2022-2023 FIRST INTERIM BUDGET
The December 14, 2022 regular board meeting will focus on the first interim budget for the 2022-2023 fiscal year. Important discussions and decisions regarding financial allocation and planning will be made during this meeting. Stay informed about the budget progress and updates provided by the board members."
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Presentation Transcript
2022-2023 FIRST INTERIM BUDGET REGULAR BOARD MEETING DECEMBER 14, 2022
Presentation Adopted Budget vs. First Interim Revenue and Expenditure Variances General Fund Summary 2022-2023 Revenues and Expenditures Multi-Year Projection Looking Ahead
ADOPTED BUDGET VS. FIRST INTERIM
Revenue Adopted Budget Budget Adjustments First Interim Carryover - 59,044,553 794,860 59,839,413 LCFF Sources 49,319 1,060,547 (69,881) 1,039,985 Federal Revenues - 6,162,504 5,568,459 11,730,963 Other State Revenues - 4,368,395 388,836 4,757,231 Other Local Revenues - 350,000 700,000 1,050,000 Transfers In 49,319 70,985,999 7,382,274 78,417,592 Total Revenues
Revenue Variances LCFF Sources: Increase for property tax from 5% to 6.5% year over year State Revenues: Increase for One-time Funds: Learning Recovery Block Grant Arts/Music and Instructional Materials Block Grant Kitchen Infrastructure & Training (KIT) Grant Increase for Expanded Learning Opportunities Program (ELOP) Increase for Transportation funding offset Other Local Revenues: Increase for higher SELPA Funding Increase for site donations budgeted when received Transfers In: Increase for Child Nutrition Operations and Sage Canyon School Repairs
Expenditures Adopted Budget Budget Adjustments First Interim Carryover Certificated Salaries 49,319 32,138,150 (10,083) 32,177,386 Classified Salaries - 9,300,747 15,792 9,316,539 Employee Benefits - 19,055,995 703 19,056,698 Books & Supplies 288,637 2,347,088 516,812 3,152,537 Operating Expenses 26,278 7,131,049 935,785 8,093,112 Capital Outlay - 60,000 146,598 206,598 Other Outgo/ Transfer Out - 872,802 485,310 1,358,112 Total Expenditures 364,234 70,905,831 2,090,917 73,360,982
Expenditure Variance Salaries and Benefits: Salary and benefits adjustments based upon expenditures through October 31, 2022 Books and Supplies: Carryover & current year: donations and school site improvement Increase for KIT and ELOP supplies Operating Expenses: Increase for ELOP services Increase for higher utilities Capital Outlay: Increase for Sage Canyon School HVAC and Fencing projects Transfers Out: Increase for Child Nutrition Operations
Ending Fund Balance First Interim Beginning Fund Balance 19,705,680 Net Increase (Decrease) 5,056,610 Ending Fund Balance 24,762,290 Components of Ending Fund Balance: Revolving Cash 25,000 Restricted: 6,325,008 Assigned: Minimum Reserve 15% 11,004,145 Digital Records Solutions 250,000 3% Reserve for Economic Uncertainties 2,200,829 Unassigned/Unappropriated 4,957,308 Unrestricted Reserve Percentage 25.1%
2022-2023 Revenue Summary Other Local Revenues 4.3% DMSEF 1.7% Transfers In 1.3% Other State Revenues 15.0% LCFF Sources 59,839,413 Federal Revenues 1.3% Federal Revenues 1,039,985 Other State Revenues 11,730,963 Other Local Revenues 3,390,832 LCFF Sources 76.3% DMSEF & Site Donations 1,366,399 Transfers 1,050,000 Total Revenue & Other Financing Sources 78,417,592 Other State Revenues includes: - One-time funds of $4,113,780 - State STRS on-behalf contribution of $4,116,526
2022-2023 Expenditure Summary Operating Expenses 11.0% Books & Supplies 4.3% Other Outgo & Transfers Out 1.9% Capital Outlay 0.3% Certificated Salaries 28,728,136 Certificated Management 3,449,250 Classified Salaries 8,241,959 Certificated Salaries 39.2% Classified Management 1,074,580 Pension Costs 17.1% Employee Benefits 6,494,978 Pension Costs* 12,561,720 Employee Benefits 8.9% Books & Supplies 3,152,537 Classified Salaries 11.2% Operating Expenses 8,093,112 Capital Outlay 206,598 Other Outgo/Transfer Out 1,358,112 Total Expenditures & Other Outgo Classified Management 1.5% 73,360,982 Certificated Management 4.7% *Total Salary and Benefits = 82.5% *Pension costs include State STRS on-behalf contribution of $4,116,526
Multi-Year Projection Based upon the School Services of California Dartboard Property Tax Projection: 2023-24 3.00% Increase 3.00% Increase 2024-25 Salary: Step and Column 2% Increase Annually Benefits: Annual Adjustments in Employer STRS and PERS Contributions leveling off
Multi-Year Projection FY 2022-23 Current (Base Year) FY 2023-24 First Projected Year Second Projected Year FY 2024-25 DESCRIPTION Revenues LCFF Sources 59,839,413 61,547,342 63,346,175 Federal Revenues 1,039,985 990,666 990,666 Other State Revenues 11,730,963 7,538,736 7,538,736 Other Local Revenues 4,757,231 4,692,069 4,693,153 Transfers In/Other Sources - - 1,050,000 78,417,592 Total Revenues: 74,768,813 76,568,730 Expenditures Certificated Salaries 32,177,386 33,060,934 33,722,152 Classified Salaries 9,316,539 9,642,870 9,835,727 Employee Benefits 19,056,698 19,334,375 19,577,936 Books & Supplies 2,952,537 1,784,662 1,823,925 Services, Other Operating Expense 8,093,112 7,819,366 7,989,192 Capital Outlay 206,598 1,358,112 244,732 522,802 386,116 522,802 Other Outgo/Transfer Out Total Expenditures: 73,160,982 72,445,962 73,894,869
Multi-Year Projection FY 2022-23 Current (Base Year) FY 2023-24 First Projected Year FY 2024-25 DESCRIPTION Second Projected Year Net Increase (Decrease) In Fund Balance 5,056,610 1,684,262 2,059,288 Beginning Balance as of July 1 19,705,680 24,762,290 26,446,552 Ending Balance 24,762,290 26,446,552 28,505,840 Revolving Cash 25,000 25,000 25,000 Restricted 6,325,008 5,991,897 5,389,374 Assignments: - Minimum Reserve 15% 11,004,145 10,962,683 11,176,416 - Digital Records Solution 250,000 250,000 250,000 Reserve for Economic Uncertainties 2,200,829 2,192,537 2,235,283 Unassigned/Unappropriated Amount 4,957,308 7,024,898 9,429,764 Unrestricted General Fund Reserve % 25.1% 28.0% 31.0%
Looking Ahead Enrollment projection and staffing needs Social Science curriculum adoption New programs implemented from 2022-23 State Budget Act: Learning Recovery Block Grant Arts, Music, and Instructional Materials Block Grant Transportation Plan Proactive fiscal planning to address end of one-time funds Proactive planning for future facilities needs Proposition 28 Supplemental Funding for Arts and Music Fund 17 Special Reserve
