2. Review 2008-09 Tentative Budget for all Funds
Attachment: 2008 Budget Presentation I.pdf
Attachment: 2008 Budget Presentation II.pdf
Dr. George Copeland presented the 2008-09 Tentative Budget based on information available at the time. The current economic circumstances represent a significant challenge in developing the Fund 100 budget. This is due to the fact that the school district has not received the certified taxable value, on which the roll back rate is calculated. The certified taxable value is expected by no later than Wednesday, July 17th.
In light of the estimated shortfall for 2008-09, the state has taken the precautionary action of withholding one percent from the quarterly releases of general revenue for the 2008-09 state budget for the first three quarters of the fiscal year. The state has also asked districts to develop 2008-09 budgets that reflect contingency funding plans that reduce FEFP expenditures by approximately 2 percent (approx $4 million for Clay County). Dr. Copeland noted the school district has already been taking precautionary measures to prepare for this estimated shortfall.
An analysis shows the total funds available for 2008-09 in Fund 100 to be $290,729,826. Considering the estimated uses of revenue, the unreserved fund balance as of June 30, 2009 is estimated at $5,241,226. The majority of the presentation was spent in Fund 100 (Salaries) due to over 85% of the district's expenditures being salaries and benefits.
Wimberly Bracket, Director of School Food Service, reviewed Fund 410 (Food and Nutrition Program). Student meal prices will not increase for 2008-09, however, adult meal prices will increase by $.50.
Dr. Copeland briefly reviewed Fund 200 (Debt Service Fund), Fund 420 (Special Revenue Fund) and Fund 711 (Internal Service Fund).
The total budget presentation can be reviewed in the attachment.
3. Review 2008-09 Tentative Educational Facilities Plan
Attachment: Educational Facilities Plan.pdf
Mike Elliott, Assistant Superintendent for Support Services, reviewed Part III (Capital Outlay) of the budget. This fund accounts for new construction and renovation and remodeling projects. The projected revenue, as well as facility projects and expenditures, are included as part of the district's Five-Year Educational Facilities Plan. Estimates of project costs are identied within the Plan.
(Facility Projects can be reviewed in the attachment.)