Final Budget Presentation General Fund Balance as of 6/23/2020 - - PowerPoint PPT Presentation

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Final Budget Presentation General Fund Balance as of 6/23/2020 - - PowerPoint PPT Presentation

Jan 08, 2023 253 likes •370 views

Final Budget Presentation General Fund Balance as of 6/23/2020 Beginning Fund Balance $15,889,586 Revenues: $65,678,802 Expenditures: $64,454,344 Transfer ($ 650,000) Est. Ending Fund Balance $16,464,044

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SLIDE 1

Final Budget Presentation

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SLIDE 2

General Fund Balance as of 6/23/2020

  • Beginning Fund Balance $15,889,586

Revenues: $65,678,802

  • Expenditures:

$64,454,344

  • Transfer

($ 650,000)

  • Est. Ending Fund Balance

$16,464,044

  • Est. General Fund Percentage 25.5%

6/23/2020

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SLIDE 3

Expenditure Savings/Supplies and Purchased Services

  • Each year the District spends on average $5 million

for Student transportation

  • This year with the reduced days and busses not

running the District spent $4.1 million with an approximate savings $1 million from the 2019-2020 preliminary budget

  • 2019-2020 State allocation was $886,779, which was

a reduction of approximately $113,000

6/23/2020

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SLIDE 4

Expenditure Savings/Supplies and

Purchased Services

  • Food Service is another significant line item to the annual

budget – Due to a reduction in meals served and a reduction in supplies, there is a savings of approximately $450,000 from last year to this year

  • Utilities

– With the buildings being closed, the District saved approximately $163,233

  • These savings are one time savings directly related to the

school closure

6/23/2020

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SLIDE 5

COVID 19 Expenses

  • Year to Date expenses directly related to COVID – 19

– Essential personnel working through the closure

  • $17,000

– I-Ready to support remote learning as well as to help address the learning gaps

  • $98,000

– Cleaning supplies and equipment in order to address deep cleaning and sanitization

  • $81,850

– We have recently submitted these costs to DESE as part of a recent reimbursement survey

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SLIDE 6

Local Revenues

  • Prop “C” is actually considered to be a local revenue even

though it is paid through DESE – Despite COVID 19, Prop C finished close to the original projection for 2019-2020 – This was an increase of $313,000 from the Amended Budget

  • E-Rate reimbursement of $230,000 for equipment installed

the summer of 2019

  • Total Local Increase = $502,000
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SLIDE 7

State Revenues

  • The Governor has reduced State revenues in this fiscal year

due to delayed revenue collections – State Formula – Classroom Trust – Transportation

  • Total State Reduction = ($1.5 million)
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SLIDE 8

Federal Revenues

  • Knowing that State revenues were going to be reduced

significantly, we began filing for our Federal Programs reimbursements monthly as opposed to quarterly

  • We were able to apply for a reimbursement from our last pay

roll and we received the funds this week

  • Total Federal Increase = $553,000
  • Total overall revenue decrease = ($537,576)
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SLIDE 9

Fund Balance/Transfers

  • Fund Balances/Transfers

– We are projecting an ending fund balance of 25.5% – Percentage is directly tied to our expenditures – The Capital Projects Transfer will prefund the Facilities budget and allow us flexibility next year – The increase to fund balance will enable us to address any

  • ne time expenditures associated with COVID 19
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SLIDE 10

Transfers

  • End of the Year Transfers estimates

Special (Teachers) Fund $7,321,770 Capital Projects $ 650,000 Total $7,976,114

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SLIDE 11

Questions?