Financial Services Executive Summary

Transcription

1 Financial Services Executive Summary A great deal of emphasis is given to the preparation of a budget document. The organization of the document fulfills a number of needs. First and foremost, the budget document should reflect the District s roadmap of tying resources to goals. The document is prepared in a manner to help our constituents, staff, and Board of Education understand how resources are being utilized to address District priorities. The budget is the fuel that drives the engine of student performance. Castleberry ISD students are offered a wide array of challenging subjects to prepare them for their next field of endeavor. The District provides a rich program of both curricular and extra-curricular activities in which to participate. Tax Information School District Tax Rate M&O Rate I&S Rate Lake Worth Crowley Burleson Keller White Settlement Eagle Mountain-Saginaw Mansfield Kennedale Everman Northwest Aledo Castleberry Hurst-Euless-Bedford Fort Worth Azle Godley School District Tax Rate M&O Rate I&S Rate Lake Worth Crowley Kennedale Everman Aledo Castleberry Burleson Keller White Settlement Eagle Mountain-Saginaw Mansfield Northwest Hurst-Euless-Bedford Fort Worth Azle Godley School District Tax Rate M&O Rate I&S Rate Lake Worth Burleson Keller White Settlement Eagle Mountain-Saginaw Mansfield Crowley Northwest Kennedale Everman Hurst-Euless-Bedford Fort Worth Aledo Godley Castleberry Azle

2 Budget Process Flow Map At-Risk 82.65% Low-Income 84.01% Limited-English-Proficient 33.76% Special Education 7.88% Career-Technical Education 21.43% Bilingual Education 17.33% Gifted and Talented 5.66% Title I 100.0% Student Enrollment Projections The district currently serves 4,076 students in grades pre-kindergarten through twelfth grade. The district operates three elementary schools, one middle school, one high school and two alternative campuses. Enrollment projections were developed using historical data of enrollment for prior years. In , Templeton Demographics completed a student enrollment study that was also considered. These combined projections are updated annually and regular reports are presented to the Board of Education to explain the findings. 19

3 TIMELINE OF BUDGET DEVELOPMENT ACTIVITIES School Year 20

4 REVENUE CLASSIFICATION REVENUE CLASSIFICATION LOCAL REVENUE STATE REVENUES PROPERTY TAXES $ 5,953,015 DELINQUENT TAX COLLECTIONS $ 85,000 PENALTY & INTEREST FROM DELINQUENT TAXES $ 75,000 INVESTMENT INTEREST $ 25,000 OTHER LOCAL REVENUE $ 95,200 ATHLETICS $ 52,400 TOTAL LOCAL REVENUES $ 6,285,615 STATE FUNDING $27,247,491 STATE GRANTS $ 596,859 TOTAL STATE REVENUES $27,844,350 FEDERAL REVENUES AND GRANTS FEDERAL REVENUES $ 100,000 FEDERAL GRANTS $ 5,021,112 TOTAL FEDERAL REVENUE AND GRANTS $ 2,170,647 TOTAL REVENUE $ 34,526,820 21

5 FIVE-YEAR Projected Consolidated Budget Revenue: Taxable Value $443,564,948 $479,050,143 $517,374,155 $558,764,088 $603,465,215 New construction $3,147,756 $2,779,282 $3,001,624 $3,241,754 $3,501,095 Taxable Tax Base $456,743,887 $497,464,688 $537,261,863 $580,242,812 $626,662,237 Tax Rate/$100 Value $ $ $ $ $ Total to Collect $5,541,674 $5,985,008 $6,463,809 $6,980,913 $7,539,386 Frozen Levy $346,278 $377,720 $407,938 $440,573 $475,819 3% Uncollectable ($117,759) ($121,292) ($124,931) ($128,678) ($132,539) Local Taxes $5,872,395 $6,342,187 $6,849,562 $7,397,526 $7,989,329 Interest Current Yield $83,500 $85,170 $86,873 $88,611 $90,383 Miscellaneous $907,000 $925,140 $943,643 $962,516 $991,391 Total Local Revenue $6,380,395 $7,352,497 $7,880,078 $8,448,653 $9,071,103 State Revenue $28,442,936 $29,011,795 $29,592,031 $30,183,871 $30,787,549 Federal Revenue $4,629,886 $4,722,484 $4,816,933 $4,913,272 $5,011,538 Other Revenue (SHARS) Total Revenue $39,935,717 $41,086,776 $42,289,042 $43,545,796 $44,870,190 Expenditures: 6100-Payroll Cost $26,345,013 $26,871,913 $27,409,352 $27,957,539 $28,516, contracted Services $2,792,735 $2,848,590 $2,905,562 $2,963,673 $3,022, Supplies & Materials $4,897,517 $4,995,467 $5,095,377 $5,197,284 $5,301, Other Operating Costs $1,346,083 $1,373,005 $1,400,465 $1,428,474 $1,457, Debt Service $1,630,641 $1,663,254 $1,696,519 $1,730,449 $1,765, Equipment $2,923,728 $3,334,547 $3,781,767 $4,268,377 $4,807,223 Total Expenditures $39,935,717 $41,086,776 $42,289,042 $43,545,796 $44,870,190 Effect on Fund Balance ($0) ($0) ($0) ($0) ($0) Fund Balance 22 Fund Balance is generated when revenue exceeds expenditures. Fund Balance is decreased when expenditures exceed revenue. Fund Balance is a cumulative balance that reflects the increases and decreases over time. Budget Assumptions Property values will increase by 8% over the next 4 years. The way the state funds school Districts will not change. Salary increases will be given each year. Inflation will increase other costs. Budget Risks Fixed costs will increase more that inflation, while revenue remains the same. Increased spending due to unfunded state and federal mandates, and changes to the local tax base will impact the budget.

6 FUND BALANCE Resolution # WHEREAS, the Governmental Accounting Standards Board ("GASB") has adopted Statement 54 ("GASB 54"), a new standard for government fund balance reporting and governmental fund type definitions that became effective in governmental fiscal years starting after June 15, 2010, and Castleberry Independent School District ("CISD") has implemented GASB 54 requirements and NOW THEREFORE BE IT RESOLVED that Castleberry ISD Board of Education commits the following portions of Fund Balance as follows: BE IT RESOLVED that the CISD commits the total fund balance of Child Nutrition and Interest and Sinking. (Restricted Funds). BE IT RESOLVED that the CISD commits the total fund balance of Student Activity Funds (Committed Funds). BE IT RESOLVED that the CISD commits the total fund balance of Capital Project Funds to Capital Improvement Projects (Committed Funds). BE IT RESOLVED that $5,000,000 be committed to Capital Improvement Projects (Committed Funds). BE IT RESOLVED that $3,425,000 be committed to Renovations, HV AC/Roofing, Fine Arts, Athletics, Transportation, Technology, and Safety and Accountability (Assigned Funds). BE IT RESOLVED that $950,000 be committed for anticipated State funding reductions. (Assigned Funds). AND BE IT RESOLVED that Castleberry ISD's financial goal is to have a sufficient balance in the operating fund with sufficient working capital and a margin of safety to address local and regional emergencies without borrowing. The District shall strive to maintain an unassigned fund balance of twenty-five (25%) percent of the total operating expenditures. The above Resolution is adopted this 27th day of August CISD Board President CISD Board Secretary 23

7 REVENUE CLASSIFICATION Fund Description NOGA NOGA NOGA NOGA Title IV, Safe and Drug Free Schools Title 1, Part A $ 1,154,173 $ 1,228,013 $ 1,191,740 $ 1,164, Title 1, School Improvement Program (001) - $ 15, Title 1, School Improvement Program (041) - $ 15, Idea-B Formula $ 1,273,427 $ 1,150,772 $ 1,129,630 $ 1,112, Idea-B Preschool $ 39,852 $ 37,389 $ 38,210 $ 52, Carl Perkins Voc Ed - Basic $ 59,876 $ 56,252 $ 54,561 $ 53, Title II, Part A-Teacher/Principal Training $ 186,641 $ 169,361 $ 174,479 $ 145, Title II, Part D - Technology Title III, LEP/Immigrant $ 162,406 $ 192,851 $ 197,367 $ 126, st Century Grant $ 444,000 $ 333,000 $ 249, ARRA Title XIV SFSF SIP Academy ARRA-Title II, D Technology ARRA-Idea B - Formula ARRA-Idea B - Preschool ARRA-Title I, Part A Education Jobs Fund Summer School LEP $ 1,110 $ 1,115 $ 1, Life Skills Optional Extended Year Program Accelerated Reading/Math SSI(F) College Readiness/Middle School - $ 18, Technology Lending Grant - $ 97, Technology Allotment Pre-K Early Start-Tier I Beginning Teacher Induction/Mentoring TX ED Excellence Grt - TEEG Texas Fitness NOW Tobacco Grant TOTALS $ 3,321,485 $ 3,314,290 $ 3,036,850 $ 2,655,225 State and Federal grant funds were significantly reduced in the school year. Grants are expected to continue to be reduced in the school year. Due to rollovers and amendments these amounts may change. 24