Valley View Schools District 365U SEPTEMBER 23 RD , 2019 Overall - PowerPoint PPT Presentation

Valley View Schools District 365U SEPTEMBER 23 RD , 2019

Overall budget $318,111,198 (i ncrease of 8.8% of prior year’s actuals) (excludes $89.38M for TRS On-Behalf payment) Due primarily to increase in debt service payments and capital projects expenditures Operating funds $259,243,193 (increase of $9.32M or 3.73% from FY19 budget)

Changes for 2019-20  An increase of $1.472M in Evidence Based Tier funding  Budgeted increase in salaries based upon the collectively bargained agreements with our teachers and related support personnel, as well as our bus drivers and monitors, office personnel, and nutrition services staff.  Benefits are budgeted for an increase of 6.5% in claims costs and fixed costs.  New GASB S-84 requirement to budget both revenue and expenditures of the Student Trust Account activity, adding $2.35M in revenue and expenses.  The scheduled debt service payment for FY20 increased by just under $4M.  The Capital Projects fund includes over $13M in improvements from the list of projects used to support the bond issuance back in 2018.  While we continue our 1:1 technology initiative utilizing a lease-purchase model, we are moving the lease cycle to May/June to better time the ordering and payments for the technology being purchased. This one-time adjustment adds $4M in new proceeds, and an annual service payment of $1M to this year’s budget.  Purchase of mobile classrooms at Independence Elementary has been budgeted.

Budget Revisions Since Tentative Budget was Put on Display  Revised revenue for Transportation fund to match expected reimbursement from ISBE claim for FY19, resulting in decrease of categorical payments by $441,100  Added $19,000 of additional E-Rate funding to Education fund  Added additional $50,000 in salary costs to cover known maternity leaves  Included $38,400 in costs associated with ALICE training for various departments  Added $22,600 in tuition for increased enrollment of students at WILCO  Added $62,000 in salary and benefits costs of additional cross categorical teacher at Wood View Elementary

Federal Revenue $14.7M 5% State Revenue $60.9M 21% Source of Local Revenue, $220.3M Revenue 74%

2019-20 Sources of Revenue Local State* Federal TOTALS FUND Educational $ 144,674,839 $ 142,787,536 $ 14,767,244 $ 302,229,619 Operations and Maintenance $ 19,985,010 $ 325,000 $ 20,310,010 Debt Service $ 37,413,750 $ 37,413,750 Transportation $ 7,074,713 $ 7,228,100 $ 14,302,813 IMRF $ 7,972,776 $ 7,972,776 Capital Projects $ - Working Cash $ 466,158 $ 466,158 Tort $ 2,730,942 $ 2,730,942 Fire Prevention and Safety $ 2,000 $ 2,000 $ - TOTALS $ 220,320,188 $ 150,340,636 $ 14,767,244 $ 385,428,068 57% 39% 4% 100% * Includes $89.38 million in TRS on-behalf payment in book entry only Percentages change if On-Behalf is NOT included $220,320,188 $60,960,636 $14,767,244 $ 296,048,068 Actua tual 74% 21% 5%

Source of Funding-Five Year Average Local State* Federal 2015-16 73% 21% 6% 2016-17 72% 22% 6% 2017-18 71% 22% 7% 2018-19 75% 19% 6% 2019-20 74% 21% 5% 5 Year Average 73% 21% 6% * Does not include TRS On-Behalf Payment

Projected Year-End Fund Balances as of June 30 th , 2020 Operations & Beginning Fund Balance Education Maintenance Transportation IMRF/FICA Tort Working Cash Total **As of June 30, 2019 $ 53,406,909 $ 3,433,586 $ 4,367,739 $ 3,341,203 $ 777,227 $ 20,070,891 $ 85,397,555 Revenues: $ 212,849,619 $ 20,310,010 $ 14,302,813 $ 7,972,776 $ 2,730,942 $ 466,158 $258,632,318 Expenses: $ 214,949,359 $ 19,595,050 $ 14,172,437 $ 7,885,440 $ 2,640,907 $ - $259,243,193 Note: excludes TRS On Behalf of $89.38M Estimated Ending Balance: $ 51,307,169 $ 4,148,546 $ 4,498,115 $ 3,428,539 $ 867,262 $ 20,537,049 $ 84,786,680 Difference $ (2,099,740) $ 714,960 $ 130,376 $ 87,336 $ 90,035 $ 466,158 $ (610,875) % change in fund balance -3.93% 20.82% 2.98% 2.61% 11.58% 2.32% -0.72% # Days cash on hand 6/30/20 87 77 116 159 120 119 Fund balance divided by (expenses/365) **unaudited

Projected hange to Year-End Fund Balances $90,000,000 $80,000,000 Beginning Balance Ending Balance $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $-

Ten Year Fund Balance History $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0