1 / 18

Public Schools of Petoskey

Public Schools of Petoskey. Budget Update and Outlook February 14, 2003. The Big Picture: What We Know About FY 2002-03 at the State Level. $127 million deficit in FY 2002-03 Reduction letter has been issued

gray-rhodes
Download Presentation

Public Schools of Petoskey

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Public Schools of Petoskey Budget Update and Outlook February 14, 2003

  2. The Big Picture: What We Know About FY 2002-03 at the State Level • $127 million deficit in FY 2002-03 • Reduction letter has been issued • Legislature had 30 days (Feb. 14) to appropriate additional funds or reduce appropriation to avoid across-the-board reductions • No legislative action occurred, so the 3.8% reduction will affect our March State Aid payment

  3. At Risk FY 2002-03 • Original Budget: $262,385 • Reduction for Added Schools: ($ 10,132) • 3.8% Reduction of Original: ($ 9,971) Amount Budgeted: $242,282 Amount Spent YTD: $242,282

  4. State Aid Cuts – Current Year • Amount Subject to Reduction (Sec. 22b) $4,958,193 • Reduction Percentage: 3.8% • Est. Revenue Loss this Year: $ 188,411

  5. Current Year Changes • Capital Outlay: Remainder Mostly Eliminated • Supply Budgets: Reduced 20% • Conferences: Reduced / Entry Fees Only • Cutting in February is particularly tough as most budget expenditures are made in the beginning of the year.

  6. Spending Freeze • Non-Payroll Budget $2,133,682 • Essential Items (Utilities, etc) $1,147,067 • Discretionary Budget$ 986,615 • 20% of Discretionary Budget $ 197,323 • Revised Discretionary Budget $ 789,292 • Spent to Date $ 685,331 • Amount Avail thru End of Year $ 103,961

  7. FY 2003-04 Budget

  8. FY 2003-04 Budget Environment • State General Fund short $2 Billion • State School Aid Fund short $366 Million • State General Fund contributes $198 Million to School Aid Fund. • Governor has indicated the need for across the board GF cuts to alleviate the shortfall. • Bottom Line: 11% Reduction next year is the Best Case scenario

  9. At Risk - FY 2003-04 • Original Budget: $262,385 • Reduction for Added Schools: ($ 10,132) • 11% Reduction of Original: ($ 28,862) Amount Available: $223,391 FY 2002-03 Budget: $242,282

  10. State Aid - FY 2003-04 • Amount Subject to Reduction (Sec. 22b) $4,953,690 • Reduction Percentage: 11.0% • Est. Revenue Loss: $ 544,906

  11. FY 2003-04 Cost Increases • Step Increases alone: $237,205 • LT Leave Staff Returning: $ 97,212 • Retirement Rate to 15%: $302,529 • Health Increase 20%: $515,746 • Total Cost Increases $1,152,692 • Lost Revenue: $544,906 • Next Years Budget Challenge: $1,697,598

  12. How We Spend Our $$ Total Expenditures (FY 02-03): $22,909,242

  13. Revenue Overview

  14. Expense Overview

  15. Summary

  16. So Now What? • We are looking for bright ideas!! • We can easily address $200K in cost savings, but $1.7 million is tougher and should be addressed together. • Cost savings suggestions? • E-mail ideas to Kent or your building principal; or fill out the supplied form.

  17. How Do We Increase Student Achievement? • Even in this environment of budget constraints. • We want your ideas • E-mail them to Dr. J, Jane Bailey, or Building Principal; or fill out the supplied form.

  18. Questions and Answers

More Related