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Values and Stewardship for a Stronger Tomorrow

Values and Stewardship for a Stronger Tomorrow. Budget Worksession March 25, 2010. Budget Process at a Glance. NOV. OCT. DEC. MAR. JAN. APR. FEB. MAY. MAR. JUN. APR. MAY. BOS directs budget to be based upon equalized tax rate. Superintendent’s Budget Development and Proposal.

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Values and Stewardship for a Stronger Tomorrow

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  1. Values and Stewardship for a Stronger Tomorrow Budget Worksession March 25, 2010

  2. Budget Process at a Glance NOV OCT DEC MAR JAN APR FEB MAY MAR JUN APR MAY BOS directs budget to be based upon equalized tax rate Superintendent’sBudget Developmentand Proposal BOS Advertises74.2 Tax Rate BOS SetsLocalTransfer Joint Board Compensation Meetings BudgetAppropriated School Board’sProposed Budget Final StateRevenues SB BudgetWorksession ConferenceRevenues are Released PreliminaryRevenue Discussions CurrentGovernor’sBudgetPresented School BoardAdopts FinalBudget OutgoingGovernor’sBudgetPresented CompositeIndex Information Changed InitialCompositeIndex Information CompositeIndex Information Changed

  3. Revenues

  4. Revenues at a Glance NOV RevenueType DEC MAR JAN APR FEB MAY MAR JUN APR MAY BOS Sets Planning at 77.2 BOS Redirects Planning to 74.2 BOS SetsHighest RateBefore FinalState Revenuesare Available BOS AdoptsFinal Rate Local Transfer -$1.1M -$4.0M -?M Gov. McDonnell’sProposed Conferee’sProposed State AdoptsFinal Rate Gov. Kaine’sProposed State Revenues -$8.8M -$0.36M -?M -$2.4M (-7.6M Recurring+$5.2M CIShort-Term) *All revenues shown compared to Adopted FY09/10

  5. Revenue Comparison Adopted 09/10 to Conference 10/11 -$6.1M(inclusive of one-time funding)

  6. Biennium Composite Index Hold Harmless Funding • FY 2010/11 – $5.2M Total • $2.6M Recommend Treatment as Recurring • $2.6M Recommend Treatment as One-time • FY 2011/12 – $2.6M Two Year Recurring

  7. Avoiding Funding Cliffs One-Time Revenues

  8. Expenses

  9. 6 million is not just a number.

  10. $148.98 Adopted 09/10 How Do We Get From Adopted 09/10 to School Board's Requested 10/11 $152.00 $151.22 $151.00 $150.00 $149.00 $148.27 $148.00 (in millions) $147.18 $147.00 $145.22 $146.00 $145.00 $144.00 $143.00 Reductions Compensation Growth Base 10/11 School Board's and Benefits (+1.10M) (Sal. Savings -1.8M) (Page A-38) (October Payroll) Requested (+2.95M) (Page C-1) (Page A-38) (-6.00M) (Pages A39 to A42)

  11. Reductions/Revenues Included in the School Board’s Budget

  12. How Do We Get From Adopted 09/10 to Conference Changes $154.00 $151.22 $152.00 $150.00 $148.98 $148.27 $147.18 $148.00 (in millions) $145.22 $146.00 $144.00 $142.00 $140.71 $140.00 $138.00 Reductions RecurringConferenceChanges(-4.51M) Compensation Growth Adopted 09/10 Base 10/11 School Board's and Benefits (+1.10M) (Sal. Savings -1.8M) (Page A-38) (October Payroll) Requested (+2.95M) (Page C-1) (Page A-38) (-6.00M) (Pages A39 to A42)

  13. Expense Adjustments • FY 2010/12 Biennium • Assumes Recurring VRS Rate of 10.76% - $4,513,311 • FY 2010/11 – One Time VRS Savings Based on 9.53% Rate - $849,017 • Recommends $849,017 in One-Time Purchases in FY 2010/11, in FY 2011/12 these funds Return to VRS Rate

  14. Recurring Expenses $140.71M Recurring Revenues$140.25 After $6M in Reductions Recurring Funding Gap - $0.46M

  15. Strategic Positioning

  16. Superintendent’s RecommendationsRecurring Expenses • Restore Two Elementary Principals $233,288 • Eliminate Family Support Workers -$190,000 Net Expense Increase $43,288

  17. Superintendent’s RecommendationsRecurring Expenses Recurring Expenses (based on Conference Changes) $140,713,486 Recurring Overall Revenue (based upon biennial state funding) ($140,249,469) ___________________________________________________ Restore 2.00 FTE Principals $233,288 Eliminate Family Support Workers ($190,000) ____________________________________________________ Funding Gap (Recurring) $507,305

  18. One-Time Funding One Time VRS Savings (diff b/w 10.76% rate less 9.53% rate) $849,017 One Time CI Funding (50% of FY 2010/11 CI Funding) $2,614,164 _______________________________________________ Total One Time Funds Available $3,463,181

  19. Superintendent’s RecommendationsOne-Time Funds Technology $1,000,000 Bus Replacement $1,750,000 Electronic Payroll for T-Port $60,000 Learning Resources $340,000 4 FTE Emergency Staff $264,284 Total One-Time $3,414,284 Remaining One-Time Board Reserve $48,897 FY 2010/11 Recurring Board Reserve $75,000

  20. Budget to Budget Adjustments

  21. Further Board Considerations Funding Gap $507,305 (Including Principal Funding) Restore Class Size $1,113,957 (16.86 FTE) Restore ALCP $345,755

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