Significant Changes in School District 2020-2021 Final Budget Analysis

FINAL BUDGET Fiscal Year 2020-2021 PUBLIC HEARING Thursday, September 10, 2020 Stephanie Hofheinz, Chief Financial Officer HofheinzS@Walton.k12.fl.us 850-892-1100, ext. 1346

2020-2021 Final Budget by Fund FUND FUND DESCRIPTION FINAL BUDGET (Including Fund Balance) $154,930,361 $4,246,966 $8,950,020 GENERALFUND OPERATINGBUDGET FOOD SERVICE RESTRICTED FOR FOOD SERVICE FEDERAL RESTRICTED FOR SPECIFIED PURPOSES (FEDERAL GRANTS) $5,091,970 DEBT SERVICE RESTRICTEDFOR DEBT SERVICE PAYMENTS (COPS) $75,606,851 CAPITAL PROJECTS RESTRICTED FOR MAINTENANCE,RENOVATION, CONSTRUCTION, & TECHNOLOGY $248,826,168 TOTALTENTATIVE BUDGET:

Significant Changes- General Fund Fund Fund/Category General/1000 Budgeted Fund Balance General/1000 Object3XX Tentative Tentative $42,675,883 Final Difference Explanation Final Difference $44,998,855 $2,322,972 Revenue > Budget Expenses< Budget $16,129,204 $16,155,656 $26,452 P.O. Rollover, All Functions General/1000 Object 5XX $4,659,759 $4,672,654 $12,895 P.O. Rollover, All Functions General/1000 Object6XX & 7XX $3,157,653 $3,160,050 $2,397 P.O. Rollover, All Functions General/1000 Total ExpChange $112,841,190 $112,882,935 $41,745 Total P.O. Rollovers-All functions

Significant Changes- Food Service Fund Fund/Category Food Service/ Fund 4100 Fund Balance Tentative Tentative $320,000 Final $448,585 Difference $128,585 Explanation Fund Balance increasefrom Tentative to Final. Revenue collections exceeded budgeted amounts in 19/20 Purchase order rollover from 19/20 Final Difference Food Service/ Fund4100 Expenditures $3,856,508 $3,863,610 $7,102

Significant Changes- Special Revenue Fund/Category Tentative Final $6,737,186 Difference $16,936 Explanation Revised to add Title IX and Title III to Budget, reduce Perkins Sec and add P.O. Rollover Fund Federal Projects/ Fund 4200 Revenue and Expenditures Tentative $6,720,250 Final Difference

Significant Changes- CARES Act Fund Fund/Category ESSER/Fund 4410 Tentative Tentative $0 Final $2,025,806 Difference $2,025,806 Explanation CARES Act Funds added to Final Budget CARES Act funds added to Final Budget Final Difference GEER/Fund 4420 $0 $187,027 $187,027 Total Budget/ CARES Act $0 $2,212,833 $2,212,823 Total CARES Act funds-Summer Bridgeand COVID- 19 relief during 20/21

Significant Changes- Capital Projects Fund/Category Tentative Final Difference Explanation Fund LCIF/Fund3700 Function7400 Exp Tentative $43,101,888 Final Difference $45,838,181 $1,313,675 PurchaseOrder Rollovers from 19/20 LCIF/Fund3700 Function 7400 Exp $39,797,078 $56,054,087 $16,257,009 To add final projectbalances and new projects to Final Budget Total Budget/ AllCapital Projects $81,063,702 $75,606,850 $(5,456,852) FundBalance at 6/30/20 less than tentative- closing entries to Construction Contracts Payable and Retainage Payable for SWHS Athletics and other construction projects.

Millage Proceeds By Type Millage Type Certified Taxable Value: Mills Proceeds $23,602,018,350 Operating Required Local Effort 2.434 Discretionary Voted Mill Levy @96% $55,149,420 $16,948,137 $11,328,969 $83,426,526 0.748 0.500 3.682 Capital Outlay 1.393 $31,562,507 TOTALS: 5.075 $114,989,033

Comparison of Millage Rates 15-16 16-17 17-18 Comparison of Millage Rates Operating 18-19 19-20 20-21 Millage Change 0.014 0.000 0.000 0.014 0.000 0.014 RLE 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 2.382 0.748 0.500 3.630 1.393 5.023 2.434 0.748 0.500 3.682 1.393 5.075 Disc. Mill Capital Outlay Totals Current Year state law rolled-back rate 2.2695 Current Year local board rolled-back rate 2.5173 Total rolled-back rate 4.7868 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 .273 MILLS, 5.1%. THIS RESULTED IN LESS TAXES PAID BY PROPERTY OWNERS.

Millage Rate Comparison 1000 900 888 879 800 700 Property Tax 600 634 627 500 507 502 400 380 376 300 200 254 251 100 127 125 0 50K 75K 100K 125K 150K 200K Taxable Value of Home FY 19-20 FY 20-21

General Operating Budget: Revenue Sources Source Amount Budgeted Percentage Federal $640,000 .60% State $19,566,884 18.33% Local $86,538,588 81.07% 0.60% 18.33% 81.07% Federal State Local

General Operating Budget: Expenditures By Function Category Amount Budgeted Percentage 63% 12% 11% 3% 6% 5% 100% Instruction $71,384,035 $13,444,909 $12,604,459 $3,150,004 $6,760,360 $5,539,168 $112,882,935 Operations Support District Leadership School Administration Transportation Totals: 3% 6%5% Instruction Operations 11% Support District Leadership 12% 63% School Administrators Transportation

General Operating Budget: Expenditures By Object Code Category Amount Budgeted Percentage 76% 14% 3% 4% 1% 2% 100% Salaries and Benefits $86,014,256 $16,155,656 $2,880,318 $4,672,654 $606,329 $2,553,722 $112,882,935 Contracted/Purchased Services Energy Services(Fuel/Utilities) Materials and Supplies Capital Outlay Other Totals: 2% 4%1% Salaries & Benefits 3% Contracted/Purchased Services 14% Energy Services Materials and Supplies 76% Capital Outlay Other

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- 20/21 Principal Balance-June 30, 2021 $2,090,500 $20,705,000 Borrowed $36,580,000 for construction of Dune Lakes Elementary School Matures in July, 2037 Interest Rate 3.32% Debt Service Payments- 20/21 Principal Balance- June 30, 2021 Total Debt Service Obligation for 20/21 LEASE PURCHASE (COPS) 2017 $2,853,250 $30,920,000 $4,949,945

Capital Outlay Budget Revenues & Appropriations Proposed FY 2020-21 Fund Source Taxable Value Collections Millage Rate Total Revenues LCIF (Local) $ 23,602,018,350 x 0.96 x 1.393 = $31,562,507 Charter School Capital Outlay CO & DS (Capital Outlay & Debt Service) $354,500 $286,034 TOTAL REVENUES $32,203,041 Transfer to General Operating: (Maintenance Salaries, Property / Casualty Insurance, Charter School Capital Outlay) Debt Service Total Transfers $3,186,034 $4,949,945 $8,135,979 Appropriations Balance ($31,562,507 - $ 8,135,979) $23,426,528 TOTAL APPROPRIATIONS $32,203,041

Capital Outlay Projects: Proposed BudgetFY 2020 - 2021 Revenues Budgeted Amount Fund 370-Local Capital Improvement $31,362,507.00 Fund 360-Capital Outlay & Debt Service $354,500.00 Fund 397-Charter School Capital Outlay $286,034.00 TOTAL REVENUES $32,203,041.00 Appropriations Budgeted Amount Transfer to General (Includes Charter School Capital Outlay) $3,186,034.00 Debt Service/Lease Purchase-COPS $4,949,945.62 CO & DS (SWHS & FES Addition Projects) $354,500,00 Technology Equipment (Schools) $2,500,000.00 Buses/Motor Vehicles $1,200,000.00 General Maintenance (No PECO for 20/21) $850,000.00 District Equipment $350,000.00 Carpet/Flooring $450,000.00 $3,000,000.00 (from 19/20 Roll Forward) Hammock Bay / Freeport School Site

Appropriations (continued) Budgeted Amount ECTC Welding/HVAC Project (TRIUMPH) $1,500,000.00 Dune Lakes Elementary $558,852.71 (from 19/20 Roll Forward) Fire Alarm / Intercoms $494,229.50 (from 19/20 Roll Forward) Ball Field Improvements $1,014,273.47(from 19/20 Roll Forward) HVAC-VRB $650,000.00 Walton Middle School - Athletic Bathrooms/Concessions $324,979.46.00(from 19/20 Roll Forward) Planning / Architectural /Engineering $307,110.65 (from 19/20 Roll Forward) Portable Buildings $100,000.00 Freeport Transportation $250,000.00 Safety / Security $1,085,000.00 Site Improvements / Drainage $100,000.00 Roof Renovations $1,000,000.00 SWHS Athletic Complex $4,682,823.00 MAGNET Innovation Center (STEAM) $2,000,000.00 Freeport Elementary Addition $7,000,000.00 Land Acquisitions $3,200,000.00 $31,562,507.00 TOTAL APPROPRIATIONS-20/21 Funds only

Fund Balance Comparison- Major Funds $50,000,000 $45,000,000 $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 19/20

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