BUDGET REPORT 2016-17 Board Meeting May 3, 2016

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BUDGET REPORT
2016-17
Board Meeting
May 3, 2016
General Fund
Update
General Fund Revenue Projections
•
Initially projected 5% property value growth
•
Appraisal District’s preliminary estimate is 8.9%
•
Additional growth increases 2016-17 year revenue by
$16.6 million over original projections
•
One year lag with recapture
•
2017-18 recapture increases by $36.1 million
General Fund Revenue Comparison
($ in Millions)
Source of Funds
Amended
2015-16
Proposed
2016-17
Change
Local
$482.4
$522.4
$40.0
State
42.2
48.2
6.0
(61.3)
(102.4)
(41.1)
5.8
5.8
-0-
$469.1
$474.0
$4.9
Recapture
Federal
Total - Net
Based on current law
Appropriations Comparison By Object
($ in Millions)
Preliminary
2016-17*
Change
$379.6
$382.4
$2.8
Purchased & Contracted Services
47.7
47.4
(0.3)
Supplies/Materials
18.3
18.1
(0.2)
Other Operating Expenses
7.5
6.5
(1.0)
Capital Outlay
0.7
0.2
(0.5)
Transfers – Intrafund (net)
1.2
1.3
0.1
455.0
455.9
0.9
14.4
-
(14.4)
$469.4
$455.9
$(13.5)
OBJECT
Payroll Costs
Subtotal
Transfer to Capital Projects Fund
Total Appropriations and Transfers (Excluding
Recapture)
*Excludes Compensation Enhancements
Amended
2015-16
General Fund Budget Summary
($ in Millions)
Revenues*
$474.0
Appropriations*
455.9
Balance Prior to Compensation Enhancements
$18.1
*Revenues & Appropriations are shown net of recapture.
Comparison to Preliminary Projections
($ in Millions)
Projected deficit - January 12th report
$(1.9)
Pay raise in January report not in current draft
6.0
Additional revenue from property value growth
16.6
Increase in estimated recapture
(3.1)
All other (net)
Surplus in current draft
0.5
$18.1
Revenues – A Look Ahead to 2017-18
($ in Millions)
Source of Funds
Proposed
2016-17
Projected
2017-18*
Change
Local
$522.4
$546.2
$23.8
State
48.2
46.1
(2.1)
(102.4)
(138.5)
(36.1)
5.8
5.8
-0-
$474.0
$459.6
$(14.4)
Recapture
Federal
Total - Net
* Based on current law and assumes 5% property value growth in 2017-18
General Fund - Fund Balance Information
($ in Millions)
Year Ended June 30:
Ending Fund
Balance (1)
Appropriations &
Transfers Out in
Following Year (2)
2007
$135.7
$509.0
26.7%
2008
131.2
512.6
25.6%
2009
127.4
452.2
28.2%
2010
133.2
461.8
28.8%
2011
152.5
444.5
34.2%
2012
165.6
438.4
37.8%
2013
154.2
458.1
33.7%
2014
158.5
495.9
32.0%
2015
171.2
537.7
31.8%
2016 (Projected)
169.7
558.3
30.3%
(1) After Capital Projects Fund Transfer
(2) Includes Recapture
Percentage
Compensation Options and Cost
General Pay Increase (General Fund Cost)
• 3%
$9,115,000
• 2%
$6,085,000
Substitute Rate Increase
$225,000
Restore Stipend Reductions
$655,000
Specialized Student Support Stipend
$247,000
Remaining Considerations
 May 17
Presentation of Proposed Budget (Including
Compensation Recommendation)
Authorization of Notice of Budget and Tax Rate Hearing
 June 7
Budget and Tax Rate Hearing
Adoption of Budget
 July 25
Receipt of Certified Taxable Values
 September
Adoption of Tax Rates
BUDGET REPORT
2016-17
Board Meeting
May 3, 2016
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