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BUDGET HEARING & SCHOOL BOARD MEETING ALGOMA HIGH SCHOOL BOARD ROOM 1715 DIVISION STREET

School District of Algoma Public Notice To the electors of the School District of Algoma October 13, 2008. BUDGET HEARING & SCHOOL BOARD MEETING ALGOMA HIGH SCHOOL BOARD ROOM 1715 DIVISION STREET ALGOMA, WI 54201 Monday, October 13, 2008 6:00 p.m. SCHOOL DISTRICT OF ALGOMA

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BUDGET HEARING & SCHOOL BOARD MEETING ALGOMA HIGH SCHOOL BOARD ROOM 1715 DIVISION STREET

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  1. School District of Algoma Public NoticeTo the electors of the School District of AlgomaOctober 13, 2008 BUDGET HEARING & SCHOOL BOARD MEETING ALGOMA HIGH SCHOOL BOARD ROOM 1715 DIVISION STREET ALGOMA, WI 54201 Monday, October 13, 2008 6:00 p.m.

  2. SCHOOL DISTRICT OF ALGOMA BUDGET HEARING MONDAY, OCTOBER 13, 2008 ALGOMA HIGH SCHOOL BOARD ROOM 1715 DIVISION STREET, ALGOMA, WI 54201 6:00 P.M. • President Polecheck call meeting to order • Secretary to note roll call • Approval of minutes of 2007-08 budget hearing of October 15, 2007 • Superintendent’s Report • Discussion • 1. Presentation of the 2008-09 budget • 2. Fund 73 Balance Sheet as of 6/30/2008 • Action • 1. Board to tentatively approve the budget presented • 2. Board to levy a tax of $2,571,945 • 3. Board to levy a tax of $340,611 in accordance with the Capital Projects Sinking Fund • Adjournment

  3. UNDERSTANDING THE BUDGETThe 2008-2009 budget is detailed on the following pages of this report. As you examine these pages, you will note that there are six different “Funds” that are currently being used. There are no Capital Projects at this time nor is the Student Activity Fund reported. Under each of these fund categories is included a beginning and ending fund balance, along with a listof revenues and expenditures. The following definitions and explanations of funds, source and functions should help give you a better understanding of the budget.FUNDSFUND 10 – GENERAL FUND:This fund is used to account for district financial activities for current operations. Most district spending occurs out of this fund.FUND 20 - SPECIAL PROJECT:Activities funded by specific federal or state grant programs are recorded in this fund. In our district, the special projectsis Special Education.FUND 30-DEBT SERVICE FUND:The Debt Service fund is used for recording transactions related to repayment of promissory notes (issued per statute 67.12(12), bonds, and state trust fund loans. FUND 40 CAPITAL PROJECTS FUND:This fund is used to account for financial resources involved in the acquisitions of capital objects, construction of capital facilities, or maintenance projects. The loans used to finance these projects are paid for through Fund 30. Currently Algoma does not have any Capital Projects Fund.FUND 50 FOOD SERVICE FUND:All revenues and expenditures related to pupil food service activities are to be recorded in this fund. Any deficit at the endof the year must be eliminated through an operating transfer from the General Fund.FUND 60 AGENCY FUNDThis is the pupil activity account. Student fund raising is recorded in this account.FUND 73 OPEB TRUST FUND:This fund is used to account for Other Post Retirement Benefits for staff member who qualify.

  4. As printed in the Kewaunee County News October 8, 2008

  5. Projecting to put $152,676 in Fund Balance. PAGE 1

  6. TOTAL REVENUES TOTAL EXPENDITURES PAGE 2

  7. PAGE 3

  8. FUND 39 DEBT SCHEDULE

  9. FUND 73 (OPEB)AS OF JUNE 30, 2008

  10. QUESTIONS????

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