PRELIMINARY BUDGET Presented to the Hickman Mills Board of Education June 19, 2015

State and Local Funds  Beginning Fund Balance$11,565,617  Revenues$64,256,963  Expenditures$64,811,105  Capital Fund Transfer$ 1,223,494  Ending Fund Balance$ 9,787,971  Debt/Expense Ratio %

State and Local Revenues  Beginning Fund Balance $11,565,617  Local Taxes (Current/Delinquent) $22,034,360  Proposition C $ 6,206,460  Replacement Taxes $ 470,000  Financial Institutions $ 90,000  Pilots (Payment in Lieu of Taxes) $ 350,000  County Revenue $ 1,157,959  Other Local Revenue $ 1,710,700  Total Local Sources* $43,585, %

State and Local Revenues Cont…  Basic Formula Calculation $ 30,730,621  Transportation $ 700,000  Classroom Trust Fund $ 2,393,845  Other State Revenues $ 3,221,900  Total State Sources $37,046, %  Total Local & State Revenues$80,631,462

State and Local Expenditures  Salaries$36,733,281  Benefits$11,985,285  Services$11,704,105  Supplies$ 4,397,565  Capital$ 2,488,794  Debt Service$ 3,191,706  TOTAL $70,500,736

Federal Revenues & Expenditures Beginning Fund Balance $ 1,745,643 RevenuesExpenditures Medicaid $ 240,534 $ 240,534 Part B IDEA $ 1,504,558 $ 1,494,558 Title I $ 2,307,143 $ 2,307,143 Title II $ 80,063 $ 80,063 Title III $ 62,517 $ 62,517 ROTC $ 105,640 $ 195,290 Food Service $ 4,842,419 $ 4,438,135 TOTAL $ 9,142,874 $8,818,240 $324,634 Ending Fund Balance $2,070,277 Note: Only the salary and benefits have been entered for Federal Programs, All of Food Service has been budgeted for.

Debt Service Levy Fiscal Year General Special Debt Service Capital Total Levy Change % % % % % % % % % % %

Debt Service Levy Cont… Fiscal Year General Special Debt Service Capital Total Levy Change % % % % % % % %  Assessed Valuation: $343,466,888 (estimated in February 2015)

Debt Schedule GO Bonds TOTAL2014 Capital Beginning Principal Balance $15,000,000$9,650,000$4,750,000$3,440,000$32,840,000$7,286, Borrowed Amt. $0 Principal Payment $0 $800,000$1,125,000$1,925,000$280,000 Ending Principal Balance $15,000,000$9,650,000$3,950,000$2,317,015$30,915,000$7,008, Interest 9/1/15 $375,000$140,675$47,500$67,336.67$630,541.67$126, Interest 3/1/16 $375,000$140,675$47,500$51,600$614,775.00$126, Total Interest $750,000$281,350$95,000$118,966.67$1,245,316.67$252, TOTAL EXPENSE $750,000$281,350$895,000$1,243,966.67$3,170,316.67$532,365

Three Year Financial Projection State and Local Funds State and Local Funds BUDGETEDPROJECTED GENERAL FUND BEGINNING FUND BALANCE11,565, ,787, ,010, ,232, TOTAL REVENUES64,256, TOTAL EXPENDITURES64,811, ,505, ,109, ,669, ENDING FUND BALANCE9,787, ,316, ,240, , %11.169% %

Three Year Financial Projection Federal Funds Federal Funds BUDGETEDPROJECTED GENERAL FUND BEGINNING FUND BALANCE1,745, ,070, ,394, ,719, TOTAL REVENUES9,142, ,229, ,304, ,374, TOTAL EXPENDITURES8,818, ,904, ,980, ,050, ENDING FUND BALANCE2,070, ,394, ,719, ,044, %26.894%30.283%33.636%

Three Year Financial Projection All Funds All Funds BUDGETEDPROJECTED GENERAL FUND BEGINNING FUND BALANCE13,311, ,849, ,386, ,924, TOTAL REVENUES73,399, ,486, ,561, ,631, TOTAL EXPENDITURES73,598, ,379, ,058, ,688, ENDING FUND BALANCE11,849, ,692, ,932, ,611, %13.032%9.236%4.772%

Three Year Financial Projection Cont… Budget New Teacher Salary Chart implemented which added $571,948 to salaries Classified Salary increases have been entered adding $479,613 to salaries Apple Lease Payment is included Basic Formula calculated at 100% with a SAT (State Adequacy Target) of $6,131 Classroom Trust fund is based on $405/ADA (Average Daily Attendance) Proposition C funding is based on $905/WADA (Weighted Average Daily Attendance) An estimated FY 15 assessed valuation was used for local taxes Only salaries and benefits have been added for Federal Programs & & Budget Budget numbers were used. Federal Programs have not been entered except for salaries and Food Service. Note: The auditors recommend a 24% fund balance (for Hickman Mills C-1 that equals $18,137,447fund balance). Given the current economic climate no less than 8% or $6,045,815 ending fund balance is a minimal prudent balance.

School Level Positions FY15FY16Difference  Teachers (PK-12)  Counselors  Psychologists  Media Specialists  Translators  Paraprofessionals/Aides  Secretaries/Clerks/Receptionists  Registrars  Nurses  Principals  Assistant Principals  Custodians  School Food Service TOTAL

System Level Positions FY15FY16Difference  Social Worker/Therapists  Maintenance  School Food Service Support  Technology  Central Office Administrators  Central Office Support  Student Services Support  Security  Child Care Workers  Facilitators/Coordinators Total System Level Total School Level TOTAL POSITIONS

Substitute Rates Daily/HrlyLong Term  Teacher Substitute Rate $104.17$  Nurses Substitute Rate$140.00$  Secretary/Clerk Substitute Rate$ 95.33$  Paraprofessional Substitute Rate$ 79.39$  Cafeteria Substitute Rate$ 7.85$ 7.85  Custodian/Maintenance Sub Rate$ 79.39$  Principal Substitute Rate$157.63$ All substitutes are paid through Kelly Services with the exception of Principals, Nurses and Cafeteria workers.

Projected Enrollment Pre-K & Kindergarten1085 Elementary3184 Middle School 868 Freshman Center 389 High School1099 TOTAL6625 Cost Per Student State & Local Funds = $64,811,105/6625$ 9, Federal Funds = $8,818,240/6625$ 1, All Funds = $73,629,345/6625$ 11,113.87

Enrollment as of June 18, 2015 Early Childhood & Kindergarten1064 Elementary3093 Middle School 820 Freshman Center 428 High School 992 Total Enrollment 6397 COST PER STUDENT State and Local Funds = $63,692,621.47/6397 =$ 9, Federal Funds = $11,922,779.83/6397 = $ 1, All Funds = $75,615,401.30/6397 = $11,820.45