Greater Johnstown School District Session 1 Budget and Finance Committee 1/14/16 2/23/2016.

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Presentation transcript:

Greater Johnstown School District Session 1 Budget and Finance Committee 1/14/16 2/23/2016

Budget Committee Meetings Overview 1) Overview - Forecast, model, timeline, procedures, etc. 2) Revenue- sources, fixed, controllable 3) Staffing and salary schedules 4) Expenditures - non salary related, materials and resources, technology, etc. 5) Proposal Final Budget 6) Final Budget 2/23/2016

Fund Accounting A fund is a distinct accounting entity with self balancing set of accounts 3 Types of Funds (Governmental, Proprietary and Fiduicary) Each fund has a separate trial balance (conceptually – separate business) 2/23/2016

Governmental Funds General Fund (10) Principal operating fund of the Governmental Entity Athletic Fund Only if there is a dedicated stream of revenue to substantially fund the sports program (50%) Capital Project Fund (30) Account for resources that are limited to expenditures for capital outlays Debt Service Fund (40) Accumulates resources for payment of long term debt principal and interest 2/23/2016

Other Funds Proprietary Funds Operates like a business Net income Example – Cafeteria Fund Fiduciary Funds Used for assets held in agency capacity Example – Chinese program 2/23/2016

Budget Basics Legal requirements Public School Code of 1949 Must adopt a budget prior to June 30 Must adopt a proposed budget and publically advertise, hold open for public view for 30 days prior to final adoption Must adopt a preliminary budget by January 30 th unless school district enacts resolution not to raise taxes over the Act 1 index 2/23/2016

Budget Handbook Developing School Budgets Revenues Expenses Fund Balance Budget is key to decision making Plan for rational distribution of resources Primary vehicle for setting fiscal and program policy Means for establishing objectives 2/23/2016

Budget Handbook Budget Account Structure 2/23/2016 FundXXIn all cases this will be “10” FunctionXXXX Is the functional area of expense ObjectXXX Account code, type of expense Funding SourceXXX Is always 000 unless assigned by Bus. Office LevelXX Elementary or secondary grade level LocationXX Building or Responsible Unit DesignationXXSpecial Designations

Purchasing 2/23/2016

Quotes 2/23/2016

Bids 2/23/2016

Budget Handbook RFP’s 2/23/2016

State Contracts 2/23/2016

Cash Management 2/23/2016 Cash handling 1.Set up one cash point (no matter the event) with at least two people 2.2. Create a paper (paperless even better when possible!) trail for every transaction a. Provide a receipt to each person who pays the organization b. Reconcile cash collected to receipts before leave the event and note the amounts c. Have both people sign and date the reconciliation 3.3. Deposit immediately (or the next morning at the latest) 4.4. Get bonding insurance 5.5. Do not a.Ever take IOUs b.Ever mingle personal or school cash with club cash c.Ever provide a loan to the group

Forecast 2/23/2016

Budget vs. Actual Greater Johnstown School District Budget For the Years Ended BudgetActualVariance 7/1/2014 Build #Revenue6/30/2015 Local Sources9,993, ,306, % State Sources26,471, ,487, % Federal Sources4,244, ,396, % Other125, , % Revenues40,833, ,341, % Bond Refinance 5,700, % Total Revenues40,833, ,041, Build #Expenses 00District Wide8,643, ,995, % 11School Board148, , % 12Superintendent726, , % 13Maintenance2,232, ,953, % 19Business Office726, , % 22Technology898, , % 17Federal Programs4,548, ,253, % 18Special Education6,744, ,267, % 23Eastside Elementary3,595, ,650, % 25Westside Elementary3,730, ,010, % 51Middle School4,358, ,964, % 81High School6,224, ,947, % 82Athletics823, , % 21Safety306, , % 20Alternative/Cyber3,068, ,245, % 40Materials and Resources 399, , % Expenses47,177, ,834, % Bond Refinance 5,700, Total Expense47,177, ,534, Budget surplus (short fall)-6,343, ,492, Fund Balance9,754, ,261, /23/2016

Introduction to Revenues 2/23/ Sources Local State Federal

Introduction to Revenues 2/23/2016 Local Revenue Current Real Estate Tax (6111) Represents the largest portion of the local revenue Assessment from County Assessment Office Milage Rate limited by index Interim Real Estate Tax (6112) Public Utility Tax (6113) Earned Income Tax (6151) Real Estate Tax (6153) Other Act 511 Taxes (6143, 6157) Delinquent Taxes (6411) Investment Interest (6510)