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Gvsd Budget Pres Apr 19 2010 B

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1011 Gen Fd Budget Presentation Apr 19 2010

1011 Gen Fd Budget Presentation Apr 19 2010


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  • 1. Garnet Valley School District GENERAL FUND BUDGET PRESENTATION FISCAL YEAR 2010 -2011 • April 19, 2010 • Thomas E. Delaney • Business Administrator 1
  • 2. Garnet Valley School District Agenda • 1 0910 Budget Performance and Projection • 2 Budget to Budget Change Analysis • 3 1011 Revenue Budget • 4 1011 Expenditure Budget • 5 1011 Spec Ed, Maint., Transp. • 6 1011 Capital Equipment Needs / Financing • 7 Debt Svc, Future Debt Svc, Debt Portfolio and available borrowing capacity 2
  • 3. Garnet Valley School District General Fund 0910 Revenue Budget Performance to Date & Projections 2007-2008 2008-2009 2009-2010 2009-2010 Projection Two Year One Year Curr. Year Projected (Under) Over Revenue Summary Prev. Actual Prev. Actual Budget June 30,2010 Budget Regular Property Tax&DCCC 53,406,543 55,735,762 61,886,108 59,481,542 (2,404,566) Interim Tax 2,332,995 1,564,245 1,050,700 869,000 (181,700) Transfer Tax 1,608,528 505,899 934,940 934,940 0 Delinquent Tax 1,129,076 1,378,663 1,142,539 1,270,000 127,461 Investment Income 856,415 480,977 313,260 104,420 (208,840) Other Local Revenues 2,594,617 3,171,938 2,088,578 3,534,806 1,446,228 Total Local Sources 61,928,174 62,837,484 67,416,125 66,194,708 (1,221,417) State Subsidies 9,459,576 10,525,377 10,995,389 10,971,814 (23,575) Federal Subsidies 607,964 720,291 1,017,090 1,017,090 0 Total Revenues 71,995,714 74,083,152 79,428,604 78,183,612 (1,244,992) Use of Fund Balance 1,050,000 (1,050,000) Total Resources 71,995,714 74,083,152 80,478,604 78,183,612 (2,294,992) Summary: Revenue (Under) Budget (1,244,992) (1,244,992) Expense Under (Over) Budget 1,586,303 1,586,303 Projected Increase (Decrease) of Fund Balance vs. Budget 341,311 341,311 Planned (Use) of Fund Balance per Budget (1,050,000) (1,050,000) 0 Net Fund Balance Projected to be (Used) (1,050,000) (708,689) 341,311 Beginning of Year Fund Balance 5,736,400 8,157,944 2,421,544 End of Year Projected Fund Balance 4,686,400 7,449,255 2,762,855 3
  • 4. Garnet Valley School District General Fund 0910 Revenue Budget Performance to Date & Projections • Revenues: • Property Tax Collections FY 0910 • Regular property tax collections are projected to be under budget by $2.4 million, of which $1.5 million is made up through offsetting homestead tax relief. Maris Grove did not pay $1.9million in tax, which was liened. • Interim tax collections are projected to be under budget by $182 thousand. • Transfer tax revenue is projected to meet its budget level. • Delinquent tax should exceed budget by $127 thousand. Since 0910 delinquent taxes were recently liened, the district may receive more delinquent tax revenue, as taxpayers re-pay the county for liened taxes. • Preliminary interim assessment base growth for April, May, and June is included in the total estimated assessment base. If the data is not finalized prior to the County tax data file generation this June, the district will bill any pending interim month as a full year interim tax, rather than as part of the regular tax billing. 4
  • 5. Garnet Valley School District General Fund 0910 Revenue Budget Performance to Date & Projections • Investment Earnings • Earnings through June are projected to fall short of budgeted revenue by $209,000, which is offset by similar savings in the cost of the district’s variable rate debt service. • The district has experienced low yields this year on its investments due to the recession. The district is keeping more of its funds in short term investments until yields improve. 5
  • 6. Garnet Valley School District General Fund 0910 Revenue Budget Performance to Date & Projections Indicated Yields for Selected Securities As of Friday April 2, 2010 Treasuries Agencies CDs PSDLAF Max PSDLAF Liquid Daily 0.0982% 0.0227% 7day 0.1118% 0.0247% 3 month .14% 0.16% 0.10% 6 month .21% 0.24% 0.20% 1 year .36% 0.45% 0.65% 2 year 1.03% 5 year 2.58% 10 year 3.87% 30 year 4.75% Notes: 1% = 1/100 = 1.0000% One tenth of 1 pct = 1/1000 = 0.1000% or ten basis points 6
  • 7. Garnet Valley School District General Fund 0910 Revenue Budget Performance to Date & Projections • Current Interest Rates • The Federal Reserve Open Market Committee has set the federal funds rate (the overnight rate that banks lend money to each other) to 0.20%. The rate a year ago was 0.19%. • US 90 day treasury bills are trading to yield 0.16% (0.14% a year ago). • The one month LIBOR rate is 0.25% ( 0.50% a year ago). • Currently, 20 year AAA GO bonds yield 4.15% ( 4.7% a year ago). 7
  • 8. Garnet Valley School District DVRFA Rates 8
  • 9. Garnet Valley School District Budget Performance Projection Two Year One Year Curr. Year Revenue Summary Prev. Actual Prev. Actual Budget Regular Property Tax&DCCC 53,406,543 55,735,762 61,886,108 Interim Tax 2,332,995 1,564,245 1,050,700 Transfer Tax 1,608,528 505,899 934,940 Delinquent Tax 1,129,076 1,378,663 1,142,539 Investment Income 856,415 480,977 313,260 Other Local Revenues 2,594,617 3,171,938 2,088,578 Total Local Sources 61,928,174 62,837,484 67,416,125 State Subsidies 9,459,576 10,525,377 10,995,389 Federal Subsidies 607,964 720,291 1,017,090 Total Revenues 71,995,714 74,083,152 79,428,604 Use of Fund Balance 1,050,000 Total Resources 71,995,714 74,083,152 80,478,604 Summary: Revenue (Under) Budget Expense Under Budget Projected Increase (Decrease) of Fund Balance Planned (Use) of Fund Balance 9
  • 10. Garnet Valley School District General Fund 0910 Expenditure Budget Performance to Date & Projections • Projected Significant Over–Expenditures 0910: • DCIU SPED $154,413 • DCIU Fair Sh $ 31,343 • DCIU EI $ 40,000 • ESY $ 49,312 • APPS: $214,000 • PRRI: $ 54,705 • Total $543,773 10
  • 11. Garnet Valley School District Budget Summary 2010 - 2011 2009 - 2010 2009 - 2010 Bdgt to Bdgt Budget Summary Budget Estimate Budget Change Beginning Total Fund Balance 7,076,800 8,157,944 5,736,400 1,340,400 Revenues: Local 71,544,497 66,194,708 67,416,125 4,128,372 State 10,015,006 10,971,814 10,995,389 (980,383) Federal 1,017,090 1,017,090 1,017,090 0 Fund Balance Applied 1,063,182 1,050,000 13,182 Total Revenue Budget 83,639,775 78,183,612 80,478,604 3,161,171 Total Available Resources 90,716,575 86,341,556 86,215,004 4,501,571 Fund Balance Applied (1,063,182) 0 (1,050,000) (13,182) Avail Res.net of Fund Bal.Applied 89,653,393 86,341,556 85,165,004 4,488,389 Expenditures Special Ed. & PPS 1,437,750 1,890,769 1,365,546 72,204 Instructional cost ctrs 4,759,361 4,864,230 4,961,894 (202,533) Wages 43,237,783 41,237,244 41,237,244 2,000,539 Benefits 17,772,332 15,325,161 16,402,931 1,369,401 Distrwide & supporting cost ctrs 5,215,427 5,174,676 5,227,976 (12,549) Debt svc, transfers and reserves 11,217,122 10,400,221 11,283,013 (65,891) Total Expenditure Budget 83,639,775 78,892,301 80,478,604 3,161,171 Total Ending Fund Balance 6,013,618 7,449,255 4,686,400 1,327,218 Fund Balance Composition: Designated 0 1,137,875 0 0 Undesignated 6,013,618 6,311,380 4,686,400 1,327,218 Total Fund Balance 6,013,618 7,449,255 4,686,400 1,327,218 11
  • 12. Garnet Valley School District General Fund Proposed Operating Budget: Budget to Budget Changes Budget to Budget Increases (Source & Use): Source Use Local - Regular Property Tax 3,053,143 Local - Regular Property Tax - DCCC 14,751 Local - All Other (393,784) State (Incl BEF, Transp, FICA PSERS) 487,061 Federal 0 Special Ed 72,204 Other Instruct. (C.S., VoTech, SubSvc, Athl) (202,533) Wages 2,000,539 Benefits 1,369,401 Transportation 0 Maintenance 0 Community College 14,751 All Other (27,300) Debt Service & Tfrs (including Textbooks) (65,891) Total Budget to Budget Increases 3,161,171 3,161,171 Excluding contract wage, benefit, and outside agencies (DCCC and Spec Ed.) all other cost center allocations were held constant or decreased. 12
  • 13. Garnet Valley School District General Fund 1011 Operating Budget • Proposed Budget 1011: $83,639,775 • Current Budget 0910: $80,478,604 • Increase ($): $ 3,161,171 • Increase (%): 3.93% 13
  • 14. Garnet Valley School District Mills • Concord & Chester Heights: • Proposed Mills 1011: 27.470 • Current Mills 0910: 26.698 • Mill Increase: 0.772 (2.89%) • Bethel: • Proposed Mills 1011: 27.856 • Current Mills 0910: 27.068 • Mill Increase: 0.788 (2.91%) 14
  • 15. Garnet Valley School District Tax Per 100,000 Assessment • Concord & Chester Heights: • Proposed Tax 1011: $2,747.00 • Current Tax 0910: $2,669.80 • Tax Increase: $ 77.20 (2.892%) • Bethel: • Proposed Tax 1011: $2,785.60 • Current Tax 0910: $2,706.80 • Tax Increase: $ 79.80 (2.9111%) 15
  • 16. Garnet Valley School District District Tax Revenue – Growth in Mill • Value of a mill 1011: $2,355,115 • Value of a mill 0910: $2,308,856 • Increase $ 46,259 (2.00%) (2.27% in prior year) • District revenue from growth in mill: • Next Year: • 26.698 x $46,259 = $1,235,023 • This Year: • 26.079 x $51,192 = $1,335,036 16
  • 17. Garnet Valley School District Property Tax Reduction Index • Act 72 of 2004 Property Tax Reduction Index: • Act 72 of 2004 originally established the creation of an annual index for participating districts that limits future property tax rate increases. Compliance with the tax limit index became mandatory for all school districts with the passage of Act 1 of 2006. The property tax index consists of the state SAWWS (Statewide Average Weekly Wage) index and the federal ECI (Employment Cost) index. The 1011 unenhanced, base index for Garnet Valley is 2.9%. The proposed GVSD 1011 tax increase (2.89%) is below the allowed index. 17
  • 18. Garnet Valley School District Revenue Per Student Budget Budget Budget Budget Budget 2010-2011 2009-2010 2008-2009 2007-2008 2006-2007 Students: Projected Students: 4,821 4,836 4,759 4,803 4,588 Revenue Per Student: Property tax revenue per student 13,419 12,746 12,372 11,165 10,792 Other local revenue per student 1,642 1,715 1,969 1,920 1,525 State revenue per student 2,077 1,970 1,935 1,848 1,796 Federal revenue per student 211 210 214 211 147 Total revenue per student 17,349 16,642 16,490 15,144 14,260 Property tax revenue per student 77.35% 76.59% 75.03% 73.73% 75.68% Other local revenue per student 9.46% 10.30% 11.94% 12.68% 10.69% State revenue per student 11.97% 11.84% 11.73% 12.20% 12.59% Federal revenue per student 1.22% 1.26% 1.30% 1.39% 1.03% Total revenue per student 100.00% 100.00% 100.00% 100.00% 100.00% 18
  • 19. Garnet Valley School District Revenue Share Per Student Rev / stdnt $ 1986 - 1987 1991 - 1992 1996 – 1997 2001 - 2002 2007 - 2008 2008 - 2009 2009 - 2010 Local $4,215 $8,489 $7,199 $8,886 $13,084 $14,340 $14,309 State $1,085 $1,869 $1,649 $1,429 $1,848 $1,935 $1,970 Federal $26 $38 $32 $28 $211 $214 $210 Totals $5,326 $10,396 $8,880 $10,343 $15,143 $16,489 $16,489 Rev / stdnt % 1986 - 1987 1991 - 1992 1996 - 1997 2001 - 2002 2007 - 2008 2008 - 2009 2009 - 2010 Local 79.14% 81.66% 81.07% 85.91% 86.40% 86.97% 86.78% State 20.37% 17.98% 18.57% 13.82% 12.20% 11.74% 11.95% Federal 0.49% 0.37% 0.36% 0.27% 1.39% 1.30% 1.27% Totals 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 19
  • 20. Garnet Valley School District Total District Revenues by Funding Source Graph Pct Funding Source by Year 1 0.8 P ct Funded 0.6 State Local 0.4 Federal 0.2 0 1986 - 1987 1991 - 1992 1996 - 1997 2001 - 2002 2007 - 2008 2008 - 2009 2009 - 2010 Years 1986 to 2010 20
  • 21. Garnet Valley School District Total District Expenditures, Cost per Student Budget Budget Budget Budget Budget Cost per Student 2010 - 2011 2009 - 2010 2008 - 2009 2007 - 2008 2006 - 2007 Special Ed. & PPS 1,437,750 1,352,410 1,306,138 1,219,039 998,915 Instructional Costs 4,759,361 4,829,199 5,155,529 4,596,423 4,508,490 Wages 43,237,783 41,237,244 39,742,947 36,734,139 33,540,178 Benefits 17,772,332 16,402,931 15,759,346 14,158,896 11,916,984 District-wide Supporting Cost Ctrs 5,215,427 5,175,395 5,216,406 4,705,676 4,669,270 Debt Service,Transfers and Reserve 11,217,122 11,481,425 11,290,606 11,317,493 9,789,603 Total Budget 83,639,775 80,478,604 78,470,972 72,731,666 65,423,440 Students: 4,821 4,836 4,759 4,803 4,588 Cost per Student, Gross 17,349 16,642 16,489 15,143 14,260 21
  • 22. Garnet Valley School District Total District Expenditures, By Object Code - Graph 0809 Expenses 14% Wages 0% 9% Benefits Purch Svc Supplies 5% 54% Fees Dues 18% Debt 22
  • 23. Garnet Valley School District Direct Staff FTE Staffing 1011 0910 0809 0708 Admininstrators 22 22 22 22 Administrative support 29 29 28 28 Transportation 65 65 65 64 Maintenance 47 47 46 45 Paraprofessionals 211 211 233 213 Secretaries 36 36 33 32 Teachers 413 413 405 390 Totals 823 823 832 794 23
  • 24. Garnet Valley School District Illustrative Starting Teacher Compensation New Teacher Cost 1011 0910 0809 0708 Salary $44,200 $42,518 $40,664 $39,652 Fica, Retire, Life, Disabilty, WC $3,691 $3,363 $3,219 $3,139 Medical, etc. $19,204 $17,383 $15,735 $14,794 Total Costs $67,095 $63,264 $59,618 $57,585 24
  • 25. Garnet Valley School District Benefits • Compensation Benefit Increases: • The proposed budget reflects overall compensation benefit increases of $1,369,401, reflecting changes in participation, claims experience, coverages, as well as rate increases from benefit carriers. 25
  • 26. Garnet Valley School District PSERS • State Retirement Provision: • The proposed budget includes a net increase of $309,845 to fund PSERS. The state mandated gross retirement contribution rate is 4.88% which is 50% reimbursed by the State. • The district’s net contribution rate is expected to spike in FY 12-13, when its net rate will climb to 14.61%. 26
  • 27. Garnet Valley School District Special Education Budget Budget Budget Budget Budget Spec Ed 1011 0910 0809 0708 0607 Total costs, net of compensation $1,437,750 $1,365,546 $1,306,138 $993,039 $840,663 Spec Ed Students: Remedial 948 948 965 972 966 Gifted 398 398 400 393 402 Total 1,346 1,346 1,365 1,365 1,368 Net Cost Per Student $1,068 $1,015 $957 $728 $615 Percent of Students in Special Ed Total GVSD Students 4,821 4,836 4,759 4,803 4,588 Pct in Spec Ed Programs 27.92% 27.83% 28.68% 28.42% 29.82% Although the average incremental cost for a special education student is about $1,000, special education costs can exceed $60,000 per student for some students with exceptional needs. 27
  • 28. Garnet Valley School District Maintenance Budget Budget Budget Budget Budget Maintenance Dept 1011 0910 0809 0708 0607 400 1,115,338 1,081,363 1,029,890 1,003,300 926,680 500 2,500 2,500 2,500 2,500 2,500 600 2,136,007 2,169,982 2,224,110 1,941,130 1,994,050 Total 3,253,845 3,253,845 3,256,500 2,946,930 2,923,230 Less: Elctr,Gas,Oil (1,779,647) (1,816,422) (1,870,150) (1,576,628) (1,626,150) Net 1,474,198 1,437,423 1,386,350 1,370,302 1,297,080 Sq Ft Concord (05/06 & Prior = Pennington School Location) Concord 133,043 133,043 133,043 133,043 133,043 BSES 90,000 90,000 90,000 90,000 90,000 GVES 116,600 116,600 116,600 116,600 116,600 GVMS 175,300 175,300 175,300 175,300 175,300 GVHS 267,422 267,422 267,422 267,422 267,422 Tot Sq Ft 782,365 782,365 782,365 782,365 782,365 Costs / Sq Ft Net of energy 1.88 1.84 1.77 1.75 1.66 Energy 2.27 2.32 2.39 2.02 2.08 Total 4.16 4.16 4.16 3.77 3.74 28
  • 29. Garnet Valley School District Transportation Transportation Dept. Budget Budget Budget Budget Budget Excl Insur, Xing Guards 1011 0910 0809 0708 0607 300 2,800 2,800 2,800 2,800 2,800 400 61,854 61,854 61,854 58,000 58,000 500 11,550 11,550 10,850 4,750 2,250 600 439,580 439,580 489,580 480,000 480,250 800 250 250 250 250 250 Total Cost 516,034 516,034 565,334 545,800 543,550 Less Fuel & Oil 325,300 325,300 375,300 368,500 368,500 Net Operating Cost 190,734 190,734 190,034 177,300 175,050 Transportation Dept. Vehicle Inventory Buses 53 53 51 50 50 Spares 10 10 12 9 9 Wheel Chair 2 2 2 2 2 Band Bus 1 1 1 1 1 Jeep 1 1 1 1 1 Utility Truck 1 1 1 1 1 Vans 10 10 10 10 10 Total 78 78 78 74 74 29
  • 30. Garnet Valley School District Transportation Budget Budget Budget Budget Budget 1011 0910 0809 0708 0607 Cost per Vehicle per Year Operating Cost 2,445 2,445 2,436 2,396 2,366 Fuel&Oil Cost 4,171 4,171 4,812 4,980 4,980 Total 6,616 6,616 7,248 7,376 7,345 Cost per Vehicle per Day (180 Days) Operating Cost 13.59 13.59 13.54 13.31 13.14 Fuel&Oil Cost 23.17 23.17 26.73 27.67 27.67 Total 36.75 36.75 40.27 40.98 40.81 Fleet Miles (0708-latest PDE) 664,919 664,919 664,919 664,919 664,919 Average Gallons per Mile 5.54 5.54 5.54 5.54 5.54 Gallons Bid / Year 120,000 120,000 120,000 120,000 120,000 Average Miles per Vehicle/Yr 8,525 8,525 8,525 8,985 8,985 Average Miles per Vehicle/Day 47.36 47.36 47.36 49.92 49.92 Cost per Mile (Excludes Bus Cost Amortization, Insurance, and Driver Costs) Operating Cost 0.29 0.29 0.29 0.27 0.26 Fuel&Oil Cost 0.49 0.49 0.56 0.55 0.55 30
  • 31. Garnet Valley School District Capital Equipment - Tentative • Technology $508,482 • Transportation $542,716 • Buildings $ 76,838 • Maintenance $115,000 • Athletics $ 6,964 • Total $1,250,000 31
  • 32. Garnet Valley School District Debt Svc • The total appropriation for all district general obligation, lease appropriation, equipment note debt service and contingency reserve will be $11,217,122. ($11,283,013 currently). Variable rate debt is scheduled at 2.5% (3.5% prior year). Debt service includes financing for capital equipment purchases. 32
  • 33. Garnet Valley School District Changes in Debt & Debt Svc Outstanding Debt Service Debt Service Debt Change in Approp Approp Issue 06/30/11 O/S Debt: 0910 1011 GVHS Add'l 2,646,546 0 0 0 Rfd 1993 GOB 6,035,000(1,335,000) 1,720,210 1,722,090 Rfd $10M Apr 15 2007 11,738,000 (452,000) 861,170 747,333 Rfd 1999 GOB 0 0 1,093,030 0 Rfd 1998A & 2004 21,165,000 (435,000) 1,388,323 1,391,723 Ffd 2001A GOB 8,585,000 (45,000) 362,139 401,976 New Conc & Prjcts 2 6,780,000 (320,000) 628,905 627,125 Rfd GOB 2004,2002 36,665,000 (355,000) 1,983,723 1,985,123 Rfd GOB 2003 3,950,000 (955,000) 1,092,400 Refunding 2000 15,790,000 (780,000) 1,548,158 1,542,958 DVRFA Dec 2005 0 0 266,835 0 DVRFA Nov 2006 0 (263,000) 281,300 265,740 DVRFA Oct 2007 263,000 (254,000) 300,005 273,500 DVRFA Nov 2008 646,000 (307,000) 408,195 355,175 DVRFA Nov 2009 951,000 (299,000) 378,250 DVRFA Nov 2010 New 1,250,000 1,250,000 25,521 18,229 Trustee Services - Fees 0 22,000 22,000 Vo Tech 176,700 0 33,500 33,500 DCCC 101,373 0 0 0 Budgetary Reserve 0 360,000 360,000 Total Debt, Debt Svc, & Reserve 116,742,619 (4,550,000) 11,283,013 11,217,121 33
  • 34. Garnet Valley School District Future Debt Svc • 09/10 $11,283,013 • 10/11 $11,217,122 • 11/12 $11,238,657 • 12/13 $11,249,052 • 13/14 $11,261,913 • 14/15 $11,331,896 • 15/16 $11,395,808 Future debt service assumes: (1)DVRFA equipment notes are renewed when maturity is due; (2) variable rate notes incur interest of 2.5%; and,(3) $360,000 is renewed annually as a contingency reserve. 34
  • 35. Garnet Valley School District Debt Portfolio 1011 • Fixed: 1011:87.28%; 0910 87.48% • Variable: 1011:12.72%; 0910 12.52% Next Year: • Total Fixed Debt: $101,894,619 • Total Var Debt: $ 14,848,000 • Total Debt: $116,742,619 Current Year: • Total Fixed Debt: $106,034,619 • Total Var Debt: $ 15,173,000 • Total Debt: $121,207,619 35
  • 36. Garnet Valley School District Avail Borrowing Capacity • The district’s current available borrowing capacity is $38,946,395. • Borrowing capacity changes annually based upon the average of the last three years of general fund revenues and the level of the general obligation issues outstanding. 36