Spending is up $1.3 million over 2011-2012 school year
A new school year budget of $77.8 million is now on the books for the 2012-2013 fiscal year that starts on July 1.
The school board, meeting in regular session on Thursday, May 31, ratified the new budget for all funds behind a unanimous 6-0 vote with one member absent. The new budget compares to $76.5 million for all funds in the 2011-2012 school year.
The new budget projects general fund spending of $65.47 million compared to 2011-2012 the original general fund spending of $63.7 million.
With revenue projected at $63.3 million, the school board action OK’s the a general fund draw down of $2.17 million. The draw down will reduce the general fund balance to $3.43 million from $5.2 million. Earlier this spring, the board voted spending additional fund balance dollars to avoid making additional staff and program cuts in the new fiscal year.
The general fund will command $63.3 million of total spending in 2012-2013.
State aid will pump in $49.5 million of that total while local property taxes contribute $9.6 million. The district will also see $2.3 million in federal funding and $1.8 million from”other” sources.
Some 80 percent of the general fund budget goes to the men and women who work in the system.
A total of $39.15 million is committed to salaries and wages while $14.5 million is needed for employee benefits.
Purchased services require $7.2 million in spending with $3.12 million needed for supplies and materials. Capital expenditure spending accounts for another $1.3 million in general fund dollars.
With total revenue projected at $63.3 million and expenditures projected at $65.4, use of general fund reserve dollars will make up the difference
The new budget also will see a fund balance reduction of $56,211 in the Community Education fund.
The Community Education budget for 2012-2013 is just over $4 million. With the $56,211 reduction of its fund balance, some $559,365 will remain in reserve for Community Education.
Here is how the new budget will impact other funds.
The food service department will operate on a budget of $3.86 million in 2012-2013. The budget projection shows a modest fund balance increase of $4495.
The estimated end of the year food service department fund balance is projected at $954,495.
The debt service fund is projected to end the 2012-2013 fiscal year with a fund balance of $1.3 million which represents a $101,000 fund balance increase. The district projects debt service spending requirements of $3.7 million in the new fiscal year.
The district also has two other smaller funds — Trust and Other Post Employment Benefits.
The trust fund will require spending of $55,541 in the new year which includes $44,041 in fund balance reduction and $14,500 in revenue.
The OPEB Fund, which collects property tax dollars to cover employee retirement benefits, will have revenue of $517,691 to cover projected expenditures of the same amount. OPEB has no fund balance.
By state law, school board are required to pass the new school-year budget prior to July 1.