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FPS BUDGET FORUM. Revenues and Expenses of the Framingham Public Schools. January 16, 2013. Total Revenue needed to Operate Schools FY12. Where did the money come from?. $151,633,203. Funding Sources, FY12. Revolving $6,438,085 4 %. Grants $9,484,026 6 %. Town $43,865,244 29%.
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FPS BUDGET FORUM Revenues and Expenses ofthe Framingham Public Schools January 16, 2013
Total Revenue needed to Operate Schools FY12 Where did the money come from? $151,633,203
Funding Sources, FY12 Revolving $6,438,085 4% Grants $9,484,026 6% Town $43,865,244 29% Operating $91,845,848 61%
Revenue from Town and Grants forFY12 Operating Budget • Town Meeting has “bottom line” authority only for funds for the Operating Budget portion of the School Department Budget • Town revenue sources for funding School Department Operating Budget: • State Aid to Education (31.5%) $ 28,915,499 • Chapter 70 Aid $ 22,024,861 • MSBA reimbursement $ 2,510,995 • Charter School reimbursement $ 780,041 • Circuit Breaker (SPED) $ 3,599,602 • School generated revenue (1.8%) $ 1,707,948 • Rental income (Farley) $ 713,333 • Medical care reimbursement $ 982,969 • Other revenue $ 11,646 • Other Town revenues (66.7%) $ 61,222,401 • Revenue from Grants for FY12 Operating Budget: • Federal Grants $ 5,170,000 • State Grants$ 4,314,026 • Total$ 9,484,026
Revenue from Revolving Funds forFY12 Operating Budget • Food Services $ 2,620,000 • Athletics $ 250,000 • Gifts $ 450,000 • BLOCKS Tuition $ 1,500,000 • Day Care (HS) $ 300,000 • Cable T.V. $ 370,000 • Buildings and Grounds $ 410,000 • Other Local $ 538,000 • TOTAL $ 6,438,000
Total Cost to Operate Schools FY12 Where did the money go? $151,633,203
School Expenditures, FY12 Keefe Tech $8,353,939 (6%) Out of District Tuition $15,899,555 (10%) Instruction $71,631,756 47% Town Services $31,712,791 21% Building $7,914,220 5% Athletics/Activities $1,137,892 (1%) Student Support $5,333,608 (4%) Transportation/Food $9,649,442 (6%)
Looking back… FY08 to FY12 Expenses and Funding sources • 2008 • 2009 • 2010 • 2011 • 2012
Looking back… FY08 to FY12 Expenses and Funding sources • 2008 • 2009 • 2010 • 2011 • 2012 X 1.67% increase X 0.64% increase X 3.62% increase X 3.61% increase
Looking back… FY08 to FY12, Changes in percentage of funding sources • 2008 • 2009 • 2010 • 2011 • 2012
Looking back… FY08 to FY12, Changes in percentage of expenditures • 2008 • 2009 • 2010 • 2011 • 2012
2013 Looking forward… FY13 to FY18 Expenses and Funding sources Projections with revenue and expenditure growth rates in the “FY2014-2018 Long Range Financial Forecast” report by the Town of Framingham, 10/16/2012 • 2018 • 2017 • 2016 • 2015 • 2014
2013 Looking forward… FY13 to FY18 Expenses and Funding sources Projections with revenue and expenditure growth rates in the “FY2014-2018 Long Range Financial Forecast” report by the Town of Framingham, 10/16/2012 • 2018 • 2017 • 2016 • 2015 • 2014
2013 Looking forward… FY13 to FY18 Expenses and Funding sources Projections if expenditure growth rates match revenue growth ratesforecasted in the “FY2014-2018 Long Range Financial Forecast” report by the Town of Framingham, 10/16/2012 • 2018 • 2017 • 2016 • 2015 • 2014
2013 Looking forward… FY13 to FY18 Expenses and Funding sources Projections if expenditure growth rates match revenue growth ratesforecasted in the “FY2014-2018 Long Range Financial Forecast” report by the Town of Framingham, 10/16/2012 • 2018 • 2017 • 2016 • 2015 • 2014
State of the State Funding • According to MassBudget, when adjusted for inflation, since 2001, funding for local aid is down 45% • Projected “gap” in FY14 state budget is $1.22B • Department of Revenue projects tax revenues up 3.5-4.9% over FY13 • Inflation at 2% plus health care (%?) • “Modest” increase for education funding projected for FY14 state budget • Inflation at 1.55% • Enrollment up slightly at .2% • Required local contribution down as local revenue capacity is also down, state will have to assume larger share of revenue toward district foundation budget
Chapter 70 Funding Closing the “Gap” CHAPTER 70 ANALYSIS FY07 FY08 FY09 FY10 FY11 FY12 FY13 Foundation Budget $69,363,563 $71,074,303 $75,064,337 $78,471,848 $77,781,484 $79,535,372 $84,916,268 Required contribution $61,627,654 $60,232,844 $59,230,314 $59,169,653 $57,763,279 $57,510,511 $58,401,853 Chapter 70 Aid $10,628,154 $13,966,312 $15,333,796 $16,793,161 $20,018,205 $22,024,861 $28,083,629 Required NSS $72,255,808 $74,229,156 $74,564,110 $75,962,814 $77,397,386 $79,535,372 $86,485,482 Target Aid share (due) 27.40% 30.80% 31.30% 33.50% 34.70% 36.76% 38.63% Target Aid funding (due) $19,798,091 $22,862,580 $23,338,566 $25,447,543 $26,856,893 $29,237,203 $33,409,342 Actual Aid share (received) 15.30% 19.70% 22.80% 24.60% 25.70% 27.70% 33.07% Percentage “Gap“ 12.10% 11.10% 8.50% 8.90% 9.00% 9.06% 5.56% Actual Aid funded (received) $10,628,154 $13,966,312 $15,333,796 $16,793,161 $20,018,205 $22,024,861 $28,083,629 Shortfall in annual funding $8,896,268 $8,004,770 $8,654,382 $6,838,688 $7,212,342 $ 5,325,713
Unfunded Mandates SUMMARY OF COSTS FOR UNFUNDED/UNDERFUNDED MANDATES: Chapter 70 Aid (FY13) $ 5,325,713 Regular Education $ 550,000 Special Education $ 3,000,000 Special Education Transportation $ 2,000,000 Section 504 Services $ 200,000 School Transportation $ 4,000,000 Administrative $ 250,000 School Nurses $ 220,000 McKinney-Vento (Homeless) $ 215,000 English Language Learners $ 350,000 Home Schooling $ 20,000 MCAS Testing $ 150,000 Curriculum Frameworks $ 200,000 Residency $ 600,000 Vocational Education $ 175,000 Professional Development $ 250,000 Foster Care and State Wards $ 150,000 Grants to Non-public Schools $ 100,000 SIMS and EPIMS $ 400,000 Reporting and Auditing $ 5,000 Student Activity Accounts $ 6,600 Technology $ 500,000 Building Maintenance $ 429,275 Grand Total $ 19,096,588
We will now take Questions FPS BUDGET FORUM Revenues and Expenses ofthe Framingham Public Schools Prepared by Anna Yuen for Framingham Public Schools, January 2013