FY 200809 Budget Update

1
FY 2008-09 BudgetUpdate

• May 20, 2008
• Board of School Directors Meeting
• Kristee Reichard

2
Agenda

• Proposed Budget
• Fund Balance Planning
• Discussion Items
• Direction
• Next Steps

3
Proposed Preliminary Budget 2008-09

• Planning Committee recommendation 3 increase in
  millage to 15.70
• Beginning FB 3,005,425
• Revenue 39,571,794
• Expenditure 40,812,613
• Ending FB 1,784,605

4
Fund Balance Planning 3 Increase
5
Fund Balance Planning 5.3 Increase
6
Fund Balance Planning

• Forecasting Assumptions
• Revenue Increased by
• 2 Assessed Value
• 3 State Funding
• .05 Other Local Revenue
• Expenditures Increased by
• 3.85 Salaries
• 10 Benefits
• 5 Transportation
• 4 Special Education

7
Fund Balance Planning

• One time monies
• Swap 1,065K
• Refunding 525K (Gross)

8
2008-09 Budget Considerations

• Expenditures
• Fuel costs
• Transportation Budgeted 5 increase since then
  diesel fuel has increase 1.10/gallon
• 80,000 gallons per year - 88,000
• Heating Oil Bid 07/08 was 2.12/gallon for
  08/09 3.88/gallon - 25,000
• Supplies shipping/transportation charges

9
2008-09 Budget Considerations

• Expenditures
• Special Education
• Newly identified students/ move ins - volatile
• New IU cost method
• Unknown Charter School obligations
• There are several proposed legislative acts to
  address the costs to School Districts action to
  be determined

10
2008-09 Budget Considerations

• Expenditures
• Future facilities costs
• Facilities Planning Committee recommendations
• GASB 45
• Accounting for OPEB will impact our financial
  statements impact on credit rating will affect
  future costs of borrowing.

11
2008-09 Budget Considerations

• Revenues
• Proposed Governor's Budget
• Formula based what will happen in the
  legislature?
• Long-care Facility Case
• Pleasant View Appeal - Potential for over 200K
  in lost tax revenue.

12
2008-09 Budget Considerations

• Revenues
• Final determination of millage rate will impact
  the local tax revenue budget
• Current assessed value trends significantly
  reduced from history

13
Direction

• Expenditures - updates
• New positions
• Retiree positions
• Revenues
• Millage rate to consider (range of 0 - 5.3)
• Finalize other revenue numbers
• Items to consider for 2009-10, 2010-11

14
Next Steps

• Adopt Preliminary Budget May 20th
• Final updates at June Committee meeting
• Final Adoption scheduled for June 24