Fund Descriptions. 1. General Fund (1xx) Accounts for revenue and expenses associated with the general operations of the District.

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2 Fund Descriptions 1. General Fund (1xx) Accounts for revenue and expenses associated with the general operations of the District. 2. Debt Retirement Funds (3xx) Accounts for revenue and expenses associated with the District s debt obligations. 3. Capital Projects Funds (414, 416) Accounts for the bond proceeds and expenses associated with the District s bond projects. 4. Capital Maintenance Fund (499) Accounts for the expenses associated with the District s capital maintenance projects. 5. Sinking Fund (498) Accounts for the revenue and expenses associated with the District s sinking fund millage. 6. Food Service Fund (520) Accounts for revenue and expenses associated with the District s food service program. 7. TCC Grant Fund (529) Accounts for the revenue and expenses associated with the District s operations of the Troy Career Center 8. Community Service Fund (530) Accounts for revenue and expenses associated with the District s fee for service programs including PAL, CARE and TOTS. 9. Early Childhood Center Fund (531) Accounts for the revenue and expenses associated with the construction and operation of the Early Childhood Center. 10. Facility Rental Fund (535) Accounts for the revenue and expenses associated with the District s rental of various facilities including the salaries and benefits of the theater manager. 2

3 2017 & 2018 Taxable Values Homestead & Non-Homestead 4,000,000,000 3,500,000,000 3,000,000,000 2,500,000,000 2,000,000,000 1,500,000,000 1,000,000, ,000, ,555,384,000 1,189,872,940 3,745,256,940 2,645,603,110 1,258,014, ,903,617, % Increase Homestead Non-Homestead Total Taxable Value 3

4 Five Year Homestead Millage Comparison Actual 2014/2015 Actual 2015/2016 Actual 2016/2017 Actual 2017/2018 Proposed 2018/2019 S.E.T. Hold Harmless Debt Sinking Fund 4

5 Five Year Non-Homestead Millage Comparison Actual 2014/ Actual 2015/ Actual 2016/ Actual 2017/ Proposed 2018/19 S.E.T. Statewide Debt Sinking Fund 5

6 Five Year Millage Comparison Actual 2014/15 Actual 2015/16 Actual 2016/17 Actual 2017/18 Proposed 2018/19 Homestead Non-Homestead 6

7 General Fund Assumptions Foundation Allowance: increase of $120 per pupil = +$1,578,000 Enrollment assumption: 13,150 (increase of 69 students) = +$634,455 Salary increases overall 1.9% Benefit Increases Health Insurance: 3.4% increase in PA 152 hard cap rate Retirement Increase: Increase in the effective rate of 0.62% (25.56% to 26.18%). MPSERS UAAL Rate increase from 11.32% to 12.18% FICA increase to reflect increase of salaries Purchase Service increase of 1% Capital Outlay, Other, and Outgoing Transfers are being rolled over from current budget 7

8 Foundation Allowance / 20J History $9, $9, $9, $9,195 $9, $9,015 $9,075 $8, $8, $8, $8,835 $8,885 $8,955 $8, * * 8

9 Enrollment History 13,200 13,100 13,000 12,900 12,800 12,700 12,600 12,500 12,400 12,300 12,200 13,150 13,081 12,878 12,717 12,619 12,

10 Troy School District Summary of General Fund Revenue Audited Final Budget Amendment Recommended Budget 6/30/2017 6/30/2018 6/30/2019 Projected Revenue $146,227,425 $152,509,991 $153,311,012 Projected Expenditures $143,554,319 $151,649,391 $154,129,663 Revenue (Under) Expenditures $2,673,106 $860,600 ($818,651) Beginning Fund Equity July 1st $21,532,285 $24,205,391 $25,065,991 Ending Fund Equity June 30th $24,205,391 $25,065,991 $24,247,340 Fund Equity as a % of Expenditures 16.86% 16.53% 15.73% 10

11 Revenue, Expense and Fund Balance History $180,000, $160,000, $140,000, $120,000, $133,229,201 $132,538,980 $137,267,824 $136,589,446 $140,248,064 $141,078,712 $143,554,319 $146,227,425 $151,649,391 $154,129,663 $152,509,991 $153,311,012 $100,000, $80,000, $60,000, $40,000, $20,000, $21,380,014 $20,701,636 $21,532,285 $24,205,391 $25,065,991 $24,247,340 $ (Projected) (Projected) Revenue Expense Fund Balance 11

12 General Fund Revenue by Source Audited Final Budget Amendment Recommended Budget Revenue 6/30/2017 6/30/2018 6/30/2019 1XX Local $37,552,874 $38,566,567 $38,903,147 3XX State $97,064,533 $101,928,246 $102,660,687 4XX Federal $3,281,078 $3,993,668 $3,993,668 5XX- Incoming Transfer & Other Transactions $8,328,940 $8,021,510 $7,753,510 Total Revenues and Other Transactions $146,227,425 $152,509,991 $153,311,012 12

13 Final Amendment GF Revenue by Source $38,566,567 Local 25% $101,928,246 State 67% $8,021,510 Incoming Transfer & Other Transactions 5% $3,993,668 Federal 3% Original Budget GF Revenue by Source $102,660,687 State 67% $39,370,347 Local 26% $7,753,510 Incoming Transfer & Other Transactions 5% $3,993,668 Federal 2% 13

14 Troy School District Summary of General Fund Expenditures by Object Audited Final Budget Amendment Recommended Budget Expense by Object 6/30/2017 6/30/2018 6/30/2019 1xxx Salaries $ 72,598,462 $ 74,018,262 $ 75,423,552 2xxx Benefits $ 45,172,009 $ 48,692,388 $ 49,570,014 3xxx-4xxx Purchased Services $ 17,726,877 $ 19,466,855 $ 19,664,211 5xxx Supplies $ 5,213,446 $ 6,767,038 $ 6,767,038 6xxx Capital Outlay $ 619,824 $ 544,556 $ 544,556 7xxx Other $ 228,350 $ 224,981 $ 224,981 8xxx-9xxx Outgoing Transfers and Other $ 1,995,350 $ 1,935,311 $ 1,935,311 Total Expenditures $ 143,554,318 $ 151,649,391 $ 154,129,663 14

15 $19,664,211 Purchased Services 13% GF Expense by Object $544,556 Capital Outlay 0% $6,767,038 Supplies 5% $224,981 Other 0% $1,935,311 Outgoing Transfers and Other 1% Salaries Benefits Purchased Services $49,570,014 Benefits 32% $75,423,552 Salaries 49% Supplies Capital Outlay Other Outgoing Transfers and Other 15

16 TROY SCHOOL DISTRICT DEBT SERVICE FUNDS THROUGH REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Recommended Recommended Actual Budget Budget REVENUES: Local Sources Property Taxes $ 17,167,544 $ 17,550,220 $ 16,000,000 Total Revenues 17,167,544 17,550,220 16,000,000 EXPENDITURES: Principal 11,310,000 13,105,000 10,565,000 Interest 4,429,746 5,663,792 4,833,408 Other bond expenditures - 2,000 2,000 Property Tax Adjustments 5,805 8,000 8,000 Total Expenditures 15,745,551 18,778,792 15,408,408 OTHER FINANCING SOURCES (USES): Transfers In 21, Transfers Out (21,770) - - Total Other Financing Sources (Uses) Net Change in Fund Balance 1,421,993 (1,228,572) 591,592 Fund Balance - Beginning of Year 1,221,661 2,643,654 1,415, Fund Balance - End of Year $ 2,643,654 $ 1,415,082 $ 2,006,674

17 Debt Service Funds Revenues $16,000, % Property Tax Levy Debt Service Funds Expenditures Principal Interest Other Expenses Property Tax Adjustments $10,565,000 69% $4,833,408 31% $2,000 0% $8,000 0% 17

18 TROY SCHOOL DISTRICT CAPITAL PROJECTS FUND THROUGH REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Amended Recommended Actual Budget Budget REVENUES: Local Sources $ 226,639 $ 90,000 $ 50,000 Total Revenues 226,639 90,000 50,000 EXPENDITURES: Capital Outlay: Building Improvements 9,919,089 15,000,000 4,765,253 Site Improvements 2,077,127 2,000, ,367 Equipment 1,295,988 10,201,216 3,240,758 School Buses 885,322 1,614,678 - Bond Expenditures 139, , ,093 Total Expenditures 14,316,776 29,315,894 8,791,471 OTHER FINANCING SOURCES (USES): Proceeds from Sale of Bonds 40,000, Total Other Financing Sources (Uses) 40,000, Net Change in Fund Balance 25,909,863 (29,225,894) (8,741,471) Fund Balance - Beginning of Year 12,116,251 38,026,114 8,800,220 Fund Balance - End of Year $ 38,026,114 $ 8,800,220 $ 58,749 18

19 Capital Project Fund Revenue $50, % Local Capital Project Fund Expenditures Building Improvements 0% 2% Site Improvements Equipment School Buses Bond Expenditures $3,240,758 37% $4,765,253 54% $635,367 7% 19

20 TROY SCHOOL DISTRICT CAPITAL MAINTENANCE FUND THROUGH REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Recommended Recommended Actual Budget Budget REVENUES: Local Sources $ - $ - $ - Total Revenues EXPENDITURES: Purchased Services - 850,000 - Capital Outlay - Building Improvements 1,347, , ,000 Total Expenditures 1,347,881 1,645, ,000 OTHER FINANCING SOURCES (USES): Transfers In 728,000 71, ,000 Tranfers Out - (4,700,000) - Sale of Land 225,000 4,105,000 - Total Other Financing Sources (Uses) 953,000 (524,000) 500,000 Net Change in Fund Balance (394,881) (2,169,557) 50,000 Fund Balance - Beginning of Year 2,569,438 2,174,557 5,000 Fund Balance - End of Year $ 2,174,557 $ 5,000 $ 55,000 20

21 Capital Maintenance Fund Revenue $500,000 Transfer In Capital Maintenance Fund Expenditures Building Improvements $450,000 21

22 TROY SCHOOL DISTRICT SINKING FUND REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Recommended Budget REVENUES: Local Sources $ 3,900,000 Total Revenues 3,900,000 EXPENDITURES: Capital Outlay 3,900,000 Total Expenditures 3,900,000 Net Change in Fund Balance - Fund Balance - Beginning of Year - Fund Balance - End of Year $ - 22

23 Sinking Fund Revenue $3,900,000 Property Taxes Sinking Fund Expenditures Capital Outlay $3,900,000 23

24 TROY SCHOOL DISTRICT ADULT EDUCATION AND COMMUNITY SERVICE FUND THROUGH REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Amended Recommended Actual Budget Budget REVENUES: Local Sources $ 3,482,455 $ 3,869,000 $ 3,870,500 Total Revenues 3,482,455 3,869,000 3,870,500 EXPENDITURES: Salaries 844,372 1,260,087 1,139,953 Employee Benefits 407, , ,000 Purchased Services 1,211,285 1,275,149 1,285,149 Repairs & Rentals 8,079 10,000 10,000 Supplies and Materials 92, , ,329 Capital Outlay 1,887 2,000 2,000 Other 3,520 4,582 4,582 Total Expenditures 2,568,767 3,313,585 3,164,013 OTHER FINANCING SOURCES (USES): Transfers Out (728,000) (720,000) - Total Other Financing Sources (Uses) (728,000) (720,000) - Net Change in Fund Balance 185,688 (164,585) 706,487 Fund Balance - Beginning of Year 155, , ,630 Fund Balance - End of Year $ 341,215 $ 176,630 $ 883,117 24

25 Adult Education and Community Service Fund Revenue $3,870, % Local Community Education Fund Expenditures Salaries Benefits Purchased Services Repairs & Rentals Supplies/Materials Capital Outlay Other $4,582 0% $2,000 0% $173,329 6% $10,000 0% $1,139,953 36% 0% $1,285,149 41% $549,000 17% 25

26 TROY SCHOOL DISTRICT FOOD SERVICE FUND THROUGH REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Recommended Recommended Actual Budget Budget REVENUES: Local Sources $ 2,392,931 $ 2,500,211 $ 2,467,144 State Sources 179, , ,728 Federal Sources 1,023, , ,993 Total Revenues 3,595,233 3,621,983 3,447,865 EXPENDITURES: Purchased Services 1,758,744 1,745,000 1,605,540 Repairs & Rentals 124, , ,016 Supplies and Materials 1,381,780 1,394,036 1,282,625 Capital Outlay 721, , ,502 Other 45,379 45,000 41,403 Total Expenditures 4,032,548 3,653,036 3,361,086 OTHER FINANCING SOURCES (USES): Transfers Out (21,973) (35,000) (35,000) Total Other Financing Sources (Uses) (21,973) (35,000) (35,000) Net Change in Fund Balance (459,288) (66,053) 51,779 Fund Balance - Beginning of Year 1,610,824 1,151,536 1,085,483 Fund Balance - End of Year $ 1,151,536 $ 1,085,483 $ 1,137,262 26

27 Food Service Fund Revenue $122,728 4% Local State Federal $2,467,144 71% $857,993 25% Food Service Fund Expenditures $184,016 6% $1,282,625 38% $1,605,540 47% $247,502 7% $41,403 1% $35,000 1% Purchased Services Repairs & Rentals Supplies/Materials Capital Outlay Other Outgoing Transfers 27

28 TROY SCHOOL DISTRICT TROY CAREER CENTER FUND THROUGH REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Amended Recommended Actual Budget Budget REVENUES: State Sources 47,698 54,279 54,279 Federal Sources 1,530,251 2,466,544 2,466,544 Total Revenues 1,577,949 2,520,823 2,520,823 EXPENDITURES: Salaries 745, , ,878 Employee Benefits 445, , ,855 Purchased Services 163, , ,231 Repairs & Rentals 109, , ,297 Supplies and Materials 15,154 9,000 9,000 Capital Outlay 37,440 54,500 54,500 Other 31,537 69,300 69,300 Total Expenditures 1,547,313 2,477,061 2,477,061 OTHER FINANCING SOURCES (USES): Transfers Out (30,636) (43,762) (43,762) Sale of Fixed Assets - - Total Other Financing Sources (Uses) (30,636) (43,762) (43,762) Net Change in Fund Balance Fund Balance - Beginning of Year Fund Balance - End of Year $ - $ - $ - 28

29 Troy Career Center Revenue $54,279 2% Federal State $2,466,544 98% Troy Career Center Expenditures Salaries Employee Benefits Purchased Services Repairs & Rentals Supplies & Materials Capital Outlay Other Outgoing Transfers $9,000 0% $183,297 7% $796,231 32% $54,500 2% $69,300 3% $883,878 35% $480,855 19% $(43,762) -2% 29

30 TROY SCHOOL DISTRICT EARLY CHILDHOOD LEARNING CENTER THROUGH REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Amended Recommended Budget Budget REVENUES: Local Sources $ 10,000 $ 25,000 Total Revenues 10,000 25,000 EXPENDITURES: Salaries - 100,000 Employee Benefits - 40,000 Building and Additions 2,245,031 19,000,000 Other 200, ,000 Total Expenditures 2,445,031 19,240,000 OTHER FINANCING SOURCES (USES): Debt service payments - (218,690) Loan proceeds 7,125,000 - Sale of Land 4,225,000 6,358,000 Transfers In 5,349,000 - Total Other Financing Sources (Uses) 16,699,000 6,139,310 Net Change i n Fund Bal ance 14,263,969 (13,075,690) Fund Balance - Beginning of Year - 14,263,969 Fund Bal ance - End of Year $ 14,263,969 $ 1,188,279 30

31 Early Childhood Center Revenue $25,000 0% Local Loan Proceeds Sale of Land Transfer In 0% Early Childhood Center Expenditures Salaries $19,000,000 98% Employee Benefits $40,000 0% Purchased Services Building and Additions $100,000 0% $218,690 1% $100,000 1% 31

32 TROY SCHOOL DISTRICT FACILITY RENTALS - SPECIAL REVENUE FUND THROUGH REVENUES BY SOURCE AND EXPENDITURES BY OBJECT Amended Recommended Actual Budget Budget REVENUES: Local Sources $ 153,198 $ 110,000 $ 110,000 Total Revenues 153, , ,000 EXPENDITURES: Salaries ,000 Benefits ,000 Purchased Services 982 1,150 1,100 Supplies and Materials ,000 Capital Outlay Other Total Expenditures 982 1, ,100 OTHER FINANCING SOURCES (USES): Transfers Out - - (500,000) Total Other Financing Uses - - (500,000) Net Change in Fund Balance 152, ,200 (536,100) Fund Balance - Beginning of Year 597, , ,932 Fund Balance - End of Year $ 749,732 $ 857,932 $ 321,832 32

33 Facility Rentals Fund Revenues $110, % Local Sources Facility Rentals Fund Expenditures Salaries Benefits Purchased Services Supplies & Materials Capital Outlay Other Transfer Out $500,000 $100,000 $40,000 $1,100 $1,000 33

34 Questions 34