Minooka school district 201 finance committee august 20 2009
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Minooka School District 201 Finance Committee August 20, 2009 PowerPoint PPT Presentation


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Minooka School District 201 Finance Committee August 20, 2009. Al Gegenheimer, Superintendent Minooka Elementary School (Library?) From 6:00 to 8:00 p.m. August 20, 2009 - Agenda. Welcome Purpose of Committee School Finance 101 Review Enrollment & Facilities Plans Review Tentative Budget

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Minooka School District 201 Finance Committee August 20, 2009

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Minooka School District 201Finance CommitteeAugust 20, 2009

Al Gegenheimer, Superintendent

Minooka Elementary School (Library?)

From 6:00 to 8:00 p.m.


August 20, 2009 - Agenda

  • Welcome

  • Purpose of Committee

  • School Finance 101

  • Review Enrollment & Facilities Plans

  • Review Tentative Budget

  • Set Next Meeting Date

  • Adjourn at 8:00 P.M.


Purpose of Committee

  • Education: The committee will learn about School Finance and the critical issues confronting the school community.

  • Feedback: The committee will provide feedback to the Board and administration.

  • Advisory: The committee will serve as an advisory committee to the Board of Education.


Education

SCHOOL FINANCE 101:

  • Educate key members of the community on School Finance in general

  • Educate members on School Finance specific to Minooka School District 201


General School Finance

Two very good publications:

  • “Understanding School Finance”

  • “Where does the Lottery Money Go?”


Revenue Sources for Schools

  • Property Taxes

  • Corporate Personal Property Replacement Tax

  • General State Aid

  • Grants & Entitlements

  • Fees


Expenses at Minooka Schools

  • 80% to 90% of all expenses can be tied to salaries & benefits.

  • Remaining 10% to 20% is spent on everything from band-aids to paper clips, electricity to phones, computers to playground balls, etc.


School Funds

  • 10 Education Fund

  • 20 Operations & Maintenance Fund

  • 30 Debt Service Fund (Bond & Interest Fund)

  • 40 Transportation Fund

  • 50 IMRF/Social Security Fund

  • 60 Capital Projects Fund (Site & Construction)

  • 70 Working Cash Fund

  • 80 Tort Fund (Rent Fund)

  • 90 Fire Prevention & Safety Fund


Enrollment Projections

Attached


Enrollment History


Enrollment Projections

* Estimated enrollment

** According to Ehler’s Projections


“Exploding Enrollment”

  • Illinois defined term given to schools subjected to tremendous enrollment growth

  • Defined as: Schools that are growing at a rate of 10 percent or more of their current population or by 200 or more students annually.


What does this mean?

  • Growth in the community has slowed.

  • Our student enrollments have grown very quickly in the past several years.

  • Our student enrollments will continue to grow in the near future.

  • The growth has required additional staff and classrooms in the past several years.


Facilities Status


Capacities Prior to Construction

  • Minooka Jr. High School - ~1100

  • Minooka Intermediate School - ~250

  • Minooka Elementary School - ~600

  • Walnut Trails Elementary School - ~800

  • Aux Sable Elementary School – ~800

    Total district (maximum) capacity ~3550 full time students

    Administration is located 304 Mondamin Street, Suites 116, 120 & 124


New District Configuration for FY2010!

Combined 5-6 & 7-8 Campus

  • 7th & 8th @ MJHS ~1100

  • 5th-6th @ New MJHS ~1100

  • Pre-K & Kind. @ MIS ~600 (FY2011)

  • 1st-4th @ MES ~700

  • 1st-4th @ WT ~800

  • 1st-4th @ AUX ~800

  • 1st-4th @ Jones ~800

  • Totals ~5900 Students


Estimates: (*Includes $2,593,950 of Life Safety Costs)

*New 5th-6th Grade School - $28,147,681

Jones Elementary School - $17,856,474

*Addition to MES - $6,145,385

*Renovation to MIS - $4,844,410

*Total Costs - $57,459,265

Actual Costs: (*Includes Actual and Estimated Life Safety Costs)

*New 5th-6th Grade School – $25,273,520

Jones Elementary School - $16,480,737

Addition to MES - $7,016,070

Renovations to MIS - $5,026,806

Total cost - ~$53,797,133

Construction Costs


Construction Costs (continued)

  • Total estimated costs = $57,459,265

  • Total actual (and estimated) costs = $53,797,133

  • Estimated under(over) budget = $3,662,132


Minooka School District 201FY2010 Tentative Budget

Presented by Al Gegenheimer, Superintendent

Presented to the Minooka School Community

August 20, 2009


Welcome

Thank you all for coming!


School Budgets

  • Budget must be approved by the end of the first quarter annually (September 30, 2009)

  • Tentative Budget must be placed on public display for at least 30 days (approved at the July Board Meeting)

  • District must hold a public hearing after budget is displayed for 30 days prior to approving the final budget


FY2010 Minooka 201 Budget

  • FY 2010 Budget is based on FY2009 experience & we have some good news and some not so good news

    • We had an operating surplus in FY2005, FY2006, FY2007, FY2008, & FY2009

    • We will experience a large deficit this year and much of the deficit will not be easily resolved


Four Major Parts to Budget

There are four major parts to the Budget:

  • Revenues

  • Expenditures

  • Budget Summary

  • Cash Summary


Funds

The budget money received and expended gets divided up into nine (9) major funds:

Education (10)

Operations & Maintenance (20)

Debt Service (30)

Transportation (40)

IMRF/Social Security (50)

Capital Projects (60)

Working Cash (70)

Tort (80)

Fire Prevention & Safety (90)


Revenues

  • The major sources of Revenue are:

    • Local Sources (1000)

    • Flow-Through (2000)

    • State Sources (3000)

    • Federal Sources (4000)


Expenditures

  • Sorted by Fund, Function, & Object:

    • FUND - Money is spent by FUND (nine major funds covered earlier)

    • FUNCTION – This identifies the program that money is being expended for (rows)

    • OBJECT – This identifies the type of expense (columns)


Budget Summary

  • Summarizes

    • Starting Fund Balance

    • Revenues

    • Expenses

    • Ending Fund Balance


Cash Summary

  • Summarizes cash:

    • Starting Fund Balance

    • Revenues

    • Expenses

    • Ending Fund Balance

  • Can never have “negative cash”


Operating Funds

  • Education Fund (10)

  • Operations & Maintenance Fund (20)

  • Transportation Fund (40)

  • Working Cash Fund (70)


The “Bank” – Working Cash (70)

  • Working Cash is the solution to a school district’s “cash-flow” problems

    • Why is there a problem?

    • How does it work?

  • School Finance experts (IASBO) recommend that the fund balance in the Working Cash Fund be maintained at somewhere between 33% & 50% of the projected operating expenses.


Non-Operating Funds

  • Debt Service Fund (30)

  • IMRF/Social Security (50)

  • Capital Projects (60)

  • Tort Fund (80)

  • Fire & Life Safety (90)


FY2010 Tentative Budget “Generalizations”

  • Operating Budget has a $4,189,449 deficit due to:

    • Purchase of school property ($2.4 million)

    • $950,000 is listed as “Provisions for Contingencies”

    • Includes increased expenses associated with opening two new buildings and lowering class sizes

  • Non-Operating Budget has a $27,119,208 deficit due to:

    • Construction costs associated with building two (2) new schools, putting an addition on Minooka Elementary School, and renovating the old Minooka Intermediate School

    • Life Safety Work at Minooka Jr. High, Intermediate (old), and Elementary Schools

    • Most of construction revenue was received in prior year (FY2008)


Operating Funds Cash Balances (projected for June 30, 2010)

  • Education Fund = $9,206,903

  • O & M Fund = $2,961,777

  • Transportation = $288,314

  • Working Cash Fund = $10,528,727


Non-Operating Fund Balances(Projected for June 30, 2010)

  • Debt Service Fund = $2,553,742

  • IMRF/SS Fund = $313,743

  • Capital Projects Fund = $5,569,598

  • Tort Fund = $25,000

  • Fire & Life Safety Fund = ($1,087,310)


Any questions?

Thank you for your time and interest in our schools.


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