Fruitvale School District

Transcription

1 Fruitvale School District Excellence in Education Every Student, Every Day ANNUAL FINANCIAL AND BUDGET REPORT FISCAL YEAR PROPOSED BUDGET Presented on June 13, 2017 GOVERNING BOARD OF TRUSTEES Tina K. Stout, Board President * Andrew Bransby, Board Clerk * Stan Greene, Board Member * Bill Jager, Board Member * Richard Traynor, Board Member SUPERINTENDENT Mary Westendorf, Ed.D.

2 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] ADMINISTRATION Dr. Mary Westendorf, District Superintendent Dr. Matt Torres, Assistant Superintendent/Chief Business Officer Beth Arner, Director of Curriculum and Instruction Janet Clark, Director of Supported Education Brian Prine, Director of Maintenance, Operations and Transportation Bret Holthe, Director of Information and Technology Angie Summers, Principal - Columbia Elementary Kim Hoffman, Assistant Principal, Columbia Elementary Danyel Kelly, Principal Discovery Elementary Michelle Olinger, Assistant Principal - Discovery Elementary Matt Diggle, Principal - Endeavour Elementary Dr. Rebecca Rocha, Assistant Principal - Endeavour Elementary Kim Carlson, Principal - Quailwood Elementary Leslie Garrison, Principal Fruitvale Junior High Erick Rouanzoin, Assistant Principal, Fruitvale Junior High

3 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] SCHOOLS IN THE FRUITVALE SCHOOL DISTRICT Columbia Elementary 703 Mondavi Way Bakersfield, CA Principal Mrs. Angie Summers Assistant Principal Mrs. Kim Hoffman Enrollment: 570 Discovery Elementary 7500 Vaquero Avenue Bakersfield, CA Principal Mr. Danyel Kelly Assistant Principal Mrs. Michelle Olinger Enrollment: 830 Endeavour Elementary 9300 Meacham Road Bakersfield, CA Principal Mr. Matt Diggle Assistant Principal Dr. Rebecca Rocha Enrollment: 800 Fruitvale Junior High 2114 Calloway Drive Bakersfield, CA Principal Mrs. Leslie Garrison Assistant Principal Mr. Erick Rouanzoin Enrollment: 695 Quailwood Elementary 7301 Remington Avenue Bakersfield, CA Principal Mrs. Kim Carlson Enrollment: 387

4 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] INTRODUCTION The Fruitvale School District serves approximately 3,250 students in the northwest area of the City of Bakersfield. The Adopted Budget is presented for the District s 4 elementary schools and its junior high to summarize the cost to provide the necessary services to support the District s goals and objectives. The budget serves as a guideline for the utilization of resources to meet the needs of the students. The budget planning process begins in January when the Governor proposes a state budget plan for the coming fiscal year. From this, every effort is made by the District to provide the most accurate information possible. As required by law and prudent fiscal practice, California school districts adopt budgets prior to the commencement of each fiscal year. One challenge school districts encounter is not all revenue from the state and federal government is known at the beginning of the fiscal year, nor can a district foresee all possible expenses. When changes to the budget projections become clear, the appropriate adjustments are made accordingly.

5 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] STATE BUDGET The projections for the state budget continues to be a reflection of the Administration s core priorities which includes paying down debt owed to schools and investing in the Local Control Funding Formula. The increase in funding will bring the formula to 97% of full implementation and an increase of Prop. 98 levels to $74.6B. While the May Revision brings new revenues to , the Governor continues to caution that increasing revenues would not continue indefinitely. Table 1

6 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] BUDGET CALENDAR The Governing Board of the Fruitvale School District has adopted the single budget adoption process which requires a school district to conduct its public hearing and adopt its final budget by July 1 of each year. The selection of the single budget adoption process further requires a District to make available for public review, within forty-five (45) days of the Governor s signing of the State Budget, revisions in revenue and expenditures that reflect the funding made available by the State Budget Act. The process of developing a school district budget is an ongoing function that must be addressed by the Board and Administration throughout the school year. In order to effectively develop a fiscal document that reflects the goals and objectives of the school district, the budget process must include a well-defined budget calendar outlining when each component of the budget is to be completed. Although there are numerous deadlines used in the development of the budget, the calendar below highlights the main steps, specifically those involving the Governing Board. The following is the budget calendar used for the budget adoption process. Month(s) June June September September December January Jan-Feb March May Event/Action Public Hearing and Adoption of Budget Submit Adopted Budget to Kern County Superintendent of Schools Districts adopt Gann Resolution Presentation of Unaudited Actuals and any budget revisions to Adopted Budget 1 st Interim Financial Report presented to Board of Trustees Governor s Budget Proposal Released Begin development of budget assumptions and staffing and enrollment projections 2 nd Interim Report presented to Board of Trustees Governor s Budget Revisions (May Revise)

7 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] STUDENT ENROLLMENT HISTORY The Fruitvale School District has been fortunate to maintain enrollment in recent years. The graph below illustrates the District s enrollment since the school year. Data Provided by DataQuest. Historical Enrollment

8 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] BUDGET ASSUMPTIONS ADA The District is using 3, for budgeting purposes. COLA The budget assumes the State COLA at 1.56%. Unduplicated Count- The District is using an unduplicated percentage of 46.2% for budgeting purposes. LCFF The Department of Finance projects the funding gap rate at 43.97%. Certificated Salaries The budget assumes FTE teaching positions, FTE Administrative Positons, and 6.34 FTE for Pupil Services. There is a 1.5% increase added for a step/column increase for these employees. Classified Salaries The budget assumes FTE classified positions, FTE Confidential Classified Positons, and 7.0 Classified Management Positions. There is a 1.5% increase added for a step/column increase for these employees. Employee Benefits Per the Collective Bargaining Agreements for both the Fruitvale Teachers Association (FTA) and the Classified School Employees Association, the District has budgeted the employer s contribution for Health and Welfare Benefits of $15, (FTA) and $14, (CSEA) for all eligible employees. Retirement Contributions Both CalSTRS and CalPERS have a funding plan in place to address the liability, which include incremental increases for the employer over the next 4 years. Employer contribution rates used for budgeting purposes is at 14.43% and % for STRS and PERS respectively. These rates are expected to reach 19.1% (STRS) and 23.8% (PERS) by State Lottery The District is projecting $144/ADA for unrestricted lottery use and $45/ADA for restricted. Special Education Billback Assumes a 10% increase over prior year. Supplemental and Concentration Grants Within the LCFF are two streams of funding that are targeted to support district s neediest students. For , the District is projecting its Supplemental Grant at $2,020,203 to increase and improve services for English Learners, Foster Youth and students of low income. The District does not qualify for Concentration Grant Funds due to its lower unduplicated count. Educator Effectiveness Funds California allocated one-time funds for schools districts to utilize for training and professional development. The revenue was booked in 2016 and will need to be completely expended by FY One-Time Funding The Governor s January Proposal included $48/ADA, however, the May Revision is estimating that amount to increase significantly, but with funding to districts to come in 2019 if the budget year s revenue projections are met. Therefore, no revenue for this one-time funding is budgeted for the year. Program Encroachments Special Education = $1.88M; Transportation = $527K

9 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] REVENUE ASSUMPTIONS The District is projecting a decrease in total revenues compared to of $288,289. Despite increases to LCCF funding, the overall decrease in revenues are a result of the elimination of onetime mandated costs reimbursements. Federal Revenue is expected to decrease by 3.3% due to the decline in Medi-Cal reimbursements and Title I carryover. Local Revenue is projected to decrease slightly (4.4%) due to the dropping off of donations and LVN reimbursements. EXPENDITURE ASSUMPTIONS The District s total expenditures are projected to increase by $522,439 compared to The net increase in certificated salaries is 2.5% after the addition of steps and columns, and additional professional development. No salary COLA has been included. Classified salaries reflect a 0.3% net increase. No COLA for the salary schedule is reflected in this budget. Employee Benefits have increased by 6.2%. Statutory benefits rise proportionally with salaries, and an increase to the rates for STRS and PERS has been budgeted for 14.43% and 15.8% respectively. No increases to the Health and Welfare employer contributions are included. Books and Supplies decrease by a net of 16.5% due to the Language Arts textbook adoption being replaced by a History-Social-Science adoption. Services and Other Operating Expenses are projected to decrease by 1.3% due to the elimination of the General Obligation Bond election costs. Capital Outlay decreases by a net 6.0% due to the completion of the Quailwood roofing project. Other Outgo increases by 10% due to projected special education bill-back charges. Outgoing Transfers remain at zero.

10 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] GENERAL FUND REVENUE SOURCES The District s total General Fund revenues are projected at $30,103,910 for While the Local Control Funding Formula (LCFF) makes up most of the General Fund, other revenues from federal, state, and other local (not property taxes) are also included in the General Fund s projected income. Federal Revenue 4% General Fund Revenue Percentage Other State Revenue 6% Other Local Revenue 6% LCFF Sources Federal Revenue LCFF Sources 84% Other State Revenue Other Local Revenue REVENUES GENERAL FUND TOTAL LCFF Sources $25,390,408 Federal Revenue $1,051,840 Other State Revenue $1,749,317 Other Local Revenues $1,912,345 TOTAL REVENUES $30,103,910

11 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] GENERAL FUND EXPENDITURES General Fund expenditures for are budgeted for $29,871,003. The bulk of expenditures are in the area of total compensation for both certificated and classified personnel. Books/Supplies 4% Services/Capital Outlay 10% Employee Benefits 26% General Fund Expenditures Other Outgo/Financing Uses 2% Certficated Salaries 46% Classified Salaries 12% EXPENDITURES GENERAL FUND TOTAL Certificated Salaries $13,792,272 Classified Salaries $3,516,231 Employee Benefits $7,865,109 Books & Supplies $1,269,553 Services & Other Operating Expenditures $2,306,516 Capital Outlay $628,651 Other Outgo $492,671 Other Financing Sources $0 TOTAL EXPENDITURES $29,871,003

12 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] GENERAL FUND REVENUE AND EXPENDITURE COMPARISON The tables below show the comparison between the Estimated Actuals and the Proposed Budget for REVENUE Estimated Actuals Adopted Budget Increase (Decrease) % Change LCFF $24,768,990 $25,390,408 $621, % Federal Revenue $1,088,035 $1,051,840 ($36,195) (3.3%) State Revenue $2,534,898 $1,749,317 ($785,581) (31.0%) Local Revenue $2,000,276 $1,912,345 ($87,931) (4.4%) TOTAL $30,392,199 $30,103,910 ($288,289) (0.95%) EXPENDITURES Estimated Actuals Adopted Budget Increase (Decrease) % Change Certificated Salaries $13,461,221 $13,792,272 $331, % Classified Salaries $3,504,827 $3,516,231 $11, % Employee Benefits $7,407,514 $7,865,109 $457, % Books & Supplies $1,520,245 $1,269,553 ($250,692) (16.5%) Services & Operating Exp. $2,338,049 $2,306,516 ($31,533) (1.3%) Capital Outlay $668,810 $628,651 ($40,159) (6.0%) Other Outgo/Financing Uses $447,898 $492,671 $44, % TOTAL $29,348,564 $29,871,003 $522, %

13 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] LOCAL CONTROL FUNDING FORMULA (LCFF) The LCFF is intended to provide a mechanism that is simple and transparent while allowing local educational agencies (LEAs) maximum flexibility in allocating resources to meet local needs. While the formula itself is relatively straightforward, the transition from revenue limit funding to the LCFF is very complex. The primary cause for this complexity is the state s commitment to ensuring all LEAs are funded at no less than they received in and that it will take eight years to fully fund the LCFF. The most distinct differences between revenue limit funding and the LCFF relates to the role and impact of COLA during the transition years. Under revenue limit funding, COLAs (and their deficits) played the central role in determining increases in year-over-year funding. Under the LCFF, COLAs are one step in the formula s calculation and have four driving factors: ADA Annual COLA Unduplicated Percentages Percentage of Gap Funding During Transitions CALCULATE LCFF TARGET ADA Base Gr Span Supp Concen TARGET Grades K-3 1, , $12,404,803 Grades 4-6 1, , $8,361,712 Grades , $5,373,710 Grades , TOTAL BASE 3, $22,859,537 $1,069,633 $2,211,055 - $26,140,225 CALCULATE LCFF PHASE-IN ENTITLEMENT 2017/18 LOCAL CONTROL FUNDING FORMULA TARGET $26,261, LOCAL CONTROL FUNDING FORMULA FLOOR $24,706, Difference or Gap $1,554, Multiply difference by funding rate 43.97% $683, LCFF Entitlement $25,390,408.00

14 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] LOCAL CONTROL ACCOUNTABILITY PLAN (LCAP) The Board of Trustees is responsible for adopting an annual plan for the District that identifies goals and objectives for the year in alignment with the presentation of the District s proposed budget. The budget to follow includes spending priorities that are reflected in the District s LCAP. Below are the three goals outlined in the plan: Goal1: Implement Common Core State Standards to Maintain High Levels of Student Achievement and Prepare Students to Learn in a 21st Century Classroom Goal 2: Increase Student Engagement and School Connectedness Goal 3: Increase Meaningful Partnerships with Fruitvale Families and Community Members SUPPLEMENTAL GRANT EXPENDITURES AND THE LCAP All expenditures using Supplemental Grant funds under the LCFF can be found in the District s Local Control and Accountability Plan (LCAP). Services provided in using Supplemental Funds include Summer School, After School Programs, teachers hired to reduce class sizes, technology, counseling services, campus supervision and security, library services, English Learner (EL) activities and paraprofessional support for intervention and EL students, and to increase elective offerings at Fruitvale Junior High. A breakdown of expenses according to the goals identified in the LCAP is listed below. Goal Description Estimated Amount of Supplemental Funds 1 Implement Common Core State Standards to Maintain High $1,772,205 Levels of Student Achievement and Prepare Students to Learn in a 21st Century Classroom 2 Increase Student Engagement and School Connectedness $448,776 3 Increase Meaningful Partnerships with Fruitvale Families and $10,350 Community Members Total $2,231,331

15 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] MULTI-YEAR ASSUMPTIONS & PROJECTIONS In addition to the projected financial state of the current year s budget, districts are required to provide multi-year projections for at least two subsequent years. The School Services of California Dartboard is used for financial projections for the out years and is included in this report as an attachment. Assumptions include: REVENUES LCFF COLA 2.15% 2.35% LCFF Gap % 71.53% 73.51% ADA 3, , Federal Revenue Same as Same as Other State Revenue Same as Same as Local Revenue Same as Same as EXPENDITURES Certificated Salaries Increase of 1.32% Increase of 1.32% Classified Salaries Increase of 1.5% Increase of 1.5% Employee Benefits Increase of 5.16% Increase of 5.29% Books and Supplies Increase of 2.92% Decrease of 36.66% Services/Other Operating Expenses Increase of 2.92% Increase of 2.60% Capital Outlay Decrease of 49.57% Increase of 2.60% Other Outgo Increase of 10% Increase of 10% Outgoing Transfers Remains at Zero Remains at Zero

16 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] MultiYear Projections: Beginning Fund Balance $6,994,480 $7,227,388 $8,067,060 Revenues $30,103,910 $31,155,853 $31,925,501 Expenditures $29,871,003 $30,316,181 $30,636,716 Net Increase/(Decrease) $232,907 $839,672 $1,288,785 Projected Ending Fund Balance $7,227,388 $8,067,060 $9,355,846 Restricted Balance ($296,364) ($205,000) ($345,000) Committed by Board of Trustees ($1,240,000) ($740,000) ($240,000) Assigned for Specific Purposes ($250,000) ($500,000) ($750,000) Reserve for Economic Uncertainties $5,441,025 $6,622,060 $8,020,846 Special Reserve Fund $795,589 $795,589 $795,589 (for Economic Uncertainties) Total Available for Reserves $6,236,613 $7,417,649 $8,816,435 Designation for Economic Uncertainties % 20.88% 24.47% 28.78%

17 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] CALSTRS and CALPERS The unfunded liability for both CalSTRS and CalPERS remains significant and will continue to require an increased contribution from both employers and employees. The CalSTRS rates have been set in Education Code and the CalPERS Board has an approved rate for Below are the approved (and projected rates) through CalSTRS Rates per Education Code Sections Employer 8.88% 10.73% 12.58% 14.43% 16.28% 18.13% 19.10% Member (2% at 60) Member (2% at 62) 8.15% 9.20% 10.25% 10.25% 10.25% 10.25% 10.25% 8.15% 8.56% 9.205% 9.205% 9.205% 9.205% 9.205% CalPERS Actual and Projected Rates Employer % % % % 18.1% 20.8% 23.8% RESERVES IN EXCESS OF MINIMUM RESERVE LEVELS Beginning with budgets adopted by a school district for the fiscal year, the District must hold a public hearing which identifies the reasons for an assigned and unassigned ending fund balance in excess of the minimum recommended Reserve for Economic Uncertainties (REU). The public hearing must include the following for review and discussion: The minimum recommended REU for each fiscal year identified in the budget; The combined assigned and unassigned ending fund balances of the General Fund (Fund 01) and Special Reserve Fund (Fund 17), that are in excess of the minimum recommended REU for each fiscal year; A statement of reasons that substantiates the need for an assigned and unassigned ending fund balance in excess of the recommended REU for each fiscal year This information shall be included each time a district files an adopted budget with the County Office of Education (COE). The COE shall determine whether a school district s adopted budget complied with these requirements.

18 SUMMARY OF OTHER FUNDS Below is a table that represents a summary of the District s funds other than that of the General Fund. More detailed information can be found in the attached Standardized Account Code Structure (SACS) Financial Report. *Numbers may not total due to rounding. Child Development Fund Estimated Actuals Proposed Budget Beginning Balance, July 1 $825,918 $909,013 Revenue $626,176 $626,176 Expenditures $543,081 $599,911 Excess (Deficiency) of Revenue over Expenditures $83,095 $26,265 Ending Balance, June 30 $909,513 $935,278 Cafeteria Fund Estimated Actuals Proposed Budget Beginning Balance, July 1 $218,566 $248,518 Revenue $1,187,500 $1,202,500 Expenditures $1,157,548 $1,164,457 Excess (Deficiency) of Revenue over Expenditures $29,953 $38,043 Ending Balance, June 30 $248,518 $286,561

19 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] Special Reserve Fund (Other than Capital Outlay) Estimated Actuals Proposed Budget Beginning Balance, July 1 $778,389 $786,989 Revenue $8,600 $8,600 Expenditures $0 $0 Excess (Deficiency) of Revenue over Expenditures $8,600 $8,600 Ending Balance, June 30 $786,989 $795,589 Building Fund Estimated Actuals Proposed Budget Beginning Balance, July 1 $2,035,137 $1,940,137 Revenue $18,000 $18,000 Expenditures $113,000 $254,000 Excess (Deficiency) of Revenue over Expenditures ($95,000) ($236,000) Ending Balance, June 30 $1,940,137 $1,704,137

20 June 13, 2017 [ FRUITVALE ADOPTED BUDGET] Capital Facilities Fund Estimated Actuals Proposed Budget Beginning Balance, July 1 $309,543 $213,793 Revenue $122,250 $152,250 Expenditures $218,000 $7,000 Excess (Deficiency) of Revenue over Expenditures $95,750 $145,250 Ending Balance, June 30 $213,793 $359,043 Special Reserve Fund for Capital Outlay Estimated Actuals Proposed Budget Beginning Balance, July 1 $1,487,044 $1,500,044 Revenue $13,000 $13,000 Expenditures $0 $0 Excess (Deficiency) of Revenue over Expenditures $13,000 $13,000 Ending Balance, June 30 $1,500,044 $1,513,044

21 RISKS TO THE STATE AND DISTRICT BUDGET Despite another year of new funding for Proposition 98 and another step closer to full LCFF implementation, the Governor attributes most of the increase in revenues to a surging stock market. Governor Brown continues to warn schools that even a modest recession would result in large decreases in state revenues, and that proposed changes to the Affordable Care Act could have a significant impact on California. Districts are still faced with cost pressures from employer contribution increases and greater risks for special education costs. In addition, as we near the full implementation of the LCFF, districts will then only receive COLA, which is projected to be 1% to 3% over the next few years. COLA is applied to different amounts depending on the school district, therefore a lower funded LEA will receive COLA on a smaller amount, meaning less funding for some districts compared to others. CONTACT PERSON Questions regarding the budget for should be directed to Dr. Matt Torres, Assistant Superintendent/Chief Business Officer.

22 Adopted Budget Presentation June 13, 2017

23 Current State Budget 6 th consecutive year of Proposition 98 growth Governor attributes most of the revenue increases to the surging stock market Budget projects that LCFF will be at 97% of full implementation Governor warns that even a modest recession would result in large decreases in revenues

24 Fruitvale s General Fund Revenue Other State Revenue 6% Other Local Revenue 6% General Fund Revenue Percentage Federal Revenue 4% LCFF Sources 84% LCFF Sources Federal Revenue Other State Revenue Other Local Revenue 84% of revenue comes from LCFF

25 Fruitvale s General Fund Expenditures Services/Capital Outlay 8% Other Outgo/Financing Uses 4% Books/Supplies 4% Employee Benefits 26% Certficated Salaries 46% Classified Salaries 12% 84% of budget is used for personnel expenses

26 Major Revenue Changes Second Interim Report May Revise COLA 1.48% 1.56% Gap Funding 23.67% 43.97% ADA 3, , LCFF Financial Impact +$496,076

27 Multi-Year Projections Beginning Fund Balance $6,994,480 $7,227,388 $8,067,060 Revenues $30,103,910 $31,155,853 $31,925,501 Expenditures $29,871,003 $30,316,181 $30,636,716 Net Increase/(Decrease) $232,907 $839,672 $1,288,785 Projected Ending Fund Balance $7,227,388 $8,067,060 $9,355,846 Restricted Balance ($296,364) ($205,000) ($345,000) Committed by Board of Trustees ($1,240,000) ($740,000) ($240,000) Assigned for Specific Purposes ($250,000) ($500,000) ($750,000) Reserve for Economic Uncertainties $5,441,025 $6,622,060 $8,020,846 Special Reserve Fund (for Economic Uncertainties) $795,589 $795,589 $795,589 Total Available for Reserves $6,236,613 $7,417,649 $8,816,435 Designation for Economic Uncertainties % 20.88% 24.47% 28.78%

28 Statement of Excess Reserves Beginning with budgets adopted by a school district for the fiscal year, the District must hold a public hearing identifying the reasons for an assigned and unassigned ending fund balance in excess of the minimum recommended Reserve for Economic Uncertainties (REU). The public hearing must include the following for review and discussion: The minimum recommended REU for each fiscal year identified in the budget; The combined assigned and unassigned ending fund balances of the General Fund (Fund 01) and Special Reserve Fund (Fund 17), that are in excess of the minimum recommended REU for each fiscal year; A statement of reasons that substantiates the need for an assigned and unassigned ending fund balance in excess of the recommended REU for each fiscal year

29 Reasons for Ending Fund Balance in Excess of Minimum Recommended Level Projected Assigned and Unassigned Fund Balance = $6,236,614 (Includes Fund 17) Required to Maintain 3% = $896,130 Board Policy requiring total available unassigned fund balance of at least 10% - $2,090,970 Maintain Credit Rating for upcoming G.O. Bond Issuance - $2,999,514 Assignment for future technology replacement $250,000

30 CalSTRS & CalPERS Update Late 90 s Early 2000 s, both pension systems were fully funded and benefits increased Since then, creditable compensation has increased, retirees living longer, and investment returns have declined Most of the cost of pension benefits is funded by the investment earnings As such, employer contributions are more than doubling from through

31 General Fund Contributions (Encroachments) Special Education - $1.88M Revenue to Expenses: $0.54 on the dollar Transportation - $527K Revenue to Expenses: $0.19 on the dollar

32 Other Funds Fund Projected Revenue Projected Expenditures Child Development $626,176 $599,911 Cafeteria $1,202,500 $1,165,457 Special Reserve (Other than Capital Outlay) $8,600 $0 Building Fund $18,000 $254,000 Capital Facilities Fund $152,250 $7,000 Special Reserve for Capital Outlay $13,000 $0

33 Final Thoughts Governor warns that even a modest recession would result in large decreases in revenues Current recovery is the third longest in the post-war period Governor believes it would be historic if there was not another recession within the next two years However, some budget forecasts believe we could continue to see economic growth for another 4 years

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