DeKalb CUSD #428 Tentative Budget FY 2019-2020 August 6, 2019 - - PowerPoint PPT Presentation

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DeKalb CUSD #428 Tentative Budget FY 2019-2020 August 6, 2019 Board of Education Meeting UPDATED Presented by: Cynthia Carpenter Director of Business and Finance, CSBO FY2019-2020 Budget Process Timeline Date Action August 6, 2019

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DeKalb CUSD #428 Tentative Budget FY 2019-2020

August 6, 2019 Board of Education Meeting UPDATED

Presented by: Cynthia Carpenter Director of Business and Finance, CSBO

SLIDE 2

Date

Action August 6, 2019 Approve Tentative Budget for Public Inspection (At lease 30 calendar days prior to adoption) August 16, 2019 Notice to local newspaper stating Budget available for Public Inspection and publish date of Public Hearing for Budget August 16 -September 17, 2019 Budget available for Public Inspection September 17, 2019 Public Hearing on Budget Board Adopts Final FY 2020 Budget Budget posted on District web site after formal adoption

FY2019-2020 Budget Process Timeline

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Budget

A budget is a financial plan (plans can

change)

Used as a tool for projections, planning

and to monitor spending

Estimate of revenues to be received and

expenditures to be spent

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Modified Accrual Basis

Record revenue when received Expenses when paid

In addition at Fiscal Year End

You account for revenue up to 60 days after the year has

closed that belong in the prior fiscal year (typically includes funds

due from the State of Illinois).

You defer property tax revenue to correct fiscal year (i.e.

property tax dollars received in May and June 2019 (FY18-

19) recorded as revenue in July 2019 (FY19-20)).

You record expenses paid out after 60 days if they

pertain to prior fiscal year.

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Categorical and Grant Payments

As of July 25, 2019 – Vouchers Awaiting Processing by the

Comptroller for FY18-19 for the district = $1,297,121 (Last year the amount was $1,355,575)

This amount represents categorial reimbursements (special

education and transportation) and PreK Grant funds

Last year waited until September 2018 to receive most funds
wed from the prior fiscal year

Evidenced Based School Funding (EBF)

The district has received 100% of the EBF amount of

$28,666,660 for FY18-19

FY19-20 budget includes this total but no additional funding;

should know by August 10th what additional funding will be

UPDATE: FY19-20 EBF calculations released on August 5th –

Additional $2,880,149 in funding

State Payments

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FY19-20 - DeKalb 428 Adequacy Level = 60% = Tier 1 State School Funding Formula

Progression of EBF Funding FY16-17 General State Aid

20,169,345 $

Special Ed Personnel Reimbursement

1,531,287 $

Special Ed Funding for Children

863,110 $

Special Ed Summer School

94,238 $

Bilingual (English Learners)

205,745 $

Total FY16-17 Funding

22,863,725 $

FY17-18 Initial FY17-18 Base Funding Minimum

22,863,725 $

Additional Tier 1 Allocation

2,819,824 $

Total FY17-18 EBF

25,683,549 $

FY18-19 Initial FY18-19 Base Funding Minimum

25,683,549 $

Additional Tier 1 Allocation

2,983,111 $

Total FY18-19 EBF

28,666,660 $

FY19-20 Initial FY19-20 Base Funding Minimum

28,666,660 $

Additional Tier 1 Allocation

2,880,149 $

Total FY19-20 EBF

31,546,809 $

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FY 2019-2020 Tentative Revenue Budget – All Funds

SUMMARY BY FUND AND SOURCE Tentative EDUCATION FUND (INCLUDES TORT FUND) Budget Local Sources 43,633,790 $ State Sources 30,815,412 $ Federal Sources 5,591,816 $ TOTAL EDUCATION 80,041,018 $ OPERATIONS AND MAINTENANCE FUND Local Sources 5,354,618 $ State Sources 2,750,000 $ TOTAL O&M FUND 8,104,618 $ DEBT SERVICE FUND Local Sources 3,727,207 $ TOTAL DEBT SERVICE FUND 3,727,207 $ TRANSPORTATION FUND Local Sources 2,365,096 $ State Sources 3,789,076 $ TOTAL TRANSPORTATION FUND 6,154,172 $ MUNICIPAL RETIREMENT FUND Local Sources 2,098,937 $ TOTAL MUNICIPAL RETIREMENT FUND 2,098,937 $ CAPITAL PROJECTS FUND Local Sources 15,000 $ TOTAL CAPITAL PROJECTS FUND 15,000 $ WORKING CASH FUND Local Sources 200,000 $ TOTAL WORKING CASH FUND 200,000 $ LIFE SAFETY FUND Local Sources 618,372 $ TOTAL LIFE SAFETY FUND 618,372 $ TOTAL ALL FUNDS 100,959,324 $

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Local Sources $53,652,441 55.54% State Sources $37,354,488 38.67% Federal Sources $5,591,816 5.79%

Operating Budget Projected Revenues FY19-20 $96,598,745

Education, Tort, O&M, Transportation, IMRF, Working Cash

Title Grants
National School Lunch

Program Reimbursement (free/reduced lunch)

Evidenced Based Funding (f/k/a GSA)
State Funded Grants
Special Education Reimbursement
Transportation Reimbursement
Property Taxes (including

Corporate Personal Property Tax)

Student Fees (Including lunch

money collected)

Donations

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FY 2019-2020 Tentative Expenditure Budget – All Funds

SUMMARY BY FUND AND OBJECT Tentative EDUCATION FUND (INCLUDES TORT FUND) Budget SALARIES 45,540,418 $ BENEFITS 13,932,615 $ PURCHASE SERVICES 7,058,981 $ MATERIALS 1,624,159 $ CAPITAL OUTLAY 1,357,130 $ OTHER (includes Tuition) 5,077,742 $ TOTAL EDUCATION FUND 74,591,045 $ OPERATION AND MAINTENANCE FUND SALARIES 2,788,277 $ BENEFITS 574,951 $ PURCHASE SERVICES 1,803,035 $ MATERIALS 1,766,688 $ CAPITAL OUTLAY 1,494,686 $ OTHER 178,331 $ TOTAL O&M FUND 8,605,968 $ DEBT SERVICE FUND BOND INTEREST 2,261,496 $ BOND PRINCIPAL 12,650,809 $ BOND FEES 5,000 $ TOTAL DEBT SERVICE FUND 14,917,305 $ TRANSPORTATION FUND SALARIES 53,239 $ BENEFITS 15,814 $ PURCHASE SERVICES 6,001,826 $ MATERIALS 490,758 $ CAPITAL OUTLAY 25,000 $ TOTAL TRANSPORTATION FUND 6,586,637 $ TOTAL MUNICIPAL RETIREMENT FUND 2,580,051 $ CAPITAL PROJECTS FUND 200,000 $ TOTAL LIFE SAFETY FUND 600,000 $ TOTAL ALL FUNDS 108,081,005 $

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10 Salaries $48,381,934 52.38% Benefits $17,103,431 18.52% Purchased Services $14,863,842 16.09% Materials $3,881,605 4.20% Capital Outlay $2,876,816 3.11% Other (includes Tuition) $5,256,073 5.69%

Operating Budget Projected Expenditures FY19-20 $92,363,700

Education, Tort, O&M, Transportation, IMRF, Working Cash Capital Outlay Amounts paid for the acquisition of fixed assets

r additions to fixed assets.

Materials Classroom, cleaning supplies, maintenance/custodial utilities. Purchased Services Example: First Student, Aramark, Legal, liability insurance. Benefits Health, dental, TRS, vision, IMRF, payroll taxes. Salaries Wages paid to district employees. Other Amounts to reimburse other educational agencies for services rendered to students.

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Tentative Budget Summary by Fund FY 2019-2020

Note: Fund transfer from Working Cash to Bond & Interest Fund represents amount allocated to pay down bond principal when 2010 bonds are restructured

Est. Ending Operating Fund Balance as a % of Expenditures = 35.68%
Est. Adj.

Est. SUMMARY BY FUND Revenue Expenditures Surplus or (Deficit) Fund Transfers Adjusted Surplus/(Deficit)

Beg. Balance

7/1/19 End Balance 6/30/20 Education Fund (includes Tort) 80,041,018 $ 74,591,045 $ 5,449,973 $

5,449,973 $ 18,282,203 $ 23,732,176 $ Operations and Maintenance Fund 8,104,618 $ 8,605,968 $ (501,350) $

(501,350) $ 2,267,582 $ 1,766,232 $ Transportation Fund 6,154,172 $ 6,586,637 $ (432,465) $

(432,465) $ 1,670,533 $ 1,238,069 $ Municipal Retirement Fund 2,098,937 $ 2,580,051 $ (481,114) $

(481,114) $ 1,497,712 $ 1,016,598 $ Working Cash Fund 200,000 $

200,000 $ (10,000,000) $ (9,800,000) $ 15,003,149 $ 5,203,149 $ TOTAL OPERATING FUNDS 96,598,745 $ 92,363,700 $ 4,235,045 $ (10,000,000) $ (5,764,955) $ 38,721,178 $ 32,956,223 $ Debt Service Fund 3,727,207 $ 14,917,305 $ (11,190,098) $ 10,000,000 $ (1,190,098) $ 1,775,910 $ 585,812 $ Capital Projects Fund 15,000 $ 200,000 $ (185,000) $

(185,000) $ 1,035,303 $ 850,303 $ Life Safety Fund 618,372 $ 600,000 $ 18,372 $

18,372 $ 507,792 $ 526,164 $ GRAND TOTAL 100,959,324 $ 108,081,005 $ (7,121,681) $

(7,121,681) $ 42,040,182 $ 34,918,501 $

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Dekalb CUSD #428 History Revenue, Expenditures, and Fund Balance Operating Funds (Education, Tort, O&M, Transportation, IMRF, Working Cash) Surplus/ Fund Balance % of Fiscal Year Revenue Expenditures (Deficit) Transfers Fund Balance Expenditures 2013 70,179,762 $ 70,439,899 $ (260,137) $

26,679,228 $ 37.88% 2014 71,549,003 $ 73,583,147 $ (2,034,144) $

24,645,084 $ 33.49% 2015 76,313,058 $ 77,902,752 $ (1,589,694) $

23,055,390 $ 29.60% 2016 78,913,074 $ 79,134,401 $ (221,327) $ (347,169) $ 22,486,894 $ 28.42% 2017 85,933,699 $ 81,123,901 $ 4,809,798 $ 27,296,692 $ 33.65% 2018 89,953,791 $ 81,721,605 $ 8,232,186 $ 35,528,878 $ 43.48% 2019 BUDGET-ADJ 92,097,365 $ 87,155,065 $ 4,942,300 $ (1,750,000) $ 38,721,178 $ 44.43% 2020 PROJECTED 96,598,745 $ 92,363,700 $ 4,235,045 $ (10,000,000) $ 32,956,223 $ 35.68% * Includes one-time spending of construction grant dollars on technology (classroom equity and 1:1 pilot program) 2014 = $1,080,737 2015 = $490,867

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Budget Considerations

Additional State EBF allocation for FY2019-2020

is not yet known UPDATE: Add’l $2.8 million

Teacher contract negotiations in process
Property Tax Freezes (Consideration for future

budgets)

Pension Payments – Cost Shift (Consideration for

future budgets)

Illinois Comptroller Total Delayed Payments –

($6.3 billion backlog as of 7/25/19; was $7.3 billion last year at this time); District waiting for $1.3 million from FY18-19 state categorical payments