Milford board of education meeting may 15 2014
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Milford EVSD. Milford Board of Education Meeting May 15, 2014. Financial Presentation Five Year Forecast. Milford EVSD. Total Appropriations by Fund Type $77.5 Million. Milford EVSD. Five Year Forecast (General Fund). Fiscal Years 2014 through 2018.

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Milford board of education meeting may 15 2014

Milford EVSD

Milford Board of Education Meeting May 15, 2014

Financial Presentation

Five Year Forecast


Milford EVSD

Total Appropriations by Fund Type

$77.5 Million


Five year forecast general fund

Milford EVSD

Five Year Forecast(General Fund)

Fiscal Years 2014 through 2018



What is included in the five year forecast

Milford EVSD

What is included in the Five Year Forecast?


Total revenues up 3 6 million in fiscal year 2014

Milford EVSD

Total Revenues Up $3.6 MillionIn Fiscal Year 2014

  • Property Tax Collections increased $1.7 million due to first half collections of May 2013 operating levy.

  • State Funding Formula (Achievement Everywhere Budget) increased $1.3 million.

  • Catastrophic funds available through the state have been increased; however, the awards have not been released. We anticipate $250,000 more than last year.

  • Casino monies increased $40,000 over estimated figure.

  • TIF collections also exceeded original estimates by $300,000.


Total revenues up 3 1million in fiscal years 2015 2018

Milford EVSD

Total Revenues Up $3.1MillionIn Fiscal Years 2015 - 2018

  • Property Tax Collections will increase $1.9 million with the first full year of property taxes collected from May 2013 operating levy.

  • State Funding Formula (Achievement Everywhere Budget) calculation estimates our share will increase $1.2 million.



Total expenditures down 620 000 in fiscal year 2014

Milford EVSD

Total Expenditures Down $620,000 In Fiscal Year 2014

  • Salaries were $300,000 more than anticipated due to a RIF Recall for custodians, increased Aides due to student needs and over-time for custodial and maintenance staff dictated by rough winter weather.

  • Benefits were $334,000 less than anticipated as the reserve for the SWOOSH Self-Insurance Pool has been estimated by Horan.

  • Supplies and materials were $636,000 less than estimated as Science Textbooks for Elementary – HS levels were delayed until next fiscal year.

  • Capital Outlay was $50,000 more due to necessary roofing repairs and maintenance costs in the district.


Expenditures salaries and benefits 2015 2018

Milford EVSD

ExpendituresSalaries and Benefits 2015-2018

  • Currently in Negotiations with MEA and MCEA.

  • Incremental increases for MEA and MCEA are included in the forecast at 2% each year.

  • No increases for Administrative or exempt staff.

    • Increase in staff based on open enrollment, grade population and special needs as detailed in the assumptions.

  • Ten percent (10.0%) in cost of benefits FY15-18 best estimate as district moves to self insured health insurance.


Expenditures 2015 2018

Milford EVSD

Expenditures 2015-2018

4% increase each year for purchased services and 3% for supplies

Five Year Curriculum Adoption

Five Year Technology Plan

Five Year Maintenance Projects

(As outlined in the assumptions to the five year forecast.)




Questions

Milford EVSD

Questions


Curriculum adoptions

Milford EVSD

Curriculum Adoptions


Technology improvements

Milford EVSD

Technology Improvements


Maintenance

Milford EVSD

Maintenance


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