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Understanding the Budget

Understanding the Budget. Fund Accounting.

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Understanding the Budget

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  1. Understanding the Budget

  2. Fund Accounting Fund accounting is an accounting system emphasizing accountability rather than profitability, used by non-profit organizations and governments. In this system, a fund is a self-balancing set of accounts, segregated for specific purposes in accordance with laws and regulations or special restrictions and limitations. Note: The State mandates our Fund and Functions (see handout).

  3. Fund Balances • Non-spendable – Inventory, prepaids, etc. • Restricted – Externally imposed (grants) • Committed – Funds for future year set aside by Board for a specific purpose. • Assigned – Funds intended to be used for specific purpose but not Restricted or Committed. • Unassigned – All remaining amounts

  4. Board Policy – Fund Balance The Board's goal is to achieve and maintain an unassigned fund balance in the General Fund equal to or greater than 5% of expenditures. If the unassigned fund balance falls below 5% of expenditures, the Board shall develop a plan to replenish the fund balance to the designated minimum level.

  5. Board Policy – Contingency • The District will also establish a general fund contingency to provide for unanticipated expenditures. This contingency will be 1% of the estimated revenue for the current year. Transfers from the contingency funds may be made only with approval from the Board of Trustees. • Current year is $500,000 next year anticipated ~$750,000

  6. 2012/2013 Audited Fund Balances • Non-spendable - $257,940 • Restricted • Debt service $10,206,278 • School lunch program $2,396,588 • Local Grants $49,946 • Unassigned ($5,588,537)

  7. General Fund Revenues • State foundation payment • State apportionment (Salaries/PERSI/FICA) • Operational • Other special distributions (Differential pay, LEP, Advanced opportunities) • Transportation • Taxes • Supplemental Levies & • $1,600,000 • $4,300,000 special levy • Tort (used to pay liability insurance) • Emergency (we did not get this year) • Other • Medicaid • Rentals / donation

  8. State Apportionment

  9. Average Daily Attendance • A day of attendance is one in which a pupil is physically present for the full day under the guidance and direction of a teacher or other authorized school district personnel while school is in session or is a homebound student under the instruction of a teacher employed by the district in which the pupil resides. • The aggregate days attendance divided by the number of days school was actually in session

  10. ADA vs Units • ADA is aggregated for each specific reporting period • First 10 weeks school • Best 28 weeks school • Units (classrooms) are calculated based on grade of student

  11. Operational Funds • 2013/14 budget included $1,600,000 from supplemental levy. • 2014/15 levy was re-allocated to furlough and 25 additional teachers. • State allocated an additional $2,401.15/unit • 709 Units X $2,401.15 = $1,702,450.35 • New money basically fills the hole left from levy re-allocation

  12. 2013/14Amended Budget

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