2015-2016 PRELIMINARY

BUDGETPresented to the Hickman Mills Board of Education

June 19, 2015

State and Local Funds

Beginning Fund Balance $11,565,617Revenues $64,256,963Expenditures $64,811,105Capital Fund Transfer $ 1,223,494Ending Fund Balance $ 9,787,971

Debt/Expense Ratio 15.102% 

State and Local Revenues

Beginning Fund Balance $11,565,617

Local Taxes (Current/Delinquent) $22,034,360

Proposition C $ 6,206,460

Replacement Taxes $ 470,000

Financial Institutions $ 90,000

Pilots (Payment in Lieu of Taxes) $ 350,000

County Revenue $ 1,157,959

Other Local Revenue $ 1,710,700

Total Local Sources* $43,585,096

54.05%

State and Local Revenues Cont…

Basic Formula Calculation $ 30,730,621

Transportation $ 700,000

Classroom Trust Fund $ 2,393,845

Other State Revenues $ 3,221,900

Total State Sources $37,046,366

45.95%

Total Local & State Revenues $80,631,462

State and Local Expenditures

Salaries $36,733,281

Benefits $11,985,285

Services $11,704,105

Supplies $ 4,397,565

Capital $ 2,488,794

Debt Service $ 3,191,706

TOTAL $70,500,736

Federal Revenues & Expenditures

Beginning Fund Balance $ 1,745,643Revenues Expenditures Medicaid $ 240,534 $ 240,534 Part B IDEA $ 1,504,558 $ 1,494,558 Title I $ 2,307,143 $ 2,307,143 Title II $ 80,063 $ 80,063 Title III $ 62,517 $ 62,517 ROTC $ 105,640 $ 195,290 Food Service $ 4,842,419 $ 4,438,135 TOTAL $ 9,142,874 $8,818,240 $324,634

Ending Fund Balance $2,070,277 Note: Only the salary and benefits have been entered for Federal Programs, All of Food Service has been budgeted for.

Debt Service LevyFiscal Year General Special Debt Service Capital Total Levy Change

1996 1.2500 2.8000 0.2600 0.0500 4.3600 ---

1997 1.1400 2.7100 0.3300 0.1800 4.3600 0.00%

1998 1.3100 2.6600 0.3100 0.0800 4.3600 0.00%

1999 1.4100 2.6600 0.2900 - 4.3600 0.00%

2000 1.5700 2.6600 0.3100 - 4.5400 4.13%

2001 1.5700 2.6600 0.3100 - 4.5400 0.00%

2002 1.7393 2.6600 0.3100 - 4.7093 3.73%

2003 1.7791 2.6600 0.3100 - 4.7491 0.85%

2004 1.7705 2.6600 0.6800 - 5.1105 7.61%

2005 1.8400 2.6600 0.6800 - 5.1800 1.36%

2006 2.0300 2.8300 0.6800 - 5.5400 6.95%

2007 2.1500 2.7100 0.6800 - 5.5400 0.00%

Debt Service Levy Cont…

Fiscal Year General Special Debt Service Capital Total Levy Change

2008 2.1500 2.7100 0.6800 - 5.5400 0.00%

2009 2.6500 2.8100 0.6800 - 6.1400 10.83%

2010 2.6617 2.8100 0.8000 - 6.2717 2.14%

2011 5.4717 - 0.8000 - 6.2717 0.00%

2012 5.4717 - 0.8500 - 6.3217 0.80%

2013 5.4717 - 0.8500 - 6.3217 0.00%

2014 5.4717 - 0.8500 - 6.4217 1.58%

2015 5.4717 - 0.9500 - 6.4217 0.00%

Assessed Valuation: $343,466,888 (estimated in February 2015)

2015-2016 Debt ScheduleGO Bonds

2008 2011 2012 2015 TOTAL 2014 Capital

Beginning PrincipalBalance

$15,000,000 $9,650,000 $4,750,000 $3,440,000 $32,840,000 $7,286,316.35

Borrowed Amt.

$0 $0 $0 $0 $0 $0

Principal Payment

$0 $0 $800,000 $1,125,000 $1,925,000 $280,000

Ending PrincipalBalance

$15,000,000 $9,650,000 $3,950,000 $2,317,015 $30,915,000 $7,008,330.35

Interest 9/1/15

$375,000 $140,675 $47,500 $67,336.67 $630,541.67 $126,182.50

Interest 3/1/16

$375,000 $140,675 $47,500 $51,600 $614,775.00 $126,182.50

Total Interest

$750,000 $281,350 $95,000 $118,966.67 $1,245,316.67 $252,365.00

TOTAL EXPENSE

$750,000 $281,350 $895,000 $1,243,966.67 $3,170,316.67 $532,365

Three Year Financial ProjectionState and Local Funds

State and Local Funds

  BUDGETED PROJECTED PROJECTED PROJECTED

GENERAL FUND 2015-2016 2016-2017 2017-2018 2018-2019

BEGINNING FUND BALANCE 11,565,617.33 9,787,971.33 8,010,335.00 6,232,699.00

TOTAL REVENUES 64,256,963.00 64,256,963.00 64,256,963.00 64,256,963.00

TOTAL EXPENDITURES 64,811,105.00 65,505,321.00 66,109,407.00 66,669,477.00

ENDING FUND BALANCE 9,787,971.33 7,316,119.00 4,240,181.00 604,173.00

  15.102% 11.169% 6.414 .906%

Three Year Financial ProjectionFederal Funds

Federal Funds

  BUDGETED PROJECTED PROJECTED PROJECTED

GENERAL FUND 2015-2016 2016-2017 2017-2018 2018-2019

BEGINNING FUND BALANCE 1,745,643.18 2,070,277.00 2,394,911.00 2,719,545.00

TOTAL REVENUES 9,142,874.00 9,229,553.00 9,304,979.00 9,374,909.00

TOTAL EXPENDITURES 8,818,240.00 8,904,919.00 8,980,345.00 9,050,275.00

ENDING FUND BALANCE 2,070,277.00 2,394,911.00 2,719,545.00 3,044,179.00

  23.477% 26.894% 30.283% 33.636%

Three Year Financial ProjectionAll Funds

All Funds

  BUDGETED PROJECTED PROJECTED PROJECTED

GENERAL FUND 2015-2016 2016-2017 2017-2018 2018-2019

BEGINNING FUND BALANCE 13,311,260.51 11,849,128.00 10,386,995.00 8,924,862.00

TOTAL REVENUES 73,399,837.00 73,486,516.00 73,561,942.00 73,631,872.00

TOTAL EXPENDITURES 73,598,476.00 74,379,371.00 75,058,883.00 75,688,883.00

ENDING FUND BALANCE 11,849,128.00 9,692,779.00 6,932,344.00 3,611,839.00

  16.10% 13.032% 9.236% 4.772%

Three Year Financial Projection Cont…2015-2016 Budget

New Teacher Salary Chart implemented which added $571,948 to salaries

Classified Salary increases have been entered adding $479,613 to salaries

Apple Lease Payment is included

Basic Formula calculated at 100% with a SAT (State Adequacy Target) of $6,131

Classroom Trust fund is based on $405/ADA (Average Daily Attendance)

Proposition C funding is based on $905/WADA (Weighted Average Daily Attendance)

An estimated FY 15 assessed valuation was used for local taxes

Only salaries and benefits have been added for Federal Programs.

2016-2017 & 2017-2018 & 2018-2019 Budget

2015-2016 Budget numbers were used.

Federal Programs have not been entered except for salaries and Food Service.

Note: The auditors recommend a 24% fund balance (for Hickman Mills C-1 that equals $18,137,447fund balance). Given the current economic climate no less than 8% or $6,045,815 ending fund balance is a minimal prudent balance.

2015-2016 School Level PositionsFY15 FY16 Difference

Teachers (PK-12) 529 504 -25 Counselors 15 15 0 Psychologists 6 6 0 Media Specialists 12 12 0 Translators 6 6 0 Paraprofessionals/Aides 114.75 100.4 -14.35 Secretaries/Clerks/Receptionists 38 37 -1 Registrars 3 3 0 Nurses 10 10 0 Principals 13 13 0 Assistant Principals 8 7 -1 Custodians 57 58 1 School Food Service 64.5 64.5 0

TOTAL 876.25 835.90 -40.35

2015-2016 System Level PositionsFY15 FY16 Difference

Social Worker/Therapists 7 7 0 Maintenance 21 17 -4 School Food Service Support 4 4 0 Technology 8 8 0 Central Office Administrators 11 11 0 Central Office Support 18 18 0 Student Services Support 8 9 1 Security 5 5 0 Child Care Workers 6 5 -1 Facilitators/Coordinators 5 3 -2

Total System Level 93 87 -6

Total School Level 876.25 835.9 -40.35

TOTAL POSITIONS 969.25 922.9 -46.35

2015-2016 Substitute Rates Daily/Hrly Long Term

Teacher Substitute Rate $104.17$143.37

Nurses Substitute Rate $140.00$140.00

Secretary/Clerk Substitute Rate $ 95.33 $104.81

Paraprofessional Substitute Rate $ 79.39 $ 86.34

Cafeteria Substitute Rate $ 7.85 $ 7.85

Custodian/Maintenance Sub Rate $ 79.39 $ 86.34

Principal Substitute Rate $157.63$157.63

All substitutes are paid through Kelly Services with the exception of Principals, Nurses and Cafeteria workers.

2015-2016 Projected EnrollmentPre-K & Kindergarten 1085

Elementary 3184

Middle School 868

Freshman Center 389

High School 1099

TOTAL 6625

Cost Per Student

State & Local Funds = $64,811,105/6625 $ 9,782.81

Federal Funds = $8,818,240/6625 $ 1,331.06

All Funds = $73,629,345/6625 $ 11,113.87

2014-2015 Enrollment as of June 18, 2015

Early Childhood & Kindergarten 1064

Elementary 3093

Middle School 820

Freshman Center 428

High School 992

Total Enrollment 6397

COST PER STUDENT

State and Local Funds = $63,692,621.47/6397 = $ 9,956.64

Federal Funds = $11,922,779.83/6397 = $ 1,863.81

All Funds = $75,615,401.30/6397 = $11,820.45