2. Review 2007-08 Tentative Budget for all Funds
Attachment: Copy of BUDGET PRESENTATION 07-08.ppt
Attachment: FEFP Documents 07-08.pdf
There has been a lot of discussion about an anticipated shortfall in revenue for 2007-08. The Florida Education Finance Program (FEFP) is funded from both state and local sources. Dr. George Copeland, Assistant Superintendent for Business Affairs, learned in a phone conference yesterday that it will be necessary for school districts to reduce total FEFP expenditures by approximately 2% in order to achieve a statewide reduction of 4% in state funding. The Superintendent has already instructed staff and schools to start looking at their budgets for potential cuts. More information is expected from the state department next week. The state will most likely calculate the proposed local district budget cuts by reducing the base student allocation.
Dr. Copeland proceeded to briefly review the budget timelines and the TRIM timetable. The General Fund (100) for fiscal year 2006-07 shows a final estimated ending balance of $34,043,299. For 2007-08, proposed revenues in the General Fund are estimated at $272,258,224. Proposed expenditures are estimated at $286,196,874 and the Fund Balance at the end of the 2007-08 fiscal year is estimated at $21,863,049. The anticipated shortfall could cause an adverse effect on the proposed budget.
Dr. Copeland reviewed the rolled-back calculation. A tax increase will be advertised for a 7.20% increase over the rolled-back rate. He reviewed the Debt Service Funds (Fund 200). The total debt to be paid out over 2007-08 is estimated at $5,882,490.
Fund 300 (Capital Projects) - covered by Mr. Elliott under the Tentative Educational Facilities Plan.
Fund 410 (Food and Nutrition) was reviewed by Wimberly Brackett, Director of School Food Service. She estimated an ending Fund Balance in 2007-08 at $3.3 million. Dr. Copeland reviewed Funds 420 (Special Revenue) and 711 (Internal Service). He informed the Board that the Fund Balance in 711 needed to be increased to correspond to the actuarial review.
A copy of the complete budget presentation can be found in the attachment or in the Office of the Assistant Superintendent for Business Affairs.
3. Receive the 2007-08 Tentative Educational Facilities Plan
Mike Elliott, Assistant Superintendent for Support Services, stated that the tentative Educational Facilities Plan is not ready and reminded the Board of the dates that have been placed on the budget calendar for the receipt of the tentative Educational Facilities Plan (August 16,2007) and it’s approval on September 6, 2007. An optional date was identified for receipt of August 30, 2007 should the tentative Educational Facilities Plan not be ready on August 16, 2007. Mr. Elliott expressed that under Florida law the Board must receive and adopt an annual capital outlay budget prior to the adoption and it must be part of the annual budget for the District which is scheduled for July 30, 2007. On that basis, Mr. Elliott provided the revenue and expenditures for the 2007/08 capital outlay budget. This budget is the District’s Part III or Fund 300 budget. Mr. Elliott identified the revenue sources which contain both roll forward and new revenue and then identified all proposed capital outlay expenditures against the revenue. The 2007/08 capital outlay budget will constitute the first year of the tentative Educational Facilities Plan.
5. Receive for Information, 2007-2008 Comprehensive Plans & Budgets
The Comprehensive Plans were distributed for information only. Denise Adams, Deputy Superintendent, related that staff is looking at a different direction next year with regards to the Comprehensive Plans. Much of the information is now included in the district's Strategic Plan and is redunant. Mostly likely the Comprenhensive Plan will become obsolete next year. A copy of the complete Comprehensive Plan can be reviewed in the Office of the Deputy Superintendent.
8. Public Hearing on July 30, 2007
Chairman Vallencourt reminded everyone about the upcoming meeting on July 30, 2007 for the Public Hearing on the Tentative Budget. Ms. Graham will not be able to attend this meeting so it is important that the other four board members let her know well in advance if they will not be in attendance.