Wednesday, October 9, 2013

A Budget Update from the October 8, 2013 ~ Board of Education Meeting

Last evening, Chief Financial Officer Keith Pennington presented the “Initial Presentation of Fiscal 2013-2014 Estimated Fund 10 and Fund 27 Balanced Budget Draft”.

The Budget Draft was approved by the Board of Education (10/8/13) and will be published in the Janesville Gazette next week, distributed throughout the District and brought forward to the Public Hearing and Board Meeting on October 29, 2013.

2013-2014 REVENUE BREAKOUT

FY 12/13*
FY 13/14
Change
Local Sources
$29,283,074
$27,814,823
($1,468,251)
Inter-District Transfers
$2,414,601
$2,634,788
$220,187
State Sources
$70,600,543
$72,074,852
$1,474,309
Federal Sources
$7,295,688
$7,450,477
$154,789
Other Sources
$1,358,380
$819,766
($538,614)
TOTALS
$110,952,287
$110,794,706
($157,581)
*Unaudited unofficial 12/13 totals

ESTIMATED 2013-2014 FUNDING BY SOURCE

Percentages in Parenthesis represent the 2012-2013 School Year


EXPENSE ASSUMPTIONS, ESTIMATES
AND KEY FACTORS USED

Expense Reductions
District Health Insurance Costs
($5,300,000)
District pays 50% of the WRS contribution for all staff
($2,900,000)

The Wisconsin Retirement System (WRS) overall rate is forecast to increase from 13.3% to 14.0% in January, 2014.

Expense Increases
Board - Approved (Previously) Staffing Plan Increases
$1.4M
Contribution to the OPEB Plan
$1.0M
Board - Approved (Previously) Positions (8)
$0.6M
Addition to the Approved (Previously) Capital Improvement Budget
$0.5M
Addition to the Approved (Previously) IT Capital Budget
$0.5M
Restore Textbook Budget
$0.5M
Restore Additional Positions
$0.3M
Superintendent Recommended Employee Reward and Recognition Program
$0.6M
Improvement of Fund Balance Usage
$3,100,000

As a result of the phenomenal work our high achieving staff has been doing I am pleased to recommend to the Board money set aside in the budget for a job well done for the 12-13, 13-14 school year.  I want it as a placeholder in the budget that will be approved in three weeks, so once we are free to move on this I will have money set aside to do so.  Thanks again to all of you who have made this such a high performing, incredible district.

The Budget is prepared on a conservative basis.  All calculations are based on the most current information (including estimates, projections and calculations) available.  There may be changes, recalculations and adjustments prior to the final Board approval on October 29, 2013.  






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