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College Community Schools Budget Process and Planning Discussion

College Community Schools Budget Process and Planning Discussion. February, 2012. 2012-13 Budget Planning. Cash & Authority must be minimally maintained. Staffing = Possible additional needs in 2012-13 +($600,000) Legislative Unknowns: 13-14 Allowable growth?????

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College Community Schools Budget Process and Planning Discussion

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  1. College Community SchoolsBudget Processand Planning Discussion February, 2012

  2. 2012-13 Budget Planning Cash & Authority must be minimally maintained. Staffing= Possible additional needs in 2012-13 +($600,000) Legislative Unknowns: 13-14 Allowable growth????? Educational Initiatives introduced by Governors office

  3. 801.2 FISCAL MANAGEMENT Undesignated, Unreserved General Fund Balance (Cash) The District’s goal for its undesignated, unreserved general fund balance at June 30 is a minimum of 15 percent of that year’s revenue.  The District will certify annually a cash reserve levy if needed to reach and/or sustain the desired fund balance.  A fund balance of a minimum of 15 percent enables the District to achieve the highest possible credit ratings from rating agencies, such as Moody’s and Standard and Poors.  Higher credit ratings are directly related to lower interest rates on long-term debt issued by the District.  Sufficient fund balances also eliminate short-term borrowings and related interest expense in the general fund and protect the District if the State of Iowa reduces funding mid-year.  A report on meeting this target will be made annually to the Board.

  4. Cash & Authority:

  5. Foundation Formula- Basics • Basic Calculation: • Current year (11-12) Funding Per Pupil $5,883 2012-13 Allowable Growth Rate = 2% 2013-14 Allowable Growth Rate = 0% ??? (Regular Program Calculation-current year) Current 4,382.3 X $5,883 = $25,781,071 ================================= Budgeted Enrollment 2012-13: 4,507.9 12-13 calculation 2% 4,382.3 X $6,001 = $27,051,908 (+$1,270,837)

  6. General Fund 10 Used to account for all financial resources except those required to be accounted for in another fund. 11-12 Levy = $ 12.80690 Estimated 12-13 Levy = $12.41147

  7. Student Activity Fund21 Special Revenue Fund, Must be established in Districts receiving $’s from student-related activities. Athletics, Student Council, Music groups, Yearbook, Student clubs

  8. Management Fund22 Special Revenue Fund Established for the purpose to pay the cost of unemployment benefits, early retirement benefits, & Liability Insurance and judgments/settlements related to Liability.11-12 11-12 Levy = $ 0.77479 Estimated 12-13 Levy = $0.77894

  9. Physical Plant & Equipment Levy“PPEL”23 Special Revenue Fund Established for: Facilities and Grounds, Maintenance, Equipment. Levy = Voted $ .67 Regular $ .33

  10. Capital Projects, SILO/SAVE30-39 Established Infrastructure Projects. Currently: Buildings & Grounds, Property Tax Relief through Debt Levy

  11. Debt Service40 Must be Established if Bonds or Other authorized indebtedness 11-12 Levy = $ 1.98438 Estimated 12-13 Levy = $2.29201

  12. School Nutrition Fund61 “Enterprise” Fund that must be established at all Public Schools

  13. Child Care Fund62 “Enterprise” Fund that must be established if the District is receiving moneys from child care program(s).

  14. Enterprise Fund(s), Student Built House60-68 “Enterprise” Funds that may be established. Vending Funds, Summer Camps, School Stores, TV Studio

  15. Internal Service (Print Fund)73 “Internal Service” Fund that may be established.

  16. Trust Funds91 & 92 Funds that may be established for the purpose of accounting for assets held in a trustee capacity. Foundation $’s, Parent Groups, Booster Club, Music Parents

  17. March Residential Rollback has increased the past two years.. Future? 46.91% to 48.53% (2011-12) ($100,000 home = $48,530 taxable) 48.53% to 50.75% (2012-13) ($100,000 home = $50,750 taxable) 50.75% to ??? (2013-14) ($100,000 home = $???? taxable) what is this? The portion/% Home owners pay on the assessed value of their residential property… Property Valuations … *See attached Valuation History Sheet Desired cash Reserve Levy to maintain current cash level ($1.5M) Management fund levy at ($1.2M) $2.0M Debt Service Property tax relief continues Budget Calculations for the 2012-13 fiscal year in March

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