York Catholic District School Board
2009-10
BUDGET
APPROVAL OF THE 2009-10
FINANCIAL ESTIMATES
Presentation to Board
June 16, 2009
Presented by: John A. Sabo, Associate Director – Leading Services & Treasurer of the Board
Susan La Rosa – Director of Education & Secretary of the Board
Objectives re: June 16, 2009 meeting
1.
Review final draft of the revenue and expenditure
projections for the 2009-2010 Operating Budget, and
identify changes made from previous budget
modules/information presented, as well as any new
assumptions;
2.
Present to the Board the motions required for
the approval and implementation of the 2009-2010
Financial Estimates, along with related/enabling
motions.
3.
Allow for discussion on the follow-up required for the
implementation and completion of the 2009-2010
“allocation of resources balancing process” and
for preparation of the development of the 2010-2011
and future Operating Budget
2009-10 Budget Projections
Revenue
Expenditures
Difference
Total Operating
Total
& Non-Operating Operating
$ 524,490,212 $ 479,066,293
$ 524,490,212
479,066,293
0
0
NOTE: For the 2009-10 Financial Estimate Projections, the revenue and expenditures have
“excluded” provision for the use of reserves. Recommendation “B” provides proposed
treatment for 2009-10.
Agenda Report to Board
June 16, 2009 REPORT TO TRUSTEES:
APPROVAL OF 2009-10 FINANCIAL ESTIMATES (dated June 12, 2009, 6 pages)
Attachments
Title
1
Summary of 2009-10 Projections & 2008-09 Revised Estimates
2
Revenue Summary Comparison 2009-10 vs. 2008-09
3
Revenue Summary – pie chart (Operating)
4
Revenue Summary – pie chart (Operating & Non Operating)
5
Expenditure Summary Comparison 2009-10 vs. 2008-09
6
Expenditure Summary – pie chart (Operating)
7
Expenditure Summary – pie chart (Operating & Non Operating)
8
Operating Fund Comparison of 2009-10 vs. 2008-09
9
Summary of Recommendations re final approval of the 2009-10
Financial Estimates
Supplementary Budget Support Materials
SUPPLEMENTARY BUDGET SUPPORT MATERIALS
Subject
1.
2.
3.
4.
5.
Cover Memorandum
Revenue Estimates
Reserve Analysis
Expenditure Projections
Draft Expenditure Modules
i) Salaries and Benefits
ii) Transportation
iii) Accommodation
iv) Information Systems
v) G.S.B.
Note:
No of
Pages
Colour
5
5
3
12
White
Green
Buff
Pink
28
14
8
8
7
Yellow
Blue
Purple
Salmon
Ivory
Draft Expenditure Modules are provided for Trustee information only and will be
subject to further review and refinement at the Allocation of Resources Design
Team. Recommendation “D” provides Board direction on this matter.
BACKGROUND INFORMATION
•
A series of “Allocation of Resources” Design Team
meetings have and will continue to be held
•
May 5, 2009 presentation to Board
•
Review of Projected Operating revenues
•
Distribution of Allocation of Resources Workbooks and support materials
•
May 13, 2009 presentation of the 2009-10 Salaries and
Benefits Module to Labour Relations
•
May 26, 2009 Budget Update to Board
•
Collection of major areas of expenditure data and
finalization of expenditure adjustments
•
Finalization of proposed revenue adjustments
•
Development of proposed enabling recommendations
BACKGROUND INFORMATION
“Concepts”
•
Expenditure projections are based on total revenue allocation
without use of reserves
•
Expenditures have been separated into three distinct categories
•
Salaries and Benefits
( 87.7%)
•
Committed Expenditures
( 7.1%)
•
•
All essential/contractual expenses e.g. utilities,
transportation, maintenance contracts, phones, network
lines legal/audit etc. “fixed” in nature over which there
is little or no discretion.
Other Expenditures
•
All other expenditures
(5.2%)
2009-10 FINANCIAL ESTIMATES – Summary
Operating Revenue & Expenditures Projections
2009-10
Projections
Operating Revenue
$ 479,066,293
Expenditures:
Salaries & Benefits (87.7%)
Committed
(7.1%)
$ 419,961,059
33,849,638
Balance available to fund remaining Other
Expenditures:
Other Expenditures (5.2%)
Surplus/(Shortfall)
(453,810,697)
25,255,596
(25,255,596)
0
MAJOR ASSUMPTIONS
Major assumptions used in developing final budget projections :
SALARIES & BENEFITS
•
Implementation of Provincial Framework Agreement for
2009-10 (Note: 2nd year of 4 year agreement)
•
Salaries and Benefits are as presented to Labour
Relations Committee on May 13, 2009
•
Benefits renewal premiums as recommended by Benefits
consultant (Mercer)
•
Detailed Salaries & Benefits Expenditure module (28
pages) provides details around related assumptions and
staffing level projections for 2009-10
MAJOR ASSUMPTIONS
Major assumptions used in developing final budget projections :
COMMITTED EXPENDITURES (non Salaries & Benefits)
• Committed expenditures are projected at 2009-10 levels as
required
OTHER EXPENDITURES
• All other budgets are at 2008-09 Revised Estimates levels
reduced by the amount required to balance the 2009-10
budget (total targeted amount $ 1.4 million or
approximately 5.3% of Revised Estimates)
• It is proposed that the Allocation of Resources Design Team
work towards achieving the reductions that have been made
(from Revised Estimates levels.)
•
System targets (e.g. Printing budgets)
•
Budget release holdbacks etc.
MAJOR ASSUMPTIONS
Major assumptions used in developing final budget projections :
RESERVES:
•
No provision has been made for the transfer of reserve
funds to balance the operating budget
•
For 2009-10 it is proposed that a transfer of reserves only
be used for those expenditures “excluded” from the
operating expenditure projections due to their
infrastructure or multi-year profile (e.g. Student Admin.
System, telephony, disaster recovery) or of a “one-time”
nature.
•
Recommendation ‘B’ proposes drawdown of up to
approximately $ 1.13 million
2009-10 FINANCIAL ESTIMATES – Summary
Projected Operating Revenue & Expenditures
2009-10
Projections
Increase/(Decrease)
$ 461,051,449
$ 479,066,293
$ 18,014,844 3.91%
464,442,490
479,066,293
14 ,623,803 3.15%
$ (3,391,041)
0
$ 3,391,041
3,391,041
0
3,391,041
0
0
0
2008-09 Revised
Estimates
Operating Revenue
Operating Expenditures
Surplus/(Shortfall)
Transfer from Reserves
Surplus/(Shortfall)
$
%
NOTE: For the 2009-10 Financial Estimate Projections, the revenue and expenditures have
“excluded” provision for the use of reserves. Recommendation “B” provides proposed
treatment for 2009-10.
2009-10 PROJECTIONS
2008-09 Revised
Estimates
2009-10
Projections
Increase/(Decrease)
$
%
REVENUE- Operating
Grants for Student Needs
$ 451,265,313 $ 469,486,798
$ 18,221,485
4.04
Other Grants
1,000,000
1,000,000
0
-
Other Revenue
4,845254
4,313,000
(532,254)
(10.99)
Continuing Education
3,940,700
4,266,495
325,795
8.27
$ 461,051,267 $ 479,066,293
$ 18,015,026
3.91%
ANALYSIS OF GRANT CHANGE-Operating
2008-09 Revised Estimates vs. 2009-10 Projections
Total Increase
$ 18,221,485
4.03%
$ 15,685,473
3.48%
(2,466,000)
(0.55)%
$ 13,219,473
2.93%
5,002,012
1.11%
$ 18,221,485
4.04%
Resulting from: (estimated)
Enhancements (PFA & Other misc)
Constraints
Net Funding increases (before growth)
Growth increase
Total Increase
Above chart is an extract from May 5, 2009 presentation to Board.
HIGHLIGHTS OF GRANT CHANGES (cont’d)
CONSTRAINT MEASURES $ 2.46 million decrease
 Pupil Foundation Grant
Textbooks funding reduced $ 700,000
Classroom computers funding reduced $ 700,000
 Staff Development funding eliminated $ 600,000
 Student Transportation – 1% route reductions
targeted $ 166,000
 Special Education and Learning Opportunities
(staff development component) $ 300,000
2009-10 PROJECTIONS
2008-09
Revised
Estimates
2009-10
Projections
Increase/(Decrease)
%
$
%
EXPENDITURES-by Object
Salaries & Wages
$ 353,304,313
$ 366,712,709
51,512,147
53,248,350
$ 404,816,460
$ 419,961,059
Staff Development
2,716,806
2,389,079
.51
Supplies & Services
30,612,699
29,532,766
6.16
(1,079,933)
(3.53)
Capital Expenditures
3,823,916
3,643,364
.76
(180,552)
(4.72)
22,032,332
23,131,300
4.83
1,098,968
4.43
440,277
408,725
.08
(31,552)
(7.17)
Total Support Costs
$ 59,626,030
$ 59,105,234
12.34
(520,796)
(.87)
Total
$ 464,442,490
$ 479,066,293
100.0 $ 14,623,803
3.66
Employee Benefits
Total Sal. & Ben.
Fees & Services
Other Expenditures
76.55 $ 13,408,396
3.80
11.11
1,736,203
3.37
87.66 $ 15,144,599
3.74
(327,727) (12.06)
2009-10 PROJECTIONS
2008-09
Revised
Estimates
Increase/(Decrease)
2009-10
Projections
%
$ 353,304,313
$ 366,712,709
76.55
$ 13,408,396
3.80
51,512,147
53,248,350
11.11
1,736,203
3.37
$ 404,816,460
$ 419,961,059
87.66
$ 15,144,599
3.74
32,968,440
33,849,638
7.07
881,198
2.67
$ 437,784,900
$ 453,810,697
94.73
$ 16,025,797
3.66
$
%
EXPENDITURES by Category
Salaries & Wages
Employee Benefits
Total
Committed
2009-10 PROJECTIONS
2008-09
Revised
Estimates
Increase/(Decrease)
2009-10
Projections
% of
total
$ 353,304,313
$ 366,712,709
76.55
$ 13,408,396
3.80
51,512,147
53,248,350
11.11
1,736,203
3.37
$ 404,816,460
$ 419,961,059
87.66
$ 15,144,599
3.74
32,968,440
33,849,638
7.07
881,198
2.67
$ 437,784,900
$ 453,810,697
94.73
$ 16,025,797
3.66
$
%
EXPENDITURES by Category
Salaries & Wages
Employee Benefits
Total
Committed
2009-10 PROJECTIONS
2008-09
Revised
Estimates
Increase/(Decrease)
2009-10
Projections
% of
total
$ 353,304,313
$ 366,712,709
76.55
$ 13,408,396
3.80
51,512,147
53,248,350
11.11
1,736,203
3.37
$ 404,816,460
$ 419,961,059
87.66
$ 15,144,599
3.74
32,968,440
33,849,638
7.07
881,198
2.67
$ 437,784,900
$ 453,810,697
94.73
$ 16,025,797
3.66
26,657,590
25,255,596
5.27
(1,401,994)
(5.26)
$ 464,442,490
$ 479,066,293
100.0
$ 14,623,803
3.05
$
%
EXPENDITURES by Category
Salaries & Wages
Employee Benefits
Total
Committed
Other
Total
2009-10 PROJECTIONS
2008-09
Revised
Estimates
Increase/(Decrease)
2009-10
Projections
% of
total
$ 353,304,313
$ 366,712,709
76.55
$ 13,408,396
3.80
51,512,147
53,248,350
11.11
1,736,203
3.37
$ 404,816,460
$ 419,961,059
87.66
$ 15,144,599
3.74
32,968,440
33,849,638
7.07
881,198
2.67
$ 437,784,900
$ 453,810,697
94.73
$ 16,025,797
3.66
26,657,590
25,255,596
5.27
(1,401,994)
(5.26)
$ 464,442,490
$ 479,066,293
100.0
$ 14,623,803
3.05
$
%
EXPENDITURES by Category
Salaries & Wages
Employee Benefits
Total
Committed
Other
Total
2009-10 PROJECTIONS
Operating Expenditures by Category
Committed
7.07%
Other
5.27%
Salaries & Benefits
87.66%
Salaries & Benefits
Salaries & Benefits
Committed
Sub-total
Other
TOTAL
Committed
Other
$ 419,961,059
87.66%
33,849,638
7.07%
$ 453,810,697
94.73%
25,255,596
5.27%
$ 479,066,293
100.00%
2009-10 PROJECTIONS
2008-09
Revised
Estimates
2009-10
Projections
Increase/(Decrease)
$
%
EXPENDITURES-categorized as Committed (essential/contractual etc.)
IT-Line Chges/Sftwr
$ 1,089,117
$ 1,094,525
$ 5,408
.50
Bus Adm Telephone
372,259
387,500
15,241
4.09
Transportation-Fuel
945,000
820,653
(124,347)
(13.16)
10,196,526
10,018,176
(178,350)
(1.75)
288,250
251,750
(36,500)
(12.66)
1,522,078
2,097,729
575,651
37.82
14,619,304
14,457,625
(161,679)
(1.11)
Insurance
1,247,352
1,381,563
134,211
10.76
Snow/Lawn/Garbage
1,382,582
1,916,936
534,354
38.65
Accom. Other
1,305,972
1,423,181
117,209
8.97
$ 32,968,440
$ 33,849,638
$ 1,853,781
2.99
Accom. Energy
Bus Adm Legal/Aud
Information Sys
Transportation
2009-10 PROJECTIONS
2008-09
Revised
Estimates
Targeted
Reductions
2009-10
Projections
Other Expenditures
Staff Development
2,716,806
(327,727)
2,389,079
Supplies & Services
17,919,825
(707,913)
17,211,912
Capital Expenditures
3,823,916
(180,552)
3,643,364
Fees & Services
1,756,766
(154,250)
1,602,516
440,277
(31,552)
408,725
Other Expenditures
$ 26,657,590
$ (1,401,994) $ 25,255,596
Targeted reductions methodology utilized above is included as part of the supplementary
information provided.
The Allocation of Resources Design Team will have the opportunity to review where and
how the reductions are applied upon Budget release and implementation.
2009-10 PROJECTIONS
2008-09
Revised
Estimates
REVENUE
2009-10
Projections
$ 461,051,358
$ 479,066,293
$ 353,304,313
$ 366,712,709
51,512,147
53,248,350
$ 404,816,460
Increase/(Decrease)
$
%
$ 18,014,935
3.15%
$ 419,961,059
$ 15,144,599
3.74%
$ 32,968,440
$ 33,849,638
$ 881,198
26,657,590
25,255,596
(1,401,994)
$ 59,626,030
$ 59,105,234
$ (520,796)
(.87)%
$ 464,442,490
$ 479,066,293
$ 14 ,623,803
3.15%
EXPENDITURES
Salaries & Wages
Employee Benefits
Total Salary & Benefits
Support Costs:
Essential/Contractual
Other
Total Support Costs
TOTAL EXPENDITURES
SURPLUS/
(SH0RTFALL)
$ (3,391,132)
-
2009-10 Budget Projections
TOTAL
Operating
Non-Operating
TOTAL
$ 479,066,293
45,423,919
$ 524,490,212
Notes:
The Difference of $ 45.42 million between Total Operating & Non-Operating
vs. Operating Only is the funding received for non-operating expenditure
functions (i.e.):
•
School Renewal $ 5.63 million
•
New Pupil Places $ 26.16million
•
Primary Class Size Capital $ 2.36 million
•
Good Places to Learn allocation $ 1.37million
•
Pre-98 Debt $ 9.43 million
•
Best Start/Growth Schools $ .47million
2009-10 Budget Projections
REVENUE SUMMARY
Difference
2008-09
Revised
Estimates
2009-10
Revenue
Projections
OPERATING REVENUE
Grants for Student Needs
Other Grants
Other Revenue
Continuing Education-Other
$ 451,265,313
$
1,000,000
$
4,845,345
$
3,940,700
$
TOTAL OPERATING REVENUE
$ 461,051,358
NON-OPERATING REVENUE
TOTAL REVENUE
469,486,798
1,000,000
4,313,000
4,266,495
Increase
(Decrease)
%
$ 18,221,485
(532,345)
325,795
4.04%
0.00%
-10.99%
8.27%
$ 479,066,293
$ 18,014,935
3.91%
43,277,910
45,423,919
2,146,009
4.96%
$ 504,329,268
$ 524,490,212
$ 20,160,943
4.00%
Recommendation A(i) reflects proposed approval of above amount of $ 524,490,212
2009-10 Operating Revenue Projections
Other Grants
0.20%
Other
Revenue
0.90%
Grants
98.00%
Continuing
Education
0.90%
Grants
Other Grants
Grants for Student Needs
Other Revenue
Continuing Education
$ 469,486,798
98.00%
Other Grants
1,000,000
.20%
Other Revenue
4,313,000
.90%
Continuing Education
4,266,495
.90%
$ 479,066,293
100.00%
2009-10 Operating & Non-Operating Revenue Projections
Other Grants
0.19% Other Revenue
0.82%
Continuing
Education
0.81%
Grants
89.43%
Non-Operating
8.75%
Grants
Continuing Education
Grants for Student Needs
Other Grants
Non-Operating
Other Revenue
$ 469,486,798
89.43%
Other Grants
1,000,000
.19%
Other Revenue
4,313,000
.82%
Continuing Education
4,266,495
.81%
45,426,919
8.75%
$ 524,490,212
100.00%
Non-Operating
2009-10 Projected Operating Expenditures – by Object
Benefits
11.12%
Staff Development
0.50%
Salaries & Wages
76.55%
Other
0.09%
Salaries & Wages
Benefits
Staff Development
Capital
Fees & Services
Other
Salaries & Wages
Supplies & Services
6.16%
Capital
0.76%
Fees & Services
4.83%
Supplies & Services
$ 366,712,709
76.55%
Employee Benefits
53,248,350
11.12%
Staff Development
2,389,079
.50%
Supplies & Services
29,532,766
6.16%
Capital Expenditures
3,643,364
.76%
23,131,300
4.83%
408,725
.09%
$ 479,066,293
100.0%
Fees & Services
Other
TOTAL
2009-10 Projected Operating & Non-Operating Expenditures – by Object
Benefits
10.15%
Staff Development
0.46%
Supplies & Services
5.63%
Capital
0.69%
Salaries & Wages
69.92%
Other
0.08%
Non-operating
8.66%
Fees & Services
4.41%
Salaries & Wages
Benefits
Staff Development
Supplies & Services
Capital
Fees & Services
Other
Non-operating
Salaries & Wages
$ 366,712,709
69.92%
Employee Benefits
53,248,350
10.15%
Staff Development
2,389,079
.46%
Supplies & Services
29,532,766
5.63%
Capital Expenditures
3,643,364
.69%
23,131,300
4.41%
408,725
.08%
45,423,919
8.66%
$ 524,490,212
100.0%
Fees & Services
Other
Non-Operating
TOTAL
PROJECTED Reserve Status at August 31, 2009
OPERATING
RESERVES
Protected
Non-protected
August 31, 2008
Balance
2008-09
Projected
Transfer
1,795,268
August 31, 2009
Projected
Balance
1,795,268
4,523,566
3,391,132
1,132,434
6,318,834
3,391,132
2,927,702
NOTE: The 2008-09 Projected transfer is based on 2008-09 Revised Estimates. Actual
transfer will be subject to August 31, 2009 financial statement reconciliation process.
Proposed Recommendations
The series of proposed recommendations (along with background information
and rationale for each) related to the approval of the 2009-2010 Financial
Estimates are included on Attachment #8. They are organized into six
groupings of motions as follows:
A. Approval & Submission of 2009-2010 Financial Estimates
i.
Revenue
ii. Salaries & Benefit Expenditures
iii. Other Expenditures
B. Use of Unprotected Reserves for 2009-2010
C. Use of Operating Budget Surplus for EDC Purposes – Policy 610
D. Monitoring and Allocation of 2009-2010 Financial Estimates
i.
Audit Committee
ii. Allocation of Resources Design Team
E. Submission of Revised Estimates
F. Lobby Efforts Re: Fair and Equitable Funding
A. APPROVAL AND SUBMISSION OF 2009-10
FINANCIAL ESTIMATES
RECOMMENDATIONS:
i)
Revenue Estimates for 2009-2010:
THAT the Board approve the submission of the Revenue Financial Estimates to the Ministry of
Education for the fiscal year September 1, 2009 to August 31, 2010, in the total amount of
$524,490,212 (based on operating and non-operating) as presented in the budget
documentation presented as at June 16, 2009.
ii) Salaries and Benefits Estimates 2009-2010:
THAT the Board approve the submission of the Salaries and Benefits Expenditure Estimates to
the Ministry of Education for the fiscal year September 1, 2009 to August 31, 2010, in the total
amount of $419,961,059 (based on operating only) as presented in the budget documentation
presented as at June 16, 2009.
iii) Support Costs (Other Than Salaries and Benefits):
THAT the Board approve the submission of the Support Costs Expenditure Estimates to the
Ministry of Education for the fiscal year September 1, 2009 to August 31, 2010, (based on
operating and non-operating) in the total amount of $104,529,153 as presented in the budget
documentation presented as at June 16, 2009.
B. USE OF UNPROTECTED RESERVES FOR 2009-10
RECOMMENDATION:
THAT the Board approve the provision of $1,132,434 of
transfer of reserves plus an equal offsetting amount of
expenditure provision as part of the submission of the
Financial Estimates to the Ministry of Education for the
fiscal year September 1, 2009 to August 31, 2010.
C. USE OF OPERATING BUDGET SURPLUS FOR
EDC PURPOSES
RECOMMENDATION:
THAT the Board not designate 2009-10 Operating Budget funds for the
purpose of acquisition of school sites.
D. MONITORING AND ALLOCATION OF 2009-2010
FINANCIAL ESTIMATES
RECOMMENDATIONS:
Audit Committee:
THAT Administration continue to report to the Board through the
Audit Committee a summary of budget account transfers as well as
any significant changes in budget assumptions and their projected
impact on the 2009-2010 Operating Budget estimates and Revised
Estimates.
Allocation of Resources Design Team:
THAT Administration regularly report on the activities of
strategies developed by the Allocation of Resources Design Team
for review and approval by the Board, with the objective of
leveraging financial resources and ensuring compliance with
Ministry regulations.
E. SUBMISSION OF REVISED ESTIMATES
RECOMMENDATIONS:
THAT Administration develop and submit revised 2009-2010
Estimates to the Ministry of Education prior to December 15,
2009, and that a summary of the material changes between
original and revised estimates be reviewed at the Audit
Committee, and
THAT, should the calculation of Revised Estimates result in
material changes to revenue or expenditure projections,
Administration be directed to develop options and strategies for
the Board to consider for implementation in the 2009-2010 fiscal
year.
F. LOBBYING OF GOVERNMENT
RECOMMENDATIONS:
i)
THAT the Board continue to lobby the government to
ensure equitable and adequate funding is available
for all students in Ontario, and
ii) THAT Administration be directed and authorized to
lobby on behalf of the Board for changes in the new
funding model where, in the opinion of administration,
the principles of equity and adequacy are not being
met.
iii) THAT the Board in cooperation with the Ontario Catholic
School Trustees Association undertake a
review of data
regarding school board budgets with the
objective of
developing a coordinated approach with the Ministry of
Education for addressing the short and long term financial
needs of school boards.
COMPLIANCE REPORTING
No Deficit (Balanced Budget)

Compliance with Funding “Envelopes”
Special Education
Pupil Accommodation
Administration and Governance


see note
NOTE: As previously reported, expenditures must be categorized according to Ministrydefined envelopes. Based on preliminary categorization of expenditures included in the
final projection, the 2009-10 (as well as projected 2008-09) Administration and Governance
envelope will be “exceeded”, but will be less than the Ministry-maximum threshold of 15%.
Summary/Conclusion
As noted at past Board meetings, the development of
budget information has been focused on capturing accurate
data and providing accurate expenditure and revenue
projections based on assumptions identified.
Various individuals have been involved in the
developing and coordinating of budgetary information.
Unless identified in this report, all assumptions, issues and
concerns presented at the previous meetings remain
NEXT STEPS
The next steps following review of final draft projections and approval of the
proposed recommendations are as follows:
1.
Complete and submit Estimates to Ministry of Education in prescribed
format and code of account groupings prior to the required Ministry
deadline of June 30, 2009.
2.
Prepare for implementation of the 2009-2010 Operating Budget
effective for September 1, 2009, including continuation of budgetary
restraints and strategies utilized in 2008-09.
3.
Prepare for the scheduling of a series of Allocation of Resource
Design Team meetings to facilitate implementation of
Recommendation “D”.
4.
Prepare and complete Revised Estimates for submission to the
Ministry of Education prior to December 15, 2009.
5.
Continue lobby efforts directly and through OCSTA to ensure the
short and long term financial stability of the Board.
THE CHALLENGE
KEEPING THE BALANCE
and
LEVERAGED USE OF RESOURCES
FISCAL
RESPONSIBILITY
STUDENT
vs.
OUTCOMES
QUESTIONS ?