FY19 Budget Update Berlin-Boylston Regional School District April 3, 2018 Presented by: Jeff Zanghi, Superintendent of Schools Robert Conry, Director of Financial Services

FY19 Budget: Berlin-Boylston Regional School District

Summary of Changes FY19 Budget Preliminary Budget – December 2017 $8,666,592 Line Item Changes: 03/20/2018 Budget Hearing ($76,034) Line Item Changes: 04/03/2018 Budget Update ($33,078) Revised Budget – April 3, 2018 $8,557,480 Variance to FY18 of $219,659, or 2.63% (down from Preliminary Budget increase of 3.94%)

Summary of Changes – Line Items Reduction of $13,078 in Instructional Materials due to the following: defer replacement of World Languages ($12,078) replace Math curriculum materials instead of Science curriculum materials ($1,000) Math estimated at $27K, Science was $28K Note: This change is not budget driven Reduction of $20,000 in Technology hardware costs due to deferral of replacement of some teacher laptops

Summary of Changes – E&D Increase usage of Excess and Deficiency funds by $40,000 from amount previously budgeted Increase from $60,000 to $100,000

5 Year Budget Trend

Budget Growth vs. 2.33% annual increases

Revenue Sources Beyond the General Fund

Berlin-Boylston Regional Budget Comparisons Increase from FY18-FY19 General Funds: 2.6% Overall/All Funds: 1.2%

Excess and Deficiency (E&D) Recommend using the following amounts from E&D for FY19 Budget: $100,000 as offset to Operating Budget $14,598 as offset to Capital Assessment (required amortization of bond premium received with issuance of bonds in 2012) Certified E&D Balance as of 6/30/2017 is $369,073

Assessment Calculation

Assessment Calculation (cont’d)

Assessment Calculation (cont’d)

Capital Items Close-out of Tahanto Building Project, with final MSBA reimbursement received in December 2017 Bond required for remainder of net project cost ($3.25M) Capital assessment based on 15 year level payment bond, estimated interest rate of 3.50%. No other capital items

Long Term Debt Assessment

Assessment Summary by Town

5 Year Budget Trend – by Revenue Source

Questions / Discussion