Budget and Finance: What Every NEW School Board Member Needs to Know Jennifer bergel , Loudoun County School Board member Leigh Burden, Assistant Superintendent Business & Finance. Fiduciary Duty. Legal authority Malfeasance. Who is minding the store?. Fiduciary Duty. Legal authority
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Budget and Finance: What Every NEW School Board Member Needs to KnowJennifer bergel, Loudoun County School Board member Leigh Burden, Assistant Superintendent Business & Finance
Who is minding the store?
VA Code: 22.1-89 Management of funds
“Each School Board shall manage and control the funds made available to the School Boards for public schools and may incur costs and expenses.”
What this means…
The School Board determines how the funds are to be spent. The local governing body determines appropriation levels.
VA Code: 22.1-91 Limitation on expenditures
“No school board shall expend or
contract to expend, in any fiscal year, any sum of money in excess of the funds available for school purposes for that fiscal year . . . .”
What this means…
The School Board can not exceed the appropriation levels determined by the local governing body.
Who does what…when?
What LCPS does….
What LCPS does….
What LCPS does….
Note no oversight responsibility of PTAs/PTOs/Boosters
State CategoryOriginal BudgetRevised BudgetActualBalanceExpended
Instruction $540,362,397 $560,301,189 $443,090,286 $117,210,903 79.08%
Admin, Attend & Health $34,590,145 $38,420,337 $34,496,855 $3,923,482 89.79%
Facilities $2,308,489 $4,224,570 $3,059,755 $1,164,815 72.43%
Operation & Maintenance $65,840,169 $64,436,188 $55,227,551 $9,208,636 85.71%
Pupil Transportation $52,466,940 $53,052,165 $39,733,172 $13,318,993 74.89%
Technology $25,277,522 $30,838,772 $22,709,099 $8,129,674 73.64%
Debt Service & Fund Transfers $0 $7,434,609 $7,434,609 $0 100.00%
Food Service Fund
Food Services $24,034,272 $24,034,272 $18,318,973 $5,715,299 76.22%
All other costs 12%
Salaries & benefits 88%
What is lapse and turnover?
All school divisions have unspent funds at the end of the year.
Source: FY 2010 Comprehensive Annual Financial Reports
FY 2012Amount ($ in millions)
Source: FY 2012 WABE Guide
Tax Rate $1.285 per $100 of assessed value
Value of 1¢ $7.5 million
Source: DOE website
According to the LCI, locally we should be able to pay for about 58 percent of the costs of education and the Commonwealth should pick up 42 percent.
08 Triennial census statewide 1,511,877
08 Triennial census LCPS 71,489
LCPS Percentage 4.7285%
Sales tax statewide $95.9 billion
Education share 1.125% $1.1 billion
LCPS percentage 4.7285%
Sales tax funding $51 million
Adjusted ADM (K-12) 61,893
State per pupil amount $5,448
Total $337.2 million
Less sales tax ($51 million)
Total Basic Aid $286.2 million
State share .4146
State funding $118.7 million
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