1 / 18

2013-14 End of Year Report & 2014-15 Preliminary Budget Presentation June 24, 2014

2013-14 End of Year Report & 2014-15 Preliminary Budget Presentation June 24, 2014. 2013-14 Revenues Budget Compared to Unaudited Actual (as of 6/18/14). Operating Funds: 2013-14 Unaudited Budget Actual Education Fund $62,768,630 $62,430,544

ordell
Download Presentation

2013-14 End of Year Report & 2014-15 Preliminary Budget Presentation June 24, 2014

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. 2013-14 End of Year Report&2014-15 Preliminary BudgetPresentationJune 24, 2014

  2. 2013-14 Revenues Budget Compared to Unaudited Actual (as of 6/18/14) Operating Funds: 2013-14 Unaudited BudgetActual Education Fund$62,768,630 $62,430,544 Operations & Mtns$ 6,234,941 $ 5,492,592 Transportation$ 3,192,742 $ 3,092,384 IMRF/Social Security$ 2,512,746 $ 2,393,380 Working Cash Fund$ 3,116,000 $ 3,117,966 Total - Operating Funds$77,825,059 $76,526,866

  3. 2013-14 Revenues Amended Budget Compared to Unaudited Actual Non-Operating Funds: 2013-14 Unaudited BudgetedActual Capital Projects $ 336,300 $ 398,080 Debt Service$8,150,003 $7,875,079 Tort$ 0 $ 0 Life/Fire/Safety$ 0$ $261 Total Non-Operating Funds $8,486,303$8,273,420

  4. 2013-14 Revenues - Budget Compared to Unaudited Actual 2013-14 Unaudited BudgetActual Operating Funds $76,960,803 $75,622,871 Non-Operating Funds $ 8,486,303$ 8,273,420 Total – All Funds $86,311,362 $84,800,286 Operating revenues = 98.26% Non-Operating revenues = 97.49% Overall un-receipted = $1,511,075 Total un-receipted = 1.75%

  5. Reasons for Unreceipted Revenues2013-14 • Remaining General State Aid Payment ($416,656) • Other State Receipts ($60,499 - Education & Transportation) • Remaining Federal Payments ($164,330) • Additional Tax Receipts ($922,960)

  6. 2013-14 Expenditures Budget Compared to Unaudited Actual Operating Funds: 2013-14 Unaudited BudgetActual Education Fund$63,251,295 $61,194,724 Operations & Mtns$ 6,147,234 $ 6,267,235 Transportation$ 3,239,277 $ 3,200,672 IMRF/Social Security$ 2,248,250 $ 2,240,930 Working Cash Fund$ 0$ 0 Total - Operating Funds$74,886,056 $72,903,561

  7. 2013-14 Expenditures Budget Compared to Unaudited Actual Non-Operating Funds: 2013-14 Unaudited Budget Actual Capital Projects $ 5,103,376 $ 5,332,244 Debt Service$ 8,660,789 $ 8,601,778 Life/Fire/Safety$ 0$ 0 Total Non-Operating Funds $13,764,165$13,934,022

  8. Comparison—2013-14 Budget to Unaudited Actual Received 2013-14 Unaudited BudgetActual Operating Funds $74,886,056 $72,903,561 Non-Operating Funds $13,764,165 $13,934,022 Total $88,650,221 $86,837,583 Operating Expenditures = 97.35% Non-Operating Expenditures = 101.23% Difference between budget/actual = - $1,812,638 or under-expended by 2.04%

  9. Reasons for 2013-14 Under Expenditures • Education fund under-spent: • Salaries ($886,033) • Fringe Benefits ($537,314) • Purchased services ($526,563) • Supplies, Materials ($174,148) • Capital Outlay ($524,751) • Other (36,327) • Tuition ($446,221) • Total: $2,056,571 or 3.25% of Education Fund • Operations/Maintenance fund over-spent: • Salaries ($197,230) • Purchased Services ($288,863) • Supplies, Materials($224,336) • Total: $120,001 or 1.95% of O & M Fund • Transportation fund under-spent: • Purchased services ($38,605) • IMRF/SocialSecurity Fund under-spent: • Benefits - ($7,320)

  10. 2014-15 Tentative Budget

  11. 2014-15 Proposed Revenues and Expenditures Operating Funds: RevenuesExpenditures Education Fund$63,701,560 $66,650,534 Operations & Mtns$ 5,998,888 $ 6,482,860 Transportation$ 3,037,322 $ 3,335,511 IMRF/Social Security$ 2,386,767 $ 2,389,520 Working Cash Fund$ 1,066,000$ -0-___ Total - Operating Funds$76,190,537 $78,858,425

  12. 2014-15 Proposed Revenues and Expenditures Non-Operating Funds: RevenuesExpenditures Capital Projects $ -0- $ 5,117,961 Debt Service $ 8,158,075 $ 8,596,474 Life/Fire/Safety $ -0- $ -0- Total Non-Operating Funds $8,158,075$13,714,435

  13. 2014-15 Total Revenues & Expenditures 2014-15 Revenues 2014-15 Expenditures Operating Funds $76,190,537 $78,858,425 Non-Operating Funds $ 8,158,075 $13,714,435 Total $84,348,612 $92,572,860

  14. 2014-15Revenue Assumptions • Collection of 55% property taxes in March (prior year extension) • Collection of 45% property taxes in September (actual adopted levy with increased 1.5% CPI) • TIF receipts • Flat federal revenue • GSA (General State Aid) at 89% • All other state revenue at 95%

  15. 2013-14 Expenditure Assumptions • Inclusion of all collective bargaining agreements • 10 new staffing positions ($700,000) • 6% increase in health insurance costs • 2.5% increase (Purchased Services & Supplies & Materials) • Constant - Tuition • New initiatives -- $ 1,343,500 • Alio Conversion - $120,000 • District Reorganization - $611,000 • Rosetta Stone (Foreign Language Program) - $132,000 • Math Textbook Adoption - $405,000 • HR Software -- $25,500 • UIC Math Consultant - $50,000

  16. Observations • 2013-14 Operating funds revenues = under received by 1.75% • 2013-14 Operating funds expenditures = under-spent by 2.04% • 2014-15 Operating Funds – Revenues = greater than Referendum Target – will verify all state revenues with Steve Miller • 2014-15 Operating Funds – Expenditures – over Referendum Target (inclusive of 1.25% decrease in expenditure growth) • Referendum Target enrollment = 5,672 and OEPP = $13,548.78 • Actual 2013-14 Enrollment = 5,969 x $13,548.78 = Potential expenditures of • $80,710,587 • Proposed Operating Expenditures = $78,858,425 • Operations & Mtns Fund – Projected 6/30/15 Year End - ($811,135) • Capital Projects Fund – Projected 6/30/15 Year End – ($1,873,818) .

  17. Next Steps • July 22, 2014—Adoption of tentative 2014-15 budget • August 19, 2014 —Update &continued discussion of 2014-15 budget • September 9, 2014—Public Hearing of 2014-15 budget • September 23, 2014 – Adoption of 2014-15 Budget & submission to Illinois State Board of Education (ISBE)

  18. Questions and Comments

More Related