Adams County School District 50

Transcription

1 Adams County School District 50 AMENDED BUDGET Fiscal Year Raleigh Street Westminster, CO

2 7002 Raleigh Street Westminster, CO

3 Amended Budget TABLE OF CONTENTS INTRODUCTORY SECTION Board of Education... 3 Superintendent/Central Office Administration/Fiscal Oversight Committee... 4 Meritorious Budget Award... 5 Distinguished Budget Presentation Award... 6 Financial Services Transmittal Letter... 7 Executive Summary... 9 FINANCIAL SECTION District Fund Summary General Fund Revenues & Expenditures, Activity, Object & State Sources and Graphs Other Funds Risk Management Sub-Fund Colorado Preschool Program Sub-Fund Governmental Designated Purpose Grant Fund Student Athletic & Activity Fund Fee Supported Fund Bond Redemption Fund General Obligation Debt Legal Debt Limit Calculation Building Fund Capital Reserve Fund i

4 Amended Budget TABLE OF CONTENTS (continued) Nutrition Services Fund School Activity Fund ii

5 INTRODUCTORY SECTION Amended Budget INTRODUCTORY SECTION

6

7 Amended Budget INTRODUCTORY SECTION Board of Education 3 Superintendent/Central Administration/Fiscal Oversight Committee 4 Meritorious Budget Award 5 Distinguished Budget Presentation Award 6 Financial Services Transmittal Letter 7 Executive Summary 9 1

8 This Page Intentionally Blank 2

9 Amended Budget Board of Education Mr. Ruben Pacheco School Board President Mr. Larry Dean Valente School Board Vice President Mr. Ken Ciancio School Board Director Mr. Joe Davidek School Board Secretary Mr. Ryan McCoy School Board Treasurer 3

10 Amended Budget Dr. Pamela Swanson, Superintendent CENTRAL OFFICE ADMINISTRATION Dr. James Duffy, Chief Operating Officer Dr. Oliver Grenham, Chief Education Officer Mr. Kirchers Leday, Chief Human Resources Officer Mrs. Sandra Nees, Chief Financial Officer FISCAL OVERSIGHT COMMITTEE Mr. Bill Christopher Ms. Pat Rippy Mr. Sean Wagner Mr. Jerrod Cotosman Mr. David Bell Mr. Ian Currigan 4

11 The District received the Association of School Business Officials International (ASBO) International Meritorious Budget Award. This was the seventh year in a row that the District has received this award. The award is conferred only to school districts that have met or exceeded the Meritorious Budget Award criteria. To earn this award, the school district submitted its budget for a rigorous review based on stringent criteria. 5

12 Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to Adams County School District 50, Colorado for the Annual Budget beginning July 1, In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. 6

13 January 27, 2015 Dr. Pamela Swanson and Board of Education Adams County School District Raleigh Street Westminster, Co Subject: Transmittal of the Amended Budget for Fiscal Year The Business Services staff is pleased to submit to you and the Board of Education the Amended Budget for the fiscal year July 1, 2014 to June 30, The Amended Budget is presented in compliance with applicable Colorado Revised Statutes and Colorado Department of Education regulations. The Amended Budget is an abbreviated version of the Adopted Budget due to the minimal changes that were needed. The general fund had major changes and is going to reflect the June 30, 2013 audited balances. The Colorado Preschool Program and Capital Reserve Fund reflect a change in the transfer from the general fund and all other funds only have a change in fund balance. A balanced budget is presented for each of the District s funds with current resources plus anticipated revenues. The budget presented has been developed to accomplish the policies and goals established by the Board of Education. Colorado Revised Statute (C.R.S (5)) grants the Board the authority to revise the Adopted Budget until January 31, Revisions after that date may only be made to accommodate monies received from sources other than property taxes that become available to the District. Supplemental budgets must also be balanced with revenues equal to expenditures. This document has been developed to provide you with the changes that have been made since the Adopted Budget was completed back in June This document is to serve as a reference for the new appropriations. The Amended Budget for is formatted as a communication document that is reader friendly for our parents, community and staff. It is not intended to replace the Adopted Budget as a whole. Sincerely, Sandra Nees Sandra Nees Chief Financial Officer Brisa Villalobos Brisa Villalobos Director of Finance 7

14 This Page Intentionally Blank 8

15 ADAMS COUNTY SCHOOL DISTRICT 50 Executive Summary for the Amended Budget for Fiscal Year This summary provides an overview of the Amended Budget for the fiscal year for Adams County School District 50. State law requires the Board of Education to adopt and appropriate a budget for all District funds each year. If needed, the Board of Education can amend the Adopted budget by January 31 st of each year. Information in this summary is based on the Amended Budget submitted to the Board of Education on January 27, Supporting data for the information contained in this summary may be found in the detailed information reported in the other sections of this document. The Amended Budget is available for review on the District s website under the Financial Transparency page at 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 the funds maintained by the District are located in the Adopted Budget posted on the District s website. In addition, the Board of Education adopts specific policies by which the District is governed. Revenue Changes District s Total Program Funding The total program funding is the revenue available to the District under the School Finance Act of 1994 that accounts for approximately 83% of the District s General Fund revenue. Each year since the passage of the School Finance Act, The Colorado Legislature has modified the funding formula in order to provide funding for public education in Colorado. An inflation factor of 3.6% increase as mandated by Amendment 23, approved by the voters statewide in November 2000, and was added to the base funding factor for fiscal year In addition, to the base funding factor, the School Finance Act includes several other factors that are used to determine the District s per pupil funding level before and after at-risk funding. However, as a result of the projected revenue shortfall at the state level the State modified the School Finance Act for the fiscal years of This modification is called State Budget Negative Factor and sets the statewide funding level for Colorado school districts below the fiscal year

16 2009 funding, which results in a 15.57% reduction in revenue compared to the unadjusted School Finance Act funding level. The assumptions that were calculated to complete the Adopted Budget for fiscal year have been updated in this Amended Budget for The Amended Budget reflects a total program funding based on a funded pupil count using the actual pupil count from October 1, 2014, the District s assessed valuation and specific ownership taxes, Read Act dollars and categorical funding were the main changes in this budget. Total program funding is adjusted for several factors by the Colorado Department of Education. These include actual pupil count; atrisk funding which is based upon our actual free lunch count and ELL (English Language Learners); 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-of-district placed pupils. The sum of state aid, property tax collections and specific ownership taxes collected during the fiscal year equal the total program funding. The District expects to receive $56,729,184 for fiscal year State Equalization The District s primary revenue component from state equalization payments is created by the School Finance Act. For this budget, we are estimating $56,729,184 in state equalization payments during the fiscal year. Of this amount, $1,662,418 is allocated to the Capital Reserve Fund, $894,691 is allocated to the Risk Management Sub Fund, and $3,707,213 is allocated to the Colorado Preschool Program Sub Fund. State equalization revenue is received in equal monthly installments on the 25 th of each month. The District projects necessary monthly cash flows for the ensuing fiscal year based on receiving state payments in twelve equal payments. Assessed Valuation, Mill Levies and Property Taxes Adams County Assessor must notify the District by August 25, 2014 of the initial district-wide assessed value with final certification was completed by the Board of Education by December 9, The General Fund program mill levy is established in accordance with state statutes and constitutional limitations. The simplified calculation is based upon the following restrictions: Property tax collections may only increase by the total amount of increase in funded pupil count plus the Denver-Boulder CPI for the previous calendar year. The mill levy (tax rate) cannot be increased without voter approval. 10

17 An additional amount must be levied annually to recapture tax credits, abatements, and omissions granted by county or state officials during the preceding tax year. Additional levies for voter approved override amounts are calculated separately from the finance act. Based upon the current estimated pupil count, inflation and state statute, the District s General Fund finance act mill levy for fiscal year has been certified to be 27 mills. Property tax revenue for the District s fiscal year is actually collected in two different calendar years. Historical trends show that about 1.5% of annual property tax revenues are collected between September and January with the remaining 98.5% collected between February and August. Property taxes are levied on January 1 and are payable in two methods; 1) first half payment due by February 27 and the second half due by June 15 or, 2) full payments due by April 30. Property taxes must be determined in accordance with the Tax Payers Bill of Rights (TABOR) of the state constitution. Public education funding shifts from local property tax resources to state resources in years when the mill levy must drop to the rate allowed by TABOR. Mill Levy Override Funding A separate levy is calculated for the override property tax approved by District voters in November 1988 and November 2002 and must be certified annually by the Board of Education. Mill Levy for General Obligation Bonds District voters have passed a couple of bond elections over the last 20 years. Principal and interest for those bonds are repaid from property tax revenues. A mill levy is set each year to provide revenue for the annual bond payments. The levy for this Amended Budget is calculated at mills. Delinquent Taxes and Abatements Delinquent property taxes are taxes that were due in prior years but collected by the county treasurer in the current year. In some cases, delinquent taxes are deemed uncollectible. 11

18 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 mill levy. For fiscal year uncollectible taxes are to be offset by abatements, and penalties and interest assessed on late payments, with zero net effect to the overall revenue of the District. Total District Mill Levies The following table shows the mill levies the District certified in December Category General Fund Mills School Finance Act Mill Levy Override Hold Harmless School Finance Act Bond Redemption Mills Total Mills Assessed Valuation $527,994,880 $536,276,080 $532,954,570 Total Taxes $31,670,473 $31,345,873 $31,262,299 Specific Ownership Taxes A portion of Specific Ownership Taxes (SO Taxes) is used to fund the District s total program under the School Finance Act. SO Tax is an annual ownership fee charged on vehicle registrations. This revenue is distributed by the county treasurer to the various taxing districts in the county based upon the percentage of the total property taxes levied in the county by each taxing entity. The District currently expects to receive $2,244,434 for fiscal year

19 Investment Earnings The budgeted investment income for the General Fund is expected to remain flat from the current levels to reflect current market conditions. Other Revenues The levels of other revenues in the General Fund are estimated based upon historical collections for the various revenue sources. Other revenues are not expected to increase significantly above current funding levels, but as of January 2015 are on target to come within the budget. Total revenues are expected to be $80,035,477 for the fiscal year Summary of General Fund Revenue Amended Budget Property Taxes $14,235,224 State Equalization (net of direct allocation to other funds) 56,729,184 Specific Ownership Taxes 2,244,434 Mill Levy Override Taxes 7,844,000 Other State Revenue 4,205,400 Other Local Revenue 714,400 Federal Sources 56,000 Total $ 86,131,703 Fund Balance General Fund Beginning fund balances are projected conservatively and comply with Generally Accepted Accounting Principles (GAAP). All funds reflect GAAP accounting for salary accruals. Beginning General Fund balance is made up of legal reserves; carry forward of funds, committed, assigned, and unassigned reserves. The Board of Education monitors these reserves quarterly to ensure they are spent or retained as intended. The beginning fund balance for the General Fund for the Amended Budget has been updated to reflect $13,276,282 per the Comprehensive Audit Financial Report completed in November The District anticipates that the ending fund balance for fiscal year will be $12,007,

20 Article X, Section 20 of the Colorado Constitution (TABOR) The District must calculate the School Finance mill levy and resulting property taxes in accordance with the Taxpayers Bill of Rights (TABOR). District voters approved removing the TABOR revenue and spending limitations in November In addition, TABOR requires that all state and local government set aside three percent (3%) emergency reserve. In general, federal revenues, charitable donations and voter-approved taxes are outside the reserve requirement. The District has budgeted the entire three percent (3%) reserve amount in the General Fund. The amount set aside for the fiscal year is $2,434,085. In summary, the District took a conservative approach in revenue estimates and student enrollment projections for the Adopted Budget for fiscal year The Amended Budget for the fiscal year reflects a +2.89% change in revenues after transfers. If new revenues become available due to any number of factors, the additional funds would be designated to the contingency reserve. Additional proposed expenditures would be brought to the Board of Education for consideration and approval in a supplemental budget appropriation. Expenditure Changes The expenditures described on the following pages reflect the changes to the Amended Budget for Salaries One of the highest priorities of the Board of Education is to attract and retain the best teachers and staff. Therefore, compensation for fiscal year is a major component of the resource allocation plan. Due to flat enrollment and the State Budget Negative Factor, the District approved the use of reserves for one time salary stipend for all staff and horizontal movement for licensed staff to be completed in January Benefits The District provides funding for several mandatory and District sponsored employee benefit plans. The mandatory plans include participation in the Public Employees Retirement Association (PERA) of Colorado and the Medicare insurance program. 14

21 PERA As a result of legislation, the District contribution to PERA will increase from % to 18.35% on January 1, 2015 for each employee s qualifying compensation; employee contribution will remain at 8%. The District s contribution rate represents an increase of.9% for fiscal year Medicare Insurance Tax In accordance with federal law, a Medicare insurance charge of 1.45% is paid by the District salary for individuals hired after March 31, Employees also have 1.45% deducted from their salary as required by law. Benefit Plans The District sponsored employee benefit plans for which District funding is provided include medical and dental insurance as well as long term-life insurance and disability insurance. The District currently pays 100% of the employee-only coverage for medical, dental, and long-term life and disability insurance plans. The District will contribute $ per employee per month. The dental insurance had a two year rate guarantee so the District currently pays $31.94 per month per employee. Unemployment Workers compensation and unemployment insurance are provided in accordance with state law. Capital Reserve Fund & Risk Management Sub Fund These funds are no longer required by state law, however to account for small capital and risk management activities the District will continue to use these funds. The Capital Reserve Fund is used to account for certain projects identified in the statutes. Generally, major maintenance or repair, major remodeling, new construction in excess of $2,500, equipment purchases in excess of $1,000 or computer purchases in excess of $500 may be paid from the fund. The Board of Education is required to approve all projects to be paid from the fund. The Risk Management Fund (a General Fund Sub-Fund) is used to account for all insurance related activities for the District with the exception of employee health benefits. 15

22 A per pupil allocation is no longer required by the School Finance Act. However, the District recognizes the importance of these two allocations and for the fiscal year. The allocation amount will be $2,557,109. Normally, the board approves an allocation of $298 per student to be allocated to the Capital Reserve Fund the Risk Management Sub Fund. The Capital Reserve receives $204 per student. Due to the District failing a mill/bond election in 2014 there was a reduction to $182 per student to the capital Reserve fund. The Risk Management remained at $98.00 per student. Bond Redemption Fund The Bond Redemption Fund is used to collect property tax revenues specifically restricted to payment of general obligation bonds of the District. Interest is paid from the fund in June and December each year. The estimated expenses in this fund are estimated to be $8.5 million for fiscal 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 services requirements for the following December. Building Fund The Building Fund was reactivated in January 2007 to account for the proceeds of general obligation bonds approved by District voters in November The election provides a total authorization of $98.6 million. The entire $98.6 million was issued in December 2006 and has been expended in for all projects that were approved. Fund Balance General Fund Fund balances are used conservatively and comply with Generally Accepted Accounting Principles (GAAP). All funds reflect GAAP accounting for salary accruals. This Amended Budget for fiscal year reflects the use of fund balance in the amount of $1,268,783. The Board of Education and Finance Committee monitor these reserves quarterly to ensure they are spent or retained as intended. Other District Funds The other District funds in the Amended Budget reflect changes in amounts transferred from the General Fund from updated pupil counts, changes of beginning fund balances since the Comprehensive Financial Report that was completed in November 2014 and any adjustments in expenditures that were needed. 16

23 Budget Compliance Statements In compliance with C.R.S , this budget s revenues were prepared using information provided by the Colorado Department of Education, the County Assessor, the Federal Government, and other sources using methods recommended in the Colorado Department of Education Financial Policies and Procedures Handbook (FPP Manual). This budget s expenditures were prepared based on program needs, enrollment projections, mandated requirements, employee contracts, contracted services and anticipated changes in economic conditions using methods described in the FPP Manual. In compliance with C.R.S , this Amended Budget includes the actual audited revenues, expenditures and fund balances for the last completed fiscal year. The figures are contained in the District s Comprehensive Annual Financial Report for that is available in the Financial Services Office, the Colorado Department of Education or the State Auditor s Office and online at our website In compliance with C.R.S , the Amended Budget has been prepared in accordance with the revenue, expenditures, tax limitation and reserve requirements of Article X, Section 20 (TABOR) of the Colorado State Constitution. 17

24 This Page Intentionally Blank 18

25 FINANCIAL SECTION Amended Budget FINANCIAL SECTION 19

26

27 Amended Budget FINANCIAL SECTION District Fund Summary GENERAL FUND Revenues and Expenditures, Activity, Object & State Sources and Graphs 21 Other Funds Risk Management Sub-Fund 31 Colorado Preschool Program Sub-Fund 32 Governmental Designated Purpose Grant Fund 33 Student Athletic & Activity Fund 34 Fee Supported Fund 35 Bond Redemption Fund 36 General Obligation Debt 37 Legal Debt Limit Calculation 38 Building Fund 39 Capital Reserve Fund 40 Nutrition Services Fund 41 School Activity Fund 42 19

28 This Page Intentionally Blank 20

29 ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND SUMMARY OF GENERAL FUND REVENUES & EXPENDITURES FISCAL YEARS Sources of Revenues Adopted Amended Actual Actual Actual Budget Budget 6/30/12 6/30/13 6/30/14 6/30/15 6/30/15 Local Sources $ 24,767,078 $ 26,047,035 $ 25,950,427 $ 25,105,422 $ 25,038,058 State Sources 54,555,786 53,890,498 55,070,378 58,103,564 61,037,645 Federal Sources 57,773 56,283 59,362 56,000 56,000 Revenues Before Allocation 79,380,637 79,993,816 81,080,167 83,264,986 86,131,703 Allocation to: Capital Reserve Fund (1,908,948) (1,860,051) (1,865,682) (1,852,932) (1,662,418) Risk Management Fund (900,000) (857,082) (859,677) (853,802) (894,691) Colorado Preschool Program (1,994,833) (1,979,479) (2,929,348) (2,937,064) (3,707,213) Total General Fund Revenues 74,576,856 75,297,204 75,425,460 77,621,188 79,867,381 Expenditures 69,473,131 73,372,047 75,750,438 74,774,007 77,301,134 Transfers 3,186,986 3,218,603 3,558,180 3,765,872 3,835,030 Prior Year Obligations ,000,000 - Total Expenditures & Transfers 72,660,117 76,590,650 79,308,618 79,539,879 81,136,164 Excess of Revenues Over (Under) Expenditures & Transfers $ 1,916,739 $ (1,293,446) $ (3,883,158) $ (1,918,691) $ (1,268,783) Property Taxes 16.53% State Equalization (net of direct allocation to other funds) 65.86% Federal Sources 0.07% Mill Levy Override Taxes 9.11% Other Local Revenue 0.83% Other State Revenue 5.00% Specific Ownership Taxes 2.61% 21

30 ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND SUMMARY OF REVENUES BY SOURCE AND EXPENDITURES BY PROGRAM FISCAL YEARS Adopted Amended Actual Actual Actual Budget Budget 6/30/12 6/30/13 6/30/14 6/30/15 6/30/15 Revenues Local Sources $ 24,767,078 $ 26,047,035 $ 25,950,427 $ 25,105,422 $ 25,038,058 State Sources 54,555,786 53,890,498 55,070,378 58,103,564 61,037,645 Federal Sources 57,773 56,283 59,362 56,000 56,000 Revenue Allocation: Capital Reserve Fund (1,908,948) (1,860,051) (1,865,682) (1,852,932) (1,662,418) Risk Management Fund (900,000) (857,082) (859,677) (853,802) (894,691) Colorado Preschool Program Fund (1,994,833) (1,979,479) (2,929,348) (2,937,064) (3,707,213) Total Revenues 74,576,856 75,297,204 75,425,460 77,621,188 79,867,381 Expenditures Instruction Direct Instruction Elementary Education 18,014,220 18,157,041 19,113,172 19,550,829 21,935,556 Middle School Education 280, , , ,030 1,591,945 High School Education 772, ,184 1,205,806 1,061,299 1,202,766 Other Regular Education 15,327,678 15,360,535 15,976,481 13,506,807 13,340,023 Special Programs 7,548,977 8,092,654 8,181,961 7,892,443 8,235,698 Subtotal-Direct Instruction 41,943,258 43,514,322 44,917,950 42,467,408 46,305,988 Indirect Instruction Pupil Support Services 2,551,168 2,622,073 2,742,701 2,833,257 2,958,257 Instructional Staff Services 3,126,289 3,982,202 4,054,814 3,526,264 3,748,524 School Administration 6,167,326 6,397,337 6,866,753 6,441,076 6,574,553 Subtotal-Indirect Instruction 11,844,783 13,001,612 13,664,268 12,800,597 13,281,334 Total Instruction 53,788,041 56,515,934 58,582,218 55,268,005 59,587,322 Other Expenditures General Administration 645, , , , ,763 Business Services 1,570,034 1,560,168 1,637,491 1,453,863 1,523,811 Operations & Maintenance 8,028,961 8,873,947 8,990,122 8,817,253 8,723,253 Student Transportation Services 2,183,098 2,218,238 2,159,672 2,005,997 1,858,822 Central Services 3,257,267 3,418,599 3,472,536 6,463,126 4,722,163 Total Other Expenditures 15,685,090 16,856,113 17,168,220 19,506,002 17,713,812 Total Expenditures 69,473,131 73,372,047 75,750,438 74,774,007 77,301,134 Interfund Transfers Charter School 2,656,986 2,771,631 3,048,180 3,235,872 3,210,030 Student Athletic and Activities Fund 530, , , , ,000 Fee Supported Fund - (83,028) Total Expenditures and Transfers 72,660,117 76,590,650 79,308,618 78,539,879 81,136,164 Prior Year Obligations ,000,000 - Total Expenditures, Transfers and Prior Year Obligations 72,660,117 76,590,650 79,308,618 79,539,879 81,136,164 Net Change in Fund Balance 1,916,739 (1,293,446) (3,883,158) (1,918,691) (1,268,783) Beginning Fund Balance (Deficit) 16,536,149 18,452,888 17,159,440 13,100,000 13,276,282 Ending Fund Balance (Deficit) 18,452,888 17,159,440 13,276,282 11,181,309 12,007,499 Nonspendable: Inventories 96,071 68,854 77,205 65,000 77,205 Restricted: TABOR 2,388,292 2,466,850 2,485,898 2,386,196 2,434,085 Assigned: Other Purposes 454, , , ,333 Contingency Reserve 3,641,163 3,750,679 3,953,992 3,881,059 3,993,369 Subsequent Year Expenditures 5,412,897 6,636,908 1,918, Unassigned Fund Balance $ 6,914,465 $ 3,781,374 $ 3,925,385 $ 4,394,278 $ 4,816,507 22

31 ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND SUMMARY OF REVENUES BY SOURCE AND EXPENDITURES BY OBJECT FISCAL YEARS Adopted Amended Actual Actual Actual Budget Budget % of 6/30/12 6/30/13 6/30/14 6/30/15 6/30/15 Change Revenues Local Sources Property Taxes $ 14,287,730 $ 15,067,514 14,869,388 $ 14,758,512 $ 14,235, % Mill Levy Override 7,762,978 7,821,743 7,829,748 7,844,000 7,844, % Specific Ownership Taxes 2,013,748 2,244,411 2,391,870 1,988,510 2,244, % Investment Income 35,062 30,320 36,272 22,500 22, % Charges for Services 85, , ,844 96, , % Miscellaneous 581, , , , , % Total local revenues 24,767,078 26,047,035 25,950,427 25,105,422 25,038, % State Sources Equalization 51,683,156 51,202,639 51,859,926 55,516,592 56,729, % Hold Harmless Kindergarten - 103, % CDE Audit Adjustments - (496,048) Special Education 1,782,693 2,042,125 2,153,609 1,574,133 1,745, % Vocational Education 138,853 98,635 56,664 57,000 57, % Transportation 540, , , , , % English Language Proficiency Act 410, , , ,839 1,140, % Read Act ,017 Total state revenues 54,555,786 53,890,498 55,070,378 58,103,564 61,037, % Federal Sources Department of Defense (AFJROTC) 57,773 56,283 59,362 56,000 56, % Total federal revenues 57,773 56,283 59,362 56,000 56, % Revenue Allocation: Capital Reserve Fund (1,908,948) (1,860,051) (1,865,682) (1,852,932) (1,662,418) % Risk Management Fund (900,000) (857,082) (859,677) (853,802) (894,691) 4.79% Colorado Preschool Program Fund (1,994,833) (1,979,479) (2,929,348) (2,937,064) (3,707,213) 26.22% Total Revenues 74,576,856 75,297,204 75,425,460 77,621,188 79,867, % Expenditures Salaries 49,152,156 49,766,388 50,500,240 50,769,162 52,187, % Benefits 12,793,433 13,980,935 14,699,573 12,031,552 12,768, % Purchased Services 3,516,315 4,245,906 4,441,361 4,804,495 7,168, % Supplies and Materials 3,197,556 3,774,896 4,327,089 4,243,878 3,456, % Capital Outlay 679,133 1,548,099 1,666, , , % Other 134,538 55, ,832 2,475,213 1,229, % Total Expenditures 69,473,131 73,372,047 75,750,438 74,774,007 77,301, % Interfund Transfers Charter School 2,656,986 2,771,631 3,048,180 3,235,872 3,210, % Student Athletic and Activities Fund 530, , , , , % Fee Supported Fund - (83,028) Total Expenditures and Transfers 72,660,117 76,590,650 79,308,618 78,539,879 81,136, % Prior Year Obligations ,000, Total Expenditures, Transfers and Prior Year Obligations 72,660,117 76,590,650 79,308,618 79,539,879 81,136, % Net Change in Fund Balance 1,916,739 (1,293,446) (3,883,158) (1,918,691) (1,268,783) % Beginning Fund Balance (Deficit) 16,536,149 18,452,888 17,159,440 13,100,000 13,276, % Ending Fund Balance 18,452,888 17,159,442 13,276,282 11,181,309 12,007, % Nonspendable: Inventories 96,071 68,854 77,205 65,000 77, % Restricted: TABOR 2,388,292 2,466,850 2,485,898 2,386,196 2,434, % Assigned: Other Purposes - 454, , , , % Contingency Reserve 3,641,163 3,750,679 3,953,992 3,881,059 3,993, % Subsequent Year Expenditures. 6,636,908 1,918,691 Unassigned Fund Balance $ 12,327,362 $ 3,781,376 $ 3,925,385 $ 4,394,278 $ 4,816, % 23

32 Item ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND EXPENDITURES BY ACTIVITY AND OBJECT FISCAL YEAR ENDING JUNE 30, 2015 Total % of Total Employee Salary & Salary & Purchased Supplies & Capital Other Salaries Benefits Benefits Benefits Services Materials Outlay Expenses Total Regular Instruction Elementary School $ 16,368,530 $ 4,163,870 $ 20,532, % $ 891,348 $ 338,283 $ 149,275 $ 24,250 $ 21,935,556 Middle School 247,287 33, , % 1,144, ,613 16,335 21,698 1,591,945 High School 720, , , % 151, ,708 34,520 6,650 1,202,766 Education Program Areas 10,327,023 2,327,460 12,654, % 10, , ,453 15,085 12,996,356 Gifted and Talented % 14,003 9,169-36,170 59,643 Activities and Athletics , ,500 Other Regular Instruction 35,000-35, % 229,324 17, ,524 Regular Instruction Total 27,698,423 6,664,713 34,363, % 2,440, , , ,853 38,070,290 Special Education General 5,415,499 1,106,537 6,522, % 273,750 15,300 8,900 5,670 6,825,656 Physical Therapy 237,347 58, , % ,155 Speech Therapy 843, ,266 1,113, % ,113,887 Special Programs Total 6,496,467 1,435,611 7,932, % 273,750 15,300 8,900 5,670 8,235,698 Grand Total Direct Instruction 34,194,890 8,100,324 42,295, % 2,713, , , ,523 46,305,988 Support Services Pupils Student Support Services 6,000 1,175 7, % 10,000 5, ,175 Attendance Services 66,696 16,997 83, % 31,000 1, ,193 Social Work Services 277,327 78, , % ,536 Guidance Counselors 968, ,792 1,151, % - 5, ,156,871 Health Services , ,200 Psychological Services 768, , , % ,282 Audiology Services Other Student Services Pupils Total 2,087, ,238 2,576, % 370,200 11, ,958,257 Instructional Staff Instructional Staff Support Services 1,207, ,604 1,500, % 195,890 77,091 8,000 15,500 1,796,532 Curriculum & Instruction Development , ,000 Instructional Staff Training Services 123,227 15, , % 60,388 8, ,087 Evaluation of Instruction 266,195 63, , % 467,900 14,950 5, ,432 Media Support Services 658, , , % 40, ,893 Other Instructional Support Services 13,870 2,960 16, % 12,000 15, ,580 Instructional Staff Total 2,269, ,086 2,826, % 777, ,541 13,000 16,250 3,748,524 School Administration Office of the Principal 5,070,625 1,392,323 6,462, % 11,425 87,003 4,092 9,085 6,574,553 Grand Total Classroom Support $ 9,427,313 $ 2,438,647 $ 11,865, % $ 1,158,803 $ 214,144 $ 17,092 $ 25,335 $ 13,281,334 General Administration Board of Education and Executive Administration 399, ,207 $ 503, % 349,520 19,088 4,200 9,500 $ 885,763 General Administration Total 399, , , % 349,520 19,088 4,200 9, ,763 Business Services Financial Services 396, , , % 199,075 13,800 1,000 6, ,660 Purchasing Services 228,973 64, , % 22,400 2,000 34, ,763 Warehouse Services 335,047 88, , % 8,350 5,250 10, ,388 Business Services Total 960, ,002 1,219, % 229,825 21,050 45,948 7,600 1,523,811 Operations/Maintenance/Custodial Building Maintenance 1,228, ,887 1,549, % 187, ,093 4, ,008,110 Custodial Services 2,487, ,171 3,217, % 28, ,000 30, ,397,337 Telecommunications Utilities ,900 1,850, ,432,500 Grounds Maintenance 336,100 69, , % 11,117 47,378 5, ,692 Security Services 215,247 54, , % 145, ,614 Operations/Maintenance/Custodial Total 4,267,624 1,175,172 5,442, % 954,625 2,283,071 41,031 1,730 8,723,253 Transportation Transportation Supervision 368,955 50, , % 27, ,764 12, ,614 Vehicle Operations 823, ,050 1,000, % 30, (147,175) 883,363 Vehicle Service and Maintenance 148,928 41, , % 15, ,160 1, ,845 Transportation Total 1,341, ,898 1,610, % 72, ,008 4,646 (134,850) 1,858,822 Central Services Communication Services 260,625 78, , % 22,500 11,000 2,000 1, ,134 Human Resources 459, , , % 193,530 10,000 1,000 9, ,835 Technology Services 633, , , % 957,805 20,000 40,000-1,828,427 Risk Management Services , ,000 Other Support Services ,740 (281,000) - 1,200,000 1,184,740 Central Services Total 1,353, ,844 1,709, % 1,689,575 (240,000) 43,000 1,210,800 4,413,136 Grand Total Support Services 17,749,859 4,601,770 22,351, % 4,455,097 2,603, ,917 1,120,115 30,686,119 Other Non-Instructional Services 242,688 66, , % ,027 Total General Fund Expenditures $ 52,187,437 $ 12,768,433 $ 64,955, % $ 7,168,847 $ 3,456,379 $ 490,400 $ 1,229,638 $ 77,301,134 24

33 Item ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND EXPENDITURES BY ACTIVITY BY PROGRAM FISCAL YEAR ENDING JUNE 30, 2015 Total % of Total Employee Salary & Salary & Purchased Supplies & Capital Other Salaries Benefits Benefits Benefits Services Materials Outlay Expenses Total Regular Instruction Elementary School $ 16,368,530 $ 4,163,870 $ 20,532, % $ 891,348 $ 338,283 $ 149,275 $ 24,250 $ 21,935,556 Middle School 247,287 33, , % 1,144, ,613 16,335 21,698 1,591,945 High School 720, , , % 151, ,708 34,520 6,650 1,202,766 Education Program Areas 10,327,023 2,327,460 12,654, % 10, , ,453 15,085 12,996,356 Gifted and Talented % 14,003 9, ,170 59,643 Activities and Athletics % - 2, ,500 Other Regular Instruction 35, , % 229,324 17, ,524 Regular Instruction Total 27,698,423 6,664,713 34,363, % 2,440, , , ,853 38,070,290 Special Education General 5,415,499 1,106,537 6,522, % 273,750 15,300 8,900 5,670 6,825,656 Physical Therapy 237,347 58, , % ,155 Speech Therapy 843, ,266 1,113, % ,113,887 Special Programs Total 6,496,467 1,435,611 7,932, % 273,750 15,300 8,900 5,670 8,235,698 Grand Total Direct Instruction 34,194,890 8,100,324 42,295, % 2,713, , , ,523 46,305,988 Support Services Pupils Student Support Services 6,000 1,175 7, % 10,000 5, ,175 Attendance Services 66,696 16,997 83, % 31,000 1, ,193 Social Work Services 277,327 78, , % ,536 Guidance Counselors 968, ,792 1,151, % - 5, ,156,871 Health Services , ,200 Psychological Services 768, , , % ,282 Audiology Services Other Student Services Pupils Total 2,087, ,238 2,576, % 370,200 11, ,958,257 Instructional Staff Instructional Staff Support Services 1,207, ,604 1,500, % 195,890 77,091 8,000 15,500 1,796,532 Curriculum & Instruction Development , ,000 Instructional Staff Training Services 123,227 15, , % 60,388 8, ,087 Evaluation of Instruction 266,195 63, , % 467,900 14,950 5, ,432 Media Support Services 658, , , % 40, ,893 Other Instructional Support Services 13,870 2,960 16, % 12,000 15, ,580 Instructional Staff Total 2,269, ,086 2,826, % 777, ,541 13,000 16,250 3,748,524 School Administration Office of the Principal 5,070,625 1,392,323 6,462, % 11,425 87,003 4,092 9,085 6,574,553 Grand Total Classroom Support $ 9,427,313 $ 2,438,647 $ 11,865, % $ 1,158,803 $ 214,144 $ 17,092 $ 25,335 $ 13,281,334 General Administration Board of Education and Executive Administration 399, ,207 $ 503, % 349,520 $ 19,088 $ 4,200 $ 9,500 $ 885,763 General Administration Total 399, , , % 349,520 19,088 4,200 9, ,763 Business Services Financial Services 396, , , % 199,075 13,800 1,000 6, ,660 Purchasing Services 228,973 64, , % 22,400 2,000 34, ,763 Warehouse Services 335,047 88, , % 8,350 5,250 10, ,388 Business Services Total 960, ,002 1,219, % 229,825 21,050 45,948 7,600 1,523,811 Operations/Maintenance/Custodial Building Maintenance 1,228, ,887 1,549, % 187, ,093 4, ,008,110 Custodial Services 2,487, ,171 3,217, % 28, ,000 30, ,397,337 Telecommunications Utilities ,900 1,850, ,432,500 Grounds Maintenance 336,100 69, , % 11,117 47,378 5, ,692 Security Services 215,247 54, , % 145, ,614 Operations/Maintenance/Custodial Total 4,267,624 1,175,172 5,442, % 954,625 2,283,071 41,031 1,730 8,723,253 Transportation Transportation Supervision 368,955 50, , % 27, ,764 12, ,614 Vehicle Operations 823, ,050 1,000, % 30, (147,175) 883,363 Vehicle Service and Maintenance 148,928 41, , % 15, ,160 1, ,845 Transportation Total 1,341, ,898 1,610, % 72, ,008 4,646 (134,850) 1,858,822 Central Services Communication Services 260,625 78, , % 22,500 11,000 2,000 1, ,134 Human Resources 459, , , % 193,530 10,000 1,000 9, ,835 Technology Services 633, , , % 957,805 20,000 40,000-1,828,427 Risk Management Services , ,000 Other Support Services ,740 (281,000) - 1,200,000 1,184,740 Central Services Total 1,353, ,844 1,709, % 1,689,575 (240,000) 43,000 1,210,800 4,413,136 Grand Total Support Services 17,749,859 4,601,770 22,351, % 4,455,097 2,603, ,917 1,120,115 30,686,119 Other Non-Instructional Services 242,688 66, , % ,027 Total General Fund Expenditures $ 52,187,437 $ 12,768,433 $ 64,955, % $ 7,168,847 $ 3,456,379 $ 490,400 $ 1,229,638 $ 77,301,134 25

34 School/Department ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND EXPENDITURES BY SCHOOL/DEPARTMENT AND OBJECT FISCAL YEAR ENDING JUNE 30, 2015 Projected Salaries Pupil Teachers, Subs Other Count & Assistants Staff Total Benefits Elementary Schools Early Childhood Center $ 648,670 $ 12,730 $ 661,400 $ 817,765 Fairview ,254, ,983 1,494, ,875 Flynn ,646, ,374 2,008, ,058 FM Day ,351, ,817 1,702, ,497 Harris Park ,282, ,282 1,654, ,529 Hodgkin's ,208, ,476 2,861, ,788 Mesa ,312, ,908 1,711, ,174 Metz ,444, ,460 1,783, ,414 Sherrelwood ,137, ,740 1,375, ,871 Skyline Vista ,272, ,284 1,495, ,735 Sunset Ridge ,772, ,276 1,999, ,609 Tennyson Knolls ,182, ,435 1,408, ,613 Westminster Elem ,288, ,415 1,494, ,266 Colorado STEM Academy ,143, ,574 1,356, ,530 Total Elementary 4, ,946,681 4,063,754 23,010,435 6,365,724 Middle Schools Ranum ,849, ,559 3,688, ,376 Scott Carpenter ,149, ,598 2,656, ,625 Shaw Heights ,262, ,533 2,714, ,121 Total Middle Schools 1, ,262,010 1,797,690 9,059,700 2,162,122 High Schools Westminster HS 2, ,277,257 1,480,692 7,757,949 1,631,871 Westminster Virtual High School , ,701 - Total High Schools 2, ,445,958 1,480,692 7,926,650 1,631,871 Other Schools Hidden Lake High School ,059, ,974 1,539, ,740 Gifted and Talented 4,603-4, Instructional Services Center 467,199 40, , ,546 Summer School 35,000-35,000 - Total Other Schools ,566, ,284 2,086, ,058 Total All Schools 9, ,220,964 7,862,420 42,083,384 10,737,775 District-Wide Administration Board of Education 56,475 57, ,475 34,901 Office of the Superintendent - 342, ,773 86,807 Community Relations - 260, ,625 78,009 Operations Department - 321, , ,267 Learning Services 497, ,546 1,447, ,651 Special Education 462, , ,438 District Instruction Resource Center Co-Curricular Human Resources 13, , , ,830 Financial Services - 396, , ,619 Total District-Wide Administration 1,029,506 2,775,029 3,804, ,522 Service Centers Auxiliary Services - 131, ,603 31,706 Custodial Services - 317, ,965 93,024 Grounds - 336, ,100 69,747 Maintenance - 1,059,168 1,059, ,311 Purchasing & Warehousing - 564, , ,383 Technology Services - 633, , ,005 Transportation - 1,341,371 1,341, ,898 Total Auxiliary Services - 4,383,844 4,383,844 1,069,074 District-Wide District-Wide - 1,966,254 1,966,254 - Utilities Copiers Technology Replacement Total District-Wide - 1,966,254 1,966,254 - Grand Total Support Services 1,029,506 9,125,127 10,154,633 2,011,596 Total General Fund Expenditures 9,432 $ 35,250,470 $ 16,987,547 $ 52,238,017 $ 12,749,371 26

35 ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND EXPENDITURES BY SCHOOL/DEPARTMENT AND OBJECT FISCAL YEAR ENDING JUNE 30, 2015 Purchased Supplies & Capital Other Services Materials Outlay Expenses Total School/Department Elementary Schools $ - $ 4,320 $ - $ - $ 1,483,485 Early Childhood Center 9,100 35,096 2,492 2,000 1,853,398 Fairview 6,050 42,536 4,550 1,500 2,377,661 Flynn 8,120 30,293 6,000 1,950 2,097,687 FM Day 10,200 30,700 4, ,335,372 Harris Park 7,600 53,294-5,975 3,548,435 Hodgkin's 12,150 27, ,500 2,113,940 Mesa 7,100 37,220 2,900 2,000 2,227,345 Metz 8,590 26,959 1, ,789,231 Sherrelwood 7,750 35,965 3,103 4,000 1,934,711 Skyline Vista 8,380 31,200 2,000 3,500 2,559,666 Sunset Ridge 7,040 32,673 9, ,977,627 Tennyson Knolls 7,778 20,298 3,500 2,100 1,915,755 Westminster 6,500 78,355-2,500 1,827,383 Colorado STEM Academy 106, ,849 40,695 31,635 30,041,696 Total Elementary Middle Schools 17,925 79,507 7,150 15,388 4,649,178 Ranum 11,920 65,645 3,150 8,100 3,408,019 Scott Carpenter 14,903 67,958 11,135 4,095 3,471,501 Shaw Heights 44, ,110 21,435 27,583 11,528,698 Total Middle Schools High Schools 62, ,705 28,970 15,200 9,787,845 Westminster HS - 6, ,914 Westminster Virtual High School 62, ,918 28,970 15,200 9,962,759 Total High Schools Other Schools 11,450 27,175 6,000 1,150 2,019,002 Hidden Lake High School 17,983 10,472-6,170 40,000 Gifted and Talented 9,600 9,200 3, ,875 Instructional Services Center - 16, ,200 Summer School 39,033 63,047 9,900 7,440 2,784,077 Total Other Schools 252,289 1,060, ,000 81,858 54,317,230 Total All Schools District-Wide Administration 342,200 2,500 1,700 3, ,776 Board of Education 7,320 16,588 2,500 6, ,488 Office of the Superintendent 22,500 11,000 2,000 1, ,134 Community Relations 3,000 5,000-3, ,011 Operations Department 1,005, ,538 22,000 43,000 2,932,496 Learning Services 636,400 23,000-6,300 1,252,172 Special Education District Instruction Resource Center Co-Curricular 193,530 10,000 1,000 9, ,835 Human Resources 198,075 13,800 1,000 6, ,660 Financial Services 2,408, ,426 30,200 79,400 7,450,572 Total District-Wide Administration Service Centers 16,602 4, ,239 Auxiliary Services 11,920 30,700 30, ,498 Custodial Services 11,117 47,378 5, ,692 Grounds 162, ,654 2, ,710,614 Maintenance 31,300 7,250 44, ,701 Purchasing & Warehousing 957,805 20,000 40,000-1,828,427 Technology Services 47, ,939 6,468 (160,268) 1,856,577 Transportation 1,238, , ,625 (157,738) 7,337,748 Total Auxiliary Services - District-Wide 1,842,000 (281,000) - 2,000,000 5,527,254 District-Wide 581,900 1,813, ,395,500 Utilities ,755 45,755 Copiers , ,075 Technology Replacement 2,423,900 1,532, ,075 2,045,755 8,195,584 Total District-Wide 6,070,803 2,391, ,900 1,967,417 22,983,904 Grand Total Support Services $ 6,323,092 $ 3,452,479 $ 488,900 $ 2,049,275 $ 77,301,134 Total General Fund Expenditures 27

36 ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND EXPENDITURE ANALYSIS BY OBJECT FISCAL YEAR ENDING JUNE 30, 2015 Purchased Services 9.27% Supplies and Materials 4.47% Other.63% Capital Outlay 1.59% Benefits 16.52% Total Salaries and Benefits 84.03% Salaries 67.51% Amended Budget Summary of General Fund Expenses by Object 6/30/15 Salaries $ 52,187,437 Benefits 12,768,433 Purchased Services 7,168,847 Supplies and Materials 3,456,379 Other 490,400 Capital Outlay 1,229,638 Total $ 77,301,134 28

37 ADAMS COUNTY SCHOOL DISTRICT 50 GENERAL FUND EXPENDITURE ANALYSIS BY ACTIVITY FISCAL YEAR ENDING JUNE 30, 2015 Central Support/ Administration 3.48% Building Support 19.43% Direct Instruction 59.90% Classroom Support 17.18% Direct Instruction and Classroom Support 77.08% Amended Budget Summary of General Fund Expenses by Activity 6/30/15 Direct Instruction $ 46,305,988 Classroom Support 13,281,334 Building Support Transportation 1,858,822 Operations/Maintenance/Custodial 8,723,253 Purchasing and Warehouse 801,151 Communication Services 375,134 Technology Services 1,828,427 Risk Management/Other 1,434,740 15,021,527 Central Support/Administration Human Resources 774,835 Finance/Payroll/Budgeting 722,660 Superintendent's Office/General Administration 885,763 Other Non-Instructional Services 309,027 2,692,285 Total 77,301,134 29

38 School/Department ADAMS COUNTY SCHOOL DISTRICT 50 AVERAGE COST* PER PUPIL FOR SCHOOL LEVEL BUDGET FISCAL YEAR ENDING JUNE 30, 2015 Actual 2014 Amended Budget 6/30/15 Average Average Actual Cost Per Cost Per Enrollment Pupil Budget Enrollment Pupil Elementary Schools Early Childhood Center $ 2,339 $ 1,483, $ 4,904 Fairview ,081 1,853, ,508 Flynn ,500 2,377, ,912 FM Day ,409 2,097, ,968 Harris Park ,618 2,335, ,653 Hodgkin's ,025 3,548, ,824 Mesa ,560 2,113, ,776 Metz ,810 2,227, ,600 Sherrelwood ,725 1,789, ,809 Skyline Vista ,633 1,934, ,201 Sunset Ridge ,077 2,559, ,937 Tennyson Knolls ,530 1,977, ,956 Westminster ,553 1,915, ,819 Colorado STEM Academy ,827, ,948 Total Elementary 4, ,691 30,041,696 4, ,231 Middle Schools Ranum ,735 4,649, ,138 Scott Carpenter ,869 3,408, ,836 Shaw Heights ,205 3,471, ,032 Total Middle Schools 1, ,217 11,504,198 1, ,001 High Schools Westminster HS 2, ,435 9,787,845 2, ,007 Total High Schools 2,442.5 (366) 9,787,845 2, ,007 Other Schools Hidden Lake High School ,023 2,019, ,261 Westminster Virtual Academy , ,300 Total Other Schools ,899 2,193, ,741 Total ALL Schools 9,432.0 $ 4,448 $ 53,527,655 9,432.0 $ 5,675 *. Average cost per pupil will fluctuate due to various factors, including length of service and additional education for professional staff members, differences in utility costs, special education and English learner requirement, and basic staffing requirements (all schools will have maintenance staff and instructional support staff regardless of pupil enrollment). 30