Final Budget & Significant Changes for Fiscal Year 2019-2020 Public Hearing
This detailed report covers the final budget for Fiscal Year 2019-2020 discussed at the public hearing, including significant changes in the General Fund, Special Revenue Fund, and Capital Projects Fund. It includes explanations for budget differences and adjustments made to various fund categories. The comparison of millage rates over multiple years is also provided.
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FINAL BUDGET Fiscal Year 2019-2020 PUBLIC HEARING Tuesday, September 3, 2019 Stephanie Hofheinz, Chief Financial Officer HofheinzS@Walton.k12.fl.us 850-892-1100, ext. 1346
2019-2020 Final Budget by Fund FUND FUND DESCRIPTION FINAL BUDGET (Including Fund Balance) $139,213,495 $3,944,961 $6,513,114 GENERALFUND OPERATINGBUDGET FOOD SERVICE RESTRICTED FOR FOOD SERVICE FEDERAL RESTRICTED FOR SPECIFIED PURPOSES (FEDERAL GRANTS) $6,252,318 DEBT SERVICE RESTRICTEDFOR DEBT SERVICE PAYMENTS (COPS) $66,674,722 CAPITAL PROJECTS RESTRICTED FOR MAINTENANCE,RENOVATION, CONSTRUCTION, & TECHNOLOGY $222,598,610 TOTALTENTATIVE BUDGET:
Significant Changes- General Fund Fund Fund/Category General/1000 Local Revenue General/1000 Function 5XXX Exp General/1000 Function 6500 Exp Tentative Tentative $79,373,009 Final $79,587,821 Difference $214,812 Explanation STEAM Grant-St. Joe New instructional units-growth P.O. Rollover,PC Solutions, Vertek, Edmentum, Follett. Addl. Portable expense-FES, Bay Additional budgeted expenditures-All functions Final Difference $62,888,587 $63,622,872 $734,285 $2,047,409 $2,139,779 $92,370 General/1000 Function 7400 Exp General/1000 Total ExpChange $550,752 $593,902 $43,150 $102,282,735 $103,176,054 $893,319
Significant Changes- Special Revenue Fund Fund/Category Food Service/ Fund 4100 Tentative Tentative $3,785,395 Final $3,944,961 Difference $156,566 Explanation Fund Balance increasefrom Tentative to Final. Revenue collections exceeded budgted amounts in 18/19 Purchase order rollover from 18/19 Final Difference Federal/ Fund4200 $6,511,104 $6,513,114 $2,010
Significant Changes- Capital Projects Fund Fund/Category LCIF/Fund3700 Function7400 Exp Tentative Tentative $43,101,888 Final $45,838,181 Difference $2,736,293 Explanation PurchaseOrder Rollovers from 18/19 PurchaseOrder Rollovers from 18/19 Final Difference COPS/Fund 3930 Function 7400 Exp $4,956,658 $6,846,477 $1,889,819 Total Budget/ AllCapital Projects $70,774,939 $66,674,721 $(4,100,518) FundBalance at 6/30/19 decreased- closing entries to Construction Contracts Payable and Retainage Payable for SWHS and Dune Lakes projects.
Comparison of Millage Rates Operating 14-15 15-16 16-17 17-18 18-19 19-20 Millage Change (0.039) 0.000 0.000 (0.039) 0.000 (0.039) RLE 2.850 0.748 0.500 4.098 1.393 5.491 2.707 0.748 0.500 3.955 1.393 5.348 2.550 0.748 0.500 3.798 1.393 5.191 2.456 0.748 0.500 3.704 1.393 5.097 2.420 0.748 0.500 3.668 1.393 5.061 2.381 0.748 0.500 3.629 1.393 5.022 Disc. Mill Capital Outlay Totals Current Year state law rolled-back rate 2.2942 Current Year local board rolled-back rate 2.5037 Total rolled-back rate 4.7979 The Rolled-Back Rate is the rate that would generate the same amount of property tax revenues as approved for the prior year. Established by the Truth in Millage (TRIM) When the tax base increases, the rolled-back rate is less than the prior year s rate. A tax rate higher than the rolled-back rate must be advertised with a NOTICE OF TAX INCREASE for the Tentative Budget Hearing. **SINCE 14/15, TOTAL MILLAGE RATES HAVE DECREASED BY 8.5%. THIS RESULTED IN LESS TAXES PAID BY PROPERTY OWNERS.
Millage Proceeds By Type Millage Type Certified Taxable Value: Mills Proceeds $21,869,910,831 Operating Required Local Effort 2.381 Discretionary Voted Mill Levy @96% $49,989,367 $15,704,346 $10,497,557 $76,191,270 0.748 0.500 3.629 Capital Outlay 1.393 $29,246,194 TOTALS: 5.022 $105,437,465
Millage Rate Comparison 1000 900 885 879 800 700 Property Tax 600 632 627 500 506 502 400 379 376 300 200 253 251 100 126 125 0 50K 75K 100K 125K 150K 200K Taxable Value of Home FY 18-19 Millage Rate FY 19-20 Millage Rate
General Operating Budget: Revenue Sources Source Amount Budgeted Percentage Federal $595,000 .60% State $19,405,944 19.48% Local $79,587,821 79.92% 0.60% 19.48% 79.92% Federal State Local
General Operating Budget: Expenditures By Function Category Amount Budgeted Percentage 62% 12% 12% 3% 6% 5% 100% Instruction $63,622,872 $12,975,501 $12,595,885 $3,084,372 $6,370,303 $5,427,120 $103,176,053 Operations Support District Leadership School Administration Transportation Totals: 6%5% 3% Instruction Operations 12% Support District Leadership 12% 62% School Administrators Transportation
General Operating Budget: Expenditures By Object Code Category Amount Budgeted Percentage 76% 14% 3% 4% 1% 2% 100% Salaries and Benefits $77,935,167 $15,232,252 $2,825,747 $4,134,186 $1,002,092 $2,046,610 $103,176,053 Contracted/Purchased Services Energy Services(Fuel/Utilities) Materials and Supplies Capital Outlay Other Totals: 3%4%1% 2% Salaries & Benefits Contracted/Purchased Services 14% Energy Services Materials and Supplies 76% Capital Outlay Other
Debt Service Budget LEASE PURCHASE/CERTIFICATES OF PARTICIPATION 2005 Borrowed $25,960,000 in 1999 for construction of Freeport High School and South Walton High School. Refinanced in May, 2005. Final payment made in June of 2019. Interest rate - 4.83% Matured in 2019 LEASE PURCHASE (COPS) 2015 Borrowed $26,100,000 for construction of Walton Middle School Matures in 2035 Interest rate - 3.45% Debt Service Payments- 19/20 Principal Balance-June 30, 2020 $2,098,146 $21,710,000 Borrowed $36,580,000 for construction of Dune Lakes Elementary School Matures in July, 2037 Interest Rate 3.32% Debt Service Payments- 19/20 Principal Balance- June 30, 2020 Total Debt Service Obligation for 19/20 LEASE PURCHASE (COPS) 2017 $4,012,147 $32,165,000 $6,110,293
Capital Outlay Budget Revenues & Appropriations Proposed FY 2019-20 Fund Source Taxable Value Collections Millage Rate Total Revenues LCIF (Local) $ 21,869,910,831 x 0.96 x 1.393 = $29,246,194 Charter School Capital Outlay CO & DS (Capital Outlay & Debt Service) $252,000 $278,045 TOTAL REVENUES $29,776,239 Transfer to General Operating: (Maintenance Salaries, Property / Casualty Insurance, Charter School Capital Outlay) $2,978,045 Debt Service $6,110,293 Total Transfers $9,088,338 Appropriations Balance ($ 29,776,239 - $ 9,088,338) $20,687,901 TOTAL APPROPRIATIONS $29,776,239
Capital Outlay Projects: Proposed BudgetFY 2019 - 2020 Revenues Budgeted Amount Fund 370-Local Capital Improvement $29,246,194.00 Fund 360-Capital Outlay & Debt Service $252,000.00 Fund 397-Charter School Capital Outlay $278,045.00 TOTAL REVENUES $29,776,239.00 Appropriations Budgeted Amount Transfer to General (Includes Charter School Capital Outlay) $2,978,045.00 Debt Service/Lease Purchase-COPS $6,110,293.43 CO & DS (SWHS Athletic Project) $252,000,00 Technology Equipment (Schools) $2,500,000.00 Buses/Motor Vehicles $1,200,000.00 General Maintenance (No PECO) $850,000.00 District Equipment $600,000.00 Carpet/Flooring $450,000.00 $4,500,000.00 Hammock Bay / Freeport School Site
Appropriations (continued) Budgeted Amount Multipurpose Rm / AV Renovation $100,000.00 District Paving $250,000.00 Fire Alarm / Intercoms $350,000.00 Ball Field Improvements $200,000.00 HVAC Controls $80,000.00 Walton Middle School - Athletic Bathrooms/Concessions $252,000.00 Planning / Architectural /Engineering $75,856.00 Portable Buildings $300,000.00 Freeport Transportation $250,000.00 Safety / Security $800,000.00 Site Improvements / Drainage $300,000.00 Roof Renovations $3,000,000.00 SWHS Athletic Complex $1,478,044.57 MAGNET Innovation Center (STEAM) $2,200,000.00 Irrigation & Landscaping $200,000.00 Bay School Renovation $500,000.00 $29,776,239.00 TOTAL APPROPRIATIONS
Fund Balance Comparison- Major Funds $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 General Fund Local Cap Imp 16/17 FY 17/18 FY 18/19 FY
