Ithaca City School District Budget 2020-2021 January 28, 2020 - PowerPoint PPT Presentation

Ithaca City School District Budget 2020-2021 January 28, 2020

FUND BALANCE A representation of the resources remaining from the prior fiscal years - OR - What is left after the District liabilities are subtracted from assets

FUND BALANCE IS NOT. . . A LONG TERM SOLUTION A MYSTERY Fund Balance is a valuable Districts should be able to be resource to help finance the next specific about the purpose, funding, year’s operations, however, it and expenditure of funds in should not be used to fund Reserved, Unassigned & operations over the long term. Appropriated Fund Balance.

TYPES OF FUND BALANCE RESERVES: APPROPRIATED FUND UNASSIGNED BALANCE: In New York, school boards FUND BALANCE: can place remaining funds Districts can utilize fund into one of several restricted balance when developing A.K.A. The 4% Maximum (reserved) accounts that are their budgets for a number of legally bound to their named reasons. These include Districts also can purpose. Examples include lowering real property taxes, maintain a so-called protection against future providing a cushion for “rainy day” fund – an claims on the district unexpected fluctuations in all-purpose cushion (i.e.-Tax Certiorari Reserve) operations, reduce against unexpected or to plan for future needs of borrowing, and fund revenue financial needs. the district (i.e.-Capital shortfalls. Reserve).

HOW DOES ICSD USE APPROPRIATED FUND BALANCE? REAL REVENUE: Funds necessary to cover actual expenses Funds necessary to cover anticipated expenses FUND BALANCE: Funds to cover unanticipated contingencies Achieve savings goals

ICSD Fund Balance and Reserves 2016-2017 2017-2018 2018-2019 2019-2020 $ 2,000,000 $ 3,330,000 $ 3,230,000 $ 3,970,000 Appropriated Fund Balance Unappropriated Fund Balance (4%) $ 4,700,823 $ 4,878,918 $ 5,131,154 $ 3,022,923 Unemployment Insurance Reserve $ 151,180 $ 151,296 $ 151,417 $ 151,677 Retirement Contribution Reserve $ 2,760,500 $ 3,117,662 $ 3,303,957 $ 3,325,345 $ 501,272 $ 391,368 $ 391,808 $ 393,428 Liability Reserve $ 609,718 $ 609,860 $ 589,669 $ 593,486 Reserve for Tax Certiorari $ 557,526 $ 557,656 $ 558,283 $ 487,291 Employee Benefit Accrued Liability Reserve $ 250,000 $ 250,059 $ 250,340 $ 252,876 Insurance Reserve Capital Reserve $ 2,961,701 $ 2,328,138 $ 2,017,403 $ 2,176,861 Health Insurance Reserve $3,698,460 $ 14,492,720 $ 15,614,957 $ 15,624,031 $ 18,072,347 TOTAL