Per Pupil Before Inflation School Finance Tax Revenue After Inflation Override Tax Revenue Per Pupil Before Inflation Override Tax Revenue After Inflation 08/ / / / / / / / / /18 est , , (0.646) , , , , , , , , , , , , , , Adopted Budget 157 June 15, 2017

182 ACADEMY SCHOOL DISTRICT TWENTY Principal Taxpayers (Based on Property Valuation) As of May 31, 2017 El Paso Assessed % of Total Taxes County Taxpayer Valuation(1) Valuation Assessed Tax Credit PY CY (1) (1) Wal-Mart Real Estate 30,329, % 2,210,636 $ (184,029.43) (Retail) (3) (2) Garrison Chapel Hills Mall LLC 12,434, % 961,297 $ - (Property Management) (4) (3) Progressive Direct Insurance CO 12,296, % 1,037,018 $ - (Insurance) (5) (4) CV Patriot Springs, LLC 11,307, % 885,414 $ - (Office Building and Parks) (6) (5) T Rowe Price Assoc 10,776, % 833,103 $ - (Financial Investing) (8) (6) IMI Colorado Springs LLC 9,649, % 1,699,483 $ (731.27) (Property Management - Miller Capital Advisory)) (9) (7) Dar Briargate LLC 7,582, % 585,802 $ - (Property Management) (n/a) (8) United Services Automobile Assoc 7,107, % 549,507 $ - (c/o Deloitte & Touche - Insurance Co) (10) (9) QWEST Corporation 9,589, % 577,453 $ - (Network and Exchange Services) (na) (10) Wells Operating Partnership LP 6,240, % 526,168 $ - (Real estate Investment) TOTAL $ 117,314, % $ 9,865,882 $ (184,761) Source: El Paso County Treasurer's Office Note: 1. Based upon 2016 assessment for taxes due in Total District assessed value = $ 1,453,401,060 Adopted Budget 158 June 15, 2017

183 ACADEMY SCHOOL DISTRICT TWENTY Assessed Property Value Trends ASSESSED VALUE ASSESSED VALUE Parcel # Address 2012 Market Value 2013 Market Value 2014 Market Value 2015 Market Value 2016 Market Value Type Built Rolling Hills $124, $119, $119, $124, $132, $133K Condo 9,930 9,500 9,500 9,900 9, Summerset Dr $214, $217, $217, $221, $259, $259K Single Family Townhouse 17,080 17,320 17,320 17,610 18, Spanish Oak Terrace $338, $355, $355, $355, $396, $396K Single Family Ranch House 26,910 28,250 28,250 28,250 28, Prickly Pear Pl $387, $395, $395, $423, $464, $464K Single Family Two Story House 30,870 31,490 31,490 33,690 33, Dante Way $742, $728, $728, $757, $792, $795K Single Family Ranch House 59,140 57,960 57,960 60,280 57, Academy District Twenty Homeowner Assessed Property Value Trends 70,000 60,000 50,000 40,000 30,000 20,000 10,000 2,008 2,009 2,010 2,011 2,012 2,013 2,014 2,015 2,016 Reference: County Assessor Public Record Property Information Property Tax Assessed Valuation 2017 Current Market Value $133K Condo $259K Single Family Townhouse $396K Single Family Ranch House $464K Single Family Two Story House $795K Single Family Ranch House Adopted Budget 159 June 15, 2017

184 Academy School District Twenty Total District Assessed Value Millions 1,700 1,500 1,300 Assessed Value 1, est Collection Year Note: Colorado statutes require reassessment of market values in each even numbered year. The reassessment is illustrated by steep increases between odd and even years, however 2017 is budgeted to increase. Adopted Budget 160 June 15, 2017

185 Academy School District Twenty School Finance Property Tax Revenue Per Pupil Before and After Inflation 1,800 1,600 1,400 1,200 1, Year 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 After Inflation Before Inflation 1,670 1,784 1,730 1,588 1,545 1,522 1,544 1,629 1,624 1,677 Adopted Budget 161 June 15, 2017

186 General Fund Revenue Before and After Inflation in millions $ $ $ $ $50.00 $- Before Inflation After Inflation The base year for inflation is 1984 Adopted Budget 162 June 15, 2017

187 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $ Comparison of School Finance Funding Per Pupil Lowest Funded Academy D20 Funding State Average Funding Highest Funded Adopted Budget 163 June 15, 2017

188 General Fund Revenue Per Pupil Before and After Inflation and Funded Pupil Counts Per Pupil Revenue $9,500 $8,500 Funded Pupil Counts Funded Pupil Count 25, , , ,500.0 $7,500 21, ,500.0 $6,500 19, ,500.0 $5,500 17, ,500.0 $4,500 15, ,500.0 $3,500 13, , ,500.0 $2, Before Inflation $7,825 $8,264 $7,953 $7,812 $7,872 $8,077 $8,555 $8,803 $8,882 $9,004 After Inflation $3,873 $3,937 $3,813 $3,677 $3,574 $3,597 $3,707 $3,711 $3,701 $3,650 FPC 20, , , , , , , , , , ,500.0 The base year for inflation is 1984 Adopted Budget 164 June 15, 2017

189 Enrollment History/Projections

190 Academy School District Twenty Enrollment/History Projections In an attempt to develop budgets and long-range plans based on sound statistical data, Academy District Twenty s demographer evaluates and analyzes enrollment projections and historical trends. Per pupil student count data is collected by each school and compiled by Central Registry for submission to the state for certification each October. Central Registry provides the identical data to the outside consultant. Enrollment history is provided for through The demographer uses the data along with information regarding live births, economic growth rate, types of housing developments and the current economic situation to prepare models. The percent change average uses historical facts and assumes the same growth rate for future years, varying by each grade and each school. The absolute change average is created using three, five, and ten-year averages with the same absolute value for every grade level and every school. The district then uses the most conservative approach for budget preparation and analysis. Projected enrollment data for is shown on two tables. It is important to understand the difference between certified count data and membership count data. Certified count includes a part time student at a partial or half of a student. Membership count data is a whites of the eyes or whole student count. Membership count would list a part-time student the same as a full time student. State equalization payments are based on certified count data or funded pupil count. Adopted Budget 165 June 15, 2017

191 Academy School District Twenty Enrollment History Certified Membership Count Projected 2017 Preschool Kindergarten 1,455 1,555 1,538 1,543 1,606 1,550 1,534 1,577 1,676 1,677 1st 1,449 1,539 1,575 1,551 1,610 1,666 1,578 1,619 1,638 1,717 2nd 1,553 1,542 1,606 1,643 1,601 1,662 1,696 1,688 1,712 1,746 3rd 1,586 1,627 1,630 1,698 1,697 1,675 1,690 1,755 1,832 1,769 4th 1,642 1,680 1,687 1,701 1,735 1,810 1,709 1,783 1,840 1,938 5th 1,606 1,683 1,750 1,753 1,750 1,843 1,828 1,787 1,851 1,828 6th 1,706 1,685 1,739 1,858 1,798 1,862 1,947 1,977 1,897 2,028 7th 1,704 1,794 1,784 1,812 1,933 1,919 1,952 2,042 2,054 2,062 8th 1,745 1,739 1,859 1,843 1,874 1,990 1,986 2,007 2,128 2,099 9th 1,856 1,901 1,899 2,027 2,042 2,071 2,150 2,120 2,163 2,222 10th 1,705 1,902 1,946 1,924 2,040 2,075 2,062 2,198 2,117 2,231 11th 1,876 1,864 2,009 2,053 1,994 2,010 2,027 2,034 2,164 2,173 12th 1,684 1,744 1,708 1,893 1,963 1,997 2,086 2,120 2,147 2,153 Total 21,917 22,620 23,119 23,667 23,984 24,481 24,609 25,080 25,615 26,043 % Change 4.07% 3.11% 2.16% 2.32% 1.32% 2.03% 0.52% 1.88% 2.09% 1.64% Certified Funded Pupil Count *2008 *2009 *2010 *2011 *2012 *2013 *2014 *2015 *2016 Projected 2017 Preschool Kindergarten st 1,421 1,514 1,545 1,522 1,574 1,630 1,539 1,577 1,592 1,619 2nd 1,532 1,512 1,581 1,611 1,565 1,626 1,656 1,647 1,666 1,694 3rd 1,568 1,597 1,596 1,669 1,661 1,637 1,652 1,705 1,776 1,806 4th 1,622 1,649 1,655 1,667 1,699 1,771 1,660 1,739 1,790 1,819 5th 1,589 1,657 1,720 1,719 1,710 1,807 1,787 1,739 1,800 1,830 6th 1,689 1,662 1,706 1,821 1,765 1,825 1,906 1,932 1,846 1,877 7th 1,691 1,768 1,759 1,783 1,901 1,882 1,912 2,008 2,013 2,046 8th 1,733 1,710 1,830 1,817 1,846 1,955 1,954 1,975 2,096 2,131 9th 1,849 1,881 1,884 2,010 2,026 2,058 2,137 2,111 2,151 2,187 10th 1,696 1,881 1,932 1,914 2,032 2,064 2,048 2,184 2,105 2,140 11th 1,857 1,853 1,997 2,042 1,988 2,004 2,019 2,022 2,150 2,186 12th 1,642 1,689 1,690 1,867 1,923 1,970 2,037 2,055 2,062 2,096 Total 20,709 21,258 21,766 22,315 22,593 23,104 23,164 23,576 23,990 24,390 % Change 2.09% 2.58% 2.33% 2.46% 1.23% 2.21% 0.26% 1.75% 1.73% 1.64% * Does not include.08 Kindergarten Count. Includes state funded preschool students. Adopted Budget 166 June 15, 2017

192 Total Students 29,000 26,500 24,000 21,500 19,000 16,500 14,000 11,500 9,000 ENROLLMENT HISTORY AND PROJECTION (Based on the actual historical enrollments) October Count Year Certified Membership Count Linear (Certified Membership Count) Adopted Budget 167 June 15, 2017

193 Demographer's Student Projection - Grand Total Based on Design Capacity Utlization Rate between 85-90% Elemen. Middle Sr. High (K-5) (6-8) (9-12) Total PROJECTED: ,729 6,183 8,737 25, ,944 6,307 8,912 26, ,162 6,433 9,090 26, ,386 6,561 9,272 27, ,613 6,693 9,457 27, ,846 6,827 9,646 28,319 14,000 Resident Enrollment Projections Elemen. (K 5) Middle (6 8) Sr. High (9 12) 12,000 10,000 STUDENT ENROLLMENT 8,000 6,000 4,000 2, Notes: The student projection scenario is based upon average percent changes for the last ten years, and includes additional residential construction as well as grandfathered out of district choice students. This methodology used is much more accurate than the low, middle, high projections used over the past 10 years, as trending has proven. Adopted Budget 168 June 15, 2017

194 Where dreams take flight One student at a time. Adopted Budget 169 June 15, 2017

195 Academy School District 20 Pupil Count Projections Per School FY Elementary School PREK K Total Academy Calvert K Academy Endeavour Academy International Antelope Trails Chinook Trail Discovery Canyon Douglass Valley Edith Wolford Explorer Foothills Frontier High Plains Home School Academy Elementary Mountain View Pioneer Prairie Hills Ranch Creek Rockrimmon School in the Woods The da Vinci Academy Woodmen-Roberts Academy D20 Preschool Total Elementary Schools 400 1,309 1,364 1,420 1,457 1,629 1,561 9,140 Middle School Total Academy Calvert K Challenger Discovery Canyon Eagleview Home School Academy Middle School Mountain Ridge ,045 Timberview ,170 Aspen Valley Campus Total Middle Schools 1,773 1,760 1, ,335 High School Total Academy On-line High School Air Academy ,349 Aspen Valley Discovery Canyon ,211 Liberty ,602 Pine Creek ,630 Rampart ,720 Total High Schools ,956 1,960 1,921 1,910 7,747 TOTAL D20 SCHOOLS 22,222 Adopted Budget 170 June 15, 2017

196 Academy School District 20 Pupil Count Projections Per Level FY PREK K Total Total D20 Schools 400 1,309 1,364 1,420 1,457 1,629 1,561 1,773 1,760 1,802 1,956 1,960 1,921 1,910 22,222 The Classical Academy Traditional n/a ,969 The Classical Academy College Pathways n/a n/a n/a n/a n/a n/a n/a n/a The Classical Academy Home School n/a n/a n/a n/a n/a 344 Total District 20 Funded Headcount with Charte 400 1,677 1,717 1,746 1,769 1,938 1,828 2,028 2,062 2,099 2,222 2,231 2,173 2,153 26,043 Less: Half Time and Non Counted Students (293.5) (838.0) (50.0) (66.5) (50.5) (51.5) (52.0) (47.0) (37.5) (34.5) (6.5) (3.5) (4.0) (118.0) (1,653.0) Add: Other Eligibles Total Funded Pupil Count PreK , , , , , , , , , , , , , * * Please note this number is the total funded pupil count projection used to build revenue projections. The revenue projects can be found in the financial section of the budget. Adopted Budget 171 June 15, 2017

197 Academy School District 20 K-12 Membership to Certified Enrollment Comparisons CDE Count Year Membership Count Certified Count Variance % Change ,917 20,709 (1,209) 5.84% ,620 21,258 (1,362) 6.41% ,119 21,766 (1,354) 6.22% ,667 22,315 (1,353) 6.06% ,984 22,593 (1,392) 6.16% ,481 23,104 (1,378) 5.96% ,609 23,164 (1,445) 6.24% ,080 23,576 (1,505) 6.38% ,615 23,990 (1,625) 6.77% 2017* 26,043 24,390 (1,653) 6.78% Average % Variance (1,427.27) -6.28% * Projected Data 30,000 25,000 20,000 15,000 10,000 Membership Count Certified Count 5,000 Adopted Budget 172 June 15, 2017

198 Fund Forecasts General Fund Food Service Transportation Fund Bond Redemption Fund Building Fund Capital Reserve Capital Projects Fund Technology Fund

199 Academy District 20 General Fund Five Year Forecast of Incremental Resources and Uses Assumptions 3 Years Audited Actuals and Current Year Budget A five year budget forecast is prepared each year as part of the budget development process and provided for public information. This forecast includes the FY adopted budget as year one (base year) for our forecast. Also included are three years of audited actuals and the current year adopted budget. The budget forecast is one of many tools used in the budget development process and is useful in evaluating future impact of current year decisions. The parameters utilized in projecting revenues and expenditures are detailed below. All figures are subject to change and, therefore, the projection should only be used as one of many decision making tools. Resource Assumptions: 1. Pupil counts for funding purposes are expected to increase at a 1.7 percent rate following It is anticipated that new home construction will continue to increase and district enrollment will be positively impacted. 2. State voters passed Amendment 23 to the Colorado Constitution in November As a result, for the 10 year period through FY the amendment provided a 1% base per pupil increase above inflation (Denver/Boulder/Greeley Consumer Price Index). The amendment provides only for an inflationary increase for fiscal years and beyond. While the amendment provides for an inflationary increase to the per pupil base, the economic recession has forced the legislature to reduce factors (coefficients) that recognize geographic, economic, and demographic differences in school districts across the state. This reduction is estimated at an 11. 1% for The Consumer Price Index for CY2016 applied to funding is 2.8%. This forecast assumes an inflation rate of 2.8% through and no reduction in the negative factor. 3. The school finance act no longer requires minimum mandatory allocations to the Capital Reserve and Insurance Reserve Funds. However, a transfer to the Capital Reserve Fund is anticipated for each year to fund the costs of vehicle replacement (including buses) and facilities improvements and repairs. The General Fund transfer to the Capital Projects Fund is established at $2.78 million for and is anticipated to increase by $5 per pupil per year in the remaining years of the forecast. 4. Voters approved additional override property tax revenues in November, Fiscal fully funded at the maximum authorized amount of $26,750,862. For the remaining years of the forecast, override tax revenues are projected to reach and maintain the maximum permitted. 5. Other state revenues are indexed to the projected annual rate of inflation. 6. Restricted fund balance amounts will increase incrementally each year based on the required increase in the TABOR (Taxpayer Bill of Rights) 3% emergency reserve. In addition, Unassigned Fund Balance is expected to be maintained between 8.8% and 10.3% within the range established in Board of Education Executive Limitation 2.7. Expenditure Assumptions: 1. The mandatory TABOR emergency reserve is maintained at 3% of School Finance Revenue. 2. Board of Education Executive Limitation 2.7 requires the appropriated operating reserve to be maintained between 4% and 12% of operating expenditures. This forecast provides for reserves sufficient to meet this requirement. Adopted Budget 173 June 15, 2017

200 3. For projection purposes, salaries are increased by 2% in each year of the forecast period. 4. Benefits are calculated at 27.2% of salaries for Increases are calculated in accordance with law at 0.5% for For FY going forward, purchased services, supplies and materials, capital outlay, and utilities budgets are increased by the rate of inflation to accommodate projected cost increases. 6. Charter school enrollments are nearing facility capacity. However the school has implemented a multi district on line option that will allow for limited additional growth both in the short and long term. The forecast assumes a flat increase in charter enrollment in and a 10 student increase each year over the next four year period. The Classical Academy Charter School is the largest charter school in Colorado at over 3,800 total headcount. 7. The Transportation Fund subsidy is determined after state reimbursements are estimated. For this projection the subsidy is increased by the inflation rate annually to accommodate compensation increases, inflation, and adding additional bus routes for the expanding student population. 8. The Capital Reserve Capital Projects Fund is funded at $125 per pupil in FY This amount is projected to increase at $5 annually for the remaining years of the forecast. 9. The Technology Fund subsidy increased for FY for salary increases. The transfer is increased by the rate of inflation for the remaining years of the forecast. 10. The district passed a $230 million bond initiative in November Two new elementary and one new middle school were included in the bond. The staffing for these new facilities is included in this forecast. 11. The forecast also anticipates the addition of teaching staff each year recognizing student population growth. Along with additional classroom teachers, this projection assumes additional need for special education, English language learning, and talented and gifted programs. The forecast assumes a 25:1 student to teacher ratio for incremental enrollment growth. The average teacher salary plus benefits for the forecast period are estimated at $70,000. All other salary and benefit costs are increased by inflation each year of the forecast. 12. Actual spending is estimated at 97.5% of budgeted expenditures and are reflected as such for each fiscal year during the projection period. 13. In order to continue the district s very high levels of student achievement, possible reallocation of existing budget between major program areas will be reviewed annually. Impact of Capital Expenditures on Operating Budgets The following information has been used in the forecast development as it relates to the impact of capital expenditures on the district s operating budget. All projects approved by voters in the 2016 bond election are fully staffed. Operating budgets have been adjusted to reflect adding more acreage and square footage as a result of the capital projects associated with this bond. Future needs from the capital reserve fund could focus on new roofing and parking lot repairs for a few facilities within the district. Adopted Budget 174 June 15, 2017

201 Academy District 20 General Fund Three Years Actual with Six Years Budget Forecast AUDITED BUDGET/FORECAST FY FY FY FY FY FY FY FY FY Inflation Rate 1.90% 2.80% 2.80% 1.20% 2.80% 2.80% 2.80% 2.80% 2.80% Per Pupil Funding (FPC) $6,308 $6,663 $6,906 $7,035 $7,272 $7,475 $7,684 $7,899 $8,120 Funded Pupil Count Growth Rate 2.5% 0.3% 1.7% 1.8% 1.7% 1.7% 1.7% 1.7% 1.7% Funded Pupil Count 23,227 23,306 23,702 24,124 24,524 24,941 25,365 25,796 26,235 Charter School Funded Pupil Count 3,277 3,400 3,392 3,452 3,452 3,462 3,472 3,482 3,492 Resources School Finance Act $ 146,817, % $ 155,056, % $ 163,930, % $ 169,707, % $ 178,328, % $ 186,433, % $ 194,903, % $ 203,763, % $ 213,025, % Mill Levy Override Property Tax 25,535, % 26,771, % 26,625, % 26,749, % 26,750, % 26,750, % 26,750, % 26,750, % 26,750, % Other State Revenue 5,126, % 5,820, % 6,116, % 6,475, % 6,530, % 6,713, % 6,901, % 7,094, % 7,293, % Other Local 7,954, % 8,389, % 8,875, % 8,288, % 8,351, % 8,467, % 8,586, % 8,706, % 8,828, % Federal Revenue 1,975, % 3,138, % 2,896, % 2,850, % 2,850, % 2,850, % 2,850, % 2,850, % 2,850, % Operating Transfer from Food Svc 200, % 200, % 200, % 200, % 200, % 200, % 200, % 200, % 200, % Restricted/Nonspendable Reserve 4,593, % 4,853, % 5,165, % 5,453, % 5,453, % 5,387, % 5,630, % 5,884, % 6,150, % Assigned Reserve 7,387, % 8,398, % 7,528, % 8,574, % 7,723, % 8,243, % 7,993, % 7,743, % 7,493, % Unassigned Reserve 23,874, % 23,756, % 24,704, % 28,635, % 24,337, % 23,029, % 23,504, % 24,502, % 26,688, % Total Resources Available 223,464, % 236,386, % 246,043, % 256,934, % 260,526, % 268,074, % 277,320, % 287,496, % 299,279, % Expenditures Salaries 104,938, % 109,998, % 110,845, % 115,966, % 122,330, % 124,777, % 129,140, % 134,202, % 138,765, % Benefits (PY Salaries/Benefit % + PERA increase) 26,005, % 28,255, % 29,905, % 32,434, % 33,199, % 33,863, % 35,047, % 36,420, % 37,659, % Purchased Services 9,779, % 10,810, % 12,056, % 12,292, % 12,943, % 13,163, % 13,387, % 13,614, % 13,846, % Supplies & Materials 5,156, % 5,808, % 5,417, % 7,838, % 7,950, % 8,172, % 8,401, % 8,636, % 8,878, % Utilities 4,342, % 4,129, % 3,957, % 4,727, % 4,727, % 4,860, % 4,996, % 5,136, % 5,280, % Capital Outlay 299, % 587, % 543, % 183, % 181, % 186, % 191, % 196, % 202, % Other Expenses 518, % 524, % 561, % 541, % 537, % 552, % 567, % 583, % 599, % Charter School Allocation 23,337, % 25,470, % 26,350, % 27,132, % 27,918, % 28,876, % 29,857, % 30,863, % 31,895, % Capital Reserve Projects Fund Subsidy 3,349, % 3,252, % 3,979, % 7,954, % 2,777, % 2,760, % 2,922, % 3,088, % 3,260, % Transportation Fund Subsidy 4,465, % 5,090, % 4,912, % 5,106, % 5,340, % 5,489, % 5,643, % 5,801, % 5,963, % Technology Fund Subsidy 4,262, % 5,058, % 4,848, % 5,242, % 5,960, % 6,377, % 6,556, % 6,739, % 6,928, % Teaching Staff for Growth (25:1) 0.0% 0.0% 0.0% 0.0% 0.0% 1,167, % 1,159, % 1,179, % 1,199, % Program Enhancement (2 FTE) 0.0% 0.0% 0.0% 0.0% 0.0% 140, % 140, % 140, % 140, % Other Staff for Growth (2 FTE) 0.0% 0.0% 0.0% 0.0% 0.0% 140, % 140, % 140, % 140, % New Schools Recurring Operating Costs 0.0% 0.0% 0.0% 0.0% 0.0% 420, % 1,040, % 420, % 0.0% Total Expenditures 186,456, % 198,987, % 203,379, % 219,419, % 223,867, % 230,946, % 239,190, % 247,164, % 254,760, % Nonrecurring Fund Balances Nonspendable/Restricted Reserves 4,853, % 5,165, % 5,453, % 5,453, % 5,387, % 5,630, % 5,884, % 6,150, % 6,427, % Assigned Reserves 8,398, % 7,528, % 8,574, % 7,723, % 8,243, % 7,993, % 7,743, % 7,493, % 7,243, % Unassigned Reserves 23,756, % 24,704, % 28,635, % 24,337, % 23,029, % 23,504, % 24,502, % 26,688, % 30,848, % Total Fund Balances 37,008, % 37,398, % 42,664, % 37,515, % 36,659, % 37,128, % 38,130, % 40,331, % 44,519, % Total Expenditures & Reserves 223,464, % 236,386, % 246,043, % 256,934, % 260,526, % 268,074, % 277,320, % 287,496, % 299,279, % Adopted Budget 175 June 15, 2017

202 Academy District 20 Food Service Fund Five Year Forecast of Incremental Resources and Uses Assumptions 3 Years Audited Actuals and Current Year Budget The Food Service Fund records the majority of transactions related to meal services at the district. Prior to FY the fund operated as a business enterprise fund. The majority of the food service operations in the district are provided under a management contract with Sodexo, Inc. and Affiliates. Pine Creek High School does not participate in the school meal program provided by Sodexo. This school has elected to provide student managed meal programs. The meal programs at this school is not part of the food service fund. Sodexo prepares an annual budget that is submitted to the Fiscal Services Department of the district for review, revision and inclusion in the annual budget of the district. The forecast includes revenue relate to meal purchases in FY of $3,400,000. The current year budget also includes reimbursements from the federal free and reduced lunch program of $1,600,000. The food service fund reimburses the general fund $200,000 for charges that are paid from the general fund. This reimbursement includes payroll charges associated with lunch room workers, lunch room utilities and other miscellaneous supplies. All figures are subject to change and are for preliminary planning purposes only. Resource Assumptions: Charges for Services About 59.2% of revenue to the Food Service Fund comes from school meal charges. This money is directly from the students and does not include the revenue collected from free and reduced lunch program. This revenue is projected to increase at the student growth rate. Federal Reimbursement The district receives a reimbursement from the federal government for families enrolled in the free and reduced lunch program. This program has many rules and regulations that the district must follow in order to receive this federal funding. These regulations are determined by the federal government and are enforced nationally. The district expects to receive $1,600,000 from this program in This reimbursement is projected to grow at the rate of enrollment growth. Expenditure Assumptions: The majority of this fund expenditure are payable to Sodexo. The district bids out the food service contract every five years. Sodexo prepares and serves all the meals at the district schools associated with this program. Currently only one school does not participate in the district school meal program. This expenditure is expected to grow at the same rate as student enrollment. Adopted Budget 176 June 15, 2017

203 Resources FY Academy District 20 Food Service Fund Three Years Actual with Six Years Budget Forecast AUDITED BUDGET/FORECAST FY FY FY FY FY FY FY FY Inflation Rate 1.90% 2.80% 2.80% 1.20% 2.80% 2.80% 2.80% 2.80% 2.80% Funded Pupil Count Growth Rate 2.46% 0.34% 1.70% 1.78% 1.66% 1.70% 1.70% 1.70% 1.70% Funded Pupil Count 23,227 23,306 23,702 24,124 24,524 24,941 25,365 25,796 26,235 Less: Charter School Pupil Count (3,277) (3,400) (3,392) (3,452) (3,452) (3,462) (3,472) (3,482) (3,492) Count Used for Funding 19,950 19,906 20,310 20,672 21,072 21,479 21,893 22,314 22,743 Revenues Charges for Services $ 3,223, % $ 3,066, % $ 3,196, % $ 3,265, % $ 3,400, % $ 3,457, % $ 3,516, % $ 3,576, % $ 3,637, % USDA Commodities 311, % 345, % 363, % 350, % 450, % 462, % 475, % 488, % 502, % Federal Reimbursement 1,470, % 1,438, % 1,587, % 1,500, % 1,600, % 1,627, % 1,654, % 1,682, % 1,711, % State Support 67, % 81, % 81, % 80, % 80, % 82, % 84, % 86, % 89, % Total Revenue 5,073, % 4,931, % 5,228, % 5,195, % 5,530, % 5,629, % 5,731, % 5,835, % 5,940, % Available Beginning Fund Balance 1,013, % 923, % 550, % 479, % 214, % 214, % 215, % 218, % 221, % Total Resources Available 6,087, % 5,855, % 5,779, % 5,674, % 5,744, % 5,844, % 5,947, % 6,053, % 6,162, % Expenditures USDA Commodies 311, % 345, % 363, % 350, % 450, % 462, % 475, % 488, % 502, % Contracted Services 4,532, % 4,331, % 4,352, % 4,585, % 4,600, % 4,678, % 4,757, % 4,838, % 4,920, % Other Expense 119, % 428, % 383, % 325, % 280, % 287, % 295, % 304, % 312, % Total Expenditures 4,963, % 5,105, % 5,099, % 5,260, % 5,330, % 5,428, % 5,529, % 5,631, % 5,736, % Non Operating Expense Operating Transfer Out 200, % 200, % 200, % 200, % 200, % 200, % 200, % 200, % 200, % Reserves Assigned for Future Projects 923, % 550, % 479, % 214, % 214, % 215, % 218, % 221, % 226, % Total Reserves 923, % 550, % 479, % 214, % 214, % 215, % 218, % 221, % 226, % Total Expenditures & Reserves 6,087, % 5,855, % 5,779, % 5,674, % 5,744, % 5,844, % 5,947, % 6,053, % 6,162, % Adopted Budget 177 June 15, 2017

204 Academy District 20 Transportation Fund Five Year Forecast of Incremental Resources and Uses Assumptions 3 Years Audited Actuals and Current Year Budget The Transportation fund exists for the purposes of better fiscal management for transportation related services. The forecast includes the FY transfer of $5,293,620 from the General Fund and is the anticipated amount necessary to maintain a balanced budget for the fund. Starting with school year the district implemented the 20 Ride program by which certain students are charged for home to school and school tohome transportation. Budgets have been adjusted to reflect this additional fee revenue. The budget forecast is but one of many tools used in budget development and determining projected increases in revenues, other resources and expenditure demands for each year. All figures are subject to change and are for preliminary planning purposes only. Resource Assumptions: State Transportation Funding About 21.3% of revenue and other financing sources to the Transportation Fund comes from state reimbursement for qualifying expenditures from the prior year. This is projected to increase at the rate of inflation plus student growth to accommodate growth and additional routes that will provide for the expanding student population. Amendment 23 to the Colorado Constitution requires funding for categorical programs such as student transportation to increase by the Denver Boulder Greeley Consumer Price Index (inflation) annually. Field Trip Revenue Schools may request transportation for co curricular events and field trips from the district transportation department at the school s expense. Schools pay these charges to the Transportation Fund. Although revenues as a result of these charges may fluctuate based on athletic scheduling and curricular changes, this forecast anticipates revenue from this source to increase by 1.7% each year or the funded pupil growth rate. Student Transportation Trip Revenue Beginning in the the district implemented a charge for student transportation. Parents are billed monthly for charges. The charge per ride varies depending on the school of choice and in/out of district residency. A maximum annual family charge is also part of the fee schedule. This fee revenue is projected at $400,000 in For remaining years of the forecast, revenue increases at the rate of enrollment growth. General Fund Transfer The General Fund will subsidize the fund at the level necessary to fund all budgeted expenditures plus estimated beginning fund balance. The subsidy is determined after state reimbursements are estimated. Expenditure Assumptions: 1. Historically, the district has provided mid year increases from the General Fund as needed. These transfers generally result from unanticipated cost increases during the fiscal year. We will continue implementing mid year budget adjustments as necessary to avoid deficit spending in the fund and to prevent overfunding transportation at the expense of other necessary operations. As the Transportation Fund operates within a Adopted Budget 178 June 15, 2017

205 very slim margin throughout the forecast period, revenues and expenditures must be monitored very closely to assure resources sufficiently cover expenditures. 2. Expenditures for salaries, benefits, fuel, maintenance, and administration are expected to increase at the rate of inflation for the forecast period. 3. A contingency fund will be maintained (within transportation administration expenditures) for the purposes of unanticipated needs that arise. Adopted Budget 179 June 15, 2017

206 FY Academy District 20 Transportation Fund Three Years Actual with Six Years Budget Forecast AUDITED BUDGET/FORECAST FY FY FY FY FY FY FY FY Inflation Rate 1.90% 2.80% 2.80% 1.20% 2.80% 2.80% 2.80% 2.80% 2.80% Per Pupil Funding (FPC) $6,308 $6,663 $6,906 $7,035 $7,272 $7,475 $7,684 $7,899 $8,120 Funded Pupil Count Growth Rate 2.46% 0.34% 1.70% 1.78% 1.66% 1.70% 1.70% 1.70% 1.70% Funded Pupil Count 23,227 23,306 23,702 24,124 24,524 24,941 25,365 25,796 26,235 Charter School Funded Pupil Count 3,277 3,400 3,392 3,452 3,452 3,462 3,472 3,482 3,492 Beginning Fund Balance $ 164, % $ 443, % $ 1,107, % $ 1,594, % $ 1,581, % $ 1,537, % $ 1,514, % $ 1,514, % $ 1,538, % Revenue: State Transportation 1,561, % 1,570, % 1,734, % 1,679, % 1,679, % 1,754, % 1,833, % 1,916, % 2,002, % Field Trip Revenue 228, % 254, % 235, % 240, % 240, % 246, % 253, % 260, % 268, % Student Transportation Trip Charge 429, % 464, % 408, % 430, % 400, % 406, % 413, % 420, % 427, % Other 175, % 205, % 243, % 210, % 210, % 213, % 217, % 220, % 224, % Total Revenue 2,395, % 2,495, % 2,622, % 2,559, % 2,529, % 2,621, % 2,718, % 2,818, % 2,922, % Other Financing Sources Operating Transfer In 4,465, % 5,090, % 4,912, % 5,106, % 5,340, % 5,489, % 5,643, % 5,801, % 5,963, % Total Other Financing Sources 4,465, % 5,090, % 4,912, % 5,106, % 5,340, % 5,489, % 5,643, % 5,801, % 5,963, % Total Revenues and Other Financing Sources 6,860, % 7,585, % 7,534, % 7,665, % 7,869, % 8,111, % 8,361, % 8,619, % 8,886, % Total Resources Available $ 7,025, % $ 8,028, % $ 8,641, % $ 9,259, % $ 9,450, % $ 9,649, % $ 9,876, % $ 10,134, % $ 10,424, % Expenditures Transportation Administration 781, % 845, % 870, % 1,048, % 1,089, % 1,119, % 1,150, % 1,183, % 1,216, % Bus Operation 4,206, % 4,297, % 4,271, % 4,685, % 4,799, % 4,933, % 5,072, % 5,214, % 5,360, % Bus Monitors 641, % 765, % 793, % 872, % 915, % 941, % 967, % 994, % 1,022, % Vehicle Maintenance 953, % 1,013, % 1,111, % 1,072, % 1,108, % 1,139, % 1,171, % 1,204, % 1,238, % Total Expenditures $ 6,581, % $ 6,921, % $ 7,047, % $ 7,678, % $ 7,912, % $ 8,134, % $ 8,362, % $ 8,596, % $ 8,836, % Nonspendable, Prepaid Items $ 0.00% $ 0.00% $ 5, % $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% $ 0.00% Assigned for Activity Bus Replace 64, % 80, % 107, % 136, % 166, % 196, % 226, % 256, % 286, % Projected Ending Fund Balance 379, % 1,027, % 1,481, % 1,445, % 1,371, % 1,318, % 1,288, % 1,282, % 1,302, % Adopted Budget 180 June 15, 2017

207 Academy District 20 Bond Redemption Fund Three Years Actual with Six Years Budget Forecast AUDITED BUDGET/FORECAST Beginning Fund Balance $ 25,634,759 $ 24,737,797 $ 23,678,600 $ 25,929,118 $ 25,532,530 $ 23,414,576 $ 24,265,870 $ 25,631,413 $ 26,576,882 Revenue: Local Property Tax 17,686,288 16,952,871 20,181,722 20,946,416 23,330,575 23,500,000 24,000,000 25,500,000 25,500,000 Earnings on Investments 22,969 22,757 54,784 20, , , , , ,000 Total Revenue 17,709,257 16,975,628 20,236,506 20,966,416 23,474,575 23,644,000 24,144,000 25,644,000 25,644,000 Other Financing Sources Proceeds from Refunding Bonds 32,296,574 Total Other Financing Sources 32,296,574 Total Resources Available 43,344,016 74,009,999 43,915,106 46,895,534 49,007,105 47,058,576 48,409,870 51,275,413 52,220,882 Expenditures Principal Retirement 7,922,811 12,365,291 12,077,064 11,599,342 14,580,000 12,260,000 12,725,000 15,215,000 16,215,000 Interest Expense 10,672,758 5,662,640 5,899,874 9,737,662 10,986,529 10,506,706 10,027,456 9,457,531 8,788,456 Paying Agent & Trustee Fees 10,650 9,338 9,050 26,000 26,000 26,000 26,000 26,000 26,000 Total Expenditures 18,606,219 18,037,269 17,985,988 21,363,004 25,592,529 22,792,706 22,778,456 24,698,531 25,029,456 Other Financing Uses Payments to Escrow Agent & Paying Agent 32,294,130 Total Other Financing Uses 32,294,130 Projected Ending Fund Balance $ 24,737,797 $ 23,678,600 $ 25,929,118 $ 25,532,530 $ 23,414,576 $ 24,265,870 $ 25,631,413 $ 26,576,882 $ 27,191,426 Assessed Valuation $ 1,308,708,900 $ 1,335,029,420 $ 1,432,791,730 $ 1,453,401,060 $ 1,526,071,113 $ 1,556,592,535 $ 1,603,290,311 $ 1,635,356,118 $ 1,668,063,240 December 2014 December 2015 December 2016 December 2017 December 2018 December 2019 December 2020 December 2021 December 2022 December Debt Requirement $ 15,954,525 $ 15,755,381 $ 15,892,325 $ 20,196,688 $ 17,629,841 $ 17,861,866 $ 20,105,595 $ 20,781,941 $ 20,156,516 Oustanding Debt at Year End $ 131,181,697 $ 119,091,405 $107,014,342 $ 95,415,000 $ 240,835,000 $228,575,000 $215,850,000 $240,635,000 $224,420,000 Additional Issuances $ 160,000,000 $40,000,000 $30,000,000 Debt Capacity at Year End $ 130,560,083 $ 147,914,479 $179,544,004 $35,265,212 $64,379,223 $82,743,507 $64,808,062 $86,436,224 $109,192,648 Assumptions: % assessed value growth each year 2. Interest earnings held constant after Budget 3. No early call of bonds 4. The June 30 Projected Fund Balance each year is maintained at a level sufficient to pay the following December debt service requirement. If insufficient, fund balance consumption, interfund borrowing or Tax Anticipation Notes (TAN) may be necessary to cover the shortfall. 5. The mill levy will be certified, in December, each calendar year at a level sufficient to support the annual debt service requirement. Adopted Budget 181 June 15, 2017

208 Academy District 20 Debt Service Schedule for All District Bonds Budget FY Total Total Total Total Combined Combined Fiscal Year Calendar Year Principal Interest Debt Service Debt Service Debt Service Month $14,580,000 $5,616,688 $20,196,688 $24,998,222 Dec-17 $0 $5,369,841 $5,369,841 $25,566,528 Jun-18 $12,260,000 $5,369,841 $17,629,841 $22,999,681 Dec-18 $0 $5,136,866 $5,136,866 $22,766,706 Jun-19 $12,725,000 $5,136,866 $17,861,866 $22,998,731 Dec-19 $0 $4,890,591 $4,890,591 $22,752,456 Jun-20 $15,215,000 $4,890,591 $20,105,591 $24,996,181 Dec-20 $0 $4,566,941 $4,566,941 $24,672,531 Jun-21 $16,215,000 $4,566,941 $20,781,941 $25,348,881 Dec-21 $0 $4,221,516 $4,221,516 $25,003,456 Jun-22 $15,935,000 $4,221,516 $20,156,516 $24,378,031 Dec-22 $0 $3,854,366 $3,854,366 $24,010,881 Jun-23 $14,565,000 $3,854,366 $18,419,366 $22,273,731 Dec-23 $0 $3,550,763 $3,550,763 $21,970,128 Jun-24 $14,435,000 $3,550,763 $17,985,763 $21,536,525 Dec-24 $0 $3,242,925 $3,242,925 $21,228,688 Jun-25 $9,655,000 $3,242,925 $12,897,925 $16,140,850 Dec-25 $0 $3,028,325 $3,028,325 $15,926,250 Jun-26 $9,240,000 $3,028,325 $12,268,325 $15,296,650 Dec-26 $0 $2,811,225 $2,811,225 $15,079,550 Jun-27 $9,330,000 $2,811,225 $12,141,225 $14,952,450 Dec-27 $0 $2,592,450 $2,592,450 $14,733,675 Jun-28 $8,760,000 $2,592,450 $11,352,450 $13,944,900 Dec-28 $0 $2,373,450 $2,373,450 $13,725,900 Jun-29 $9,200,000 $2,373,450 $11,573,450 $13,946,900 Dec-29 $0 $2,143,450 $2,143,450 $13,716,900 Jun-30 $9,655,000 $2,143,450 $11,798,450 $13,941,900 Dec-30 $0 $1,902,075 $1,902,075 $13,700,525 Jun-31 $10,140,000 $1,902,075 $12,042,075 $13,944,150 Dec-31 $0 $1,648,575 $1,648,575 $13,690,650 Jun-32 $10,705,000 $1,648,575 $12,353,575 $14,002,150 Dec-32 $0 $1,434,475 $1,434,475 $13,788,050 Jun-33 $6,460,000 $1,434,475 $7,894,475 $9,328,950 Dec-33 $0 $1,272,975 $1,272,975 $9,167,450 Jun-34 $6,785,000 $1,272,975 $8,057,975 $9,330,950 Dec-34 $0 $1,103,350 $1,103,350 $9,161,325 Jun-35 $7,125,000 $1,103,350 $8,228,350 $9,331,700 Dec-35 $0 $925,225 $925,225 $9,153,575 Jun-36 $7,485,000 $925,225 $8,410,225 $9,335,450 Dec-36 $0 $738,100 $738,100 $9,148,325 Jun-37 $7,840,000 $738,100 $8,578,100 $9,316,200 Dec-37 $0 $542,100 $542,100 $9,120,200 Jun-38 $8,670,000 $542,100 $9,212,100 $9,754,200 Dec-38 $0 $368,700 $368,700 $9,580,800 Jun-39 $9,025,000 $368,700 $9,393,700 $9,762,400 Dec-39 $0 $188,200 $188,200 $9,581,900 Jun-40 $9,410,000 $188,200 $9,598,200 $9,786,400 Dec-40 $255,415,000 $121,429,650 $376,844,650 $367,246,450 $381,646,184 TOTAL Adopted Budget 182 June 15, 2017

209 Academy District 20 Building Fund Five Year Forecast of Incremental Resources and Uses Assumptions A five year Building Fund budget is prepared each year and provided for public information. The forecast includes the FY budget as year one (base year) and helps provide guidance regarding policy and budgetary decision making. Also included is the current year budget. The budget forecast is but one of many tools used in budget development and determining projected increases in revenues, other resources and expenditure demands for each year. All figures are subject to change and are for preliminary planning purposes only. In November 2016, the voters residing in the boundaries of Academy District 20 passed a bond referendum in the amount of $230 million. The funds from the bond issuance will be used to pay for new construction, renovations and remodels, technology infrastructure, and updates to all current school facilities. The Building Fund will budget and account for the proceeds from the sale of the bond certificates and the related expenditures of those funds for various projects around the District. Resource Assumptions: 1. The original issuance was for $160 million. The remaining amount of $70 million will be phased in over two different periods. $40 million is projected to be sold in 2020 and $30 million in The first issuance will fund two new elementary school, one middle school and an innovation learning center under new construction. This issuance will also include renovation and remodels, a fairness formula to distribute funding to all existing buildings, technology infrastructure, facility audit projects and funding to The Classical Academy, the district s only charter school. 3. The second issuance will expand existing high schools, and rebuild school in the woods which currently operates in modular classrooms. This funding will also make additional funding available to The Classical Academy. 4. The final issuance will have a third round of funding for The Classical Academy and continue the expansion of existing buildings. Expenditure Assumptions: 1. Not all the funding will be spent in this five year period. All projects are expected to complete within eight years. Adopted Budget 183 June 15, 2017

210 Resources FY FY Academy District 20 Building Fund Six Years Budget Forecast BUDGET/FORECAST FY FY FY FY Inflation Rate 1.2% 2.8% 2.8% 2.8% 2.8% 2.8% Funded Pupil Count Growth Rate 1.8% 1.7% 1.7% 1.7% 1.7% 1.7% Funded Pupil Count 24,124 24,524 24,941 25,365 25,796 26,235 Less: Charter School Pupil Count (3,452) (3,452) (3,462) (3,472) (3,482) (3,492) Count Used for Funding 20,672 21,072 21,479 21,893 22,314 22,743 Revenues 1510 Investment Income 0.0% 750, % 500, % 500, % 500, % 500, % Net Proceeds from General Obligations Bonds 160,000, % 0.0% 0.0% 40,000, % 0.0% 30,000, % Bond Premium 23,766, % 0.0% 0.0% 0.0% 0.0% 0.0% Total Revenue 183,766, % 750, % 500, % 40,500, % 500, % 30,500, % Available Beginning Fund Balance 0.0% 152,818, % 43,388, % 21,080, % 52,579, % 29,010, % Total Resources Available 183,766, % 153,568, % 43,888, % 61,580, % 53,079, % 59,510, % Expenditures Debt Issue Costs and Underwriters Discount 846, % 84, % 0.0% 200, % 0.0% 150, % Professional Services/Project Management 571, % 936, % 962, % 989, % 1,017, % 1,046, % Office Rental 0.0% 52, % 53, % 0.0% 0.0% 0.0% Capital Outlay Projects: New Construction: Land, Site and Building Improvements 5,031, % 26,183, % 0.0% 105, % 9,555, % 0.0% Buildings 5,031, % 26,183, % 18,070, % 105, % 9,555, % 1,680, % Remodel and Renovation: Land, Site and Building Improvements 9,538, % 30,371, % 0.0% 1,608, % 1,608, % 1,608, % Buildings 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fairness Formula 3,630, % 10,782, % 108, % 0.0% 0.0% 0.0% Technology Infrastructure 1,375, % 2,612, % 1,512, % 2,333, % 2,333, % 2,333, % Facility Audit Projects 1,263, % 4,092, % 0.0% 0.0% 0.0% 0.0% TCA Projects 3,660, % 8,880, % 2,100, % 3,660, % 0.0% 2,750, % Total Expenditures 30,947, % 110,179, % 22,808, % 9,000, % 24,068, % 9,567, % Reserves ASSIGNED Carryover Projects 121,266, % 23,848, % 4,656, % 36,635, % 14,084, % 35,713, % TCA Carryover 10,980, % 2,100, % 0.0% 0.0% 0.0% 0.0% Arbitrage Rebate 600, % 600, % 600, % 800, % 800, % 1,000, % Project Management 8,272, % 5,201, % 4,185, % 3,195, % 2,177, % 1,131, % BOE Contingency 1,630, % 1,630, % 1,630, % 1,940, % 1,940, % 2,090, % UNASSIGNED Available for Projects 10,070, % 10,008, % 10,008, % 10,008, % 10,008, % 10,008, % Total Reserves 152,818, % 43,388, % 21,080, % 52,579, % 29,010, % 49,943, % Total Expenditures & Reserves 183,766, % 153,568, % 43,888, % 61,580, % 53,079, % 59,510, % Adopted Budget 184 June 15, 2017

211 Academy District 20 Capital Reserve Capital Projects Fund Five Year Forecast of Incremental Resources and Uses Assumptions 3 Years Audited Actuals and Current Year Budget A five year Capital Reserve Capital Projects Fund budget is prepared each year and provided for public information. The forecast includes the FY budget as year one (base year) and helps provide guidance regarding policy and budgetary decision making. Also included are three years of audited actuals and the current year budget. The budget forecast is but one of many tools used in budget development and determining projected increases in revenues, other resources and expenditure demands for each year. All figures are subject to change and are for preliminary planning purposes only. Resource Assumptions: The school finance act no longer requires a certain minimum per pupil amount be allocated each year to fund capital improvements and insurance needs. However, an amount has been allocated to the fund to finance the anticipated costs for vehicles, facility improvements and maintenance. Annual increases in funding are projected to provide for ongoing costs in these areas. 1. Land development fees collected by both the City of Colorado Springs and El Paso County on behalf of the district are deposited to the Capital Reserve Fund. This revenue source is anticipated to remain at $100,000 annually over the projection period. 2. The charter school (The Classical Academy TCA) payment for purchase of the old Mountain View Elementary School building continues in the amount of $189,000 annually through November Payment to the district is the result of a formal agreement between the charter school and the school district. Revision to the agreement is not anticipated. 3. A per pupil amount is determined each year from Total Program revenue to provide funding for certain capital needs of the district. This aggregated amount is recorded as a transfer from the general fund. The forecast anticipates the transfer of $125 for and then by $5 per pupil each subsequent year. 4. Assigned and unassigned fund balances may be transferred to the General Fund with school board approval. All fund balances are projected to remain in the fund for use on future projects. Expenditure Assumptions: 1. Capital Reserve Capital Projects Fund resources are allocated for vehicle replacement and facilities improvements and repairs in accordance with Board of Education policy EL The Capital Planning Committee of the district annually recommends projects to receive funding after carefully reviewing all deferred maintenance, capital improvement, and capital renewal needs of the district. The committee includes the Deputy Superintendent, Chief Financial Officer, Chief Information Officer, Chief of Security and Transportation, Director for Budget and Planning, Executive Director for Facilities and Maintenance, and six school principals two from each of elementary, middle, and high school levels. Adopted Budget 185 June 15, 2017

212 Resources Academy District 20 Capital Reserve Capital Projects Three Years Actual with Six Years Budget Forecast AUDITED BUDGET/FORECAST FY FY FY FY FY FY FY FY FY Projected Head Count 23,227 23,306 23,702 24,124 24,524 24,941 25,365 25,796 26,235 Less: Other & Preschool (228) (238) (223) (241) (241) (244) (248) (252) (255) Less: Charter School Pupil Count (3,277) (3,400) (3,392) (3,452) (3,452) (3,462) (3,472) (3,482) (3,492) Count Used for Funding 19,722 19,668 20,087 21,422 20,831 21,235 21,645 22,062 22,487 General Fund Per Pupil Allocated to Capital Reserve $170 $110 $198 $125 $125 $130 $135 $140 $145 Resources Sale of Assets 188, % 198, % 252, % 189, % 189, % 189, % 78, % 0.0% 0.0% Land Fees 321, % 183, % 123, % 100, % 100, % 100, % 100, % 100, % 100, % Transfer in from General Fund 3,349, % 3,252, % 3,979, % 7,954, % 2,603, % 2,760, % 2,922, % 3,088, % 3,260, % Earnings on Invest & Inter Sources 5, % 361, % 81, % 1, % 1, % 1, % 1, % 1, % 1, % Total Revenue 3,865, % 3,995, % 4,437, % 8,244, % 2,894, % 3,050, % 3,101, % 3,190, % 3,362, % Total Fund Balances 4,874, % 5,796, % 5,439, % 4,208, % 4,446, % 3,290, % 3,291, % 2,443, % 1,583, % Total Resources Available 8,739, % 9,792, % 9,877, % 12,452, % 7,340, % 6,341, % 6,393, % 5,633, % 4,945, % Expenditures Lease/COP P&I Annual Total 758, % 771, % 1,293, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Facilities Maintenance Plan 1,797, % 1,844, % 2,439, % 4,800, % 1,500, % 1,500, % 2,400, % 2,500, % 2,500, % Vehicle Replacement Plan 387, % 1,242, % 1,935, % 1,250, % 1,300, % 1,300, % 1,300, % 1,300, % 1,300, % Security Equipment and Vehicles 0.0% 0.0% 0.0% 250, % 250, % 250, % 250, % 250, % 250, % Other Capital Outlay/Carryover Projects 0.0% 494, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Contingency/Carry Over Projects * 0.0% 0.0% 0.0% 1,706, % 1,000, % 0.0% 0.0% 0.0% 0.0% Total Expenditures 2,943, % 4,352, % 5,668, % 8,006, % 4,050, % 3,050, % 3,950, % 4,050, % 4,050, % Fund Balance Restricted for COP's 545, % 545, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Restricted for Arbitrage Rebate 285, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Assigned for Capital Projects 2,085, % 2,665, % 1,936, % 1,980, % 1,230, % 3,291, % 2,443, % 1,583, % 895, % Total Reserves 2,916, % 3,210, % 1,936, % 1,980, % 1,230, % 3,291, % 2,443, % 1,583, % 895, % Total Expenditures & Reserves 5,859, % 7,562, % 7,605, % 9,986, % 5,280, % 6,341, % 6,393, % 5,633, % 4,945, % Potential Available for Other Uses 2,880, % 2,229, % 2,271, % 2,465, % 2,060, % 0.0% 0.0% 0.0% 0.0% Adopted Budget 186 June 15, 2017

213 Academy District 20 Technology Fund Five Year Forecast of Incremental Resources and Uses Assumptions 3 Years Audited Actuals and Current Year Budget A five year Technology Fund budget is prepared each year and provided for public information. The forecast includes the FY adopted budget as year one (base year) and helps provide guidance regarding policy and budgetary decision making. This document also includes three years of audited actuals and the current year budget. The budget forecast is but one of many tools used in budget development and determining projected increases in revenues, other resources and expenditure demands for each year. All forecasted figures are subject to change and are for preliminary planning purposes only. Beginning in FY , the technology fund was created to track district technology operations and capital needs. There are four general revenue areas to support the fund. The first is from the Federal Impact Aid Section 7002 program which results from the location of the U.S. Air Force Academy within the district s taxing jurisdiction. The second source includes any funds collected from the federal ERATE program. Lastly, a transfer from the General Fund is provided to maintain a balanced budget for the fund. The General Fund transfer also includes a component of the 2008 mill levy override approved by voters. Annual increases in funding are projected to provide for ongoing technology needs. Resource Assumptions: 1. Federal impact Aid, Section 7002 revenues are designated to fund school technology needs. The revenue is recorded when cash is actually received, but is level budgeted at $1,500,000 in and $1,500,000 each of the remaining years. It is not expected that this amount will increase but will remain fairly stable. 2. Assigned and unassigned fund balances will remain in the fund and will be used for future projects and operations. 3. A transfer from the General Fund equal to the current operational costs for technology staff salary and benefits, services and supplies, software and hardware license and maintenance agreements will be made each year. In addition the transfer is projected to increase at the rate of inflation for the forecast period. 4. Beginning in FY the technology fund will receive additional funding from the mill levy override approved by district voters in This funding will be designated for a 1:1 mobile device initiative to provide one staff member to coordinate implementation and to cover lease payments. Additionally, each student that is issued a mobile device will pay a $50 annual fee to use and insure the device. These fees are posted to the technology fund and identified as a self insurance line item. The forecast reflects these fee revenues congruent to the original financial model developed for the initiative. Expenditure Assumptions: 1. The district designates the Section 7002 revenue to a school obsolete technology replacement program. Each school in the district is allocated $70 per pupil annually to replace and/or add new technology and is permitted to carry forward unspent allocations from year to year. Revenues in excess of annual allocations at the fund level remain as a commitment of fund balance to the replacement program. Commitment of fund balance is maintained throughout the forecast period and may not be used for any other purpose. 2. Operating and technology systems and infrastructure expenditures in this fund have been budget to increase at the rate of inflation throughout the forecast. Adopted Budget 187 June 15, 2017

214 3. School obsolete technology replacement is forecasted to increase at the same rate as enrollment growth. 4. With regard to the 1:1 initiative, any of the annual allocation of approximately $245,000 that is not spent in a given fiscal year is recorded as an assignment of fund balance to cash flow future mobile device lease payments. As a result, funds allocated for this program may not be used for any other purpose. Adopted Budget 188 June 15, 2017

215 Resources FY Academy District 20 Technology Fund Three Years Actual with Six Years Budget Forecast AUDITED BUDGET/FORECAST FY FY FY FY FY FY FY FY Inflation Rate 1.9% 2.8% 2.8% 1.2% 2.8% 2.8% 2.8% 2.8% 2.8% Funded Pupil Count Growth Rate 2.5% 0.3% 1.7% 1.8% 1.7% 1.7% 1.7% 1.7% 1.7% Funded Pupil Count 23,227 23,306 23,702 24,124 24,524 24,941 25,365 25,796 26,235 Less: Charter School Pupil Count (3,277) (3,400) (3,392) (3,452) (3,452) (3,462) (3,472) (3,482) (3,492) Count Used for Funding 19,950 19,906 20,310 20,672 21,072 21,479 21,893 22,314 22,743 Per Pupil Allocation for Technology $214 $254 $239 $254 $283 $297 $299 $302 $305 Revenues Federal Impact Aid Revenue $ 1,553, % $ 1,730, % $ 1,726, % $ 1,500, % $ 1,500, % $ 1,500, % $ 1,500, % $ 1,500, % $ 1,500, % 1:1 User/insurance Fee 36, % 28, % 118, % 48, % 48, % 48, % 48, % 48, % 48, % E RATE Funding 123, % 127, % 187, % 120, % 120, % 123, % 126, % 130, % 134, % Misc Other Funding 13, % 8, % 1, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Transfer in from General Fund 4,262, % 5,058, % 4,848, % 5,242, % 5,960, % 6,377, % 6,556, % 6,739, % 6,928, % Total Revenue 5,990, % 6,953, % 6,882, % 6,911, % 7,629, % 8,049, % 8,231, % 8,419, % 8,611, % Available Beginning Fund Balance 6,584, % 7,092, % 8,185, % 8,214, % 7,537, % 7,150, % 6,977, % 6,774, % 6,541, % Total Resources Available 12,574, % 14,045, % 15,068, % 15,125, % 15,166, % 15,200, % 15,209, % 15,193, % 15,152, % Expenditures Office of the CIO 933, % 908, % 1,077, % 1,230, % 1,380, % 1,419, % 1,459, % 1,500, % 1,542, % Department of Educational Services 851, % 920, % 1,018, % 1,065, % 1,169, % 1,202, % 1,236, % 1,270, % 1,306, % Department of Programming Services 810, % 825, % 1,015, % 1,057, % 1,184, % 1,217, % 1,251, % 1,286, % 1,322, % Department of Operations Services 1,340, % 1,732, % 1,600, % 1,824, % 1,841, % 1,893, % 1,946, % 2,001, % 2,057, % Capital Projects: School Technology Replacement Plan 1,122, % 1,193, % 1,217, % 1,609, % 1,637, % 1,665, % 1,693, % 1,722, % 1,751, % Technology Systems & Infrastructure 423, % 279, % 925, % 801, % 801, % 824, % 847, % 871, % 895, % Total Expenditures 5,482, % 5,859, % 6,853, % 7,588, % 8,016, % 8,222, % 8,434, % 8,652, % 8,875, % Reserves Committed for Technology Replacement 6,292, % 6,749, % 7,176, % 6,968, % 6,739, % 6,573, % 6,379, % 6,157, % 5,905, % Assigned for Contractual Obligations 0.0% 12, % 38, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Assigned for 1:1 MD Initiative Lease 197, % 299, % 393, % 334, % 268, % 150, % 150, % 200, % 200, % Assigned for Future Projects 602, % 1,124, % 605, % 233, % 143, % 253, % 244, % 184, % 172, % Total Reserves 7,092, % 8,185, % 8,214, % 7,537, % 7,150, % 6,977, % 6,774, % 6,541, % 6,277, % Total Expenditures & Reserves 12,574, % 14,045, % 15,068, % 15,125, % 15,166, % 15,200, % 15,209, % 15,193, % 15,152, % Adopted Budget 189 June 15, 2017

216 Where dreams take flight One student at a time. Adopted Budget 190 June 15, 2017

217 Staffing Allocations

218 1, , , Academy School District 20 Staffing FY Staffing Actuals FY Staffing Actuals FY Staffing Projections Adopted Budget 191 June 15, 2017

219 Academy School District 20 Projected Staffing Principal/ Assistant Principal (JC100) Classroom Teachers (JC200) Grant Funded Teachers (JC200) TAG/ESL Teachers (JC200) Literacy Teachers (JC200) Special Ed/Preschool Teachers (JC200) Deans / Counselors / Support (JC200) Certified Library/ Media (JC200) Staff Specialist (JC300) Instructional Para Professionals (JC400) Grant Funded Para Professionals (JC400) TAG/ESL Para Professionals (JC400) Special Ed Para Professionals (JC400) Classified Library/ Media (JC400) Other Para Professionals (JC400) Secretarial (JC500) Food Service (JC500) Custodial/ Security/ Transportation (JC600) 0.3% 13.4% 4.3% 1.0% 7.9% 0.5% 40.7% 10.4% 0.4% 2.1% 6.8% 2.3% 3.0% 1.6% 0.8% 1.6% 2.4% 0.5% Adopted Budget 192 June 15, 2017

220 Salary Schedules

221 Non-Administrative Licensed Staff Salary Information Procedure (GCBA-R) ACADEMY DISTRICT 20 NON-ADMINISTRATIVE LICENSED PERSONNEL SALARY INFORMATION Effective September 2017 Based on a Work Year of 183 Days BA Base: $38,200 Table 1. BA DEG BA+16 BA+32 BA+48 MA MA+16 Ed.S. or MA+32 MA+48 MA+64 Ph.D. or Ed.D. Minimum 38,200 39,527 40,853 42,180 43,507 44,832 46,159 47,486 48,812 50,139 SALARIES FOR NEWLY HIRED TEACHERS: Initial salary determination will be based on outside licensed experience of up to 15 years in an accredited public or private Pre-K 12 educational system and commensurate with placement of existing staff with similar experience, as determined by the Director for Human Resources. The Director for Human Resources shall ensure existing teachers salaries are not surpassed by salaries of newly hired teachers with comparable experience and education. For hard to fill positions, the Director for Human Resources may consider full time years of experience in a relevant, professional setting so long as the individual held a recognized state issued certificate or license in the same field of employment. SALARIES FOR RETURNING TEACHERS: A salary increase may be added each contract year per approval of the Board of Education. Approved increases are applied equitably, as a percentage and/or a fixed dollar amount, among all teaching staff. All teaching staff, including those at the highest and lowest salary levels are subject to approved increases. In each year that a fixed-dollar-amount increase is granted, the increase shall be applied only to returning teachers. Such an increase shall not be applied to the minimum base salary. A returning teacher s salary increase shall be greater than the increase applied to the minimum base salaries. The maximum teacher s salary shall not exceed two and one-half times the minimum teacher s salary and the minimum teacher s salary shall not be less than forty percent of the highest teacher s salary. Minimum teacher s salary is defined as the BA Degree minimum reported in Table 1 above. SALARY INCREASES FOR ADDITIONAL EDUCATION: All hours for educational salary increases are semester hours. Undergraduate hours from a regionally accredited institution, and/or out of district professional learning credits (with prior approval from the Director for Human Resources) may be used for salary increases up to and including the level of Ph.D./Ed.D. Only graduate level coursework from a regionally accredited institution will be accepted for salary increases. Because the district values the achievement of degree levels, degree hours greater than BA+48 or in-service hours taken prior to the MA level will not be counted as hours after the MA level. Professional learning credits earned through the Academy District 20 Professional Learning Department may be accepted for salary increases. Adopted Budget 193 June 15, 2017 Page 1 of 2

222 Non-Administrative Licensed Staff Salary Information Procedure (GCBA-R) ACADEMY DISTRICT 20 NON-ADMINISTRATIVE LICENSED PERSONNEL SALARY INFORMATION Effective September 2017 Based on a Work Year of 183 Days BA Base: $38,200 Salary adjustments for education will be granted twice each year. Transcripts and/or other approved documents turned in by September 30 th will be reflected in the October paycheck. Transcripts and/or other approved documents turned in by March 31 st will be prorated and reflected in the April paycheck. Documentation must be turned in throughout the year as the required credits are earned to ensure adequate time for processing. Salary increases for additional education are reflected in Table 2. Amounts will be adjusted annually by the Board of Education approved percentage increase awarded to returning teachers. Table 2. BA DEG BA+16 BA+32 BA+48 MA MA+16 Ed.S. or MA+32 MA+48 MA+64 Ph.D. or Ed.D. Amount NA $1,421 $1,421 $1,421 $1,421 $1,421 $1,421 $1,421 $1,421 $1,421 Questions regarding salary increases for additional education should be addressed to the Director for Human Resources. BENEFITS All staff members eligible for full-time district health insurance will receive $115 per month ($1,380 annually) from the district's cafeteria plan toward the health insurance premium. If the staff member opts out of the district health insurance plan and can provide proof of health coverage elsewhere, $115 will be added monthly to the staff member s paycheck. Additional benefits available to eligible staff members include medical, dental, and vision insurance. Voluntary benefits such as accident and cancer insurance and 401(k), 457, and Roth retirement savings accounts are also available. A $1 million general liability insurance policy is provided for all staff members. A $1 million benefit liability insurance policy, per occurrence, is provided for all staff members. A $1 million errors and omissions/wrongful acts policy is provided for all staff members. Adopted: July 1, 2013 Revised: July 1, 2014 May 14, 2015 May 5, 2016 May 11, 2017 Adopted Budget 194 June 15, 2017 Page 2 of 2

223 Academy District 20 GDBA-E CLASSIFIED SUPPORT STAFF COMPENSATION POSITION TITLE MINIMUM CLERICAL/OFFICE Administrative Assistant $18.18 Administrative Assistant for High School Principal $18.18 Administrative Assistant for Superintendent $20.36 Administrative Secretary $13.65 Attendance Clerk $12.09 Building Clerk $11.37 Buyer $14.20 Central Administration Bookkeeper $15.85 Central Administration Secretary $14.60 Central Registrar $14.40 Clerk Typist $12.60 Executive Secretary $16.99 Expediter $13.11 Health Room Paraprofessional $11.37 Human Resources Secretary III $15.66 Lunchroom Clerk $10.34 Payroll Clerk $14.20 Principal s Secretary $15.48 Receptionist $11.66 School Bookkeeper $15.22 School Registrar $16.13 School Secretary $15.35 Secretary to the Board of Education $20.36 Special Education Secretary II $13.11 Special Education Secretary III $15.66 Adopted Budget 195 June 15, of 3

224 Academy District 20 GDBA-E CLASSIFIED SUPPORT STAFF COMPENSATION POSITION TITLE MINIMUM INSTRUCTIONAL SUPPORT A.V. Paraprofessional $11.66 Classified Librarian $15.45 Crossing Guard $10.34 Curriculum Materials Support Paraprofessional $14.20 ESL Paraprofessional $11.37 Instructional Paraprofessional $12.00 Instructional Paraprofessional-DECA $12.09 Library Paraprofessional $12.77 Lunchroom/Playground Monitor $10.34 SpEd Autism Tutor $15.45 SpEd Behavior Tutor $15.45 SpEd CNA $15.45 SpEd Hearing/Vision Screener I $10.34 SpEd Hearing/Vision Screener II $10.47 SpEd OT/PT $15.45 SpEd Paraprofessional-Hearing/Notetaker $12.09 SpEd Paraprofessional-Autism $13.05 SpEd Paraprofessional-Behavior $13.05 SpEd Paraprofessional-Pre-School $13.05 SpEd Paraprofessional-Resource $12.00 SpEd Paraprofessional-Speech/Language $13.05 SpEd Paraprofessional-SSN $13.05 SpEd Sign Language Tutor $15.45 SpEd Transition Coach $15.45 SpEd Vision Braille Certified $15.45 TAG Paraprofessional $11.37 Title I Paraprofessional $11.37 SECURITY/TRANSPORTATION Administrative Assistant for Security $16.08 Bus Driver $14.56 Bus Mechanic $17.47 Bus Paraprofessional $11.77 D20 Ride Registrar $13.65 Dispatcher $15.22 Driver Trainer $15.66 Lead Mechanic $19.23 Lead School Security Officer $20.36 Middle School Security Officer $17.71 Relief Bus Driver $15.22 Router Trainer $16.09 School Security Officer $16.08 Security Safety Coordinator $17.71 SpEd Bus Driver $14.56 Transportation Payroll Specialist $17.71 Adopted Budget 196 June 15, of 3

225 Academy District 20 GDBA-E CLASSIFIED SUPPORT STAFF COMPENSATION POSITION TITLE MINIMUM TECHNICAL SUPPORT Benefits Technician Workers Compensation $17.71 Central Registry Technician $20.36 Contracts Technician $16.08 District Technology Technician $16.00 Human Resources Technician - Benefits $16.08 Human Resources Technician - Compensation $16.08 Human Resources Technician - Guest Staff $16.08 PC Network Technician $20.36 Print Shop Technician $13.11 SpEd Data Technician $20.36 Studio Technician $16.08 Technology Paraprofessional $12.09 Wellness Technician $14.20 TRADES Building Automation Specialist $17.71 Building Manager Alternative School $14.82 Building Manager Elementary School $14.82 Building Manager High School $16.05 Building Manager Middle School $15.41 Carpenter $16.31 Custodian $13.67 Groundskeeper $14.85 HVAC $18.50 HVAC Licensed Technician I $22.12 HVAC Licensed Technician II $26.17 Journeyman Electrician $22.12 Journeyman Plumber $22.12 Lead Custodian $13.85 Lead Technician $20.36 Master Electrician $26.17 Master Plumber $26.17 Materials Handler $13.80 Parts/Tool Room Mechanic $16.08 Pool Maintenance Technician $13.65 Preventative Mechanic $13.65 Refrigeration/Appliance Licensed Technician II $26.17 Utility Worker $16.31 Vehicle Mechanic $17.47 Warehouse Foreman $14.20 Revised: December 19, 2001 May 16, 2002 May 15, 2003 May 20, 2004 May 5, 2005 April 6, 2006 April 19, 2007 April 17, 2008 May 13, 2009 May 6, 2010 May 5, 2011 May 22, 2012 May 16, 2013 May 15, 2014 May 14, 2015 May 5, 2016 May 11, 2016 May 4, 2017 May 11, 2017 Adopted Budget 197 June 15, of 3

226 Position Title Academy District /2018 Staff Specialist Contracts and Compensation Appendix (GDLA-E) Minimum XI Database Application Developer $80,793 X IX VIII Application Specialist Building Fund Project Manager College and Career Services Coordinator Digital Communication Specialist Network Engineer Network and Phone Administrator School To Work Alliance Program (SWAP) Coordinator Senior Programmer Analyst System Administrator Technology Integration and Library Specialist Technology Integration Specialist $61,964 VII VI Accounting and Budget Analyst Application Specialist II Building Fund Accounting Budget Analyst Compensation Specialist Application Specialist III Building Engineer BYOD Specialist Fleet Operations and Maintenance Specialist Security Service Specialist Supervisor for District Technology Technicians $56,799 $52,106 V 20TV Producer $47,834 IV III II I Accountant Lead District Custodian Security Network Specialist Benefits Specialist Payroll Specialist Athletic Trainer Sign Language Interpreter $43,951 $41,074 $37,206 A $1 million general liability insurance policy is provided for all staff members. A $1 million benefit liability insurance policy, per occurrence, is provided for all staff members. A $1 million errors and omissions/wrongful acts policy is provided for all staff members. REVISED: May 6, 2010; May 5, 2011; May 22, 2012; May 16, 2013; May 15, 2014; July 1, 2014; February 1, 2015; May 14, 2015; May 5, 2016; May 11, 2017 Adopted Budget 198 June 15, 2017

227 Academy District /2018 Administrative Contracts and Compensation Procedure (GCBB-R/GCBDA-R) Position Title Minimum A High School Principal $111,638 B C D E F G H I J Executive Director for Building Fund Executive Director for Learning Services Executive Director for Security and Transportation Executive Director for Special Education Director for Budget and Planning Director for Building Fund Contracting and Procurement Director for College and Career Services Director for Communication Director for Facilities Director for Fiscal Services Director for Human Resources Director for Information Technology Application and Data Services Director for Information Technology Educational Services Director for Information Technology Support Services Director for Learning Services Assessment Director for Learning Services Curriculum and Instruction Director for Legal Relations Director for Professional Learning Director for Risk Management Director for Transportation District Contracting Officer Alternative/Online School Principal Middle School Principal Elementary School Principal Home School Principal High School Assistant Principal High School Assistant Principal/Athletic Director Assistant Director for ESL Assistant Director for Security Assistant Director for Special Education Assistant Director for TAG Middle School Assistant Principal Elementary Assistant Principal Special Education Administrator Summer School Administrator Central Registry Supervisor Payroll Supervisor Purchasing Supervisor Facilities Supervisor Transportation Supervisor $98,627 $96,827 $100,300 $94,267 $87,157 $83,775 $74,618 $60,835 $56,142 Adopted Budget 199 June 15, of 2

228 Academy District /2018 Administrative Contracts and Compensation Procedure (GCBB-R/GCBDA-R) School Principals receive annual supplemental pay for duties performed outside the regular work day based on the following table: High School Principal $3,600 Middle School Principal $1,200 Elementary School Principal $900 High School Assistant Principal $1,800 High School Assistant Principal/Athletic Director $2,400 Middle School Assistant Principal $600 Elementary School Assistant Principal $420 Executive Directors receive $ per month in supplemental pay for duties performed outside the regular work day. Directors receive $300 per month in supplemental pay for duties performed outside the regular work day. A $1 million general liability insurance policy is provided for all staff members. A $1 million benefit liability insurance policy, per occurrence, is provided for all staff members. A $1 million errors and omissions/wrongful acts policy is provided for all staff members. Issued: June 16, 1994 Revised: June 15, 1995; June 19, 1997; December 13, 1999; June 8, 2000; April 19, 2001; Mary 16, 2002; May 15, 2003; May 20, 2003; June 6, 2003; May 20, 2004; May 5, 2005; June 29, 2005; November 17, 2005; April 5, 2006; April 19, 2007; April 17, 2008; May 7, 2009; May 6, 2010; May 5, 2011; May 22, 2012; May 16, 2013; May 15, 2014; May 14, 2015; May 5, 2016; May 11, 2017 Adopted Budget 200 June 15, of 2

229 Academic/Achievement Performance Measurements

230 DISTRICT ACHIEVEMENT 2016 Reporting For the seventh year in a row, Academy District 20 has received the prestigious Accredited with Distinction rating for the District Performance Framework. The Accredited with Distinction rating is a testament to the high levels of achievement and academic growth shown by the students of Academy District 20. Additionally, Academy District 20 is a high performing large school district in Colorado, with a dropout rate of.5% for the school year based upon the Colorado Department of Education and the Partnership for Assessment of Readiness for College and Careers (PARCC) results. District Performance Frameworks, along with a wealth of other data for all Colorado schools and districts, can be seen on Colorado Department of Education s SchoolView website through the District Dashboard. The Colorado Department of Education uses the SchoolView reporting system, a Web portal required under S.B that provides unprecedented transparency for all school performance data. The primary state assessments for Colorado school districts for 2016 include PARCC, the Colorado Measures of Academic Success (CMAS) and the Colorado ACT. PARCC: In the spring of 2016, Colorado students completed the following PARCC assessments for the second time: Grades 3-9 English Language Arts Grades 3-8 Mathematics Algebra I, Geometry, and Algebra II (Students span grades 7-9) Scoring: PARCC assessments have five performance levels that students can achieve: Exceeded Expectations, Met Expectations, Approached Expectations, Partially Met Expectations, and Did Not Yet Meet Expectations. For PARCC, the % ME (the percentage of students who Met and Exceeded Expectations) is one of the data points analyzed. School districts receive results for their district, Colorado, and the PARCC Consortium of states. Results: In English Language Arts, the % Met and Exceeded for D20 exceeded Colorado on each of the 7 grade level tests in ELA by an average of 14 percentage points. In Math, the % Met and Exceeded for D20 exceeded Colorado in 8 of the 9 grade level/content area tests by an average of 12 percentage points. Adopted Budget 201 June 15, 2017

231 English Language Arts 2016 PARCC English Language Arts Academy 20, Colorado, and PARCC % Met & Exceeded Expectations English Language Arts Academy 20 Colorado PARCC Grade Grade Grade Grade Grade Grade Grade Mathematics 2016 PARCC Mathematics Academy 20, Colorado, and PARCC % Met & Exceeded Expectations Mathematics Academy 20 Colorado PARCC Grade Grade Grade Grade Grade Grade 8* Algebra I** Geometry*** Algebra II**** *Starting in the 7 th grade, students took the PARCC math test corresponding to their math course, rather than their grade level. Adopted Budget 202 June 15, 2017

232 CMAS: In the spring of 2016, Colorado students in grades 4 and 7 at sampled schools completed the CMAS assessment for social studies. Additionally, Colorado students in grades 5, 8 and 11 completed the CMAS assessment for science. Scoring: CMAS assessments have four performance levels that students can achieve: Exceeded Expectations, Met Expectations, Approached Expectations, and Partially Met Expectations. For CMAS, the % ME (the percentage of students who Met and Exceeded Expectations) is one of the data points analyzed. Results: Academy 20 percentages for state proficiency levels of Met and Exceeded Expectations (% ME) surpassed state percentages on each of the 5 tests by an average of 14%. Academy 20 CMAS achievement results are strong as compared to large school districts statewide. Social Studies scores are based on a sampling of ten schools including two from TCA and are not being reported out by district across the state of Colorado. CMAS Social Studies % Met and Exceeded Grade Level Grade 4 Grade 7 District 20* Colorado CMAS Science % Met and Exceeded Grade Level Grade 5 Grade 8 Grade 11 District Colorado CO ACT: The Colorado ACT is given to all Colorado students during their junior year. The 2016 Colorado ACT results represent the achievement of last year s juniors of the class of All student scores from the official Colorado ACT test dates are included in these results. The Colorado ACT is one of the Colorado assessments used for accountability purposes as reflected on school and district performance frameworks. Results: The 2016 Academy District 20 Composite score of 22.7 was the highest ever posted by Academy 20 juniors. The 2015 Academy 20 Composite score was.3 higher than The 2016 Academy 20 mean score exceed those of the state on all four content area tests and the composite by an average of 2.2 points. Adopted Budget 203 June 15, 2017

233 ACADEMY DISTRICT English Math Reading Science Composite COLORADO English Math Reading Science Composite Adopted Budget 204 June 15, 2017

234 Budget Policies

235 POLICY DB Annual Budget The annual budget is the financial plan for the operation of the school system. It provides the framework for both expenditures and revenues for the year and translates into the educational priorities of the district. Public school budgeting is regulated and controlled by state statutes and by regulations of the State Board of Education which prescribe the form of district budgets and accounts in order to ensure uniformity throughout the state. The format and procedures used in developing the school budget must meet the requirements of the State Board of Education as set forth in the Financial Policies and Procedures Handbook for Colorado public school districts. The budget shall be presented in a summary format which is understandable by any lay person reviewing the district's budget. The budget format shall itemize expenditures of the district by fund and by student. It shall describe the expenditure and show the amount budgeted for the current fiscal year and the amount budgeted for the ensuing fiscal year. The budget also shall disclose planned compliance with Article X, Section 20 of the Colorado Constitution. The Superintendent and District Fiscal Officer shall direct the development of the annual budget for presentation to the Board of Education and community at least 60 days prior to adoption of the budget. Adopted/Approved: March 7, 1996 Amended: February 20, 2003 Reviewed: November 1, 2006 Legal Refs: C.R.S through C.R.S C.R.S (3) (budget to reflect lease-purchase payment obligations) Cross Refs: [DB] subcodes (all relate to the budget) Adopted Budget 205 June 15, 2017

236 POLICY DBC Budget Preparation and Schedules Preparation of the annual budget shall proceed in line with a budget-preparation calendar which shall ensure that all deadlines established by law and Board of Education policy for budget presentation, hearings, and adoption, and for certification of amounts to be raised by school tax levies are met by the district. The budget calendar shall take into consideration the possible need to submit a request to raise additional local revenue to a vote by the district's electorate. The budget development calendar shall include, at a minimum, the following elements and general timelines: 1. Budget development goals adopted by the Board of Education - January 2. Budget subcommittee of the District Advisory Accountability Committee report to the Board - March 3. Preliminary budget presented by the administration to the Board of Education - April 4. Final proposed budget from the administration by the statutory deadline of May Public hearing of the proposed budget during the first Board meeting in June 6. Board of Education adoption of the budget by the statutory deadline of June 30. Adopted/Approved: March 7, 1996 Reviewed: November 1, 2006 Revised: February 20, 2003 Legal Refs: C.R.S (1) C.R.S (1); (1); ; (1); and Adopted Budget 206 June 15, 2017

237 POLICY DBD Determination of Budget Priorities Each school-level accountability committee shall make recommendations to the principal relative to priorities for expenditures of District funds by the school. A copy of these recommendations shall be sent to the district advisory accountability committee and to the Superintendent. The Superintendent shall consider these recommendations when formulating the preliminary budget to be presented to the Board of Education. The Budget Committee, a subcommittee of the district advisory accountability committee, shall make recommendations to the Board relative to priorities for expenditures of District funds. The Board and administration shall consider these recommendations during the budget development process. The 3% Emergency Reserve required by Article X Section 20 of the Colorado Constitution shall be fully funded and recorded in the General Fund of the District. The administration shall present the preliminary budget each year with a Contingency Reserve balance amount of between 2% and 4% of budgeted General Fund revenues anticipated for the ensuing fiscal year. The preliminary budget shall be prepared using the GAAP (Generally Accepted Accounting Principles) basis of accounting to ensure full funding of salary, benefit and early retirement liabilities. Budget authorizations from the preceding fiscal year shall lapse on June 30 with the following exceptions: 1. Unfulfilled purchase obligations outstanding on June Carryover of unspent per pupil allocations to schools In January each year, the Board shall adopt budget goals, in addition to the requirements of this policy, to further guide development of the budget for the following fiscal year. Adopted/Approved: March 7, 1996 Amended: February 20, 2003 Reviewed: November 1, 2006 Legal Refs: C.R.S C.R.S Adopted Budget 207 June 15, 2017

238 POLICY DBE/DBF Communication of Budget Recommendations At least 60 days prior to budget adoption, district administration shall present to the Board of Education and public a preliminary budget for all district funds. A proposed budget shall be submitted to the Board by May 31st, in accordance with state statutes, highlighting changes from the preliminary budget. Within ten days of submission of the proposed budget to the Board of Education, a notice shall be published in a newspaper having general circulation within the school district stating that: 1. The proposed budget is available for inspection by the public at the central administrative office during business hours. 2. The Board will consider the adoption of the proposed budget at a meeting to be held at the date, time, and place specified in the notice. 3. Any person paying school taxes in the district may file or register any objections thereto at any time prior to final adoption of the budget by the Board. At the meeting specified in the notice, the Board will present and explain the proposed budget, inviting questions and discussion from the audience. If the budget is to be adopted at a future meeting, the date, time, and place of such meeting shall be entered in the minutes of the meeting. Adopted/Approved: March 7, 1996 Reviewed: November 1, 2006 Revised: February 20, 2003 Legal Refs: C.R.S C.R.S Adopted Budget 208 June 15, 2017

239 POLICY DBG Budget Adoption The proposed budget shall be available for inspection in the central administrative office of the district, and public notices shall be published to that effect. The Board of Education may conduct one or more public meetings on the budget proposal, at which time any member of the public may comment. The Board shall officially adopt the budget and an accompanying appropriations resolution prior to the end of the fiscal year. After adoption of the budget, the Board may review and change the budget with respect to both revenues and expenditures at any time prior to October 15 of the fiscal year for which adopted. In January or February each year, the administration shall present to the Board a midyear budget update that will incorporate October certified pupil counts, final audited fund balances and revised revenue and expenditure estimates. Appropriation levels shall be adjusted for these revisions. If money for a specific purpose other than ad valorem taxes becomes available to meet a contingency after October 15, the Board may adopt a supplemental budget for expenditures not to exceed that amount. The adopted budget and appropriation resolution shall be placed on file in the central administrative offices of the district. If the District is authorized to raise and expend additional local property tax revenues at an election, the Board may adopt a supplemental budget and appropriation resolution to cover the remainder of the fiscal year following the election based on the additional dollar amount authorized. Adopted/Approved: March 7, 1996 Amended: February 20, 2003 Reviewed: November 1, 2006 Legal Refs: C.R.S C.R.S C.R.S C.R.S C.R.S C.R.S C.R.S C.R.S Cross Refs: DBGA, Budget Referenda Adopted Budget 209 June 15, 2017

240 POLICY DBGA Budget Referenda If the Board of Education is of the opinion that revenues in excess of those provided through equalization program funding are necessary to provide for the needs of the district, the Board may seek authorization at an election to raise additional local property tax revenues. The requested amount shall not exceed 20 percent of the District's equalization program funding for the budget year in which the limitation was reached or $200,000, whichever is greater. The Board shall call an election to raise additional local revenues if an initiative petition containing signatures of at least 5 percent of the registered electors in the district is properly submitted to the Board. An initiative petition shall be submitted at least 90 days prior to the election date in order to be valid. Such elections shall be held on the first Tuesday in November in odd-numbered years in conjunction with the regular biennial school election or on general election day in even-numbered years. If other jurisdictions that have overlapping boundaries or the same electors as the school district are conducting an election on the same day, the county clerk and recorder shall conduct the election as a coordinated election to allow voters to vote on all ballot issues at one polling place. The decision whether the election will be conducted as a polling place election or by mail ballot is one which shall be made by the county clerk. The election shall be conducted pursuant to an intergovernmental agreement between the district and the County Clerk and Recorder. The agreement shall allocate responsibilities between the county clerk and the district for the preparation and conduct of the election and shall be signed no less than 60 days prior to the election. The Board shall designate a school election official to whom some election responsibilities may be delegated pursuant to the agreement. As an alternative, the district may have the option of conducting the election by mail ballot in accordance with rules promulgated by the Secretary of State when the county clerk is conducting a polling place election. This decision should be made after consultation with the County Clerk. However, mail ballot elections may not be held for mill levy elections on the same day as elections held to elect members of Congress. Transportation Mill Levies or Fees The Board of Education may submit the question of whether to impose a mill levy and/or fee for the payment of excess transportation costs at an election held in conjunction with the regular biennial election in odd-numbered years or with the general election in even-numbered years. Excess transportation costs are defined as the current operating expenditures for student transportation minus any state reimbursement entitlement based on Adopted Budget 210 June 15, 2017

241 amounts expended and received in a 12 month period as specified in state law. If the measure passes, the district shall deposit the resulting revenue in the transportation fund. Election Information Expenditures of any school district funds or in kind services to otherwise inform voters about election issues must be specifically authorized by the Board. The district may dispense a factual summary which includes arguments both for and against the proposal without any conclusion or opinions in favor of or against any particular issue addressed by the summary. Adopted/Approved: March 7, 1996 Reviewed: November 1, 2006 Legal Refs: Colo. Const. art. X, sec. 20 C.R.S through et seq. (Uniform Election Code of 1992) C.R.S (Campaign Reform Act) C.R.S Cross Refs: DBG, Budget Adoption Adopted Budget 211 June 15, 2017

242 POLICY DBJ Budget Transfers Inter-fund transfers may be authorized only by the Board of Education. Interfund transfer requests from the general fund contingency reserve account shall be submitted by the Superintendent for Board approval. Temporary transfers within funds (or from one fund to another) during the fiscal year may be authorized by the Board as necessary. However, the Board shall not transfer moneys from the capital reserve fund, the insurance reserve fund, the bond redemption fund, the transportation fund (supported by voter approved user fee or special property tax revenues), the special building fund, the risk management fund or the instructional supplies and materials, the instructional capital outlay or the other instructional purposes accounts in the general fund. Unencumbered moneys may be transferred between the instructional supplies and materials, the instructional capital outlay and the other instructional purposes accounts in the general fund. The Board may transfer between the capital reserve fund and the risk management fund. In addition to transfers, the Board is also authorized to borrow unencumbered moneys from any one fund, except the bond redemption fund, at any time, in accordance with the procedures outlined in C.R.S. section Any such loan shall be repaid not later than three months after the beginning of the following budget year. The Superintendent or his designee(s) may authorize transfers from the general fund contingency reserve account up to a maximum of $50,000 per occurrence. Except for extreme emergencies, the total undesignated contingency reserve may not be reduced by more than 25% in any one fiscal year without prior approval of the Board. Contingency reserve transfers shall be reported to the Board each month. Established emergency reserves, or amounts pledged in accordance with Article X Section 20 of the Colorado Constitution, may not be transferred to expenditure accounts without prior approval of the Board. In emergency situations, the Superintendent may authorize use of such funds when lawful and with immediate notification to the Board. All capital reserve fund or building fund project appropriations shall be approved by the Board of Education; therefore, any transfer of unspent or unencumbered monies to other projects, shall be approved by the Board of Education. However, transfers from the capital reserve fund or building fund contingency account(s), up to a maximum of 10% or $100,000 whichever is less, shall be approved by the Superintendent or designee(s). Project cost overrun transfers in excess of this amount shall be approved by the Board of Education. In order to adapt the budget plan to changing conditions during each fiscal period, the Superintendent or designee(s) shall be authorized to transfer budget Adopted Budget 212 June 15, 2017

243 from one line item to another within the same major program category and fund during the same fiscal year, but in so doing shall not impair the ability of the budget to provide the support necessary for implementation of the district's strategic plan, goals and objectives. The Superintendent shall submit budget transfer recommendations to the Board of Education for approval when: (1) the aggregate amount to be transferred to support any line item, single issue or purpose exceeds $100,000; or (2) the accumulation of budget transfer is expected to significantly impact the annual budget; or (3) transfers from one major program category to another major program category exceed $25,000, or (4) strategic plan resource allocations need to be reprioritized. Budget transfers requiring Board approval shall be submitted as an action item on the board meeting agenda. The Board of Education shall receive a midyear budget update report, including budget transfer recommendations, if any, during January or February of each year. Adopted/Approved: March 7, 1996 Reviewed: November 1, 2006 Revised: February 20, 2003 Legal Refs: Colorado Constitution Article 10, Section 20 (The Taxpayer s Bill of Rights) C.R.S C.R.S (3) C.R.S C.R.S C.R.S (1)(a)(II) C.R.S C.R.S Cross Refs: EL 1, Global Executive Constraint EL-10, Budgeting and Financial Planning EL 11, Financial Administration BSR 4, Delegation to the Superintendent Adopted Budget 213 June 15, 2017

244 Where dreams take flight One student at a time. Adopted Budget 214 June 15, 2017

245 Glossary

246 GLOSSARY Abatements - A complete or partial cancellation of a levy imposed by a government. Abatements usually apply to tax levies, special assessments and service charges. Account - A record used to summarize all increases and decreases in a particular asset or any other type of asset, liability, fund equity, revenue, or expenditure. Accounts Payable - Amounts which the district owes to its creditors for goods and services. Accounts Receivable - Amounts that a district expects to collect for services rendered to the public. Accrual Basis - A basis of accounting which calls for recording revenue in the period in which it is earned and recording expenses in the period in which they are incurred (See also Modified Accrual Basis). Accrual for Salaries and Benefits - Salaries and benefits of teachers and other contracted personnel are paid over a 12-month period, typically from September 1 through August 31. These salaries and benefits, however, are earned over a period of approximately nine months. This situation results in an outstanding liability for accrued salaries and benefits at the end of the fiscal year. Accrue - To record revenues when earned or when levies are made, and to record expenditures as soon as they result in liabilities, regardless of when the revenue is actually received or the payment is actually made. Sometimes the term is used in a restricted sense to denote the recording of revenues earned but not yet due, such as accrued interest on investments and the recording of expenditures which result in liabilities that are payable in another accounting period, such as accrued interest on bonds. Ad Valorem Taxes - Taxes levied on the assessed valuation of real and personal property located with the boundaries of the district which is the final authority in determining the amount to be raised for education purposes. Advance Refunding Bonds - Bonds issued to refinance an outstanding bond issue before the date the outstanding bonds become due or callable. Proceeds of the advance refunding bonds are deposited in escrow with a fiduciary, invested in U.S. Treasury Bonds or other authorized securities and used to redeem the underlying bonds at their maturity or call date, to pay interest on the bonds being refunded, or to pay interest on the advance refunding bonds. Agency Fund - A fund used to account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units and/or other funds. Adopted Budget 215 June 15, 2017

247 Appropriation - The setting aside by resolution of a specified amount of money for a fund with an authorization to make expenditures and incur obligations for specific purposes Appropriation Resolution - A formal resolution by a board of education to set aside a specified amount of money for a fund with an authorization to make expenditures and incur obligations for specific purposes. Arbitrage - The investment of the proceeds from the sale of bonds in a taxable instrument that yields a higher rate, resulting in interest revenue in excess of interest costs. Assessed Valuation (A V) - A valuation set upon real estate or other property by a government as a basis for levying taxes. Currently 7.96% for residential property and 29% for commercial property times the market value. Assessment Rate - The portion of actual property value subject to taxation. For example, the Gallagher Amendment fixes the assessment rate for commercial property at 29%. This means that only 29% of the market value of the property will be taxed. Assurance - A statement in an audit that can be either positive or negative. A positive assurance consists of a statement by the auditors that the tested items were in compliance with applicable laws and regulations. Negative assurance is a statement that nothing came to the auditors' attention as a result of specified procedures that caused them to believe the untested items are not in compliance with applicable laws and regulations. At-Risk Pupils - Students eligible for the federal free lunch program because they come from families with incomes below a certain level. The act provides additional funding based on the number of at-risk pupils enrolled in each district. At-Risk Factor - A factor used to compute the additional amount of funding a district will receive for its at-risk pupils. Each district starts with an at-risk factor of at least12 percent, but no more than 30%. As a district s percentage of at-risk population increases above the statewide average, an increased amount of at-risk funding is provided. Audit Finding - In the context of a financial audit, a weakness in internal controls or an instance of noncompliance with applicable laws and regulations that is presented in the audit report in conformity with Generally Accepted Government Auditing Standards (GAGAS). A typical audit finding is composed of a statement of the condition and the criterion or criteria used to define it, an explanation of the cause of the condition, a discussion of its results and recommendations for improvement. Findings ordinarily are presented together with a response from management, which states management's concurrence or non-concurrence with each finding and its plan for corrective action. Adopted Budget 216 June 15, 2017

248 Auditing - The principal activity of a certified public accountant (CPA). It consists of an independent examination of the accounting records, the internal control system and other evidence relating to the district to support the expression of an impartial expert opinion about the reliability of the financial statements. Auditor's Opinion - A statement in the Comprehensive Annual Financial Report signed by an independent auditor in which the auditor announces the financial statements have been examined in accordance with generally accepted auditing standards, with any noted exceptions. The auditor expresses an opinion on the financial position and the results of operations of some or all of the constituent funds and balanced account groups of the government. Basis of Accounting - A term used to refer to when revenues, expenditures, expenses and transfers and the related assets and liabilities are recognized in the accounts and reported in the financial statements. Specifically, it relates to the timing of the measurements made, regardless of the nature of the measurement, on either the cash or the accrual method. Bonded Indebtedness - Obligations of a school district to make payments on a loan, generally for major capital construction projects. With voter approval, districts can issue bonded debt and impose a mill levy to repay the debt over time. Borrowing - A board may, by resolution, authorize the borrowing of unencumbered money from one fund to another (except the Bond Redemption Fund). Such money must be repaid when needed by the lending fund, but in any event must be repaid within three months after the beginning of the following budget year. Budget - Summary statement of plans expressed in quantitative terms; a forecast of future events including anticipated revenue and expenditures, and the financial position of a district at some future point in time. Building Fund - (Also known as Capital Projects Fund.) Used to account for all resources used for acquiring capital sites, buildings and equipment as specified by the related bond issue. Capital projects funds are designated to account for requisition or construction of capital outlay assets, which are not, acquired directly by the General Fund, Special Revenue Funds, or Enterprise Funds. Capital Projects have been developed to account for the proceeds of a specified bond issue and revenue from other possible sources which is designated for capital outlay. Capital Outlay - An expenditure, which results in the acquisition of fixed assets or additions to fixed assets which are presumed to have benefits from more than one year. It is an expenditure for land or existing buildings, improvements of grounds, construction of buildings, additions to buildings, remodeling of buildings, or initial, additional and replacement of equipment. Capital Reserve Fund - A type of "capital projects fund" whose uses and limitations are specified by legal authority in C.R.S (l)(c). Adopted Budget 217 June 15, 2017

249 Categorical - Reimbursement programs (either state or federal) limited to a specific purpose. State categorical include Increased Enrollment, Transportation, English Language Proficiency Act (ELPA), Exceptional Children's Educational Act (ECEA) and Vocational Education. Central Support Services - Activities, other than general administration, which support each of the other instructional and supporting services programs. These activities include planning, research, development, evaluation, information, staff, statistical and data processing services. Certificate of Achievement for Excellence in Financial Reporting Program - A voluntary program administered by the Government Finance Officers Association and the Association of School Business Officials to encourage governments to publish efficiently organized and read and to provide technical assistance and peer recognition to the finance officers preparing them. Certificate of Participation - School districts frequently enter into installment purchase agreements and leases with an option to purchase in lieu of issuing general obligation bonds. C.R.S requires that such agreements be submitted to a vote of the people if they represent long-term indebtedness. Lease purchase arrangements with "subject to annual appropriation" clauses with the title residing with the building authority, contractor or financial institution, do not require a vote of the people. A common financing vehicle used for any of these arrangements is a certificate of participation whereby the building authority or financial institution representing the lessor sells fractional interests or shares in the lease-purchase agreement to investors. Certificate of Deposit (CD) - A time deposit with a specific maturity evidenced by a certificate. Large-denomination CDs are typically negotiable. Certified Public Accountant - An accountant to which a state has granted a certificate showing that he or she has met prescribed educational, experience and examination requirements designed to ensure competence in the practice of public accounting. Chart of Accounts - A list of accounts systematically arranged, applicable to a specific concern, giving account names and numbers, if any. A chart of accounts, accompanied by descriptions of their use and of the general operation of the books of account, becomes a classification or manual of accounts - a leading feature of a "system of accounts." Collateral - Securities, evidence of deposit or other property, which a borrower pledged to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public moneys. CSAP Colorado Student Assessment Program Commodities - Foods donated by the United States Department of Agriculture for use in Child Nutrition Programs. Commodities are distributed by the Donated Foods Unit of the Colorado Department of Social Services. Adopted Budget 218 June 15, 2017

250 Community Services - Services, other than public school and adult education functions, provided by the school for purposes relating to the community as a whole or some segment of the community. These include such services as community recreation programs, civic activities, public libraries, programs of custody and care of children, community welfare activities and services for nonpublic school pupils provided by the public schools on a continuing basis. Component Unit - A separate governmental unit, agency, or nonprofit corporation that is combined with other component units to constitute the reporting entity. Examples include a building authority, a library unit or charter school. Comprehensive Annual Financial Report (CAFR) - The Comprehensive Annual Financial Report of a school district should include an Introductory Section, a Financial Section, including Management s Discussion and Analysis and Combining and Individual Fund Schedules. It should also include narrative explanations, statistical tables and appropriate schedules. It should be prepared and published seven months after the close of the fiscal year and should contain the report of the independent auditor together with a letter(s) of transmittal and such other information as management deems appropriate. Constitutional Spending Limit - The maximum allowable change in a school district's spending from one year to the next. The limit for school districts is equal to the percentage change in the district's enrollment plus the Denver-Boulder inflation rate in the prior calendar year. Contracted Services - Services rendered by personnel who are not on the payroll of the district, including all related expenses covered by the contract. Cost-of-Living Factor - One of the three main factors used in calculating a district's per pupil funding. The cost-of-living factor reflects the relative differences amount the state's school districts in the costs of housing, goods, and services for the regions in which districts are located. County Public School Fund - C.R.S established a continuing fund known as the county public school fund, into which shall be paid the proceeds of all county school moneys. Each district in the county shall be entitled to receive distribution during the budget year of moneys in the fund in the proportion that funded pupil count in the county is to the aggregate of funded pupil counts of all districts in the county. The State Board of Education determines the proportionate part of the fund to be paid during the budget year. At the end of each month the county treasurer shall credit or pay over the proper proportions of the moneys in the fund to the General Funds of the districts in the county. Coupon - (1) The annual rate of interest that a bond's issuer promises to pay the bondholder on the bond's face value. (2) A certificate attached to a bond evidencing interest due on a payment date. Debrucing Named after Doug Bruce, author of the TABOR amendment, this term most often refers to local or state elections where voters are asked whether government can keep or use all or part of the revenue collected in excess of the TABOR limit. Adopted Budget 219 June 15, 2017

251 Debt Service - Expenditures for the retirement of debt and expenditures for interest on debt, except principal and interest of current loans. Deductions - Specific amounts that are taken from a paycheck each month to pay taxes, insurance premiums, dues, annuities, etc. Mandatory deductions are those deductions required by law. Voluntary deductions are deductions that an employee requests to be taken from a paycheck. Deferred Revenue - Deferred revenue accounts are used for revenue that has been recognized as a receivable, but is not "available" to finance current operations. Depreciation - The systematic allocation of the cost of an asset to expense over the accounting periods making up its useful life. Discount - The difference between the cost price of a security and its value at maturity when quoted at lower than face value. A security selling below original offering price shortly after sale also is considered to be at a discount. Discount Securities - Non-interest bearing money market instruments that are issued at a discount and redeemed at maturity for full face value; e.g. U.S. Treasury Bills. District Per Pupil Funding - The amount that results from combining the statewide base with the components of the formula. A district's per pupil funding is multiplied by its pupil count to determine funding, before accounting for at-risk. Documentation - The provision of documents used to substantiate expenses or to claim reimbursements. Such documents may include receipts, copies of signed forms, ticket stubs, etc. Eligible Public Depository - Any bank which has been designated as an eligible public depository by the banking board. Eligible Collateral - With respect to the securing of uninsured public funds, those instruments or obligations approved to be used for such purposes by the banking board pursuant to the provisions of C.R.S Employee Benefits - Compensation, in addition to regular salary, provided to an employee. This may include such benefits as health insurance, life insurance, dental insurance, annual leave, sick leave, early retirement, Medicare, and Public Employees Retirement Association contributions. Encumbrances - Purchase order, contracts and/or other commitments, which are chargeable to an appropriation and for which a part of the appropriation is reserved. They cease to be encumbrances when paid, when liability is established, or when canceled. English Language Proficiency Act (ELPA) - An English language proficiency program established by C.R.S for students in kindergarten and grades one through 12 whose dominant language is not English. Adopted Budget 220 June 15, 2017

252 Enrollment - The number of pupils enrolled on October 1 within the budget year. Enterprise Fund - A fund to account for operations that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges or where the governing body has decided that periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Equalization Program Funding - The financial base of support for public education for school districts calculated by the Public School Finance Act of 1994, as amended. Total funding is a combination of local property tax, specific ownership tax, and state aid. Event of Default - The issuance of an order by a supervisory authority or a receiver that restrains an eligible public depository from paying its deposit liabilities, Exceptional Children s Educational Act (ECEA) - this act provides a means for educating those children who are exceptional. It establishes a continuum of services that recognize the capabilities of all state agencies, special classes in public schools and special schools, programs for handicapped children who are confined to their homes or hospitals and instruction in institutions of the state for exceptional children. It is the intent of C.R.S to assure that there is a coordination of all services available to handicapped children as well as gifted children and to promote the entering into agreements or contracts between school districts and other public agencies and nonprofit organizations and residential child care facilities for the provision of appropriate services for handicapped children. Expenditures - Charges incurred, whether paid at unpaid which are presumed to benefit the current fiscal year. Expenses - The costs of the goods and services used in the process of obtaining revenue. Expendable Trust - A fiduciary fund used to account for, assets held by a governmental unit in a trustee capacity for individuals, private organizations, other governmental units and/or other funds. Facsimile Signature - An exact copy of an authority's signature is used to sign checks, orders or warrants. Each board of education officer shall give written consent to the board for the use of such facsimile signature and written approval of the employee designated to affix the facsimile signature. Any employee authorized and approved to affix the facsimile signature of the board officer(s) shall be bonded. Federal Funds Rate - The rate of interest at which Federal funds are traded. This rate is currently pegged by the Federal Reserve through open-market operations. Adopted Budget 221 June 15, 2017

253 Fiduciary Funds - These are trust and agency funds used to account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units and/or other funds. Financial Policies and Procedures Committee - In 1974 C.R.S required the State Board of Education to designate no less than five volunteer school districts which were representative as to pupil size and population to cooperate in finalizing the Financial Policies and Procedures Handbook. This committee has continued as an advisory group to the Department of Education. Financial Polices and Procedures Handbook (FPP Handbook) - C.R.S requires the State Board of Education to adopt a Financial Policies and Procedures Handbook that will meet the needs of existing statutes and of such other rules and regulations. The adopted Handbook shall be compatible with the provisions of the "Educational Accountability Act of 1971 ", but shall be limited primarily to the relating of budgeted and actual costs to designated programs. The Handbook shall be used by every school district in the state in the development of the budget for the district, in the keeping of financial records of the district and in the periodic presentation of financial information to the board of education of the district. Financial Accounting Standards Board (FASB) - An independent group, which conducts research in accounting and issues authoritative statements as to proper reporting of financial information. Fiscal Year - A 12-month accounting period beginning July I and ending June 30 of the following year. Fixed Assets - Land, buildings, machinery, furniture and other equipment that the district intends to hold or continue in use over a long period of time. "Fixed" denotes probability or intent to continue use of possession and does not indicate immobility of an asset. Current value for reporting is for any item costing $5,000 or more. Food Service Fund - A type of enterprise fund used to record financial transactions related to food service operations. Function - The action a person takes or the purpose for which a thing exists or is used. Function includes the activities or actions, which are performed to accomplish the objectives of an enterprise. The activities of a school district are classified into five broad areas or functions; Instruction, Supporting Services, Community Services, Nonprogrammed Charges and Debt Services. Fund Categories - There are three categories of funds used in governmental accounting. They are governmental funds, proprietary funds and fiduciary funds. Fund Types - There are seven major fund types. Governmental funds include the General Fund, Special Revenue Funds, Capital Projects Funds and Debt Service Funds. Proprietary Funds include Enterprise Funds and Internal Service Funds. Fiduciary funds include Trust and Agency Funds. Fund Balance - The difference between governmental fund assets and liabilities. Adopted Budget 222 June 15, 2017

254 Fund - A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Funded Pupil Count - A district's pupil enrollment for the ensuing budget year or the average of the district's pupil enrollment for the ensuing budget year and the district's pupil enrollment for the two budget years immediately preceding said ensuing budget year, whichever is greater. GASB - See Governmental Accounting Standards Board. Gallagher Amendment A constitutional amendment passed by voters in 1982, freezing the non-residential property assessment rate at 29% and providing that of the total amount of property taxes collected by the state, residential properties are to bear 45% of the tax burden and other properties shall bear 55%. General Long-Term Debt Account Group - The unmatured principal of bonds, warrants, notes, special assessment debt for which the government is obligated in some manner, or other forms of noncurrent or long-term general obligation debt that is not a specific liability of any proprietary fund or trust fund. General long-term debt is not limited to liabilities arising from debt issuances per se, but may also include noncurrent liabilities on capital leases, compensated absences, claims and judgments, pensions, special termination benefits and other commitments that are not current liabilities properly recorded in governmental funds. General Obligation Bonds (G.O. Bonds) - Bonds backed by the full faith and credit of the government. General Fixed Assets Account Group (GFAAG) - The government's general fixed assets - all fixed assets except those accounted for in proprietary funds or trust funds - are not financial resources available for expenditure. The GFAAG is a self-balancing account group. This account group is not a fund - it does not reflect available financial resources and related liabilities - but it contains accounting records of the general fixed assets and certain associated information. General Fund - A fund to account for all financial resources except those required to be accounted for in another fund. C.R.S states that all revenues, except those revenues attributable to the Bond Redemption Fund, the Capital Reserve Fund, the Special Building Fund, the Insurance Reserve Fund and any other fund authorized by the State Board of Education, shall be accounted for in the General Fund. Any lawful expenditure of the school district, including any expenditure of a nature which could be made from any fund, may be made from the General Fund. Adopted Budget 223 June 15, 2017

255 General Purpose Financial Statements (GPFS) - In addition to the Comprehensive Annual Financial Report (CAFR), governmental units may issue the financial statements by fund type and account group in the Combined Statements Overview section of the CAFR as general purpose financial statements (GPFS). The GPFS are designed to be "liftable" for this purpose. Such statements may be issued for inclusion in official statements for securities offerings and for widespread distribution of users requiring less detailed information about the governmental unit's finances than is contained in the CAFR. The GPFS are designed to present fairly the financial position of the fund type and account groups, the results of operations by fund type and cash flows of the proprietary funds in conformity with GAAP. Generally Accepted Accounting Principles (GAAP) - Uniform minimum standards of and guidelines to financial accounting and reporting. Adherence to GAAP assures that financial reports of all state and local governments - regardless of jurisdictional legal provisions and customs - contain the same types of financial statements and disclosures, for the same categories and types of funds and account groups, based on the same measurement and classification criteria. GAAP encompass the conventions, rules and procedures necessary to define accepted accounting practice at a particular time. They include not only broad guidelines of general application, but also detailed practices and procedures. The primary authoritative body on the application of GAAP to state and local governments is the Governmental Accounting Standards Board (GASB). Generally Accepted Government Auditing Standards (GAGAS) - A publication of the United States General Accounting Office called Standards for Audit of Governmental Organizations, Programs, Activities and Functions; in 1988, also known as the "Yellow Book." Government Finance Officers Association (GFOA) - An organization of governmental finance officers whose mission is to enhance and promote the professional management of governmental financial resources by identifying, developing and advancing fiscal strategies, policies and practices for the public benefit. Governmental Accounting Standards Board (GASB) - The Governmental Accounting Standards Board was established as an arm of the Financial Accounting Foundation in April, 1984, to promulgate standards of financial accounting and reporting with respect to activities and transactions of state and local governmental entities. The GASB is the successor organization to the National Council on Governmental Accounting (NCGA). Governmental Designated Purpose Grants (GDPG) - Grants received from federal, state or local governments to be used for a specific purpose. Examples are Chapter 1, Exceptional Children's Educational Act (ECEA), Vocational Education, etc. Governmental Fund- Those funds in which most governmental functions typically are financed. The acquisition, use and balances of the government's expendable financial resources and the related current liabilities - except those accounted for in proprietary funds - are accounted for through governmental funds (General, Special Revenue, Capital Projects and Debt Service Funds). Income - The excess of revenue earned over the related expenses for a given time period. Adopted Budget 224 June 15, 2017

256 Indirect Cost Rate - The ratio of indirect costs to direct costs, expressed as a percentage. Indirect costs are those elements of cost necessary in the provision of a service, which are of such nature that they cannot be readily or accurately identified with the specific service. Direct costs are those elements of cost which can be easily, obviously and conveniently identified with specific activities or programs. Instructional Supplies and Materials - Instructional supplies and materials include, but are not limited to, supplies, textbooks, library books, periodicals, warehouse inventory adjustment and other supplies and materials. Instructional Capital Outlay - Instructional capital outlay includes those expenditures, which result in the acquisition of fixed assets for instructional purposes, or additions thereto, which the board of education anticipates, will have benefits for more than one year. Insurance Reserve Fund - A special revenue fund used for the payment of loss of or damage to the property of unit of local government or to service and pay premiums on insurance; or used for the payment of administrative expenses, loss control, worker's compensation and legal claims against the public entity which have been settled or compromised, or judgments rendered against the public entity for injury, or to secure and pay for premiums on insurance. Interfund Transfer - Money which is taken from one fund under the control of the board of education and added to another fund under the board's control. Interfund transfers are not receipts or expenditures of the district. Intrafund Transfer - Money that is taken from one function or objects within a fund and transferred to another function and object within the same fund. Inventory - A detailed list or record showing quantities, descriptions, values and frequently, units of measure and unit prices of property on hand at a given time. Invoice - An itemized statement of merchandise shipped or sent to a purchaser, consignee, etc., with the quantity, value or price and charges annexed. Journal - The accounting record in which the details of financial transactions are first recorded. Legal Investments - Investments which governmental units are permitted to make by law. Lease/Purchase Agreement - Contractual agreements that are termed leases, but that in substance are purchase contracts. Liquidity - A liquid asset is one that can be converted easily and rapidly into cash without a substantial loss of value. In the money market, a security is said to be liquid when the spread between the bid and the asked price is narrow and a reasonable size can be done at those quotes. Local Government Investment Pool (LGIP) - The aggregate of all funds from political subdivisions that are placed in the custody of the State Treasurer in investment and reinvestment. Adopted Budget 225 June 15, 2017

257 Local Share - The portion of a district's total program contributed directly by local taxpayers of the district. A district's local share includes revenue from property taxes and specific ownership taxes. Materiality - The magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement. Materiality judgements are made in light of surrounding circumstances and necessarily involve both quantitative and qualitative considerations. Maturity - The date upon which the principal or stated value of an investment becomes due and payable. Measurable and Available - Revenues and other governmental fund financial resource increments (for example, bond issue proceeds) are recognized in the accounting period in which they become susceptible to accrual--that is, when they become both measurable and available to finance expenditures of the fiscal period. "Available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Application of the "susceptibility to accrual" criteria requires judgment, consideration of the materiality of the item in question and due regard for the practicality of accrual, as well as consistency in application. Mill - One one-thousandth of a dollar of assessed value. Mill Levy - A property tax rate based on dollars per thousand of assessed valuation. One mill is the same as one tenth of one percent (.001). Thus, one mill will generate $1 when levied on $1,000 of a property's assessed value. Minimum Per Pupil Funding - The minimum per pupil funding level guaranteed to each district. This amount is adjusted each year based on the Public School Finance Act of Minimum State Aid District - A district that can pay for its entire total program from local property and specific ownership taxes, and, thus, only receives the minimum amount of state aid per pupil. Modified Accrual Basis - The accrual basis of accounting adapted to the governmental fund-type measurement focus. Under it, revenues and other financial resource increments are recognized when they become susceptible to accrual, that is when they become both "measurable" and "available to finance expenditures of the current period." "Available" means collectible in the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recognized when the fund liability is incurred except for inventories of materials and supplies that may be considered expenditures either when purchased or when used and prepaid insurance and similar items that may be considered expenditures either when paid for or when consumed. All governmental funds, expendable trust funds and agency funds are accounted for using the modified accrual basis of accounting. Adopted Budget 226 June 15, 2017

258 Non-appropriated Operating Reserve - A reserve established by C.R.S which says a board of education may provide for an operating reserve in the General Fund, which shall not exceed 15 percent of the amount budgeted to the General Fund for the current fiscal year. This operating reserve is not to be appropriated nor shall ft be expended during the current fiscal year, but it shall be a continuing reserve and be considered as a beginning General Fund balance for the next following fiscal year. Non-personnel Costs Factor - A percentage representing the difference between 100 percent and a district's personnel costs factor. Notes to the Financial Statements - The Summary of Significant Accounting Policies (SSAP) and other disclosures required for a fair presentation of the financial statements of a government in conformity with GAAP and not included on the face of the financial statements themselves. The notes to the financial statements are an integral part of the General Purpose Financial Statements. Office of Management and Budget(OMS) - An office within the Financial Management Division of the federal government having statutory responsibility for issuing policies, procedures and guidelines to implement the Single Audit Act. Official Custodian - A designee with plenary authority, including control, over public funds of a public unit which the official custodian is appointed to serve. For purposes of this definition, "public unit" includes any institution, agency, instrumentality, authority, county municipality, city and county, school district, special district, or other political subdivision of the State of Colorado, including any institution of higher education. For purposes of this definition, "control" includes possession of public funds, as well as the authority to establish accounts for such public funds in banks and to make deposits, withdrawals, or disbursements of such public funds. If the exercise of authority over such public funds requires action by or the consent of two or more putative official custodians, then such official custodians shall be treated as one official custodian with respect to such public funds. Override - Local voter-approved property tax revenue in excess of total program as defined under the act. Beginning in FY , a district s override revenues cannot exceed 25% of its Total Program or $200,000, whichever is greater plus an amount equal to the maximum dollar amount of property tax revenue that the district could have generated for FY in a Cost of Living Adjustment election. Payment Voucher - A document used to authorize issuance of payment to an individual or company for goods or services rendered to the district. Personnel Costs Factor - One of the three main factors used in calculating a district's per pupil funding. The personnel costs factor is a percentage which represents the estimated portion of a district's budget which is attributed to personnel costs. It is formula-driven and differs by district based on enrollment. Adopted Budget 227 June 15, 2017

259 Per Pupil Funding - The amount that results from combining the statewide base with the components of the formula. A district's per pupil funding is multiplied by its pupil count to determine funding, before accounting for at-risk. Per Pupil Operating Revenues (PPOR) - A district's total program divided by its funded pupil count, minus the minimum amount per pupil required to be transferred for the capital reserve fund, the insurance reserve fund, or any other fund for the management of risk-related activities. Petty Cash - A sum of money set aside for the purpose of paying small obligations for which the issuance of a formal voucher and check would be too expensive and time consuming. Also, a sum of money, either in the form of currency or a special bank deposit, set aside for the purpose of making change or immediate payments of comparatively small amount. Property Tax A local tax calculated using the following formula: (market value of the property) x (assessment rate) x (mill levy). Posting - The act of transferring to an account in a ledger the detailed or summarized data contained in the cash receipts book, check register, journal voucher, or similar books or documents of original entry. Proprietary Fund - Sometimes referred to as "income determination", "nonexpendable," or "commercial-type" funds are used to account for a government's ongoing organizations and activities that are similar to those often found in the private sector (enterprise and internal service funds.) All assets, liabilities, equities, revenues, expenses and transfers relating to the government's business and quasi-business activities - where net income and capital maintenance are measured - are accounted for through proprietary funds. Public Deposit Protection Act (PDPA) - Also know as C.R.S The purpose of this act is to serve the taxpayers and the citizens of Colorado by establishing standards and procedures to ensure the preservation and protection of all public funds held on deposit by a bank that are either not insured by or are in excess of the insured limits of federal deposit insurance and to ensure the expedited repayment of such funds in the event of default and subsequent liquidation of a bank which holds such deposits. The provisions of the PDPA prevail over any local government ordinance or resolution and over any home rule or territorial charter provision in conflict with ft. Public School Finance Act of 1994 (PSFA) - CR.S ,et seq., enacted in 1994 seeks to provide for a thorough and uniform system of public schools throughout the state. It requires that all school districts operate under the same finance formula and that equity considerations dictate all districts be subject to the expenditure and maximum levy provisions of this act. Public Funds - All funds of a public unit and all funds of any entity referred to in C.R.S (9)(b). Public Deposits - All public funds on deposit in an eligible public depository in any form, whether time, savings, or demand. Adopted Budget 228 June 15, 2017

260 Public Law This program provides financial assistance to school districts either because of a loss of real property due to federal acquisition or because of the financial burdens placed upon a school district educating children whose parents are involved in an activity occurring on federal land. Public Employees Retirement Association -A retirement association created by C.R.S which shall be a corporate body with the right to sue and be sued and the right to hold property for its use and purposes. it consists of the state division, the school division, the municipal division and the judicial division. The purpose of PERA is to provide benefits to public employees when they retire or are disabled, or to the family at the employee's death. It serves as a substitute for Social Security and is funded on an actuarial reserve basis. That is, money is set aside for retirement benefits while an employee is earning service credit and before benefit payments begin. Pupil Count/Funded Pupil Count - The number of pupils for which a school district receives funding under the school finance act. The funded pupil count is expressed in full-time equivalent (FTE) pupils to reflect the amount of time a student spends in an instructional setting. The funded pupil count is the greater of. 1) a district's October 1 enrollment count within the budget year, or 2) the average of the October 1 enrollment count within the budget year and from the three preceding years. Purchase Order - A document that authorizes the delivery of specified merchandise or the rendering of certain services and the making of a charge for them. Purchased Services - Amounts paid for personal services rendered by personnel who are not on the payroll of the school district and other services which the district may purchase. While a product may or may not result from the transaction, the primary reason for the purchase is the service provided. Rate of Return - The yield obtainable on a security based on its purchase price or its current market price. This may be the amortized yield to maturity on a bond or the current income return. Receipts - Cash received. Refunded Bonds - Bonds issued to retire bonds already outstanding. The refunding bonds may be used to provide the resources for redeeming outstanding bonds, or the refunding bonds may be exchanged with the holders of the outstanding bonds. Requisition - A written request to a purchasing officer for specified articles or services. Retained Earnings - An equity account reflecting the accumulated earning of an enterprise or internal service fund. Revenues - Addition to assets which do not increase any liability, do not represent the recovery of an expenditure, do not represent the cancellation of certain liabilities without a corresponding increase in other liabilities or a decrease in assets and do not represent contributions of fund capital in Food Service and Pupil Activity Funds. Adopted Budget 229 June 15, 2017

261 Safekeeping - A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the bank's vaults for protection. Salaried Employee - An employee who receives a set monthly salary for work or services performed. Salaries - Amounts paid to employees of the district who are considered to be in positions of a permanent nature or hired temporarily, including personnel substituting for those in permanent positions. This includes gross salary for personal services rendered while on the payroll of the districts. Single Audit Act - An act passed by Congress in The audit is performed in accordance with the Office of Management and Budget Circular A-128, Audits of State and Local Governments. The Single Audit Act allows or requires governments (depending on the amount of federal assistance received) to have one audit performed to meet the needs of all federal grantor agencies. Size Factor - One of the three main factors used in calculating a district's per pupil funding. The size factor is designed to compensate districts for the cost pressures of economies of scale. It is formula-driven and based on enrollment. Specific Ownership Tax - An annual tax imposed upon each taxable item of certain classified personal property, such as motor vehicles, which tax is computed in accordance with state schedules applicable to each sale of personal property. State Aid - Funding provided by the state under the school finance act. Under the act, state aid provides the difference between a district's total program and the district's local share. Statement of Changes In Financial Position - The financial statement that reconcile the equity balances of an entity at the beginning and end of an accounting period in conformity with GAAP. It explains the relation between the operating statement and the balance sheet. Statewide Base Per Pupil Funding Amount - The dollar amount to which the factors are applied in determining each district's per pupil funding level. Each district receives the same base per pupil funding amount. Summary of Significant Accounting Policies (SSAP) - A disclosure of accounting policies, required by GAAP, that should identify and describe the accounting principles followed by the district and the methods of applying those principles that materially affect the determination of financial position, changes in financial position or results of operations. In general, the disclosure should encompass important judgments as to the appropriateness of principles relating to the recognition of revenue and allocation of asset costs to current and future periods; in particular, it should encompass those accounting principles and methods that involve any of the following: (1) a selection from existing acceptable alternatives, (2) principles and methods peculiar to government and (3) unusual or innovative applications of accounting principles, including those peculiar to government. Adopted Budget 230 June 15, 2017

262 Supplemental Budget - Where money for a specific purpose from other than ad Valorem taxes subsequently (following adoption of the budget) becomes available to meet a contingency, a supplemental budget for expenditures not to exceed the amount of said money may be adopted and appropriation of said money made therefrom. Supplies and Materials - Amounts paid for material items of an expendable nature that are consumed, worn out, or deteriorated by use; or items that lose their identity through fabrication or incorporation into different or more complex units or substances. Surety Bond - A written promise to pay damages or to indemnify against losses caused by the party or parties named in the document, through nonperformance or through defalcation (e.g. a surety bond may be required of an independent contractor). Surety bonds also include fidelity bonds covering government officials and employees. Tabor Reserve - A requirement under Article X, Section 20 of the Colorado Constitution that the district establish a reserve of 3% of its fiscal year spending, excluding bonded debt services, for emergencies. TAN - See Tax Anticipation Note. Taxes - Compulsory charges levied by a government to finance services performed for the common benefit. Tax Anticipation Note - Notes issued in anticipation of collection of taxes, usually retirable only from tax collections, and frequently only from the tax collections anticipated with their issuance. The proceeds of these notes are treated as current loans if paid back from the tax collections anticipated with the issuance of the notes. Taxpayer s Bill of Rights TABOR is an amendment to the Colorado constitution, approved by voters in 1992, that among other things restricts the amount of revenue that can be received and spent by state and local governments and that requires voter approval of any tax increase. TABOR Revenue Limit TABOR limits revenue collected by the government to the amount of revenue collected in the previous year, to be increased by the amount of inflation plus population growth. For school districts, the increase is limited to the percentage change in student enrollment plus inflation. TABOR Surplus Any revenue over and above the TABOR revenue limit. The TABOR surplus must be returned annually to the taxpayers unless they vote to let the District keep and spend extra revenue (see Debruce ). Total Per Pupil Funding - Per pupil funding multiplied by the number of pupils plus at-risk funding, divided by the number of pupils. Total Program - Per pupil funding multiplied by the number of pupils, plus at-risk funding. Adopted Budget 231 June 15, 2017

263 Transfers - This object category does not represent a purchase; rather, it is used as an accounting entity to show that funds have been handled without having goods and services rendered in return. Included here are transactions for interchanging money from one fund to the other and for transmitting flow through funds to the recipient (person or agency). Treasury Bond - Long-term U.S. Treasury securities having initial maturities of from one to ten years. Treasury Notes - Intermediate term coupons bearing U.S. Treasury securities having initial maturities of from one to ten years. Trust Fund - A fund used to account for money and property held in trust by a district for individuals, government entities or nonpublic organizations. A Trust Fund is usually in existence over a longer period of time than an Agency Fund. Unencumbered Appropriation - That portion of an appropriation not yet expended or encumbered. Unqualified Opinion - An auditor's opinion stating that the financial statements present fairly the financial position, results of operations and (when applicable) changes in financial position in conformity with GAAP (which include adequate disclosure). This conclusion may be expressed only when the auditor has formed such an opinion on the basis of an examination made in accordance with GAGAS. Vendor - An individual or corporation that provides services, supplies, or equipment to the district. Voluntary Deduction - A deduction from pay which is requested by an employee. Voucher - A document that authorizes the payment of money and usually indicates the accounts to be charged. W-2 - The form mandated by the IRS on which total gross income, total federal withholding and total state withholding are reported for all wages earned during the period from January I through December 31 of each year. W-4 - The form issued by the IRS to be completed by each employee so that the employer can withhold the correct amount of federal income tax from each employee's pay. W-9 - "Request for Taxpayer identification Number Verification" Withholding - The process of deducting from a salary or wage payment an amount, specified by law or regulation, representing the estimated federal or state income tax of the individual that the employer must pay to the taxing authority. Adopted Budget 232 June 15, 2017

264 Yield - The rate of annual income returned on an investment, expressed as a percentage. (a) Income yield is obtained by dividing the current dollar income by the current market price for the security. (b) Net yield or yield of maturity is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond. Adopted Budget 233 June 15, 2017

265 HONORARY CREDITS Academy School District 20 Art Students Cover Kasey Kruse-11th LHS Supt s Budget Message Joseph Ambuul 11th TCA Business Svcs Transmittal Liberty Ricca 10th DCC HS Exec. Budget Summary Caitlyn Tabeling 9th RHS Revenue Assumptions Daniella Carballo 11th PCHS Expenditure Assumptions Jordyn Barth 12th LHS District Funds Summary Cayla Holling 10th PCHS General Fund Ashleigh Decker 9th RHS School Resource Allocations Hayden Mezey 3rd TCA Charter School Allocations Bethany Harris 8th TCA Special Revenue Funds Samantha Ridgeway 9th TCA Debt Service Funds Emma Bryer 10th AAHS Fiduciary Funds Alana Matthies 10th RHS Property Tax Information Zoe Harper 10th RHS Enrollment Projections Corinne Casson 4th WRE Fund Forecasts Arianna Ikhimioya 2nd CTE Staffing Allocations Bradley Douglas Kdg HSA Salary Schedules Alayna Schoepp 7th TCA Academic Achievement Valerie Paladino 5th RCES Budget Policies Margaret Walters 12th PCHS Glossary Riley Beard 12th PCHS Credits Gabrielle Knortz 10th LHS Blank Logo Pages Dillon Rawlings 11th TCA Hilary Adinkrah-12 th Grade-LHS Lauren Hyun-12 th grade-rhs Adopted Budget 234 June 15, 2017