greater johnstown school district session 1 budget and finance committee 1/14/16 2/23/2016

Greater Johnstown School District

Session 1 Budget and Finance Committee

1/14/16

05/05/23

Budget Committee Meetings

• Overview• 1) Overview - Forecast, model, timeline, procedures, etc.• 2) Revenue- sources, fixed, controllable• 3) Staffing and salary schedules• 4) Expenditures - non salary related, materials and

resources, technology, etc.• 5) Proposal Final Budget• 6) Final Budget

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Fund Accounting• A fund is a distinct accounting entity with self balancing set of accounts•3 Types of Funds (Governmental, Proprietary and Fiduicary)•Each fund has a separate trial balance (conceptually – separate business)

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Governmental Funds• General Fund (10)

•Principal operating fund of the Governmental Entity•Athletic Fund

•Only if there is a dedicated stream of revenue to substantially fund the sports program (50%)

•Capital Project Fund (30) •Account for resources that are limited to expenditures for capital outlays

•Debt Service Fund (40)•Accumulates resources for payment of long term debt principal and interest

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Other Funds• Proprietary Funds

•Operates like a business•Net income•Example – Cafeteria Fund

•Fiduciary Funds•Used for assets held in agency capacity•Example – Chinese program

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Budget Basics• Legal requirements

•Public School Code of 1949• Must adopt a budget prior to June 30•Must adopt a proposed budget and publically advertise, hold open for public view for 30 days prior to final adoption•Must adopt a preliminary budget by January 30th unless school district enacts resolution not to raise taxes over the Act 1 index

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Budget HandbookDeveloping School Budgets•Revenues•Expenses•Fund Balance

Budget is key to decision making•Plan for rational distribution of resources•Primary vehicle for setting fiscal and program policy•Means for establishing objectives

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Budget HandbookBudget Account Structure

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Fund XX In all cases this will be “10”

Function XXXXIs the functional area of

expense

Object XXXAccount code, type of

expense

Funding Source XXXIs always 000 unless

assigned by Bus. Office

Level XXElementary or secondary

grade level

Location XXBuilding or Responsible

Unit

Designation XX Special Designations

Purchasing

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Quotes

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Bids

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Budget HandbookRFP’s

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State Contracts

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Cash Management

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Cash handling 1.Set up one cash point (no matter the event) with at least two people 2.2. Create a paper (paperless even better when possible!) trail for every transaction

a. Provide a receipt to each person who pays the organization

b. Reconcile cash collected to receipts before leave the event and note the amounts

c. Have both people sign and date the reconciliation 3.3. Deposit immediately (or the next morning at the latest) 4.4. Get bonding insurance 5.5. Do not

a. Ever take IOUs b. Ever mingle personal or school cash with club cash c. Ever provide a loan to the group

Forecast

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(Actual) (Actual) (Actual) (Budget) (Projected) (Projected) (Projected) (Projected) (Projected)2013 2014 2015 2016 2017 2018 2019 2020 2021

Act_3 Act_2 Act_1 BudgetVar Projected_1 Projected_2 Projected_3 Projected_4 Projected_5REVENUES VS. EXPENDITURES

Total Revenues 42,550,473 42,003,520 42,341,555 43,546,227 44,439,762 45,100,674 45,772,222 46,428,107 47,002,567Total Expenditures 46,367,737 44,398,786 45,834,294 46,502,500 48,185,709 48,687,300 49,243,962 49,832,479 50,348,194Operating Balance (3,817,264) (2,395,266) (3,492,739) (2,956,272) (3,745,947) (3,586,625) (3,471,739) (3,404,372) (3,345,627)

Total InitiativesOp. Balance Post Initiatives (3,817,264) (2,395,266) (3,492,739) (2,956,272) (3,745,947) (3,586,625) (3,471,739) (3,404,372) (3,345,627)

Adequacy Target 48,527,443 49,352,409 50,388,810

GENERAL FUND BALANCE

Beginning of the Year 15,966,873 12,149,609 9,754,343 6,261,604 3,305,331 (440,615) (4,027,241) (7,498,980) (10,903,352)End of the Year 12,149,609 9,754,343 6,261,604 3,305,331 (440,615) (4,027,241) (7,498,980) (10,903,352) (14,248,979)

As a % of Expenditures 26.20% 21.97% 13.66% 7.11% (0.91%) (8.27%) (15.23%) (21.88%) (28.30%)

Capital Project Funds 4,590,896 4,213,805 4,037,385 4,037,385 4,037,385 4,037,385 4,037,385 4,037,385 4,037,385Total Fund Balance 16,740,505 13,968,148 10,298,989 7,342,716 3,596,770 10,144 (3,461,595) (6,865,967) (10,211,594)

2014-15 Budget vs. ActualGreater Johnstown School District

BudgetFor the Years Ended

Budget Actual Variance7/1/2014 7/1/2014

Build # Revenue 6/30/2015 6/30/2015

Local Sources 9,993,205.61 11,306,289.00 11.61%State Sources 26,471,177.15 26,487,311.00 0.06%Federal Sources 4,244,473.57 4,396,648.00 3.46%Other 125,000.00 151,307.00 17.39%

Revenues 40,833,856.33 42,341,555.00 3.56%

Bond Refinance   5,700,000.00 100.00%

Total Revenues 40,833,856.33 48,041,555.00

Build # Expenses

00 District Wide 8,643,301.59 7,995,007.00 -8.11%11 School Board 148,691.42 180,004.00 17.40%12 Superintendent 726,851.48 625,187.00 -16.26%

13 Maintenance 2,232,044.31 1,953,988.00 -14.23%19 Business Office 726,303.42 733,479.00 0.98%22 Technology 898,934.00 720,903.00 -24.70%17 Federal Programs 4,548,682.85 4,253,997.00 -6.93%18 Special Education 6,744,457.77 6,267,454.00 -7.61%23 Eastside Elementary 3,595,078.99 3,650,142.00 1.51%25 Westside Elementary 3,730,750.54 4,010,418.00 6.97%51 Middle School 4,358,662.13 3,964,615.00 -9.94%81 High School 6,224,141.73 6,947,678.00 10.41%82 Athletics 823,694.21 742,706.00 -10.90%21 Safety 306,914.95 240,728.00 -27.49%20 Alternative/Cyber 3,068,897.03 3,245,059.00 5.43%40 Materials and Resources   399,900.00 302,929.00 -32.01%

Expenses 47,177,306.42 45,834,294.00 -2.93%

Bond Refinance   5,700,000.00

Total Expense 47,177,306.42 51,534,294.00

Budget surplus (short fall) -6,343,450.09 -3,492,739.00

Fund Balance 9,754,345.00 6,261,606.00

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Introduction to Revenues

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3 Sources

•Local •State •Federal

Introduction to Revenues

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Local Revenue

•Current Real Estate Tax (6111)•Represents the largest portion of the local revenue•Assessment from County Assessment Office•Milage Rate limited by index

•Interim Real Estate Tax (6112)•Public Utility Tax (6113)•Earned Income Tax (6151) •Real Estate Tax (6153)•Other Act 511 Taxes (6143, 6157)•Delinquent Taxes (6411)•Investment Interest (6510)