W.A.S.D.A. NEW ADMINISTRATOR’S WORKSHOP YOUR FIRST YEAR BUDGET THE STATE PERSPECTIVE February 2, 2005 Jerry Landmark Karen Kucharz.

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Presentation transcript:

W.A.S.D.A. NEW ADMINISTRATOR’S WORKSHOP YOUR FIRST YEAR BUDGET THE STATE PERSPECTIVE February 2, 2005 Jerry Landmark Karen Kucharz

SCHOOL FINANCE TEAM Our goal is to help you help yourself….but we’re always available in case you need more! Our goal is to help you help yourself….but we’re always available in case you need more! “The most important outcome of formal education is to help students become independent of formal education” – Paul Gray in Technology Review “The most important outcome of formal education is to help students become independent of formal education” – Paul Gray in Technology Review Handouts: Handouts: Finance Team Home Page/Team Assignments; Finance Team Home Page/Team Assignments; Blank Revenue Limit Worksheet; Blank Revenue Limit Worksheet; Budget Adoption and Hearing Worksheets; Budget Adoption and Hearing Worksheets; Salary/Benefit Increase vs. Revenue Limit Change; Salary/Benefit Increase vs. Revenue Limit Change; Debt Timeline; Debt Timeline; Status & Deadlines; Status & Deadlines; Power Point Slides Power Point Slides

Helping You Develop Your Budget Most Important: Revenue Limit The Revenue Limit is a key piece of your budgeting…..check the latest one we have on the web site. The Revenue Limit is a key piece of your budgeting…..check the latest one we have on the web site. Let’s take a brief look at the latest version… Let’s take a brief look at the latest version…

Determine how your salary/benefit costs are changing in relation to the change in your maximum Revenue Limit. Determine how your salary/benefit costs are changing in relation to the change in your maximum Revenue Limit. Helping You Develop Your Budget Next: Looking At Salary/Benefit Increases vs. Revenue Limit Changes

Helping You Develop Your Budget What About Aid? Know what revenue you’re getting, and when you’ll receive it; Know what revenue you’re getting, and when you’ll receive it; ~~Equalization Aid ~~Tax Levies ~~Categorical Aids ~~Federal Grants ~~Local Fees ~~Equalization Aid ~~Tax Levies ~~Categorical Aids ~~Federal Grants ~~Local Fees Get some of these numbers from the “Aid Information” page on the left-hand sidebar of our website. Get some of these numbers from the “Aid Information” page on the left-hand sidebar of our website. Use the “State Aids Payment Schedule” on our website scan bar to help determine cash flow. Use the “State Aids Payment Schedule” on our website scan bar to help determine cash flow.

Helping You Develop Your Budget Equalization Aid There is little need to figure out your equalization aid at this time to prepare for the budget – the revenue limit determines how much money you have available. There is little need to figure out your equalization aid at this time to prepare for the budget – the revenue limit determines how much money you have available. DPI will provide an estimate in April and July. DPI will provide an estimate in April and July. Equalization aid plus the funds 10, 38 and 41 tax levies equal the revenue limit amount. Equalization aid plus the funds 10, 38 and 41 tax levies equal the revenue limit amount.

Helping You Develop Your Budget Equalization Aid If you want to do an aid estimate before we give you one in April, use the Simplified Percentage Method on our website under “Worksheets Executable” If you want to do an aid estimate before we give you one in April, use the Simplified Percentage Method on our website under “Worksheets Executable” Keep in mind we don’t have the guarantees or cost ceiling numbers yet – any estimate will be little more than a guess….. Keep in mind we don’t have the guarantees or cost ceiling numbers yet – any estimate will be little more than a guess…..

Helping You Develop Your Budget What About Debt? Debt is an important part of the budget process. Questions on refinancing or referendum debt should be referred to Gene Fornecker; Info on debt is on our website – look for “Debt Reporting;” Is your debt in Fund 38 or 39? Remember: Referendum debt does not affect revenue limit, but it DOES affect tax levy!

Helping You Develop Your Budget A Final Heads-Up About Debt The debt levy is determined by calendar-year payments; the budget reflects fiscal-year payments. The debt levy is determined by calendar-year payments; the budget reflects fiscal-year payments.

Helping You Develop Your Budget What’s New in Account Codes? Find out the latest accounting changes: click “WUFAR” on the left-hand side bar of the web site. Find out the latest accounting changes: click “WUFAR” on the left-hand side bar of the web site.  It provides a number of help tools for school accounting, including:  Definitions;  Links to information in special areas such as TEACH – Debt Service – Tax Transactions;  Sample transaction codings;  Easy to access matrix for building allowable codes.

Helping You Develop Your Budget What’s Fund Balance? Helping You Develop Your Budget What’s Fund Balance? Do a cost flow analysis to help determine short-term borrowing needs. Use our Fund Balance Practices web page for help with fund and cash balance. Sooner or later, someone will ask you to explain it to them!!!

Helping You Develop Your Budget Do You Need to Know What Others Are Doing? - it provides districts, legislators, and general public direct reading access to the DPI database. This is audited financial information. The School Finance Data Warehousecan help you see what other districts spend in a particular area – and it has your history, too! The School Finance Data Warehouse can help you see what other districts spend in a particular area – and it has your history, too!

Helping You Develop Your Budget After the Preparation….. Let’s look at the “Budget Hearing and Adoption” worksheet on the web page… Let’s look at the “Budget Hearing and Adoption” worksheet on the web page…

Helping You Develop Your Budget Reporting to DPI Find out what’s due and when – go to the “Reporting Portal” on the web site. It’s on the “Status and Deadlines” page. See Handout

Looking at it in a different way….. Calculate Revenue Limit Total all sources of revenue Calculate salaries, wages, and fringe benefits Calculate a budget for educational programs Outline Expected Cash flow Calculate a budget for “fixed” expenses i.e. heat, utilities, non-referendum debt Is end result balanced….? Cuts? Use Fund Balance?

SCHOOL FINANCE WEB PAGE: Please call with questions or comments!