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Indiana’s Education Roundtable 9/28/05 Indiana’s Education Roundtable ‘District Efforts to Move Resources to Learning’ Presented by Thomas W. Thornton, Chief Financial Officer Vigo County School Corporation Daniel T. Tanoos, Superintendent
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Indiana’s Education Roundtable 9/28/05 Vigo County School Corporation Demographic Information County-Wide School Corporation 16,427 Students in: 18 Elementary Schools 6 Middle Schools 2 Alternative High Schools 3 High Schools 6 th Largest School Corporation in State
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Indiana’s Education Roundtable 9/28/05 Vigo County School Corporation Demographic Information Total Budget – Tax Supported Funds: $137,229,000 General Fund Budget - $107,796,000
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Indiana’s Education Roundtable 9/28/05 VCSC Financial History 5-Year Cycle of Rise & Fall “A Roller Coaster Ride”
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Indiana’s Education Roundtable 9/28/05 Cash Balance History
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Indiana’s Education Roundtable 9/28/05 Cost Conservation Program Public Hearings Several Drafts Presented by Administration, Teachers, Board Members
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Indiana’s Education Roundtable 9/28/05 Alignment of Needs With Resources Line Item Evaluation Evaluation Criteria: Impact on the Classroom Impact on Delivery of Instruction Compliance Requirements Safety and Security of Students and Staff
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Indiana’s Education Roundtable 9/28/05 Funding Alternatives Funding Alternatives for Essential Spending Transfers to Capital Projects Fund Possible Funding Alternatives
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Indiana’s Education Roundtable 9/28/05 Program Implementation Board Adopted Program January, 1998 Funding Alternatives Implemented Program Monitoring Established
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Indiana’s Education Roundtable 9/28/05 Cash Balance Goal Board Adopted Year-End Cash Balance Goal Minimum of 8% of Annual Budget
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Indiana’s Education Roundtable 9/28/05 Financial Management Restructure Site Based Budgets Develop “Ownership” Mentality Move Away From “Use It or Lose It” Mentality
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Indiana’s Education Roundtable 9/28/05 Cash Balance Forecast Initially for Business Office Use Only. Financial Information Must Be Shared to Establish Credibility – Share Forecast With: Board Members Administrative Team Teachers Support Staff
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Indiana’s Education Roundtable 9/28/05 Cash Balance Forecast Formation of Cash Balance Forecast Committee: Superintendent, Deputy Superintendent, Directors of Elementary & Secondary Education, Human Resources, Purchasing, Facility Support, & Transportation, Teachers’ Union Representation, CFO, Deputy Treasurer, Building Principals.
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Indiana’s Education Roundtable 9/28/05 Cash Balance Forecast Format Expenditure Projections: Object Level vs. Functional Level Ease in understanding Functional uses/type of expenditures Cost containment/conservation issues
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Indiana’s Education Roundtable 9/28/05 Forecast Mechanics: Cash Management Improvement Projection of Year-End Cash Balance Borrowing implications Early indication of cash flow deficiencies Negotiation Implications
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Indiana’s Education Roundtable 9/28/05 Other Implications: Used for other tax-supported funds (Transportation Fund)
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