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Comprehensive Annual Financial Report: FYE June 30, 2013

Comprehensive Annual Financial Report: FYE June 30, 2013. Highlights October 29, 2013. 2013 Revenues and Expenses. Revenues up 3.5% Expenditures up 2.7% Difference goes to overall Fund Balance Local tax contribution up 1.6% State aid up 22.1% General State Aid

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Comprehensive Annual Financial Report: FYE June 30, 2013

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  1. Comprehensive Annual Financial Report: FYE June 30, 2013 Highlights October 29, 2013

  2. 2013 Revenues and Expenses • Revenues up 3.5% • Expenditures up 2.7% • Difference goes to overall Fund Balance • Local tax contribution up 1.6% • State aid up 22.1% • General State Aid • Increase in TPAF Pension Contribution • Federal aid down 19% • ARRA & Education Jobs Fund no longer available 2013

  3. Revenues and Expenses: Detail

  4. 2013 Key Cost-saving initiatives $330,000 $200,000  TBD $25,000 TBD $300,000 TOTAL: $855,000 Medical: Auctioned renewal; $330,000 in savings from original quotes Prescription Drug Benefits: - Switched from guaranteed cost to self-funded plan; $200,000 in saving. Utilities: - Joined ACES which saves 22% on usage Copier/print management : Joined consortium for printing; savings $25,000 Property/Casualty: Joined education p/c pool; long-term  savings and member dividends Misc. “under budget”

  5. Bond issuance and capital projects 6/30 numbers in Financial Report As of October 2013, substantially all Bond proceeds deployed

  6. Reserve accounts • The majority of our “reserve” accounts are set aside for capital improvements or rolled into next year’s budget • Our true “cushion” is $2,066,611 not $9,024,778 • Equal to ~2% of our budget

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