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School District U-46

School District U-46. Finance Discussion October 5, 2009. District Improvement Plan Financial situation Progress/actions to date Next steps. District Improvement Plan. Operational Excellence Use resources efficiently and effectively. Financial Situation FY 2009 Deficit.

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School District U-46

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  1. School District U-46 Finance Discussion October 5, 2009

  2. District Improvement Plan • Financial situation • Progress/actions to date • Next steps

  3. District Improvement Plan • Operational Excellence • Use resources efficiently and effectively

  4. Financial SituationFY 2009 Deficit • $(28.9) million * • Based upon draft audited information * Includes all funds except capital projects and working cash funds.

  5. Revenues included in FY 2009 deficit • $(10.1) million Property taxes • $(3.9) million Federal • $(3.1) million Categoricals • $(2.9) million Interest

  6. Expenditures included in FY 2009 deficit • $(3.0) million Salaries • $(4.0) million Medical insurance • $(3.0) million TRS and TRS early retirement payments

  7. June 30, 2009 Deficit $(28.9) million FY 2009 deficit (19.7) million Previous deficit balances * $(48.6) million Total June 30, 2009 deficit * Includes Education, Operations and Maintenance, and Transportation Funds. Excluded Tort Immunity and Judgment Fund deficit since bonds were sold in the current year.

  8. FY 2010 Projected Deficit • $(15.3) million * * All funds excluding Capital Projects Funds

  9. Funds to Reduce FY 2010 Deficit • $4.0 million Tort Immunity and Judgment Bonds • $4.2 million Stimulus Funds – IDEA • $2.2 million Stimulus Funds – Title I • $10.4 million Total

  10. FY 2010 Deficit Remaining • $(15.3) million FY 2010 Deficit • $10.4 million FY 2010 Deficit Reduction • $(4.9) million Remaining FY 2010 Deficit

  11. June 30, 2010 Projected Deficit • $(4.9) million FY 2010 Deficit • $(48.6) million June 30, 2009 Deficit • $(53.5) million Projected June 30, 2010 Deficit

  12. Progress/Actions To Date

  13. Phase I – Spring 2009 • Reduction in Force notices provided • Salary freeze for non-union employees and administrators • Greatly reduced overtime • No authorization for capital expenditures • Reduced all discretionary budgets 15-20%

  14. Phase II – Current • Bus purchase aborted • Reduced possibility of combining part-time positions to obtain benefits • Reduced substitute pay • Reduced long-term substitute cost • Reduced third-party contracts • Superintendent’s Staff and others reviewing any potential revenue enhancing or expenditure reduction opportunities

  15. Next Steps

  16. Phase III – This Fall • Form a Budget Advisory Task Force to include key stakeholders Budget Advisory Task Force Charge Prioritize recommendations to balance the FY 2011 budget and contribute $25 million towards reducing the deficit by January 31, 2010.

  17. Budget Advisory Task Force Membership • Administration, including principals • Advisory Groups (i.e. community representatives) • Citizens’ Advisory Council members • Elgin Teachers Association representatives • Other Collective Bargaining Unit representatives

  18. Conclusion • Much has already been done • There is still much work to do • Together, we can solve this

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