2024-2025 Budget Development Overview
Provide insights into the budget development process for the upcoming 2024-2025 fiscal year based on actuals, fund balance projections, enrollment history, and October counts. The presentation includes a review of the 2022-23 year-end actuals, factors affecting the fund balance, and changes in enrollment figures compared to projections and previous years.
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Presentation Transcript
2024 - 2025 Budget Development Guidelines December 6, 2023 Martin Turney, Chief of Finance and Operations Moriah Banasick, Executive Director of Finance and Budget 1
Purpose Provide overview of 2022-23 year end actuals. Share context for last year budget climate and preview approach for 2024-25. Gather Board feedback for updates to the Budget Development Guidelines for the 2024-25 budget. 2
Fund Balance Projected 2022-23 Ending Fund Balance: As of last budget development update $36.5M Actual 2022-23 Ending Fund Balance: $44.4M Factors contributing to fund balance above projection Additional enrollment related apportionment of $300k Unspent materials, supplies, and operating costs (MSOC) budget of $1.8M Transportation funding above anticipated of $2M Local tuition and fees collected (resale, before & after school care, food service, etc.) above anticipated of $3.8M 3
Fund Balance Actual 2022-23 Ending Fund Balance: $44.4M Total fund balance of 12% of budgeted expenditures Unassigned, unrestricted fund balance of 5.5% Projected 2023-24 Ending Fund Balance: $44.4M Total fund balance of 11.5% of budgeted expenditures Unassigned, unrestricted fund balance of 5.3% 4
2023-24 Fund Balance 60,000,000 18% 17% 16% 16% 15% 50,000,000 14% 14% 12% 12% 40,000,000 12% 12% 11% 10% 30,000,000 8% 20,000,000 6% 4% 10,000,000 2% 0 0% 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Actual Actual Actual Actual Actual Actual Actual Estimated Total Fund Balance % of Budgeted Expenditures 5
Enrollment History 5 Year Historical and Current Year 23,000 21,000 20,241 19,964 19,034 18,629 18,610 18,413* 19,000 17,000 15,000 13,000 11,000 9,000 7,000 5,000 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 *October 1 count for 2023-24, all other years are annual average 6
2023-24 Enrollment October Count District Total 2022-23 Actual Enrollment 2023-24 Actual Enrollment 18,568 18,458 Enrollment is down 110 FTE from prior year 2023-24 Projected Enrollment 2023-24 Actual Enrollment 18,366 18,458 Enrollment is up from projection by 92 FTE (High School is primary driver - up from projection by 87 FTE) Running Start = 660 7
2023-24 Expense Management Reduced $9.75M in 2023-24 Budget to Adjust to Incoming Revenue and Investments Central Administration and Operations Budget - 81% of total reductions. Managed reductions through staff attrition Consolidated/restructured work Consultant and service-provider reductions Used other funding sources as feasible and allowable Suspended costs such as travel Contractual management rights for staff reduction Enrollment related staffing adjustments at the schools Created budget capacity to support the strategic plan and focused on the Strategic Plan priority areas Support for mental and behavioral health Managed expenditures during the year to maintain required fund balance Source: content consolidated from spring budget development presentations 8
2024-25 Budget Context and Considerations Initial 2024-25 enrollment projections indicate a slight decline year over year. School closures are not currently under consideration. Currently projecting a flat year-end fund balance for 2023-24. Expense management to continue based on projected revenue, economic outlook, and programmatic needs. 9
2024-25 Critical Steps & Target Dates Board of Director s Budget Development Guidelines Input Dec 6 Financial Advisory Core Team Meetings Dec Aug Board of Director s Budget Development Guidelines Adoption Jan 11 Board of Directors Meetings and Retreat Jan Apr Budget Process with Updates on District Website Feb Aug Legislature Regular Session Ends Mar 7 Superintendent s Budget Review and Program Changes Announced, as needed By Apr 25 District Budget and Budget Guide Completed Jun Jul Public Hearing Proposed 2024-25 Budget Aug 8 Budget Adoption Aug 22 10
Budget Development Guidelines Initial draft created for input and future adoption. Board feedback will be incorporated into final draft for anticipated adoption on January 11th. Draft Critical Steps and Target Dates also provided for feedback. 11
Discussion 12
