Florida School District Fiscal Year 2024-2025 Budget Overview
Providing insights into the upcoming fiscal year's budget for a Florida school district, covering TRIM compliance, budget timeline, fund breakdown, and historical trend data.
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Tentative Budget Hearing Fiscal Year 2024-2025 Monday, July 29, 2024 Stephanie Hofheinz, Chief Financial Officer HofheinzS@Walton.k12.fl.us 850-892-1100, ext. 1346 1
What is TRIM Compliance? The Truth in Millage (TRIM) process informs taxpayers and constituents about the legislative process by which ad valorem taxes are determined each year. All taxing authorities much adhere to Chapter 200, Florida Statutes. TRIM requires School Districts to set meeting dates first and notify other taxing authorities. No other public hearings can be held during the school district dates and times. TRIM process begins with Certification of the Taxable Values, normally on July 1st of each year. This starts the clock with regard to advertisements, hearings and documentation which is required to be shared with both local and state agencies to ensure compliance. Within 24 days of Certification, the Superintendent must submit the balanced budget to the School Board for approval. Within 29 days, the budget advertisements must appear in the newspaper locally circulated. 2 to 5 days later, a tentative hearing must be held for public input and subsequent approval of the Tentative Budget and Millage Rates. Final Budget Hearing must be held with 65 to 80 days of the July 1st Certification of Taxable Values. 2
Florida Department of Revenue: Budget Calendar Timeline 2024-25 Superintendent Hughes officially submits the proposed tentative budget for 2024-25 and corresponding advertisements to the Board for approval. 5:05 PM- Public hearing on the 24/25 Tentative Budget and Millage and Special Meeting to Adopt Tentative Budget, Millage Rate and Resolution. Resolution to Tax Collector, Property Appraiser, and the Department of Revenue. Budget documents to be uploaded and sent to DOE by this date. Certification of Taxable Value from Property Appraiser 07/19/2024 07/24/2024 09/17/2024 10/17/2024 07/1/2024 07/22/2024 07/29/2024 09/20/2024 5:05 PM- Public Hearing on the Final Millage and Budget for fiscal year 2024-25 TRIM Compliance package due to Department of Revenue Receive Required Local Effort millage and State FEFP Revenue numbers from the Florida Department of Education. (2nd FEFP Calculation) The tentative budget and required advertisements published in the DeFuniak Herald Breeze. Submission deadline by noon on Tuesday, July 23rd. 3
2024-2025 Tentative Budget by Fund FUND FUND DESCRIPTION TENTATIVE BUDGET (Including Fund Balance) $245,283,418 $7,752,606 $8,910,998 GENERAL FUND OPERATING BUDGET FOOD SERVICE RESTRICTED FOR FOOD SERVICE FEDERAL RESTRICTED FOR SPECIFIED PURPOSES (FEDERAL GRANTS) $10,729,844 DEBT SERVICE RESTRICTED FOR DEBT SERVICE PAYMENTS (COPS) $172,257,103 CAPITAL PROJECTS RESTRICTED FOR MAINTENANCE,RENOVATION, CONSTRUCTION, & TECHNOLOGY $444,933,969 TOTAL TENTATIVE BUDGET: 4
5 5- -Year Trend Data Year Trend Data Fund 18-19 19-20 20-21 21- 22 22- 23 23- 24 24-25 General Fund 90.4M 139.2M 154.9M 163.2M 198.7M 220.0M 245.2M Food Service 3.4M 3.9M 4.2M 4.5M 7.3M 7.7M 7.7M Federal 5.9M 6.5M 8.9M 17.5M 29.1M 17.8M 8.9M Debt Service 6.9M 6.2M 5.1M 5.1M 5.1M 10.7M 10.7M Capital Projects 59.3M 66.6M 75.6M 79.1M 86.1M 187.6M 172.2M Totals 165.9M 222.5M 248.8M 269.6M 326.3M 443.8M 444.9M
General Fund General Fund serves as the primary operating fund for the District. Funds generated primarily from Legislative appropriations through the Florida Education Finance Program (FEFP) and local tax revenues. Property Values ($49.7 Billion) increased by 7% and tax collections are budgeted at an increase of 10.9$ Million in Revenue. Required Local Effort Millage certified by the Department of Revenue and calculated by the Department of Education. 24/25 RLE- 1.638, PPFAM 0.009, up from 1.612 for 23/24, increase of .035 mills or 2%. Categorical Funding was eliminated in 23/24 for Teacher Salary Increase Allocation, Instructional Materials, Science Lab, Library Media, Florida Teacher Classroom Supply and Reading Allocation. These funds are now part of total FEFP Funding. Approx. $6M. Funds used to cover Salaries and Benefits, Transportation costs, Utilities, PAEC Risk Management Insurance Premiums, Substitutes, Materials and Supplies, CTE, Guardian Program, and various contracted services and digital resources to promote student achievement. Also provides funding for special programs such as Art and Music as well as alternative placements at the MIC and Magnet Schools, depending on the student needs. 6
Budget Highlights Budget includes Salaries and Benefits for additional instructional, support and administrative personnel needed to accommodate growth throughout Walton County, as well as our expanding ESE and ESOL student populations Retirement rate increase of .06% for regular employees, effective July 1, 2024 Family Empowerment Scholarship Funds $6.2M, increase of 32% based on expanded legislation in 23/24 Budgeted increases for both fuel and utilities PAEC Risk Management Insurance Program increase due to rising property casualty insurance costs. Increase of 23% from 23/24 assessments Additional Instructional Materials funds budgeted in order to fund textbooks and supplemental materials and curriculum Continued focus on School Safety with the continuation of the Guardian Program, expanded SRO presence, security trainings, and securing our campuses throughout the District 7
Budget Highlights Budget includes $8.9M in Federal Projects which includes approximately $2M in ARP and other CARES Act grant balances. These end in September of 2024. General Fund has assumed over $1.5M in Salaries and Benefits for positions that have been of great value to the Walton County School District. We collaborated closely with Federal Program Staff and C&I to ensure that we avoided the funding cliff now that these funds will no longer be available beyond September. Capital Projects budgets include major construction projects at the new Freeport Middle School at Hammock Bay, Paxton School, District Office, South Walton Athletic Complex and the MIC School at St. Joe/STEAM, Renovation projects district-wide for Roofing, HVAC, Carpet/Flooring, Digital Signage and Furniture. Leasing additional relocatable buildings to accommodate growth throughout the district. Debt Service Budget includes COPS issued for Freeport Middle School at Hammock Bay Dune Lakes Elementary, and Walton Middle School. Annual debt payments are budgeted at $10.7M for 24/25 8
Millage Proceeds By Type Millage Type Certified Taxable Value: Mills Proceeds $49,767,575,210 Operating Required Local Effort 1.638 PPFAM Discretionary Voted Mill Levy @96% $78,258,517 $429,992 $35,737,100 0.009 0.748 0.500 $23,888,436 2.895 $138,314,045 Capital Outlay 1.393 $66,553,183 TOTALS: 4.288 $204,867,228 9
Comparison of Millage Rates Comparison of Millage Rates Operatin g 18-19 19-20 20-21 21-22 22-23 23-24 24-25 Millage Change 0.035 0.000 0.000 0.035 0.000 RLE 2.420 0.748 0.500 3.668 1.393 2.382 0.748 0.500 3.630 1.393 2.434 0.748 0.500 3.682 1.393 2.143 0.748 0.500 3.391 1.393 1.744 0.748 0.500 2.992 1.393 1.612 0.748 0.500 2.860 1.393 1.647 0.748 0.500 2.895 1.393 Disc. Mill Capital Outlay 0.035 Totals 5.061 5.023 5.075 4.784 4.385 4.253 4.288 Current Year state law rolled-back rate 1.5485 Current Year local board rolled-back rate 2.5370 Total rolled-back rate 4.0855 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) 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 1.203 MILLS, 22%. THIS RESULTED IN LESS TAXES PAID BY PROPERTY OWNERS.
Millage Rate Comparison 800 752 700 736 600 Property Tax 500 536 524 400 434 424 300 326 318 200 219 213 100 110 106 0 50K 75K 100K 125K 150K 200K Taxable Value of Home FY 23-24 FY 24-25
Certified Taxable Value Comparison 60 CERTIFIED TAXABLE VALUE (BILLIONS) 50 49.7 46.3 40 38.4 30 27.1 23.6 20 21.8 20.1 18.4 16.8 15.1 10 0 15-16 16-17 17-18 18-19 19-20 FISCAL YEAR 20-21 21-22 22-23 23-24 24-25
General Operating Budget: Revenue Sources Source Amount Budgeted Percentage Federal $875,000 0.52% State $20,351,944 12.18% Local $145,806,807 87.29% 0.52% 12.18% 87.29% Federal State Local
General Operating Budget: Expenditures By Function Category Amount Budgeted Percentage 65.7% 11.9% 9.9% 2.9% 5.6% 4.0% 100% Instruction $124,097,388 $22,930,580 $18,301,879 $5,653,063 $11,444,213 $7,689,516 $190,116,549 Operations Support District Leadership School Administration Transportation Totals: 4.0% 2.9%5.6% Instruction Operations 9.9% Support 11.9% District Leadership 65.7% School Administrators Transportation
General Operating Budget: Expenditures By Object Code Category Amount Budgeted Percentage 73.8% 12.8% 2.6% 6.8% .3% 4.7% 100% Salaries and Benefits $142,756,670 $22,636,733 $4,497,107 $12,063,105 $1,290,541 $6,872,393 $190,116,549 Contracted/Purchased Services Energy Services(Fuel/Utilities) Materials and Supplies Capital Outlay Other Totals: 4.7% Salaries & Benefits Contracted/Purchased Services 30.0% Energy Services Materials and Supplies 73.8% 6.8% 12.8% 2.6% Capital Outlay Other
Special Revenue Funds (Includes Food Service, Federal Programs and CARES Act) Category Food Service Federal Programs Higher Education Relief ESSER II American Rescue Plan Other American Rescue Plan Totals: Fund 410 420 441 443 445 446 Amount Budgeted $7,752,606 $6,935,403 $61,074 $0 $1,886,337 $28,184 $16,663,604
Debt Service Budget LEASE PURCHASE (COPS) 2015 Borrowed $26,100,000 for construction of Walton Middle School Matures in 2035 Interest rate - 3.45% Debt Service Payments- 24/25 Principal Balance-June 30, 2025 LEASE PURCHASE (COPS) 2017 Borrowed $36,580,000 for construction of Dune Lakes Elementary School Matures in July, 2037 Interest Rate 3.32% Debt Service Payments- 24/25 Principal Balance- June 30, 2025 $2,093,750 $15,263,250 $2,855,250 $23,949,750 LEASE PURCHASE (COPS) 2022 Borrowed $77,745,000 for construction of Freeport Middle School at Hammock Bay Matures in July, 2040 Interest Rate 3.41% Debt Service Payments- 24/25 Principal Balance- June 30, 2025 $5,770,500 $66,239,500 Total Debt Service Obligation for 24/25 $10,719,500
Capital Outlay Budget Revenues & Appropriations Proposed FY 2024-25 Fund Source Taxable Value Collections Millage Rate Total Revenues LCIF (Local) $49,767,575,210 x 0.96 x 1.393 = $66,553,183 Charter School Capital Outlay (Fund 397) CO & DS (Capital Outlay & Debt Service-Fund 360) $360,000 $432,000 TOTAL REVENUES $67,345,183 Transfer to General Operating: (Maintenance Salaries, Property / Casualty Insurance, Charter School Capital Outlay) Debt Service (includes fees of $10,344) Total Transfers $3,260,000 $10,729,844 $13,989,844 LCIF Appropriations Balance ($66,553,183 - $13,989,844) $52,563,339 TOTAL APPROPRIATIONS $67,345,183
Capital Outlay Projects: Proposed BudgetFY 2024-25 Revenues Budgeted Amount Fund 370-Local Capital Improvement $66,553,183 TOTAL REVENUES $66,553,183 Appropriations Budgeted Amount Transfer to General $2,900,000 Debt Service/Lease Purchase-COPS $10,729,844 Charter School Local Millage Share $1,381,499 Technology Equipment (Schools) $3,800,000 Buses/Motor Vehicles $1,686,000 General Maintenance $1,300,000 District Equipment $200,000 Carpet/Flooring $640,000 $750,000 ECMS Athletics-Bathrooms/Concessions/Lights $1,000,000 Freeport Middle School at Hammock Bay $10,619,064 District Office $3,000,000 FHS Athletic Complex/Renovations/Addition
Appropriations (continued) Budgeted Amount Multi-Purpose/AV $45,000 Freeport Learning Center Renovation/Addition $2,700,000 Furniture Refresh $750,000 Fire Alarm/Intercoms $50,000 WMS Athletics-Bathrooms/Concessions $250,000 New Freeport Area Elementary School $1,936,776 Portable Buildings $600,000 Ball Field/Playground Improvements $50,000 Safety / Security $950,000 $100,000 Irrigation/Landscaping Storage Buildings $15,000 SWHS Athletic Complex/Addition Site Improvements/Drainage $14,550,000 $300,000 Paxton Additions/Athletics/ Renovations $5,000,000 Magnet Innovation Center Addition/Renovation $1,250,000 $66,553,183 TOTAL APPROPRIATIONS-24/25 Funds only
