Budget Issues Revenue Based Budget Revenue Sharing Agreement

Allocation / Budget Timeline Nov - Jan: Executive leadership sets plan January: Initial Allocations produced from projections February: Proposed Budget Process -PB March: School Board approves annual budget April: Allocations are updated from latest information May: Approved Budget Process - PB September: Allocations finalized based on actual data October: Revised Budget Process – ONLINE AFIN Allocation discrepancy resolution Budget and Position Reconciliation Planning starts the budget process. Enrollment projections are made using a variety of methods. Revenue projections are from federal, state, county, and local estimates. In February, your job as budget holder is to convert the lump sum allocation for your school into a Proposed Budget using BRASS (Budget Reporting and Analysis Support System). In May, once budget is approved, you will receive an updated allocation to convert into a Approved Budget for your school using BRASS. JULY 1 – New Fiscal Year Begins In October, revised allocations will be calculated using actual enrollment for your school. Adjustments will be made to your budget using the online main financial system CGI-AMS Advantage Financial.

Proposed Budget Development School Board Priorities School/Dept Input Superintendent Priorities Technical Adjustments Available Revenues CIP Budget Allocations Line Item Budgets

Revenue

Average Expense by Expenditure Object – Operating Fund

Average Expense by Expenditure Activity – Operating and Debt Service Funds

Current Topics Wayfair – internet sales tax Federal Tax Changes South Dakota v. Wayfair, Inc., 585 U.S. ___ (2018), was a United States Supreme Court case in which the court held by a 5-4 majority that states may charge tax on purchases made from out-of-state sellers, even if the seller does not have a physical presence in the taxing state. Federal Tax Changes Current is $3,000 and $6,000 Proposed is $6,000 and $12,000