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2014 BUDGET

2014 BUDGET. Budget Hearing: October 14, 2013 Budget Adoption: October 28, 2013. PROPOSED BUDGET PRESENTATION Five Questions about this Proposed Budget:. How much do we propose to spend and on what would we spend it?

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2014 BUDGET

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  1. 2014 BUDGET Budget Hearing: October 14, 2013 Budget Adoption: October 28, 2013

  2. PROPOSED BUDGET PRESENTATION Five Questions about this Proposed Budget: • How much do we propose to spend and on what would we spend it? • What revenues and resources will we have to support the needed expenditures? • Will our budget be balanced? • What does all this mean to the taxpayer? • What is our long-term outlook?

  3. FIRST: The Required State of Indiana Budget Forms and Related Budget Documents

  4. DLGF’s State Budget Forms for 2014 • Form 1 – Detail of Appropriations • Form 2 – Projected Revenues • Form 3 – Summary Totals of Appropriations and Levies • Form 4A – Another Summary of Appropriations • Form 4B – Calculation of Levies • Required Supporting Documents: • Current Year Worksheets • Debt Service Worksheets • CPF and Bus Replacement Plans Full copies of all state required budget forms and documents for 2014 are available in our budget book (hard copy available upon request) which is published on our website.

  5. “Advertised” and “Actual” The “Advertised” Budget The “Actual” Budget Anticipated revenues based on formulas and laws Anticipated expenditures based on continuing contracts and other obligations • Required format • Required forms • Rates, levies, calculations pre-ordained or strongly recommended because of statutory process and state level oversight/direction Projections!

  6. DISCLAIMER: THE ESTIMATED EXPENDITURES, PROJECTIONS OF COSTS, TAX RATES, LEVIES, AND APPROPRIATIONS, AND ALL OTHER INFORMATION AND DATA PRESENTED HEREIN ARE INTENDED FOR INFORMATIONAL OR ANALYTICAL USE ONLY AND MAY NOT BE USED FOR ANY OTHER PURPOSE. THE STATE FORMS SHOWN IN OFFICIAL BUDGET (STATE FORMS 1 THROUGH 4B, THE CAPITAL PROJECTS PLAN, THE BUS REPLACEMENT PLAN, AND ALL OTHER STATE REQUIRED RELATED DOCUMENTS) CONSTITUTE THE OFFICIAL 2014 BUDGET OF THE ZIONSVILLE COMMUNITY SCHOOLS. DIFFERENCES BETWEEN THE AMOUNTS SHOWN ON THE OFFICIAL STATE FORMS AND DOCUMENTS AND ITEMS IN THIS PRESENTATION, IF ANY, ARE SPECULATIVE, BASED ON ASSUMPTIONS ABOUT CERTAIN FUTURE EVENTS, AND CANNOT BE CONSTRUED AS CONTRADICTIONS OF OR DISCREPANCIES IN OR WITH THE OFFICIAL BUDGET. FURTHER, THE PROJECTIONS AND ESTIMATES SHOWN, WHILE BASED ON THE MOST CURRENT INFORMATION AVAILABLE AT THE TIME OF THEIR FORMULATION, ARE SUBJECT TO UNKNOWN OR UNEXPECTED EVENTS AND CONTINGENCIES AT ANY TIME DURING THE BUDGET YEAR. THE ACTUAL FINANCIAL RESULTS ACHIEVED MAY THEREFORE BE MATERIALLY DIFFERENT FROM THE PROJECTIONS AND ESTIMATES SHOWN.

  7. 2014 BUDGET: REVENUES How much revenue will we have? What are the sources of our revenues?

  8. REVENUES

  9. Declining funding Increasing enrollment The last time we had per pupil funding this low was in 2002, with nearly 2,000 fewer ZCS students to serve! REVENUES

  10. REVENUES Per Pupil Funding Referendum Inflation adjusted 2003 dollars

  11. State Funding Property Taxes Other REVENUES

  12. These are propertytaxes ordered by DLGF but which are not required to be paid by taxpayers = loss to schools. REVENUES

  13. 2014 BUDGET:EXPENDITURESHow much will we spend and on what will we spend it?

  14. Teachers Staff Debt Service Teachers Proposed Expenditures

  15. All Non-Teaching Staff Salaries and Benefits Teachers’ Salaries and Benefits But See Next 2 Slides!!! Proposed Expenditures

  16. 100% of Referendum Fund will be used for teacher salaries and benefits! These are direct instructional costs! Proposed Expenditures

  17. Teachers’ Salaries and Benefits Proposed Expenditures

  18. Proposed Expenditures • About Debt Service • (Debt is Going Down!) • No new debt since 2005 • $61,905,199.70 in principal paid off since 2005 to date • We expect to refinance the 2005 bond issues in 2015, which will be nearly 60% of all debt then, for a significant savings • This budget continues our ongoing debt reduction

  19. Zionsville Community Schools “No New Construction Debt”? • Projected enrollments through 2022-2023 school year do not exceed current capacities at the elementary and middle schools (but some rebalancing may be required in the future) • The capacity of ZCHS is projected to be exceeded in 2018. • The use of 2005 bond proceeds for ZCHS should add sufficient capacity for the next several years

  20. Zionsville Community Schools Summary of the immediate future: Total Debt drops below $200 million by year-end As of 12/31/2014, debt will be just under $185 million For 2015, the 2005 Bonds outstanding to refinance will be $103,560,054.40

  21. Recommendation:“No New Construction Debt” Window • The goal of the Board and Superintendent is achievable for the next several years and should be acted upon. • Appropriate parameters, including a delineation of the length and termination plan for the “No New Debt” declaration, must be formulated. • An acknowledgement of variables/caveats and unknowns that could impact our situation must be incorporated and communicated well.

  22. 21.7% Utilities & Insurance 32.1% Salaries and Benefits 24.2% Building Maintenance Estimated Expenditures

  23. Estimated Expenditures

  24. Chart is per official plan. Actual expected 2014 purchases will be replacement of four or (possibly five depending on price) Type “D” buses. Estimated Expenditures

  25. 2014 BUDGET: CASH FLOWS AND CASH BALANCES Will our budget be balanced? YES

  26. Projected CalendarYear 2014 Projected Calendar Year 2015 Projected School Year 2014-2015

  27. Tax Rates and Levies

  28. Local property tax rates compared with peer communities We were 15th last year too among this same group of peers. Tax Rates and Levies

  29. 2014 Estimated Tax Rate 2013 Actual Tax Rate Effective Tax Rates 90% of Homeowners pay LESS than the actual tax rate. Tax Rates and Levies

  30. Mean ZCS home assessed value is $335,142 Under $100K Over $1 million Tax Rates and Levies

  31. 2014 BUDGET PRESENTATION SUMMARY:The five questions about the proposed budget: • How much would we actually spend and what will we spend it on? An estimated $67.6 million will be expended. • What revenues and resources will we have to support the needed expenditures? All combined, revenues should be about $67.8 million, which will be made up of approximately 49% State Funding, 47% Property Taxes, and 4% Other Sources. • Will our budget be balanced? We expect the General Fund to be balanced . CPF may need to use some reserves for phase II of the high school roof project. All other funds will be balanced. • What does all this mean to the taxpayer? The total property tax bill for 2014 should be the same as 2013 for nearly all homeowners and rental and agricultural property, with commercial property likely seeing a small increase. • What is our long-term outlook? With the operating referendum in place, our outlook is stable through 2015. However, the state funding formula is already set by law. A continuation of the current statutes will cause steady decline for ZCS at least through FY2018. Left unchanged, this will produce higher class sizes and financial instability adversely impacting our core educational mission. Our foremost financial challenge is to avert this danger to ZCS through effecting fundamental legislative change.

  32. Thank You for Your Kind Attention! Budget 2014

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