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Final General Fund Budget

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Presentation on theme: "Final General Fund Budget"— Presentation transcript:

1 Final General Fund Budget
11/24/2018 Final General Fund Budget Update June 14, 2016 Adoption Date: June 21, 2016 11/24/2018

2 FY Estimate 11/24/2018

3 FY 2015-2016 General Fund Revenue
11/24/2018

4 FY 2015-2016 General Fund Expenses
11/24/2018

5 FY 2016-2017 General Fund Revenue
11/24/2018

6 RECENT INFORMATION & CHANGES TO: GENERAL FUND BUDGET REVENUE
During May/June, 2016 the Medicaid School Based Service Cost Settlement was approved. FY 16.17 FY Impact: $47,575 in additional revenue. Total Cost Settlement for was $222,668. Title I allocation for $475,031, or $81,880 more in federal revenue. Basis Ed & Special Ed Subsidies budgeted at 25% and 40%, respectively, of Governor’s Proposed Budget, or $122,063 in additional state revenue. Governor’s proposed budget reflects a 2.97% increase in BEF, or $264k more in revenue; and a 7.3% increase in SEF, or $140k more in revenue. 11/24/2018

7 PlanCon Reimbursement – 2015-2016
PLANCON UPDATE: The Commonwealth Financing Authority will not meet on June 13 to review the PlanCon borrowing proposal. Because the PlanCon borrowing is being tied by some caucuses to the state budget, resolution of the budget is necessary for PlanCon to move forward. Auditor Opinion on recording PlanCon Reimbursement: Receivable will be recorded and deferred inflow will be recognized. Revenue will not be recognized in because the funding won’t be received within 60 days of year-end. It is considered unavailable. Budget will reflect scheduled annual reimbursement for 11/24/2018

8 FY 2016-2017 General Fund Expenses
15-16 16-17 Major Object / Description Final Budget 6/16/2015 Budget Estimate Profinal Budget 16-17 ProFinal vs Estimate % change Estimate to Original Budget 100 - Employee Wages $29,905,482 $29,590,618 $30,439,683 $849,065 3% -$314,864 200 - Employee Benefits $18,209,577 $17,842,907 $19,801,911 $1,959,004 11% -$366,670 Professional & Technical Serv. $2,241,398 $2,106,174 $2,111,608 $5,434 0% -$135,224 400 - Purchased Property Services $1,737,526 $1,685,020 $1,782,688 $97,668 6% -$52,506 500 - Other Purchased Services $5,024,934 $5,129,986 $5,398,242 $268,256 5% $105,052 600 - Supplies, Books, Heat/AC, Fuel $2,227,232 $2,032,332 $2,197,521 $165,189 8% -$194,900 700 - Property $635,717 $623,334 $1,246,745 $623,411 100% -$12,383 800 - Dues, Interest, Claims $5,047,943 $5,044,422 $5,074,717 $30,295 1% -$3,521 900 - Principal Payment, Fund Transfers, Reserve $4,094,747 $3,927,747 $4,132,595 $204,848 -$167,000 Total Expenditures Excluding Major Maint & Improv. $69,124,556 $67,982,540 $72,185,710 $4,203,170 -$1,142,016 750/760 - Major Improvements $637,203 $620,292 $445,325 -$174,967 -28% -$16,911 Total General Fund Expenditures $69,761,759 $68,602,832 $72,631,035 $4,028,203 5.87% -$1,158,927 11/24/2018

9 RECENT INFORMATION & CHANGES TO: GENERAL FUND BUDGET EXPENSE
Personnel wage/benefit changes: HR Director Retirement/Replacement; add Back Spec Ed Teacher previously removed; add security aide; reflect healthcare premium increase at 6.5% – FY 16.17 FY Budget for Wages & Benefits - Adjusted downward by $44,500. Added professional service cost for sign language interpreter for new student – FY $55,000 Facility Study and Security Study Cost reflected in FY 16.17 Facility Study cost estimate - $46,394 ; Security Study - $35,000 Estimated amount in for Facility Study was removed. 11/24/2018

10 RECENT INFORMATION & CHANGES TO: GENERAL FUND BUDGET EXPENSE
Laptop and Chromebook Lease Financing Costs 16.17 Rental, Interest & Principal reduced by $54k STEM related costs & Other major improve project costs Net reduction of $48k 11/24/2018

11 FY Major Cost Drivers 11/24/2018

12 Prelim to Profinal 11/24/2018

13 FY 2016-2017 Laptop and ChromeBook Financing
11/24/2018

14 FY STEM 11/24/2018

15 FY 2016-2017 Capital Projects Included in General Fund
11/24/2018

16 FY 2016-2017 Capital Projects Included in General Fund
11/24/2018

17 Summary of Revenue, Expense, and Fund Balance
11/24/2018

18 Summary of Revenue, Expense, and Fund Balance
Exeter Township School District General Fund Budget PROPOSED FINAL Act 1 Index W/Spec Ed exception Plus Pension Exception Real Estate Property Tax Rate 3.10% 3.78% 4.82% 1.50% 2.50% Total Revenue $ 69,933,412 $ 71,253,504 $ 71,542,760 $ 71,988,436 $ 70,563,767 $ 70,989,852 Total Expenditures $ 72,621,335 Revenue less Expense $ (2,687,923) $ (1,367,831) $ (1,078,575) $ (632,899) $ (2,057,568) $ (1,631,483) Fund Balance Components : Commitments $ ,904,460 Net Assignments $ ,074,000 $ ,069,000 $ ,969,000 $ ,369,000 $ ,469,000 $ ,319,000 Unassigned $ ,331,789 $ ,656,881 $ ,046,137 $ ,091,813 $ ,567,144 $ ,143,229 $ 14,310,249 $ 15,630,341 $ 15,919,597 $ 16,365,273 $ 14,940,604 $ 15,366,689 Unassigned Fund Balance as % of Total Expense 5% 7.8% 8.3% 9.8% 6.3% 7.1% 11/24/2018

19 11/24/2018

20 Commitments & Assignments
11/24/2018

21 11/24/2018

22 11/24/2018

23 PSERs EMPLOYER CONTRIBUTION RATE
11/24/2018

24 11/24/2018

25 11/24/2018

26 11/24/2018

27 Property Tax Relief State’s Allocation to ETSD for $1,362,771.06 Approved Homestead/Farmstead Properties ,075 Assessed Value Exclusion Amount ,983 Tax relief assuming millage of $ approx. 11/24/2018

28 FINAL ADOPTION: JUNE 21, 2016 Resolutions to be added to June 21, 2016 agenda: Recommendation to approve the Final General Fund Budget for the school year. Recommendation to approve the Per Capita Tax for the school year. Recommendation to establish the real estate millage for the school year. Recommendation to adopt the Homestead and Farmstead Exclusion Resolution authorizing real estate tax assessment reductions for the year beginning July 1, 2016. Recommendation to approve fund balance commitment balances. 11/24/2018

29 Discussion Extracurricular Activity Fee 11/24/2018


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