Budget and Finance Foothills Education Charter High School Governance Team Training March 27, 2019
What We � ll Cover… Ê Where are we in FY 19 Ê Financial Summary Ê Midterm Discussion Ê TRS Concern Ê What does FY 20 look like Ê Revenues Ê Expenditures
FY 19
FY 19 Revenues Ê Budgeted Ê Allotment Sheet Ê Funding different than traditional systems Ê HB 787 Ê Midterm Allotment Ê Recommendation – utilize additional Midterm for regional office expenses and leave invested funds alone, restricted for future facilities needs
How funds are used at Foothills….. 3.02% Percent of Budget Instruction and Support 12.64% 3.25% Administration Business Services 57.33% 23.75% Support and Other Services Increase in Fund Balance
Audit and Cross Functional Monitoring Ê Audits completed by independent CPAs recommended by the State Charter School Commission Ê 3 Years of finding free audits Ê We are considered an LEA like traditional school systems but are also a non-profit Ê Must file an IRS tax return 990T each year Ê Completed by auditor Ê Cross Functional Monitoring Ê March 26, 2019 Ê Funds Consolidation Ê Consolidated Special Ed IDEA funds for the first time this year Ê Assisting Charter Foundation in working with software company to write a software program that will automate drawdowns and JEs
HB 787 Ê https://gacharters.org/press-releases/georgia-legislature- provides-better-funding-charter-schools-hb-787/ Ê Increased state supplement portion of funding for charter schools as well as the capital outlay funding (almost $1500 per student) Ê Provided forward funding for all start up charters Ê Ensured charter schools could be part of their RESAs and receive RESA services Ê Provided additional funding for virtual schools for technology costs
HB 787 Realized in FY 19 Midterm Ê Original Allotment compared to Midterm Prelim Allotment Ê Original Allotment $11,682,447, 1440 students Ê Revised to $13,652,916, 1727 students - $1,970,469 increase Ê Midterm to $15,189,322, 1727 students - $1,536,406 increase Ê Increase from Budget of $1,671,853 Ê Increase in FTE (1440 original increased to 1727 in midterm) Ê Average Revenue per student - $8795
Current Budget to Expenditure Comparison Report
FY 19 Wrap up Ê Second payment of site operations fees Ê Use of midterm for Regional Office Expenses Ê Renovation Ê Furniture Ê Equipment/Supplies Ê Leave $3 million invested and restricted for future facilities needs Ê Review year end status Ê Increase restricted fund so unrestricted stays at 15% or less
TRS Concern Ê Salary Cap for Retirees (4.34%) Ê Working with TRS since July/August to get all our retirees’ employment verifications approved (11.5% of our staff – 110 of 966 staff members) Ê Scott Gordon, Mark Channell, Roy Morris Ê We will not give any raises above 4% for FY 20 Ê Will stay within salary cap from this point forward Ê Plan to take a road trip to Atlanta after the budget is approved in June and meet with TRS face to face to improve the process for FY 20
FY 20
FY 20 Revenue Outlook 1727 same as midterm • $16,326,006 QBE earnings • • $326,520 to SCSC • $15,999,486 to Foothills • $9264/student
FY 20 Expenditure Considerations Personnel Additions • Full time Assistant Superintendent, July 1 • Full time Regional Technology Director, June 1 • Full time Human Resources Director, July 1 • Full time Accounts Payable/Payroll Clerk, July 1 • Full time Administrative Assistant, TBD • Part time Public Relations Director, July 1 • Part time Curriculum Coordinator, March 2019 • Part Time School Improvement Specialist, July 1 • Modifications to Superintendent’s contract, July 1 • Supplements for PECHS work, July 1 • 2% raise for all
FY 20 Expenditure Considerations Greene County Site Expenses • Piedmont Education Charter High School (Bibb and • others) Expenses New Human Resources Software • New Curriculum Development Software (Canvas) • Migration of curriculum from GradPoint to Canvas • Increase in technology budget • Reviewing site operations fees, travel allotments, cell • phone allotments Course fees for partner site dual enrollment sharing • TRS 27% concern ($575,000 cost to the system if • passed as originally presented)
Intergovernmental Agreements Will be done using Docusign this year • June 2019 • Sample agreement will be reviewed at • May Governance Team Meeting Basically same as FY 19 unless • partner sites have something they would like to include
Site Operations Fees • Proposed Full Sites - $150,000 for FY 20 with two payments. • August 1, 2019 - $75,000 • February 1, 2020 - $75,000 • Proposed Satellite Sites - $75,000 for FY 20 with two payments • August 1, 2019 - $37,500 • February 1, 2020 -$37,500
FY 20 Budget Timeline Budget Calculations and documentation will be • forwarded to Governance team no later than May 10, 2019 Budget Hearings • • May 28 th 3:30 pm – Jackson Co Foothills prior to May Governance Team meeting • June 11 th 3:30 pm – New Regional Office Approval Date • • June 11 th 4:00 pm – New Regional Office FY 19 Final DE046 Budget/Financials and FY 20 • Initial Budget due to DOE by September 30, 2019 FY 19 Audit due to SCSC by October 1 st , 2019 •
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