Proposed Budget. Recommended for Adoption August 11, Honoring the past, celebrating the present, preparing for the future

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1 Proposed Budget Recommended for Adoption August 11, 2015

2 Budget Calendar June 30 State budget adopted July 28 Study Session: Proposed Budget August 11 Final Budget Hearing/Adoption (Public meetings, Board input, advertise final hearing twice in prior two weeks, proposed budget available to public) By law, the budget must be adopted by August 31 annually.

3 Proposed Budget Summary GENERAL FUND CAPITAL PROJECTS FUND DEBT SERVICE FUND ASB FUND TRANSPORTATION VEHICLE FUND Beginning Fund Balance: $21,164,787 $17,694,533 $4,492,409 $1,221,080 $1,152,098 Add: Revenues 194,630,836 20,412,822 12,193,950 4,453, ,600 Add: Transfers In 2,800,000 1,400,000 Total Resources Available 215,795,623 40,907,355 16,686,359 5,674,339 3,188,698 Less: Expenditures* (195,630,836) (31,920,000) (13,795,174) (4,252,978) (1,884,000) Less: Transfers Out (4,200,000) Ending Fund Balance $15,964,787 $8,987,355 $2,891,185 $1,421,361 $1,304,698 *The August 11 resolution will be to adopt appropriations (expenditures only) for each fund above

4 General Fund Revenue Budgeted Increase: $17.1 million General apportionment Non-salary increases, 3% cost of living, benefit increases, expanded all day kindergarten $11.7 million Learning Assistance Program $.4 million Transitional bilingual $.3 million Special education $ 2.2 million Other (CTE, ALE, 2.0 % enrollment growth) $.9 million Levy $.9 million Levy Equalization $.7 million Total $17.1 million

5 General Fund Revenue by Source FY BUDGET % 9.45% % % FY BUDGET % % % % % % % % LOCAL $ 2000 $ 22,508,239 APPORTIONMENT ,065,333 STATE GRANTS ,659,027 FEDERAL GRANTS ,777,065 OTHER SCHOOL DIST ,000 OTHER SOURCES ,500 LOCAL $ 2000 $ 23,793,708 APPORTIONMENT ,983,766 STATE GRANTS ,451,815 FEDERAL GRANTS ,896,047 OTHER SCHOOL DIST ,000 OTHER SOURCES ,500 $ 177,485,164 $ 194,630,836

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7 General Fund Expenditures Budgeted Increase: $17.6 million Salaries/benefits $13.6 million Two new schools, all-day kindergarten expansion Band and orchestra teachers to serve 6 th grade at elementary, additional specialist time for elementary planning time General enrollment growth Includes 3% cost of living Includes increased benefits Includes increases for education and experience Special education program $ 2.2 million LAP & Bilingual programs $.8 million Transportation (additional drivers) $.4 million CTE $.2 million Running Start $.1 million Others (net) $.3 million Total $17.6 million

8 General Fund Expenditures by Object FY BUDGET FY BUDGET % % % % % % % % % % % % % % CERTIFICATED SALARIES 2 $ 77,534,055 CLASSIFIED SALARIES 3 27,093,878 BENEFITS 4 39,836,412 SUPPLIES & MATERIALS 5 16,664,365 CONTRACTUAL 7 14,994,144 TRAVEL 8 1,138,460 CAPITAL OUTLAY 9 719,896 CERTIFICATED SALARIES 2 $ 88,002,056 CLASSIFIED SALARIES 3 29,921,606 BENEFITS 4 44,875,641 SUPPLIES & MATERIALS 5 16,249,679 CONTRACTUAL 7 14,751,728 TRAVEL 8 1,091,730 CAPITAL OUTLAY 9 738,396 Honoring the past, celebrating $ the 177,981,210 present, preparing for the future $ 195,630,836

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10 General Fund Total Change in Fund Balance Principle: Align on-going expenditures with available revenue Available revenue $194,630,836 On-going expenditures ( 195,630,836) Use of fund balance: On-going operations ( 1,000,000) Use of fund balance: One-time transfers out ( 4,200,000) Total change in fund balance ( $5,200,000) Beginning fund balance 9/1/2015 $ 21,164,787 Ending fund balance 8/31/ ,964,787 Total change in fund balance ($ 5,200,000)

11 Managing Fund Balance Ending Undesignated Fund Balance of 5.0% of Revenue $9,731,542 Nonspendable - Inventory 124,680 Proposed Assignments of Fund Balance: New School Startup 700,000 Legal/Audit Expense 260,000 FY Student Housing 1,037,565 Computer Replacement 1,161,000 Bus Replacement 1,850,000 Future Instructional Materials Adoption 1,100,000 Total Budgeted Ending Fund Balance as of 8/31/16 $15,964,787

12 Other Funds Summary Capital Projects Fund (long-lived, capital improvements) $32 million in expenditures Bond projects: finish two elementaries, begin Stevens and PHS projects Others: finish Delta, portables and Pre-K (anticipated state dollars) $1.6 million transfer in from General Fund for PSD portion of Delta $1.2 million transfer in from General Fund for portion of portables project Debt Service Fund (redemption of outstanding bonds) $13.8 million in debt service paid by $12.2 million in property tax collections and $1.6m planned reduction of fund balance Associated Student Body Fund (students interests) $200,281 increase in fund balance Transportation Vehicle Fund (transportation equipment) Expenditures of $1.884 million for 4 growth buses, 8 replacement, 5 ECEAP and contingency Paid by $484,000 in state allocation and $1.4 million transfer in from General Fund

13 Budget Summary: Partly Cloudy State funding increased but No corresponding decrease in pressure on levy revenue and levy equalization General Fund expenditures are overwhelmingly for salary and benefits and growing many of these are not covered by state funding Revamped levy equalization formula yields less revenue than old formula Conservative revenue forecasting (2% growth) yes Available revenues cover on-going expenditures no Achieve reserve of 5% of General Fund revenue yes Fund balance management (and restrictions on use) Segregates unavailable resources Balances one-time needs to judicious use of fund balance Honoring Uses the fund past, balance celebrating assignments the present, preparing to position for the district future for the road ahead

14 1. Open public hearing 2. Further Board discussion Motion: I move to approve Resolution No. 905, which establishes maximum expenditure limits in each of the Pasco School District s five funds for school year