Raleigh Street Westminster CO 80030

Transcription

1 Raleigh Street Westminster CO 80030

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3 TABLE OF CONTENTS AMENDED BUDGET INTRODUCTORY SECTION BOARD OF EDUCATION 1 CENTRAL OFFICE ADMINISTRATION 2 BUDGET AWARDS 3 SUPERINTENDENT S BUDGET MESSAGE 4 EXECUTIVE SUMMARY 5 FINANCIAL SECTION SUMMARY ALL FUNDS SUMMARY OF REVENUES ALL FUNDS 13 SUMMARY BY FUND GOVERNMENTAL FUNDS GENERAL FUNDS: GENERAL FUND 14 RISK MANAGEMENT SUB-FUND 25 COLORADO PRESCHOOL SUB-FUND 26 SPECIAL REVENUE FUNDS: NUTRITION SERVICES FUND 27 GOVERNMENTAL DESIGNATED PURPOSE GRANT FUNDS 28 STUDENT ATHLETIC AND ACTIVITY FUND 29 FEE SUPPORTED FUND 30 DEBT SERVICES FUNDS BOND REDEMPTION FUND 31 CAPITAL PROJECTS FUNDS BUILDING FUND 32 CAPITAL RESERVE FUND 33 CONTRACTS/PRODUCTS OVER $50, FIDUCIARY FUNDS SCHOOL ACTIVITY FUND 35

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5 AMENDED BUDGET INTRODUCTORY INTRODUCTORY SECTION BOARD OF EDUCATION 1 SUPERINTENDENT/CENTRAL OFFICE ADMINISTRATION 2 BUDGET AWARDS 3 FINANCIAL SERVICES LETTER 4 EXECUTIVE SUMMARY 5

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7 Board of Education Mr. Ryan McCoy School Board President Mr. Joe Davidek School Board Vice President Mr. Ken Ciancio School Board Secretary Mr. Max Math School Board Treasurer Mr. Larry Dean Valente School Board Director 1

8 Central Office Administration Dr. Pamela Swanson Superintendent CENTRAL OFFICE ADMINISTRATION Dr. James Duffy, Chief Operating Officer Dr. Oliver Grenham, Chief Education Officer Mr. Kirchers Leday, Chief of Staff Ms. Sandra Nees, Chief Financial Officer Mr. Steve Saunders, Chief Communications Officer 2

9 Budget Awards Meritorious Budget Award- New award picture? The Association of School Business Officials International (ASBO) presented the district the Meritorious Budget Award (MBA) for the fiscal year beginning July 1, The MBA program promotes and recognizes excellence in school budget presentation and enhances school business officials' skills in developing, analyzing, and presenting a school system budget. The district has submitted this budget document for award consideration. Distinguished Budget Presentation Award The Government Finance Officers Associations of the United States and Canada has presented the District with the GFOA s Distinguished Budget Presentation Award for its budget document. This award represents the commitment of the District and Staff to meeting the highest principles of governmental budgeting. In order to receive the budget award, the district has to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well an entity s budget serves as a policy document, a financial plan, an operations guide, and a communications device. 3

10 Superintendent s Budget Message January 23, 2018 Dr. Pamela Swanson and Board of Education Westminster Public Schools 7002 Raleigh Street Westminster, Colorado Transmittal of the Amended Budget for Fiscal Year The Finance Services staff is pleased to submit to you and the Board of Education the Amended Budget for the fiscal year July 1, 2017 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. 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, Brisa Montgomery Sandra Nees Chief Financial Officer Brisa Villalobos Director of Finance 4

11 Executive Summary Introduction This summary provides an overview of the Amended Budget for the fiscal year for Westminster Public Schools. 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 of each year. Information in this summary is based upon the Amended Budget to be approved by the Board of Education on January 23, 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 web page at Brief Overview of School Finance in Colorado Every homeowner and business owner in Colorado pays property taxes for schools, along with sales taxes for police, fire, and other local public services. The Colorado state government is responsible for funding other public services such as prisons and transportation in addition to determining the funding for schools. Each year, the budget crafted by the legislature and approved by the governor determines how much of the total state budget is allocated to education. Colorado public schools receive funding from a variety of sources. However, most revenues to Colorado's 178 school districts are provided through a set of formulas in the Public School Finance Act of 1994 (as amended). This legislation provides funding via state taxes, local specific ownership (vehicle registration) taxes, and local property taxes. The formulas determine how much money each district will receive per pupil. In November 2000, Colorado taxpayers approved Amendment 23 to the Colorado Constitution. This amendment guarantees increases in funding to public elementary and secondary schools at a rate of inflation plus 1 percent for a total of 10 years. The increase is guaranteed at the rate of inflation thereafter. The goal of this amendment is to restore public education funding back to 1988 levels. In addition to the base funding factor, the Act includes several other factors that are used to determine the District s total per pupil funding level before and after at-risk funding. To accommodate for a necessary reduction in state aid, a negative factor was added in the formula starting in This budget assumes the other factors will remain the same as the prior year. In the event that legislation changes any factors, the effect on total program revenue will be included in the amended budget as presented in January Financial Budgeting and Accounting Basis 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 presented later in this executive summary. In addition, the Board of Education adopts specific policies by which the District is governed. 5

12 Strategic Plan: VISION 2020 To help create a new identity that not only better reflects where the district is geographically, but makes a bold statement about the changes in the district over the last several years, in a unanimous vote the Adams County School Board of Education voted February 23 rd, 2016 to change the name of the school district to Westminster Public Schools. Since implementing a Competency Based System (CBS) in 2009, the District has shown sustained academic growth and has become a recognized leader in educational innovation. CBS requires students to show proficiency or mastery of a learning topic before moving to the next level. It does away with social promotion, which allows too many students to graduate from high school unprepared for the workforce or a college education. Westminster Public Schools has set a bold five-part vision to achieve in five years: 6

13 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 the 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 funding, which results in a 15.57% reduction in revenue compared to the unadjusted School Finance Act funding level. Total Program Funding Funded Pupil Count Formula Per-pupil Funding At-risk Funding Online & ASCENT Funding The assumptions that were calculated to complete the Adopted Budget for the 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 2, the official count day for the school year, the District s assessed valuation and specific ownership taxes, Read Act dollars, categorical funding were the main changes in this budget. The sum of state aid, property tax collections and specific ownership taxes collected during the fiscal year equal the total program funding. 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 $55,061,397 in state equalization payments during the fiscal year. Of this amount, $8,258,664 is allocated to the District s Capital Reserve Fund, Risk Management Sub Fund, Student Athletics and the Colorado Preschool Program Sub Fund. State equalization revenue is received in equal monthly installments on the 25th 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 Levy, and Property Tax Adams County Assessor must notify the District by August 25 of the initial district-wide assessed value with final certification to be completed by the Board of Education by December 15. 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. 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 the fiscal year has been certified to be 27 mills. 7

14 Property tax revenue for the District s fiscal year is 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. Keeping with the required guidelines of the Gallagher Amendment of 1982, HB will lower the Colorado Residential Assessment Rate from 7.96% to 7.2% for 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. 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 the special mill levy. For the 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 for Current School Year Category General Fund Mills School Finance Act Mill Levy Override Hold Harmless School Finance Act Bond Redemption Mills Total Mills Net Assessed Valuation $ 572,968,570 $ 573,590,860 $ 689,735,170 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 $1.7 million for the fiscal year

15 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 2017 are on target to come within the budget. Total revenues are expected to be $91,246,727 for the fiscal year Summary of General Fund Revenue Amended Budget Property Taxes $ 18,622,849 State Equalization (before the direct allocation to other funds) 55,061,397 Specific Ownership Taxes 1,798,000 Mill Levy Override Taxes 7,844,000 Other State Revenue 4,567,977 Other Local Revenue 3,293,817 Federal Sources 58,687 Total $ 91,246,727 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 $20,618,306 per the Comprehensive Audit Financial Report completed in November The District anticipates that the ending fund balance for the fiscal year will be $19,471,024. Fund Balance Totals $13,276,282 $17,049,677 $20,706,027 $20,618,306 $15,008,142 $19,471,024 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Adopted 2018 Amended

16 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 voterapproved 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 $2,737,402. In summary, the District took a conservative approach in revenue estimates and student enrollment projections for the Adopted Budget for the fiscal year The student enrollment did not come in where projected, so for the Amended Budget for the fiscal year reflects the District going on averaging with the state. 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. 10

17 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 the fiscal year is a major component of the resource allocation plan. 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. PERA As a result of legislation, the District contribution to PERA will increase from % to 20.15% on January 1, 2018, for each employee s qualifying compensation; employee contribution will remain at 8%. The District s contribution rate represents an increase of.5% for the 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, dental, optical 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 to health insurance, $35.86 per month per employee for dental insurance and $10.00 per month for vision insurance. 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. A per-pupil allocation is no longer required by the School Finance Act. However, the District recognizes the importance of these two allocations. Normally, the board approves an allocation of $383 per student to be allocated to the Capital Reserve Fund the Risk Management Sub Fund. The Capital Reserve receives $204 per student. The Risk Management will receive $180 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 the 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. 11

18 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. Due to all funds being depleted from the Building Fund, it is no longer active. 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 the fiscal year reflects the use of fund balance in the amount of $2,360,982. The Board of Education and Finance Department 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 2017 and any adjustments in expenditures that were needed. 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 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. 12

19 AMENDED BUDGET FINANCIAL SECTION FINANCIAL SUMMARY ALL FUNDS SUMMARY OF REVENUES ALL FUNDS 13 SUMMARY BY FUND GOVERNMENTAL FUNDS GENERAL FUNDS: GENERAL FUND 14 RISK MANAGEMENT SUB-FUND 25 COLORADO PRESCHOOL SUB-FUND 26 SPECIAL REVENUE FUNDS: NUTRITION SERVICES FUND 27 GOVERNMENTAL DESIGNATED PURPOSE GRANT FUNDS 28 STUDENT ATHLETIC AND ACTIVITY FUND 29 FEE SUPPORTED FUND 30 DEBT SERVICES FUNDS CAPITAL PROJECTS FUNDS FIDUCIARY FUNDS BOND REDEMPTION FUND 31 BUILDING FUND 32 CAPITAL RESERVE FUND 33 CONTRACTS/PRODUCTS OVER $50, SCHOOL ACTIVITY FUND 35

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21 Westminster Public Schools Summary of Revenues- All Funds Fiscal Years to Actual Actual Actual Adopted Amended Revenue Summary of All Funds General Fund $ 88,351,070 $ 87,719,393 $ 89,268,132 $ 89,021,380 $ 91,246, Risk Management Fund 617,825 (271,240) (271,240) 1,352,500 1,600, Colorado Preschool & Kindergarten Fund 4,396,093 4,444,608 4,444,608 3,745,928 3,745, Nutrition Services 5,823,242 5,893,538 5,893,538 5,903,282 6,048, Government Designated Purpose Grants Fund 10,202,009 9,745,914 9,745,914 10,529,305 10,529, Student Athletic & Activity Fund 699, , , , , Fee Supported Fund 91, , , Bond Redemption Fund 8,629,351 8,586,990 8,586,990 8,504,253 8,504, Building Fund 1, Capital Reserve 1,693,063 7,332,891 7,332,891 2,365,000 2,557, School Activity Fund 616, , , , ,839 Total $ 121,121,259 $ 124,965,735 $ 126,494,430 $ 122,836,806 $ 125,680,628 Actual Actual Actual Adopted Amended Expenditure Summary of All Funds General Fund 84,577,675 84,063,042 89,355,853 91,210,240 92,394, Risk Management Fund 254, ,818 1,618,958 1,383,498 1,718, Colorado Preschool & Kindergarten Fund 3,996,864 3,509,692 4,209,090 4,458,415 5,427, Nutrition Services 5,221,501 5,457,360 5,606,958 5,903,282 5,960, Government Designated Purpose Grants Fund 10,202,008 9,745,914 9,544,143 10,529,305 10,529, Student Athletic & Activity Fund 693, , , , , Fee Supported Fund 62,649 26, Bond Redemption Fund 8,379,544 8,360,619 8,329,049 8,452,469 8,452, Building Fund 992, , Capital Reserve 1,796,869 3,746,306 4,953,226 2,365,000 4,662, School Activity Fund 617, , , , ,154 Total $ 116,795,710 $ 117,873,871 $ 124,936,193 $ 125,686,363 $ 130,558, School Activity Fund 43 Capital Reserve 31 Bond Redemption Fund 23 Student Athletic & Activity Fund 22 Government Designated Purpose Grants Fund 21 Nutrition Services 19 Colorado Preschool & Kindergarten Fund 18 Risk Management Fund 10 General Fund 74 School Activity Fund 43 Capital Reserve 31 Bond Redemption Fund 23 Student Athletic & Activity Fund 22 Government Designated Purpose Grants Fund 21 Nutrition Services 19 Colorado Preschool & Kindergarten Fund 18 Risk Management Fund 10 General Fund Expenditure Graph Includes Transfers to Other Funds All Funds - Revenue Summary Per Student $81 $302 $1,004 $2,174 $1,243 $714 $189 All Funds - Expenditure Summary Per Student $7,903 $10,768 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $80 $550 $997 $2,114 $1,243 $703 $203 $7,236 $10,903 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 13

22 Westminster Public Schools 10- General Fund - Summary of Revenues, Expenditures & Fund Balance Fiscal Years to Actual Actual Actual Adopted Amended Sources of Revenues % Local Sources $ 26,331,976 $ 27,881,999 $ 28,835,924 $ 27,607,974 $ 31,558, % State Sources 61,964,880 59,776,868 60,369,473 61,354,719 59,629, % Federal Sources 54,215 60,526 62,735 58,687 58, % Other Sources Revenues Before Transfer Allocations 88,351,071 87,719,393 89,268,132 89,021,380 91,246, % Transfer Allocations & Expenditures 84,577,675 84,063,042 89,355,853 89,910,240 92,394, % Prior Year Obligations ,300, % Total Transfer Allocations & Expenditures 84,577,675 84,063,042 89,355,853 91,210,240 92,394,009 Total Excess Revenues Over (Under) 3,773,396 3,656,351 (87,721) (2,188,860) (1,147,282) Fund Balance Ending $ 17,049,677 $ 20,706,027 $ 20,618,306 $ 15,008,142 $ 19,471,024 General Fund - Revenue State Sources 65.35% Federal Sources 0.06% General Fund - Estimated Fund Balance Local Sources 34.59% Total Revenue per Student = $10,642 (before transfers) Amended Reserves & Fund Balance 2018 Nonspendable: Inventories $ 86,000 Restricted: TABOR 2,737,402 Committed: Performance Incentive 1,700,000 Assigned: Other Purposes 420,360 Purchases on Order - Contingency Reserve 4,562,336 Unassigned Fund Balance 9,964,926 Total $ 19,471,024 Inventories 0.10% Unassigned Fund Balance 11.07% % of Budgeted Revenues TABOR 3.04% Performance Incentive 1.89% Other Purposes 0.47% Contingency Reserve 5.07% 14

23 Westminster Public Schools 10- General Fund - Local, State & Federal Revenue Sources Fiscal Years to Actual Actual Actual Adopted Amended o Revenue Sources Local Sources 1110 Property Taxes $ 15,141,903 $ 16,146,148 $ 16,203,575 $ 15,784,414 $ 18,622, Prop Tax Mill Levy Over 7,897,386 7,828,293 7,865,902 7,844,000 7,844, Specific Ownership Taxes 1,756,209 1,905,083 1,998,667 1,798,000 1,798, So Tax Bond So Tax Mill Levy Override 857, , , , , Delinq Tax/Penalty/Intere 63,601 24,998 21, Abatements (119,267) (83,844) (24,403) (136,000) (136,000) 1310 Tuition From Individuals 14,935 24,201 5, Tuition From Other School Districts , Interest Earnings 9,963 84, , , , Fees - - 1, Oth Revenue/Local Sources 36, , , , Transcripts - 6,874 8,678 10,000 10, Building Rental 2, ,394 92,060 92, Other Local Revenue Sources 7,048 (12,732) 10, , , Sale Of Assets 7, ,500 5, Instructional Materials Fees 185, , , Charter School Revenue 111, Overhead Cost Revenue - 339, , , , Indirect Cost Revenue 328, , , , , Other Revenue - E Rate 30,516 24,947 42,721 24,000 1,133,257 Total Local Sources 26,331,976 27,881,999 28,835,924 27,607,974 31,558, State Sources 3000 State Grants Received From Cde 5,158,530 5,138,929 4,892,006 4,668,587 4,567, State Grants Received From Other Agencies - 55,747 17, Colorado Childcare Asst Program Revenue State Equalization 56,806,349 54,582,192 55,495,306 56,686,132 55,061, Hold Harmless Kindergarten , Catagorical Adjustment - - 6, Equalization Adjustment - - (157,731) - - SubTotal State Sources 61,964,879 59,776,868 60,369,473 61,354,719 59,629, Federal Sources Federal Revenue from the Federal Govt 54,215 60,526 62,735 58,687 58,687 Subtotal Federal Sources 54,215 60,526 62,735 58,687 58,687 Total Revenue Allocation Before Transfer Allocations $ 88,351,070 $ 87,719,393 $ 89,268,132 $ 89,021,380 $ 91,246,727 15

24 Westminster Public Schools 10- General Fund - Revenues by Source, Expenditures by Object & Fund Balance Fiscal Years to Actual Actual Actual Adopted Amended Projected Projected Projected Sources of Revenue Local Sources Taxes $ 25,597,501 $ 26,668,956 $ 26,922,237 $ 26,120,414 $ 28,958,849 $ 29,538,026 $ 30,128,786 $ 30,731, Tuition 14,935 24,201 22, Earnings on Investments 9,963 84, , , , , , , Pupil Activities - - 1, Other Revenue from Local Sources 709,576 1,104,028 1,664,894 1,335,060 2,447,317 1,447,317 1,447,317 1,447,317 Subtotal Local 26,331,975 27,882,000 28,835,924 27,607,974 31,558,666 31,140,893 31,734,764 32,340, State Sources State Sources 5,158,530 5,138,929 4,892,006 4,668,587 4,567,977 4,659,337 4,752,523 4,847, State Revenue from Other State Agencies - 55,747 17, State Share Equalization 56,806,349 54,582,192 55,611,160 56,686,132 55,061,397 55,362,625 56,069,877 57,191, Adjustments to Categorical Revenues - - 6, Equalization Adjustment - - (157,731) Subtotal State Sources 61,964,879 59,776,868 60,369,473 61,354,719 59,629,374 60,021,961 60,822,401 62,038, Federal Sources Federal Revenue from the Federal Govt 54,215 60,526 62,735 58,687 58,687 59,861 61,058 62,279 Subtotal Federal Sources 54,215 60,526 62,735 58,687 58,687 59,861 61,058 62,279 Total Revenue Allocation Before Transfer Allocations 88,351,069 87,719,394 89,268,132 89,021,380 91,246,727 91,222,715 92,618,223 94,441,641 Expenditures Salaries 48,677,625 49,792,581 51,389,534 54,779,720 54,844,993 55,941,893 57,060,731 58,201, Employee Benefits 14,567,097 15,730,944 16,645,367 15,646,124 16,121,172 16,443,595 16,772,467 17,107, Purchased Services 5,323,902 3,448,230 5,748,654 4,553,384 5,196,834 5,300,771 5,406,786 5,514, Purchased Property Services 648,570 1,266, , , , , ,895 1,008, Other Purchased Services 543, , , ,000 1,172,453 1,195,902 1,219,820 1,244, Supplies 3,366,687 3,756,198 4,102,221 3,848,757 4,005,484 4,085,594 4,167,306 4,250, Property 603,870 1,217,019 1,332, , , , , , Other Objects 44,561 42, , , , , , , Other Uses of Funds - 354, , , , , ,187 Total Expenditures 73,775,428 76,365,254 81,194,169 81,931,576 84,135,345 85,818,052 87,534,413 89,285, Other Sources/Transfer Allocations 5223 Transfer To Athl/Activity 625, , , , , , , , Transfer To Capital Reserve 1,662,418 2,603,179 1,783,572 1,757,052 1,757,052 1,792,193 1,828,037 1,864, Transfer To Insur Reserve 894,691-1,321,842 1,350,000 1,600,000 1,632,000 1,664,640 1,697, Transfer To Colorado Preschool Program 4,396,093 4,444,608 4,633,646 4,221,612 4,221,612 4,306,044 4,392,165 4,480, Transfer To Charter School 3,224, Transfer To Fee Supported - - (272,266) Transfer To General Fund , Total Transfer Allocations 10,802,246 7,697,787 8,161,682 7,978,664 8,258,664 8,423,837 8,592,314 8,764,160 Prior Year Obligations Total Transfer Allocations, Expenditures & Prior Year 1,300,000 Obligations 84,577,674 84,063,041 89,355,851 91,210,240 92,394,009 94,241,889 96,126,727 98,049,262 Net Change in Fund Balance 3,773,395 3,656,353 (87,719) (2,188,860) (1,147,282) (3,019,174) (3,508,504) (3,607,620) Beginning Fund Balance (Deficit) 13,276,282 17,049,677 20,706,027 17,197,002 20,618,306 19,471,024 16,451,850 12,943,346 Ending Fund Balance 17,049,677 20,706,027 20,618,306 15,008,142 19,471,024 16,451,850 12,943,346 9,335,726 Reserves Nonspendable: ,231,801 - Inventories 76,185 66,506 85,016 75,000 86,000 87,720 89,474 91,264 Restricted: - 510, ,585 16,721 36,802 37,538 38,289 39,055 TABOR 2,735,026 2,628,704 2,760,649 2,477,447 2,737,402 2,792,150 2,847,993 2,904,953 Committed: - 2,380, ,739 2,000 4,600 4,692 4,786 4,882 Performance Incentive - - 1,700,000-1,700, Assigned: - 2,380, ,739 2,000 4,600 4,692 4,786 4,882 Other Purposes 464, , , , , , , ,089 Purchases on Order 1,207, Contingency Reserve 4,388,597 4,335,295 4,451,069 4,129,079 4,562,336 4,653,583 4,746,655 4,841,588 Subsequent Year Expenditures 3,639,831 7,822,826 2,253, Total Expenditures with Reserves 95,882, ,584, ,078,556 98,322, ,946, ,251, ,527, ,381,973 Fund Balance Ending (Unassigned) $ 5,745,203 $ 5,456,732 $ 7,956,664 $ 7,916,271 $ 9,964,926 $ 8,489,630 $ 4,821,882 $ 1,051,832 General Fund - Revenues by Source, Expenditures by Object & Fund Balance Federal Revenue from the Federal Govt 0.07% Taxes 29.01% Earnings on Investments 0.17% State Share Equalization 62.96% State Sources 5.07% Other Revenue from Local Sources 2.72% 16

25 Westminster Public Schools 10- General Fund - Summary of Expenditures by Program Fiscal Years to Actual Actual Actual Adopted Amended Expenditures by Program Summary Instructional $ 41,754,899 $ 44,318,465 $ 43,737,995 $ 45,540,207 $ 46,064, Support Services 30,111,559 31,439,547 34,448,748 35,509,004 35,509, Non-Instructional Services 206, , ,077 1,206,324 1,206, Facilities Acquisition and Construction S 1,702,700-2,277, ,959 1,000, Other Uses - 376, , ,432 Total Expenditures by Program 73,775,428 76,365,254 81,194,169 82,599,494 84,135,345 Transfers 10,802,246 7,697,787 8,161,682 7,978,664 8,258,664 Total Expenditures $ 84,577,674 $ 84,063,041 $ 89,355,851 $ 90,578,158 $ 92,394,009 General Fund - Summary of Revenues for Fiscal Year Support Services 42.20% Non-Instructional Services 1.43% Facilities Acquisition Construction 1.19% & Instructional 54.75% Other Uses 0.42% General Fund - Summary of Expenditures by Program Per Student for Fiscal Year $6,000 $5,436 $5,000 $4,190 $4,000 $3,000 $2,000 $1,000 $142 $118 $42 $ Instructional Support Services Non-Instructional Services Facilities Acquisition and Construction Services Other Uses Per Pupil does not include transfer expenses to other funds 17

26 Westminster Public Schools 10- General Fund - Expenditures by Program & Object Fiscal Year Program Salaries Employee Benefits Purchase Services Supplies & Materials Capital Outlay Total % General Instruction 0010 General Elementary Educ $ 11,879,045 $ 3,082,020 $ 7,275 $ 558,720 $ 31,181 $ 15,558, % 0020 General Middle/Jr Educ 268,485 34,954 1, ,453 27, , % 0030 General High School Educ 656, ,641 3, ,471 16, , % 0040 General Preschool Educ 384, ,201-1, , % 0050 General Post Sec/K-12 Ed 21,000 3,500 78,300 (3,775) , % 0060 General Integrated Educ 26,000 13,200-5,300-44, % 0070 Gifted And Talented Educ ,000 3,450 6,900 21, % 0071 Intl Baccalaureate 5,000 1,463-4,000 45,000 55, % 0080 General Instruct Media ,170 1,500 81, % 0092 Other Instruction , , % 0100 Agriculture ,500-1, % 0200 Art 888, ,287-14,970-1,167, % 0300 Business ,500-2, % 0400 Distributive/Market Educ ,500-4, % 0510 Language Skills 1,493, ,007-38,634-2,005, % 0511 Literacy ,300-12, % 0543 Journalism ,000-5, % 0560 Dramatic Arts - - 6,000 6, , % 0569 Other Dramatic Arts - - 2,000 14,000-16, % 0590 Ell 2,109, ,518-8,777-2,719, % 0600 World Languages 390, ,840-5, , % 0620 Modern Foreign Languages 77,975 20, , % 0700 Health Occupations Educ - - 3,000 1,000-4, % 0790 Biomedical Sciences - - 7, , % 0800 Physical Education 1,732, ,127-13,210 1,200 2,221, % 0891 Reserve Officer Train Cor 102,163 29, , % 0900 Consuner/Family Education - - 1,000 9,275-10, % 0933 Food Services - - 2,500 12,000-14, % 1000 Industrial Arts/Tech Educ 952, ,780-7,475-1,250, % 1010 Construction ,000-3, % 1022 Graphic Arts - - 5, , % 1032 Engineering Drawing - - 4, , % 1060 Metals,Plastics,Woods - - 2, , % 1100 Mathematics 1,800, ,681-57, ,800 2,577, % 1200 Music 1,194, , ,147 50,000 1,664, % 1240 Vocal Music 205,809 62,220-12, , % 1251 Band, Concert - - 1,100 13,200 1,310 15, % 1254 Orchestra, Chamber - - 2,700 6,775 1,210 10, % 1300 Natural Science 1,947, ,420-13,705-2,553, % 1500 Social Sciences 1,782, ,403-21,592-2,292, % 1600 Tech Educ/Computer Tech 119,188 32,629 2,500 6,900 4, , % 1630 Computer Programming - - 1, , % 1690 Networking - - 2, , % 1700 Special Education 5,045,648 1,491,368 3, ,500 49,765 6,847, % 1710 Physical Disability 250,628 64, , % 1770 Speech/Lang Disability 936, , ,220, % 1941 Yearbook % 1980 National Honor Society % Total Instruction 34,270,659 9,560, ,050 1,468, ,356 46,060, % 18

27 Westminster Public Schools 10- General Fund - Expenditures by Program & Object Fiscal Year Program Salaries Employee Benefits Purchase Services Supplies & Materials Capital Outlay Total % Indirect Instruction 2001 Student Council ,500-4, % 2100 Support Services-Students 4,000 1,000 4,000 27,785-36, % 2110 Social Work 333,113 88, , % 2113 Social Work Services 1, , % 2120 Guidance Services 1,359, ,586-4,250-1,744, % 2130 Health Services % 2150 Audiology Services % 2190 Other Support Svc-Student % 2200 Support Svc-Instructional 2,001, , , ,650 95,490 3,337, % 2210 Improvement Instruction 13,924 6, , % 2212 Instruct/Curric/Dev Svc 91,461 22,186 18,000 20, , % 2213 Instructional Staff Train 163,295 33,124 10,200 31, , % 2214 Academic Student Assessmt 150,307 36, ,650 16,000 3, , % 2220 Media Support Services 245,320 74, , % 2221 Supv/Educational Media 450, , , % 2232 Supv/Vocational Educ Pgm 98,063 24, , % 2233 Supv/Adult Education Pgm % 2400 School Admin Support Serv 5,558,152 1,598,702 1, ,995 4,320 7,287, % Total Indirect Instruction 11,125,615 3,158,573 1,535, , ,946 16,324, % Other Programs 2310 District Governance Svc ,000 15,600 4,650 57, % 2314 Election Services , , % 2315 Legal Services , , % 2316 Tax Assessment/Collection , , % 2317 Audit Services , , % 2318 Staff Rel/Negotiations 58,879 16, , % 2320 Executive Administration 397, , , % 2321 Office Of Superindendent ,755 17,000 41, % 2322 Community Relations Svc % 2510 Business/Fiscal Svc 517, , ,500 27,266 7, , % 2530 Warehousing/Distributing 356, ,139 22,000 15,200 56, , % 2600 Aux Services % 2622 Telecommunications % 2625 Maintenance % 2630 Aux Serv - Ground 405, ,393 52,500 40,875 4, , % 2640 Aux Serv - Utilites 1,114, ,538 11, , ,466 1,824, % 2642 Maintenance - Ceiling Tile ,600-1, % 2643 Maintenance - Glass Repair % 2644 Paint % 2660 Security Services 262,913 85,613 3, , % 2700 Student Transportation % 2710 Supervision/Student Trans 280,198 65,650 30,000 17,165 12, , % 2740 Vehicle Servicing/Maint 232,088 59, ,502 1, , % 2800 Support Services-Central % 2820 Communications Services 343,106 94,272 70,000 28,575 3, , % 2830 Staff Services 686, ,099 28,810 25,490 10, , % 2832 Recruitment/Placement Svc ,115 33,650-87, % 2840 Information Systems Svc 680, ,064 1,041,322 15,180 14,000 1,932, % 2850 Risk Management Services , , % 2890 Other Support Svc-Central ,500 68, , , % 3301 Community Foundation ,866 1,600-41, % 3304 Senior Tax Workoff % 3310 Day Care Suppl/Dist Funds , , % 4500 Bldg Acquisition/Constru % 4600 Building Improvement Svc - - 1,000, ,000, % 5100 Debt Services , , % Total Other Programs 9,948,719 2,902,054 3,362,063 4,279,913 1,257,612 21,750, % Total Expenditures $ 55,344,993 $ 15,621,172 $ 5,196,834 $ 6,128,432 $ 1,843,914 $ 84,135, % 19

28 Westminster Public Schools 10- General Fund - Expenditures by Object Fiscal Years to Actual Actual Actual Adopted Amended Expenditures by Object Salaries $ 48,677,625 $ 49,792,581 $ 51,389,534 $ 54,779,720 $ 54,844, Employee Benefits 14,567,097 15,730,944 16,645,367 15,646,124 16,121, Purchased Services 5,323,902 3,448,230 5,748,654 4,553,384 5,196, Purchased Property Services 648,570 1,266, , , , Other Purchased Services 543, , , ,000 1,172, Supplies 3,366,687 3,756,198 4,102,221 3,848,757 4,005, Property 603,870 1,217,019 1,332, , , Other Objects 44,561 42, , , , Other Uses of Funds - 354, , ,432 Total Expenditures by Object 73,775,428 76,365,254 81,194,169 81,931,576 84,135,345 Transfers 10,802,246 7,697,787 8,161,682 7,978,664 8,258,664 Total Expenditures $ 84,577,674 $ 84,063,041 $ 89,355,851 $ 89,910,240 $ 92,394,009 General Fund - Expenditures by Object for Fiscal Year Employee Benefits 19.16% Purchased Services 6.18% Purchased Property Services 1.13% Other Purchased Services 1.39% Supplies 4.76% Property 0.78% Other Objects 0.99% Salaries 65.19% Other Uses of Funds 0.42% Total Salaries & Benefits % 20

29 Westminster Public Schools Summary of Job Classifications by Object Fiscal Years to Actual Actual Actual Adopted Amended Projected Projected Projected Salaries Administrators $ 4,676,641 $ 4,907,041 $ 5,404,585 $ 5,366,480 $ 5,366,480 $ 5,473,810 $ 5,583,286 $ 5,694,952 Certified 30,997,396 31,519,830 31,340,198 34,814,436 34,879,709 35,577,303 36,288,849 37,014,626 Professional/Technical 990,317 1,085,493 1,359,016 1,379,487 1,379,487 1,407,077 1,435,218 1,463,923 Paraprofessionals 3,448,852 3,394,048 4,854,522 4,242,916 4,242,916 4,327,774 4,414,330 4,502,616 Office Support 3,383,790 3,597,695 3,281,718 3,281,019 3,281,019 3,346,639 3,413,572 3,481,844 Crafts, Trade Services 5,180,629 5,288,474 5,149,495 5,695,382 5,695,382 5,809,290 5,925,475 6,043,985 Total Salaries 48,677,625 49,792,581 51,389,534 54,779,720 54,844,993 55,941,893 57,060,731 58,201,945 Benefits PERA & Medicare 9,646,315 10,709,737 11,521,687 10,417,879 10,786,228 11,001,953 11,221,992 11,446,431 Insurance & Other Benefits 4,920,782 5,021,207 5,123,680 5,228,245 5,334,944 5,441,643 5,550,476 5,661,485 Total Benefits 14,567,097 15,730,944 16,645,367 15,646,124 16,121,172 16,443,595 16,772,467 17,107,917 Operating Budgets 10,530,706 10,841,729 13,159,268 11,505,732 13,169,180 13,432,564 13,701,215 13,975,239 Total Expenditures $ 73,775,428 $ 76,365,254 $ 81,194,169 $ 81,931,576 $ 84,135,345 $ 85,818,052 $ 87,534,413 $ 89,285,101 Comparison of Salary, Benefits & Operating Budgets of Total Expenditures Operating Budgets 16% Total Benefits 19% Total Salaries 65% Total Salaries & Benefits % PERA & Medicare 13% Insurance & Other Benefits 6% Crafts, Trade Services 7% Office Support 4% Paraprofessionals 5% Professional/Technical 2% Certified 41% Operating Budgets 16% Administrators 6% 21

30 Westminster Public Schools 10- General Fund - Expenditures by School/Department Fiscal Year School/Department Category Salaries Employee Benefits Purchase Services Supplies & Materials 100 Elem - Distwide Elementary Schools $ 28,379 $ 9,759 $ - $ 140, Early Childhood Center 578, ,850-16, Fairview Elementary 1,588, ,175-89, Flynn Elementary 1,320, , , Fm Day Elementary 1,790, , , Harris Park Elementary 1,522, ,702 1,006, , Hodgkins Elementary 3,133, ,312 4, , Mesa Elementary 1,650, , , Metz Elementary 1,617, , , Sherrelwood Elementary 1,432, , , Skyline Vista Elementary 1,926, , , Sunset Ridge Elementary 1,855, , , Tennyson Knolls Elementary 1,660, , , Orchards Court Middle School - Distwide Middle Schools 7,500 1, , Ranum Middle School 3,447, ,114 2, , Scott Carpenter Middle School 2,890, ,212 1, , Shaw Heights Middle School 2,930, ,795 1, , High School - Distwide Senior High Schools , Westminster High School 9,448,563 2,725,162 42, , Westminster Virtual School On-Line Activity 227,759 63,129-4, Hidden Lake Alternative High Combination Schools 1,499, , , Gifted/Talented 4,000-11,000 8, Isc 526, ,996 1,000 44, Summer School 26,000 13,200-6, Colorado Stem Academy 1,888, , , Westminster Academy For Intern 1,331, ,062 1,800 87, Admin Building Centralized Services , Board Of Education 58,879 16, ,366 17, Superintendent 398, , , Community Relations 343,106 94,272 70,000 28, Learning Services 2,110, , , , Special Education 599, , , , Human Resources 1,927, ,788 82,925 59, Financial Services 517, , ,500 27, Operations Office 458, ,462 39,500 8, Operation & Maintenance Service Centers 1,965, ,222 64, , Purchasing & Warehouse 505, ,799 27, , It Network Enterprise Services 680, ,064-11, Transportation 1,445, ,540 30, , Districtwide District-Wide Costs - - 1,519, , Location Other Operational Units ,000 Total Expenditures $ 55,344,993 $ 15,621,172 $ 5,196,834 $ 6,128,432 22