BUDGET UPDATE #2 Fiscal Year 2017-2018 Budgets.

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Presentation transcript:

BUDGET UPDATE #2 Fiscal Year 2017-2018 Budgets

Types of Funds Governmental Funds Proprietary Funds Funds and resources organized to meet the basic needs of the entity. General Fund Debt Service Fund Capital Projects Fund Special Revenue Funds Tax Supported Funds and resources accumulated by activities organized like a business. Child Nutrition Little Chief’s Academy Lighthouse for Learning Supported by user charges

Governmental Funds General Fund – Required adoption of budget Special Revenue Funds Federal SRFs Title I, IDEA, Title II, Title III, Title IV State SRFs Prekindergarten grant Local SRFs Campus Activity funds Debt Service Fund – Required adoption of budget Capital Projects Fund

Debt Service Fund Supported by Interest & Sinking tax rate ($0.3839) $16,148,706 in payments required for 2017/18 fiscal year Est. $103,685 subsidy payment $5,000 in paying agent fees $14,137,975 budgeted for I&S rate tax collections (99% collection rate) $2,025,000 to come from M&O for remaining obligation.

Capital Projects Fund Proceeds from sale of bonds to be utilized for purposes advertised to voters. Construct new Waxahachie High School; renovations to Finley and Turner $125,000,000 FY 2015 - $284,406 FY 2016 - $7,835,306 FY 2017 (budgeted) $60,000,000 FY 2018 (planned) $57,000,000 FY 2019 (estimated) $500,000 * includes investment earnings

Proprietary Funds Child Nutrition Fund Have been notified by Texas Department of Agriculture (TDA) that we have too much cash on hand Plan to purchase equipment for new WHS utilizing excess funds this year Revenue Budget Local - $ Federal - $ Expense Budget $3,xxx,xxx Planned draw on funds - $600,000

Other Proprietary Funds Little Chief’s Academy Lighthouse for Learning 70 spots; 70 filled; 16 on waiting list $375 monthly rate for 2017-2018 Revenues: $315,000 Expenses: $315,000 Revenue budget: $20,000 * Expense budget: $20,000 * Budget dependent on community support; no expense if class doesn’t make.

More to come At the July 10th meeting… General Fund budgeted revenues General Fund budgeted expenditures General Fund funding considerations At the July 24th meeting… Detailed budget information for each fund to adopt from Summary information on the budget process and funding decisions.