FY2010 Final Budget Appoquinimink School District February 9, 2009 Presentation

 What we will cover  Process and timeline  Principles  Major changes from Preliminary  The budget  Looking toward next year ASD FY2010 Final Budget

 Start with FY2009 Final Budget  May/June – forecast final FY2009 revenues/expenditures  May/June – meet with schools and departments to discuss FY2010 needs Process and timeline

 May/June – make Superintendent and Financial Advisory Committee aware of potential major budget issues  June – forecast FY2010 revenues based on FY2009 and draft State budget  June/July – set tax rates Process and timeline

 July – adjust based on final State budget and FY2009 ASD figures  July – preliminary budget reviewed by Financial Advisory Committee (FAC)***  July – preliminary budget presented to the Board for approval*** *** These may be done in June in years of more financial certainty Process and timeline

 July 1 – fiscal year begins – operate conservatively using draft preliminary budget until Board approval  July 1 (or so) – State pre-loads State appropriations in Appoquinimink’s “account” (typically 75%)  October – unit count finalized, balance of State money allocated Process and timeline

 December – prepare final budget  January – final budget reviewed by FAC, presented to Board  April-July – amendments to the final budget may be considered by the FAC and Board  May – cycle starts again Process and timeline

 Monitoring and reporting  Finance Director monitors appropriation balances and expenditure budgets almost daily  Payroll staff monitor reports after each payroll disbursement  Finance staff review reports weekly/monthly as applicable  Monthly reporting to FAC, Board, public Process and timeline

 Balanced budget (total revenue budget = total expenditure budget)  Build and maintain our reserve  Preliminary budget conservatively forecasts revenues in a lean year like FY2010 Budgeting Principles

 Federal – $2.7 million in ARRA (“Stimulus”) SFSF (State Fiscal Stabilization Fund) backfilled several unfunded/underfunded State appropriations:  Student Success Block Grant  Technology Block Grant  Tax Relief  Academic Excellence Allotment  Limited English Proficiency  Division I, II, III (underfunded) Major changes from Preliminary

 State appropriations were adjusted based on final September 30 th Unit Count enrollment  Local tax receipts projected increased due to increased total assessed value of taxable property. We project that we will not have to draw on reserves to balance the budget. Major changes from Preliminary

FY2010 Final Revenue Budget State Funds (Div I/II/III/Other)63,611,445 Local Funds Current Operations Tuition Minor Cap/Tax Match Debt Service Other Local 14,141,476 5,285,000 1,235,823 6,119,332 2,295,496 Federal Funds6,874,482 Construction (State + Local)19,489,734 Debt Service State Share6,915,918 Minor Cap State Share472,229 TOTAL126,440,934

FY2010 Final Revenue Budget

FY2010 Final Expenditure Budget Operating Budget36,469,139 Division I45,518,708 Tuition In-State Tuition/Private Placement ILC, DFP, DFP PreK, Needs-Based 1,600,000 3,685,000 Federal Funds5,179,018 Major Capital Improvements Debt Service Construction 13,035,250 19,489,734 Minor Capital/Match Extra Time Local Minor Capital Improvements Technology Local 413, , ,715 TOTAL126,440,934

FY2011 – What we know  All of our major capital projects made it into the Bond Bill  State Budget – potential cuts ($2.99M+)  Reduction of State transportation funds by 25% ($1.2M) and “allowing” local boards to raise the Match Tax  Reduction of SFSF by 40% ($1.05M)  Reduction of Minor Capital Program ($344K)  Increase in OEC rate ($301K)  Reduction of Div II All Other Costs by 5% ($99K)

FY2010 Final Budget  This final budget was reviewed and endorsed by the Financial Advisory Committee on February 2,  Questions?  Approval