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Faribault Public Schools ISD 656

Faribault Public Schools ISD 656. Budget Presentation FY 2010-2011 Revised Budget FY 2011-2012 Adopted Budget June 20, 2011. Agenda. Funds accounted for in our District Enrollment History and Projections Final Budget FY 2010-2011 Budget Assumptions for FY 2011-2012

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Faribault Public Schools ISD 656

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  1. Faribault Public SchoolsISD 656 Budget Presentation FY 2010-2011 Revised Budget FY 2011-2012 Adopted Budget June 20, 2011

  2. Agenda • Funds accounted for in our District • Enrollment History and Projections • Final Budget FY 2010-2011 • Budget Assumptions for FY 2011-2012 • Adopted Budget FY 2011-2012

  3. Funds in our District • General Fund • Food Service Fund • Community Service Fund • Building Construction Fund • Debt Service Fund • Trust Fund

  4. General Fund • K-12 Educational activities • Co-curricular and Extracurricular activities • District instructional and student support programs • Superintendent and district administration • Operations and Maintenance • Transportation • Capital Expenditures • Comprised of 10 reserved accounts, and 1 designated account and 1 unreserved/undesignated account

  5. Food Service Fund • Financial activities of the District’s Food Service Program • Preparation and service of milk, breakfast and lunch meals, and snacks • Equipment needs of the kitchens

  6. Community Service Fund • Enrichment programs for any age level that are not part of the K-12 education program • Five components, each with its own fund balance • Early Childhood Family Education • School Readiness • Adult Basic Education • Community Service—preschool screening, nonpublic pupil aids • Community Education—Adults with Disabilities, School Age Care, Youth Development/Youth Services

  7. Building Construction Fund • Temporary fund used to record all operations of a construction program funded by the sale of bonds • Expenditures include general construction management costs, advertisement for contracts, payments on contracts for construction

  8. Debt Service Fund • Record revenues and expenditures for our outstanding bonded indebtedness • Levies are calculated at 105% of debt payments • Department of Education calculates excess fund balance each year and any excess is used to reduce current levy

  9. Trust Fund • Scholarships donated to the school district • Can be expendable and nonexpendable

  10. Enrollment History and Projections

  11. Enrollment ProjectionsFY 2010-2011 • Decline of 165 from 09-10 to 10-11 • Incoming Kindergarten 92 less than graduating senior class • Initial projections based on historical trends • All grades but two saw declines of 3 to 14 from spring 2010 to fall 2010; 11th grade declined 30 by the end of 2010-2011; ALC enrollment down by 30-40 over previous year

  12. Enrollment ProjectionsFY 2011-2012 • Decline of 90 from 10-11 to 11-12 • Incoming Kindergarten 68 less than graduating senior class • Initial projections based on historical trends • Early registrations do not show an increase in Kindergarten for next year (over 10-11)

  13. Final Budget FY 2010-2011 • General Fund: Fund Balance 7/1 $ 6,673,275 Revenues $39,155,566 Expenditures $39,416,686 Fund Balance 6/30 $ 6,412,156

  14. Final Budget FY 2010-2011 • Food Service Fund: Fund Balance 7/1 $ 674,861 Revenues $2,158,741 Expenditures $2,328,082 Fund Balance 6/30 $ 505,520

  15. Final Budget FY 2010-2011 • Community Service Fund: Fund Balance 7/1 $ 238,125 Revenues $1,723,289 Expenditures $1,749,003 Fund Balance 6/30 $ 212,410

  16. Final Budget FY 2010-2011 • Building Construction Fund: Fund Balance 7/1 $9,328,195 Revenues $ 150,000 Expenditures $4,480,529 Fund Balance 6/30 $4,997,666

  17. Final Budget FY 2010-2011 • Debt Service Fund: Fund Balance 7/1 $1,014,967 Revenues $4,887,445 Expenditures $4,920,174 Fund Balance 6/30 $ 982,238

  18. Final Budget FY 2010-2011 • Trust Fund: Fund Balance 7/1 $ 0 Revenues $3,500 Expenditures $3,500 Fund Balance 6/30 $ 0

  19. FY 2010-2011 Expenditures By Fund

  20. FY 2010-2011 General Fund Revenues by Source

  21. FY 2010-2011 General FundExpenditures by Object

  22. FY 2011-2012 General FundRevenue Budget Assumptions • No change in the General Education Formula allowance of $5,124 • Medical Assistance revenue increased by $100,000 • Compensatory revenue increased by $55,754 • Federal Education Jobs Funds (one-time revenue) of $840,000 will be used in FY 11-12 • MN Dept. of Education error in deduction for residents attending the Minnesota State Academies has been corrected adding $225,000 back to revenues • Increase of $350,000 in Title I funds will be used to continue to fund Title I staff previously funded by ARRA Stimulus funds (one-time funds)

  23. FY 2011-2012 General FundExpenditure Budget Assumptions • Budget reductions of $356,397 have been finalized and factored into the budget • 0% increase in transportation contract • Health insurance rates will decrease by 4.4% • Workers Compensation insurance will increase by $30,000 • No increase has been factored into the budget for salaries and fringe benefits for contracts that are not settled

  24. FY 2011-2012Food Service FundBudget Assumptions • State and Federal meal reimbursements remain the same • $0.05 increase in per meal charges for lunch to students • Sodexo will continue to be our Food Service Provider • $200,000 of general fund costs will be charged to Food Service Fund

  25. FY 2011-2012Community Service FundBudget Assumptions • Revenues and expenditures for all programs remain constant • Continue to contract with the City for Community Education Services in the amount of $161,943

  26. FY 2011-2012Building Construction FundBudget Assumptions • Interest income is estimated based on projected draw schedule • This is year 3 of a 4 year facility improvement plan • Projects include roof replacements, exterior wall restoration and repairs, parking lot reconstruction and repairs, foundation waterproofing

  27. FY 2011-2012Debt Service FundBudget Assumptions • Levies are based on 105% of debt payments • Expenditures are based on bond payment schedules

  28. Adopted Budget FY 2011-2012 • General Fund: Fund Balance 7/1 $ 6,412,155 Revenues $38,895,197 Expenditures $38,011,944 Fund Balance 6/30 $ 7,295,408

  29. Adopted Budget FY 2011-2012 • Food Service Fund: Fund Balance 7/1 $ 505,520 Revenues $2,149,218 Expenditures $2,327,708 Fund Balance 6/30 $ 327,030

  30. Adopted Budget FY 2011-2012 • Community Service Fund: Fund Balance 7/1 $ 212,410 Revenues $1,423,143 Expenditures $1,423,667 Fund Balance 6/30 $ 211,886

  31. Adopted Budget FY 2011-2012 • Building Construction Fund: Fund Balance 7/1 $ 4,997,666 Revenues $ 50,000 Expenditures $ 1,521,309 Fund Balance 6/30 $ 3,526,357

  32. Adopted Budget FY 2011-2012 • Debt Service Fund: Fund Balance 7/1 $ 982,238 Revenues $5,069,284 Expenditures $5,008,572 Fund Balance 6/30 $1,042,950

  33. Adopted Budget FY 2011-2012 • Trust Fund: Fund Balance 7/1 $ 0 Revenues $6,000 Expenditures $6,000 Fund Balance 6/30 $ 0

  34. FY 2011-2012 Expenditures By Fund

  35. FY 2011-2012 General Fund Revenues by Source

  36. FY 2011-2012 General FundExpenditures by Object

  37. For more information, contact: • Colleen Mertesdorf, Director of Finance and Operations at cmertesdorf@faribault.k12.mn.us 507-333-6059 • Go to the District website: faribault.k12.mn.us, click on Departments, then Business Finance

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