Tentative Budget June 1, 2015

Transcription

1 Tentative Budget June 1, 2015

2 Revenue 1. Grants have not been budgeted with the exception of the portion covering employee salaries. 2. Testing Fees have been moved from the General Fund to District accounts. 3. General State Aid Contribution is $1.1MM and will remain unchanged Expense 1. Salaries increase by HHSTA contract and approved raises. 2. IMRF unfunded pension liability pay down has been eliminated. 3. Insurance Pool Funding at $10.1 MM 4. Does not include Transition Center reserve usage of $2.1 MM

3 Forecast Budget Variance F/(U) Comments Local $ 82,582,547 $ 84,568,071 $ 1,985,524 Additional tax, employee insurance contributions, and testing fee revenue State $ 3,997,489 $ 3,974,115 $ (23,373) Missing revenue from TPI/TBE Grant Federal $ 1,299,638 $ 428,000 $ (871,638) Missing IDEA, STEPs, and Title I-III revenue Transfers $ 692,026 $ 88,140 $ (603,886) No abatement since IMRF pay down not budgeted Total Revenue $ 88,571,700 $ 89,058,326 $ 486,626 Salaries $ 53,953,546 $ 54,349,884 $ (396,339) $400K Favorability year over year due to increased non-certified sub use in '14/15to cover open head count; employee resignations Benefits $ 12,382,641 $ 13,067,721 $ (685,080) Insurance cost increase partially offset by removal of IMRF pay down Purchased Services $ 8,598,795 $ 8,740,165 $ (141,370) Increased transportation costs Supplies $ 2,710,466 $ 3,170,331 $ (459,865) Testing costs paid out of G Fund last year; offset by testing fee revenue Capital $ 2,739,133 $ 2,445,884 $ 293,249 Shifted to non capital equipment below Other $ 8,101,540 $ 7,078,439 $ 1,023,102 No Abatement (IMRF); debt service cost decreased YOY Non Capital Equipment $ 4,982 $ 182,773 $ (177,791) Shifted from Capital above to appropriately classify Termination Benefits $ - $ - $ - Total Expenditures $ 88,491,103 $ 89,035,197 $ (544,094) Surplus/(Deficit) $ 80,597 $ 23,129 $ (57,468) Note: Grant revenue and expenditures have been excluded from tentative budget with the exception of salaries. The additional revenues and expenditures will be completed in the final budget. They will net to zero so they will not impact surplus or deficit.

4 Total Expense 2015 Forecast $ 88,491, Budget $ 89,035,197 Variance F / (U) $ (544,094) Variances F / (U) Comments Salaries $ (396,339) Raises, step & lane movement; offset partially by sub usage & resignations Benefits $ (685,080) Insurance cost increase partially offset by removal of IMRF pay down Purchased Services $ (141,370) Increased transportation costs Supplies $ (459,865) Testing costs paid out of G Fund last year; offset by testing fee revenue Capital $ 293,249 Shifted to Non Capital Equipment below Other $ 1,023,102 Elimination of IMRF voluntary payment; Debt certificates paid in full Non Capital Equipment $ (177,791) Items being classified correctly; was previously input under capital Total Variance $ (544,094) Unexplained Variance F / (U) $ (0) Note: Grant expenditures have been excluded from tentative budget with the exception of salaries. The additional expeditures will be completed in the final budget. They will net to zero with the grant revenue so they will not impact surplus or deficit.

5 Fund Fund Description Revenue Expense Variance F/(U) 10 Education $ 71,406,079 $ 72,549,478 $ (1,143,399) 20 Operations & Maintenance $ 10,343,308 $ 8,231,410 $ 2,111, Debt Services $ 1,338,192 $ 1,823,680 $ (485,488) 40 Transportation $ 2,964,009 $ 3,393,000 $ (428,991) 50 Social Security $ 1,325,988 $ 1,327,364 $ (1,377) 51 Municipal Retirement (IMRF) $ 936,527 $ 1,022,181 $ (85,654) 60 Capital Projects $ 186 $ - $ Working Cash $ 35,905 $ - $ 35, Tort $ 708,132 $ 688, $ 20,048 Total $ 89,058,326 $ 89,035,197 $ 23,129 Note: The final budget will have the appropriate transfers between funds to pay debt certificates, etc. and have the grant revenue and expense budgeted.

6 2016 Budgeted Revenue by Fund Operations & Maintenance 12% Debt Services 2% Transportation 3% Social Security 1% Education 80% Tort 1% Working Cash 0% Municipal Retirement (IMRF) 1% Capital Projects 0%

7 2016 Budgeted Expense by Fund Operations & Maintenance 9% Debt Services 2% Transportation 4% Social Security 2% Municipal Retirement (IMRF) 1% Capital Projects 0% Education 81% Working Cash 0% Tort 1%

8 Forecast Budget Variance F/(U) Comments Property Tax $ 75,187,750 $ 76,404,643 $ 1,216,893 Dupage & Cook Property Tax Replacement Tax $ 1,207,357 $ 1,266,140 $ 58,783 Corporate Replacement Tax DHH $ 3,049,497 $ 3,071,000 $ 21,503 Tuition for Deaf & Hard of Hearing Program Insurance Contributions $ 1,696,280 $ 1,917,000 $ 220,720 Insurance Premiums 15%/18% in Other Local $ 1,237,195 $ 1,714,500 $ 477,305 Moved Testing Fees to District (from G Fund) Interest $ 204,467 $ 194,788 $ (9,679) Interest on Investments Total Local $ 82,582,547 $ 84,568,071 $ 1,985,524 General State Aid $ 1,075,172 $ 1,155,000 $ 79,828 General State Aid Categorical/Claims $ 2,842,061 $ 2,755,365 $ (86,696) SPED, Extraordinary, Transportation, etc. State Grants* $ 80,255 $ 63,750 $ (16,505) Only includes TPI/TBE salaries Total State $ 3,997,489 $ 3,974,115 $ (23,373) Federal Grants* $ 1,069,917 $ 194,000 $ (875,917) Only Title I salaries included Reimbursements $ 229,721 $ 234,000 $ 4,279 Medicaid, Room & Board, Milk Program Total Federal $ 1,299,638 $ 428,000 $ (871,638) Transfers $ 692,026 $ 88,140 $ (603,886) Total Revenue $ 88,571,700 $ 89,058,326 $ 486,626 *Only showing grant revenue that is paying for salaries. All other grant revenue is excluded.

9 2016 Budgeted Revenue by Source Other Local 9% General State Aid 1% Other State 3% Federal 1% Transfers 0% Property Tax 86%

10 Forecast Budget Variance F/(U) Comments Admin Salaries $ 2,810,147 $ 2,972,225 $ (162,078) Salary increases & shift from purchased services Certified Salaries $ 37,111,999 $ 37,542,697 $ (430,699) Contractual increases offset by resiginations Support Salaries $ 5,418,699 $ 4,915,462 $ 503,236 Offset by extra duty reduced non-cert sub usage Information Technology $ 722,566 $ 720,740 $ 1,826 Technology Personnel Substitutes $ 654,326 $ 781,500 $ (127,174) Certified Substitutes Athletics/Clubs $ 2,831,967 $ 2,832,345 $ (378) Athletic & Club Stipends Stipends $ 519,789 $ 477,273 $ 42,515 DC & Masters Stipend Retirement Benefit $ 635,194 $ 645,623 $ (10,429) Retirement Bonus Certified Staff Extra Duty $ 776,431 $ 950,586 $ (174,156) Summer, Curriculum, Testing G Fund Pass Through $ 250,206 $ 264,000 $ (13,794) Athletic Salaries Paid w/ G-Fund Revenue Education Fund Salaries $ 51,731,324 $ 52,102,452 $ (371,129) O&M Fund Salaries $ 2,222,222 $ 2,247,432 $ (25,210) Total Salaries $ 53,953,546 $ 54,349,884 $ (396,339)

11 Forecast Budget Variance F/(U) Comments Insurance $ 8,361,870 $ 9,448,987 $ (1,087,117) TRS $ 573,520 $ 618,176 $ (44,656) IMRF $ 1,204,845 $ 792,015 $ 412,830 No $500K pay down budgeted FICA/Medicare $ 1,101,862 $ 1,173,719 $ (71,857) Employee Wellness $ 35,531 $ - $ 35,531 Moved to Purchase Services Education EE Benefits $ 11,277,628 $ 12,032,897 $ (755,269) Insurance $ 688,307 $ 651,013 $ 37,294 IMRF $ 251,206 $ 230,166 $ 21,040 FICA/Medicare $ 165,500 $ 153,645 $ 11,855 O&M EE Benefits $ 1,105,013 $ 1,034,824 $ 70,189 Total Benefits $ 12,382,641 $ 13,067,721 $ (685,080)

12 Forecast Budget Variance F/(U) Comments Transportation $ 3,005,354 $ 3,379,000 $ (373,646) All 40 Fund Accounts Contract/Purchased $ 2,165,843 $ 2,113,892 $ 51,951 GCA, Architect Fees, Maint. Contract Services Travel $ 148,667 $ 234,499 $ (85,832) 14/'15 travel eliminated as budget solves Insurance $ 626,975 $ 688,084 $ (61,109) Insurance Pool; renewals occur in September Legal Fees $ 754,966 $ 355,000 $ 399,966 Budgeted additonal $75K for negotiations Repairs/Rental $ 422,420 $ 501,300 $ (78,880) Accurate Coding of Expenses Information Technology $ 590,708 $ 575,270 $ 15,438 Technology All Locations Utilities/Security $ 557,993 $ 556,070 $ 1,923 Police, Water, Sewer, Refuse, Telephone All Other $ 325,869 $ 337,050 $ (11,181) Purchased Services $ 8,598,795 $ 8,740,165 $ (141,370)

13 Forecast Budget Variance F/(U) Instruction $ 960,638 $ 998,706 $ (38,068) Support Services $ 502,852 $ 840,655 $ (337,804) Maintenance $ 347,032 $ 513,470 $ (166,438) Utilities $ 899,945 $ 817,500 $ 82,445 Supplies $ 2,710,466 $ 3,170,331 $ (459,865) Increase in support services supply budget is due to moving the testing expense to the District from the General Fund. This is offset by the testing fee revenue.

14 Forecast Budget Variance F/(U) Renovation $ 1,600,804 $ 1,554,000 $ 46,804 Capital Outlay $ 459,262 $ 256,884 $ 202,378 Information Techn $ 679,067 $ 635,000 $ 44,067 Capital $ 2,739,133 $ 2,445,884 $ 293,249 Favorability due to category shift to properly classify expenditures.

15 Project School Amount Comment Roofing Preventative Maintenance Central $ 20,000 small patch, flashing Roofing Preventative Maintenance South 20,000 small patch, flashing Interior Door South 15,000 trainers room, cafeteria Eyewash station plumbing South 35,000 trenching work Outside Door Frames Central 50,000 by gym Roof above Room #180 replacement South 20,000 severe leaking Roof above Room #364 replacement South 20,000 severe leaking Gym Roof Central 750,000 1 year useful life remains Theater Lobby South 100,000 hardwood flooring 4 New SUV's Both 120,000 Student Trasnprotation Stairs Central 35,000 moved from '15 Lift Station South 75,000 moved from '15 Asbestos Removal Central 122,000 new flooring several rooms Terrazo Floor Central 10,800 by pool 10 Year Life Safety Audit Both 100,000 complete by 6/30/16 Total Capital $ 1,492,800

16 Forecast Budget Variance F/(U) Dues & Fees $ 383,514 $ 321,519 $ 61,996 Tuition $ 4,746,352 $ 4,851,600 $ (105,248) Debt Service $ 2,471,674 $ 1,905,320 $ 566,354 Transfers $ 500,000 $ - $ 500,000 Other $ 8,101,540 $ 7,078,439 $ 1,023,102 Non-Capital Expense $ 4,982 $ 182,773 $ (177,791) Termination Benefits $ - $ - $ - Non Capital expense variance due to expenditure shift from Capital Equipment.

17 2016 Budgeted Expense by Category Benefits 15% Purchased Services 10% Supplies 3% Capital 3% Other 8% Salaries 61% Termination Benefits 0% Non Capital Equipment 0%

18 On May 18, 2015 the Board of Education approved Resolution #14-24 For Deferred Accounting Recognition of Property Taxes Levied. This deferral shifts the recognition of property tax receipts received in the current fiscal year related to the 2014 tax levy to the next fiscal year for which the levy is intended. The 2014 tax levy provides revenue to fund district operations for the fiscal year. In the past the district would recognize this revenue upon receipt of the taxes. The first installment for the 2014 tax levy occurs in June. Under the cash basis the June tax receipt would be included in the ending fund balance of the current fiscal year. On the next slide, we provide projected fund balances for the fiscal year on both a cash and accrual basis.

19 Projected Fund Balances Cash Basis Description (10) (20) (30) (40) (50) (51) (60) (70) (80) Educational Operations & Maintenance Debt Service Transportation Social Security IMRF Capital Projects Working Cash Tort Total Beginning Cash July 1, 2015 $ 27,717,210 $ 14,119,934 $ 1,490,733 $ 928,874 $ 727,115 $ 6,479 $ 58,014 $ 6,855,779 $ 694,865 $ 52,599,003 Total Direct Receipts $ 71,406,079 $ 10,343,308 $ 1,338,192 $ 2,964,009 $ 1,325,988 $ 936,527 $ 186 $ 35,905 $ 708,132 $ 89,058,326 Total Amount Available $ 99,123,289 $ 24,463,242 $ 2,828,925 $ 3,892,883 $ 2,053,102 $ 943,007 $ 58,200 $ 6,891,684 $ 1,402,997 $ 141,657,329 Total Direct Disbursements $ 72,549,478 $ 8,231,410 $ 1,823,680 $ 3,393,000 $ 1,327,364 $ 1,022,181 $ - $ - $ 688,084 $ 89,035,197 Ending Cash June 30, 2016 $ 26,573,811 $ 16,231,833 $ 1,005,245 $ 499,883 $ 725,738 $ (79,175) $ 58,200 $ 6,891,684 $ 714,913 $ 52,622,133 Projected Fund Balances Accrual Basis* Description (10) (20) (30) (40) (50) (51) (60) (70) (80) Educational Operations & Maintenance Debt Service Transportation Social Security IMRF Capital Projects Working Cash Tort Total Beginning Balance July 1, 2015 $ 566,796 $ 9,669,817 $ 586,631 $ 112,763 $ (146,190) $ 6,479 $ 58,014 $ 6,855,779 $ 375,900 $ 18,085,989 Total Direct Receipts $ 71,406,079 $ 10,343,308 $ 1,338,192 $ 2,964,009 $ 1,325,988 $ 936,527 $ 186 $ 35,905 $ 708,132 $ 89,058,326 Total Amount Available $ 71,972,875 $ 20,013,125 $ 1,924,823 $ 3,076,772 $ 1,179,797 $ 943,007 $ 58,200 $ 6,891,684 $ 1,084,032 $ 107,144,315 Total Direct Disbursements $ 72,549,478 $ 8,231,410 $ 1,823,680 $ 3,393,000 $ 1,327,364 $ 1,022,181 $ - $ - $ 688,084 $ 89,035,197 Ending Balance June 30, 2016 $ (576,603) $ 11,781,716 $ 101,143 $ (316,228) $ (147,567) $ (79,175) $ 58,200 $ 6,891,684 $ 395,948 $ 18,109,118 *Only includes deferral of early taxes (June 2015) and does not consider effects of depreciation.