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Five-Year Forecast Presentation

- The document provides a 5-year financial forecast for the general fund through 2024-2025, outlining revenue and expenditure assumptions and historical amounts. - Revenues are projected to remain stable while expenditures are estimated to increase annually due to salary increases, new school buildings, and special education costs. - As a result, the forecast shows the unassigned fund balance turning negative in later years, indicating tough budget decisions will need to be made to avoid future deficits.

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735 views9 pages

Five-Year Forecast Presentation

- The document provides a 5-year financial forecast for the general fund through 2024-2025, outlining revenue and expenditure assumptions and historical amounts. - Revenues are projected to remain stable while expenditures are estimated to increase annually due to salary increases, new school buildings, and special education costs. - As a result, the forecast shows the unassigned fund balance turning negative in later years, indicating tough budget decisions will need to be made to avoid future deficits.

Uploaded by

inforumdocs
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Five-Year General Fund Financial Forecast

December 15, 2020


Financial Management
Guides decision making for budgeting beyond the short-term

Review twice per year

Winter
Adjust for enrollment and staffing changes
Adjust for any local revenue changes
Incorporate budget adjustments through October 31

Spring
Adjust for any settled employment contracts, if available
Adjust for any state revenue changes
Incorporate budget adjustments through March 31
Incorporate proposed budget for the next school year
Revenue Assumptions
State Legislature will increase per pupil funding formula by 1-2% each year

Voter approved referendum of $781.19 per pupil unit with inflationary increases
through school year 2025-2026

Eligible to seek an increase up to $1,779.50 per State law

Local optional revenue of $724 per pupil unit

Restricted funding (grants, donations, and other restricted use dollars) will cover
the expenditures associated with them
Expenditure Assumptions
Salaries and benefits
estimating 2.5% increases
assumes reduction in GenEd and increase in SpEd teaching positions
assumes new staff in 2022-2023 to open new school buildings

Contracted services, supplies, and capital


estimating 3% increases

Leases/Debts
actual amortization schedules factored in
General Fund History Amounts in Millions
2015-2016 2016-2017 2017-2018 2018-2019 2019-2020

Revenues $198.9 $214.0 $226.5 $239.6 $240.7

Expenditures $201.6 $216.5 $219.4 $229.9 $233.6

Unassigned Fund Balance $ $16.1 $15.4 $19.1 $21.1 $25.6

Unassigned Fund Balance % 8.0% 7.1% 8.7% 9.2% 11.0%


General Fund Forecast Amounts in Millions
2020-2021 2021-2022 2022-2023 2023-2024 2024-2025

Revenues $241.5 $235.9 $236.9 $242.5 $245.5

Expenditures $256.1 $240.5 $250.2 $256.6 $261.1

Unassigned Fund Balance $ $21.0 $16.4 $3.3 ($10.4) ($25.4)

Unassigned Fund Balance % 8.2% 6.8% 1.3% (4.1%) (9.7%)


Historical Perspective
Key Points
Forecasts are made for 5 years into the future; a lot changes
Forecasts are more accurate for current year and next 1-2 years

Forecasts are negative because they assume the budget is on autopilot


Administration and Board must bend the curve through their decisions

Tough decisions are made 1-2 years ahead of red flags in the forecast
Lobbying legislators for more funding
Cutting staffing/programming
Going to voters for more funding
Key Points
Growth in State Aid estimates are assumed at 1-2%
This may not be realized with a State deficit

Staff pay increase assumptions are assumed at 2.5% annually


This may not be realized in contract negotiations

The forecast assumes reductions in general education teachers and an


increase in special education teachers

Opening new school buildings in 2022-2023 will bring new costs

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