Gvsd Budget Pres Apr 19 2010 B

Garnet Valley School District

GENERAL FUND
BUDGET PRESENTATION
FISCAL YEAR 2010 -2011

• April 19, 2010
• Thomas E. Delaney
• Business Administrator

1

Agenda

• 1 0910 Budget Performance and Projection
• 2 Budget to Budget Change Analysis
• 3 1011 Revenue Budget
• 4 1011 Expenditure Budget
• 5 1011 Spec Ed, Maint., Transp.
• 6 1011 Capital Equipment Needs / Financing
• 7 Debt Svc, Future Debt Svc, Debt Portfolio and
available borrowing capacity

2

General Fund 0910 Revenue Budget
Performance to Date & Projections
2007-2008 2008-2009 2009-2010 2009-2010 Projection
Two Year One Year Curr. Year Projected (Under) Over
Revenue Summary Prev. Actual Prev. Actual Budget June 30,2010 Budget
Regular Property Tax&DCCC 53,406,543 55,735,762 61,886,108 59,481,542 (2,404,566)
Interim Tax 2,332,995 1,564,245 1,050,700 869,000 (181,700)
Transfer Tax 1,608,528 505,899 934,940 934,940 0
Delinquent Tax 1,129,076 1,378,663 1,142,539 1,270,000 127,461
Investment Income 856,415 480,977 313,260 104,420 (208,840)
Other Local Revenues 2,594,617 3,171,938 2,088,578 3,534,806 1,446,228
Total Local Sources 61,928,174 62,837,484 67,416,125 66,194,708 (1,221,417)
State Subsidies 9,459,576 10,525,377 10,995,389 10,971,814 (23,575)
Federal Subsidies 607,964 720,291 1,017,090 1,017,090 0
Total Revenues 71,995,714 74,083,152 79,428,604 78,183,612 (1,244,992)
Use of Fund Balance 1,050,000 (1,050,000)
Total Resources 71,995,714 74,083,152 80,478,604 78,183,612 (2,294,992)
Summary:
Revenue (Under) Budget (1,244,992) (1,244,992)
Expense Under (Over) Budget 1,586,303 1,586,303
Projected Increase (Decrease) of Fund Balance vs. Budget 341,311 341,311
Planned (Use) of Fund Balance per Budget (1,050,000) (1,050,000) 0
Net Fund Balance Projected to be (Used) (1,050,000) (708,689) 341,311
Beginning of Year Fund Balance 5,736,400 8,157,944 2,421,544
End of Year Projected Fund Balance 4,686,400 7,449,255 2,762,855

3


• Revenues:
• Property Tax Collections FY 0910
• Regular property tax collections are projected to be under budget by $2.4
million, of which $1.5 million is made up through offsetting homestead tax
relief. Maris Grove did not pay $1.9million in tax, which was liened.
• Interim tax collections are projected to be under budget by $182 thousand.
• Transfer tax revenue is projected to meet its budget level.
• Delinquent tax should exceed budget by $127 thousand. Since 0910
delinquent taxes were recently liened, the district may receive more
delinquent tax revenue, as taxpayers re-pay the county for liened taxes.
• Preliminary interim assessment base growth for April, May, and June is
included in the total estimated assessment base. If the data is not finalized
prior to the County tax data file generation this June, the district will bill any
pending interim month as a full year interim tax, rather than as part of the
regular tax billing.

4


• Investment Earnings
• Earnings through June are projected to fall short
of budgeted revenue by $209,000, which is
offset by similar savings in the cost of the
district’s variable rate debt service.
• The district has experienced low yields this year
on its investments due to the recession. The
district is keeping more of its funds in short term
investments until yields improve.

5

Indicated Yields for Selected Securities
As of Friday April 2, 2010

Treasuries Agencies CDs PSDLAF Max PSDLAF
Liquid

Daily 0.0982% 0.0227%
7day 0.1118% 0.0247%
3 month .14% 0.16% 0.10%
6 month .21% 0.24% 0.20%
1 year .36% 0.45% 0.65%
2 year 1.03%
5 year 2.58%
10 year 3.87%
30 year 4.75%

Notes:
1% = 1/100 = 1.0000%
One tenth of 1 pct = 1/1000 = 0.1000%
or ten basis points
6


• Current Interest Rates
• The Federal Reserve Open Market Committee
has set the federal funds rate (the overnight rate
that banks lend money to each other) to 0.20%.
The rate a year ago was 0.19%.
• US 90 day treasury bills are trading to yield
0.16% (0.14% a year ago).
• The one month LIBOR rate is 0.25% ( 0.50% a
year ago).
• Currently, 20 year AAA GO bonds yield 4.15% (
4.7% a year ago).

7


DVRFA Rates

8

Budget Performance Projection

Two Year One Year Curr. Year
Revenue Summary Prev. Actual Prev. Actual Budget
Regular Property Tax&DCCC 53,406,543 55,735,762 61,886,108
Interim Tax 2,332,995 1,564,245 1,050,700
Transfer Tax 1,608,528 505,899 934,940
Delinquent Tax 1,129,076 1,378,663 1,142,539
Investment Income 856,415 480,977 313,260
Other Local Revenues 2,594,617 3,171,938 2,088,578
Total Local Sources 61,928,174 62,837,484 67,416,125
State Subsidies 9,459,576 10,525,377 10,995,389
Federal Subsidies 607,964 720,291 1,017,090
Total Revenues 71,995,714 74,083,152 79,428,604
Use of Fund Balance 1,050,000
Total Resources 71,995,714 74,083,152 80,478,604
Summary:
Revenue (Under) Budget
Expense Under Budget
Projected Increase (Decrease) of Fund Balance
Planned (Use) of Fund Balance

9

General Fund 0910 Expenditure Budget

• Projected Significant Over–Expenditures 0910:
• DCIU SPED $154,413
• DCIU Fair Sh $ 31,343
• DCIU EI $ 40,000
• ESY $ 49,312
• APPS: $214,000
• PRRI: $ 54,705
• Total $543,773
10

Budget Summary
2010 - 2011 2009 - 2010 2009 - 2010 Bdgt to Bdgt
Budget Summary Budget Estimate Budget Change
Beginning Total Fund Balance 7,076,800 8,157,944 5,736,400 1,340,400
Revenues:
Local 71,544,497 66,194,708 67,416,125 4,128,372
State 10,015,006 10,971,814 10,995,389 (980,383)
Federal 1,017,090 1,017,090 1,017,090 0
Fund Balance Applied 1,063,182 1,050,000 13,182
Total Revenue Budget 83,639,775 78,183,612 80,478,604 3,161,171
Total Available Resources 90,716,575 86,341,556 86,215,004 4,501,571
Fund Balance Applied (1,063,182) 0 (1,050,000) (13,182)
Avail Res.net of Fund Bal.Applied 89,653,393 86,341,556 85,165,004 4,488,389
Expenditures
Special Ed. & PPS 1,437,750 1,890,769 1,365,546 72,204
Instructional cost ctrs 4,759,361 4,864,230 4,961,894 (202,533)
Wages 43,237,783 41,237,244 41,237,244 2,000,539
Benefits 17,772,332 15,325,161 16,402,931 1,369,401
Distrwide & supporting cost ctrs 5,215,427 5,174,676 5,227,976 (12,549)
Debt svc, transfers and reserves 11,217,122 10,400,221 11,283,013 (65,891)
Total Expenditure Budget 83,639,775 78,892,301 80,478,604 3,161,171
Total Ending Fund Balance 6,013,618 7,449,255 4,686,400 1,327,218
Fund Balance Composition:
Designated 0 1,137,875 0 0
Undesignated 6,013,618 6,311,380 4,686,400 1,327,218
Total Fund Balance 6,013,618 7,449,255 4,686,400 1,327,218

11

General Fund Proposed Operating Budget:
Budget to Budget Changes

Budget to Budget Increases (Source & Use): Source Use
Local - Regular Property Tax 3,053,143
Local - Regular Property Tax - DCCC 14,751
Local - All Other (393,784)
State (Incl BEF, Transp, FICA PSERS) 487,061
Federal 0
Special Ed 72,204
Other Instruct. (C.S., VoTech, SubSvc, Athl) (202,533)
Wages 2,000,539
Benefits 1,369,401
Transportation 0
Maintenance 0
Community College 14,751
All Other (27,300)
Debt Service & Tfrs (including Textbooks) (65,891)
Total Budget to Budget Increases 3,161,171 3,161,171

Excluding contract wage, benefit, and outside agencies (DCCC and
Spec Ed.) all other cost center allocations were held constant or
decreased.

12

General Fund 1011 Operating Budget

• Proposed Budget 1011: $83,639,775
• Current Budget 0910: $80,478,604

• Increase ($): $ 3,161,171
• Increase (%): 3.93%

13

Mills

• Concord & Chester Heights:
• Proposed Mills 1011: 27.470
• Current Mills 0910: 26.698
• Mill Increase: 0.772 (2.89%)

• Bethel:
• Proposed Mills 1011: 27.856
• Current Mills 0910: 27.068
• Mill Increase: 0.788 (2.91%)
14

Tax Per 100,000 Assessment

• Concord & Chester Heights:
• Proposed Tax 1011: $2,747.00
• Current Tax 0910: $2,669.80
• Tax Increase: $ 77.20 (2.892%)

• Bethel:
• Proposed Tax 1011: $2,785.60
• Current Tax 0910: $2,706.80
• Tax Increase: $ 79.80 (2.9111%)
15

District Tax Revenue – Growth in Mill

• Value of a mill 1011: $2,355,115
• Value of a mill 0910: $2,308,856
• Increase $ 46,259 (2.00%)
(2.27% in prior year)

• District revenue from growth in mill:
• Next Year:
• 26.698 x $46,259 = $1,235,023
• This Year:
• 26.079 x $51,192 = $1,335,036
16

Property Tax Reduction Index

• Act 72 of 2004 Property Tax Reduction Index:
• Act 72 of 2004 originally established the creation of an
annual index for participating districts that limits future
property tax rate increases. Compliance with the tax
limit index became mandatory for all school districts with
the passage of Act 1 of 2006. The property tax index
consists of the state SAWWS (Statewide Average
Weekly Wage) index and the federal ECI (Employment
Cost) index. The 1011 unenhanced, base index for
Garnet Valley is 2.9%. The proposed GVSD 1011 tax
increase (2.89%) is below the allowed index.

17

Revenue Per Student

Budget Budget Budget Budget Budget
2010-2011 2009-2010 2008-2009 2007-2008 2006-2007
Students:
Projected Students: 4,821 4,836 4,759 4,803 4,588

Revenue Per Student:
Property tax revenue per student 13,419 12,746 12,372 11,165 10,792
Other local revenue per student 1,642 1,715 1,969 1,920 1,525
State revenue per student 2,077 1,970 1,935 1,848 1,796
Federal revenue per student 211 210 214 211 147
Total revenue per student 17,349 16,642 16,490 15,144 14,260

Property tax revenue per student 77.35% 76.59% 75.03% 73.73% 75.68%
Other local revenue per student 9.46% 10.30% 11.94% 12.68% 10.69%
State revenue per student 11.97% 11.84% 11.73% 12.20% 12.59%
Federal revenue per student 1.22% 1.26% 1.30% 1.39% 1.03%
Total revenue per student 100.00% 100.00% 100.00% 100.00% 100.00%

18

Revenue Share Per Student

Rev / stdnt $ 1986 - 1987 1991 - 1992 1996 – 1997 2001 - 2002 2007 - 2008 2008 - 2009 2009 - 2010
Local $4,215 $8,489 $7,199 $8,886 $13,084 $14,340 $14,309
State $1,085 $1,869 $1,649 $1,429 $1,848 $1,935 $1,970
Federal $26 $38 $32 $28 $211 $214 $210
Totals $5,326 $10,396 $8,880 $10,343 $15,143 $16,489 $16,489

Rev / stdnt % 1986 - 1987 1991 - 1992 1996 - 1997 2001 - 2002 2007 - 2008 2008 - 2009 2009 - 2010
Local 79.14% 81.66% 81.07% 85.91% 86.40% 86.97% 86.78%
State 20.37% 17.98% 18.57% 13.82% 12.20% 11.74% 11.95%
Federal 0.49% 0.37% 0.36% 0.27% 1.39% 1.30% 1.27%
Totals 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

19

Total District Revenues by
Funding Source Graph

Pct Funding Source by Year

1

0.8
P ct Funded

0.6 State
Local
0.4 Federal

0.2

0
1986 - 1987 1991 - 1992 1996 - 1997 2001 - 2002 2007 - 2008 2008 - 2009 2009 - 2010
Years 1986 to 2010

20

Total District Expenditures,
Cost per Student

Cost per Student 2010 - 2011 2009 - 2010 2008 - 2009 2007 - 2008 2006 - 2007
Special Ed. & PPS 1,437,750 1,352,410 1,306,138 1,219,039 998,915
Instructional Costs 4,759,361 4,829,199 5,155,529 4,596,423 4,508,490
Wages 43,237,783 41,237,244 39,742,947 36,734,139 33,540,178
Benefits 17,772,332 16,402,931 15,759,346 14,158,896 11,916,984
District-wide Supporting Cost Ctrs 5,215,427 5,175,395 5,216,406 4,705,676 4,669,270
Debt Service,Transfers and Reserve 11,217,122 11,481,425 11,290,606 11,317,493 9,789,603
Total Budget 83,639,775 80,478,604 78,470,972 72,731,666 65,423,440

Students: 4,821 4,836 4,759 4,803 4,588
Cost per Student, Gross 17,349 16,642 16,489 15,143 14,260

21

Total District Expenditures,
By Object Code - Graph

0809 Expenses

14% Wages
0%
9% Benefits
Purch Svc
Supplies
5% 54%
Fees Dues
18% Debt

22

Direct Staff FTE

Staffing 1011 0910 0809 0708
Admininstrators 22 22 22 22
Administrative support 29 29 28 28
Transportation 65 65 65 64
Maintenance 47 47 46 45
Paraprofessionals 211 211 233 213
Secretaries 36 36 33 32
Teachers 413 413 405 390
Totals 823 823 832 794

23

Illustrative Starting Teacher Compensation

New Teacher Cost 1011 0910 0809 0708
Salary $44,200 $42,518 $40,664 $39,652
Fica, Retire, Life, Disabilty, WC $3,691 $3,363 $3,219 $3,139
Medical, etc. $19,204 $17,383 $15,735 $14,794
Total Costs $67,095 $63,264 $59,618 $57,585

24

Benefits

• Compensation Benefit Increases:
• The proposed budget reflects overall
compensation benefit increases of
$1,369,401, reflecting changes in
participation, claims experience,
coverages, as well as rate increases from
benefit carriers.

25

PSERS

• State Retirement Provision:
• The proposed budget includes a net
increase of $309,845 to fund PSERS. The
state mandated gross retirement
contribution rate is 4.88% which is 50%
reimbursed by the State.
• The district’s net contribution rate is
expected to spike in FY 12-13, when its
net rate will climb to 14.61%.
26

Special Education

Spec Ed 1011 0910 0809 0708 0607
Total costs, net of compensation $1,437,750 $1,365,546 $1,306,138 $993,039 $840,663

Spec Ed Students:
Remedial 948 948 965 972 966
Gifted 398 398 400 393 402
Total 1,346 1,346 1,365 1,365 1,368

Net Cost Per Student $1,068 $1,015 $957 $728 $615

Percent of Students in Special Ed
Total GVSD Students 4,821 4,836 4,759 4,803 4,588
Pct in Spec Ed Programs 27.92% 27.83% 28.68% 28.42% 29.82%

Although the average incremental cost for a special education
student is about $1,000, special education costs can exceed
$60,000 per student for some students with exceptional needs.

27

Maintenance
Maintenance Dept 1011 0910 0809 0708 0607
400 1,115,338 1,081,363 1,029,890 1,003,300 926,680
500 2,500 2,500 2,500 2,500 2,500
600 2,136,007 2,169,982 2,224,110 1,941,130 1,994,050
Total 3,253,845 3,253,845 3,256,500 2,946,930 2,923,230
Less:
Elctr,Gas,Oil (1,779,647) (1,816,422) (1,870,150) (1,576,628) (1,626,150)
Net 1,474,198 1,437,423 1,386,350 1,370,302 1,297,080
Sq Ft
Concord (05/06 & Prior = Pennington School Location)
Concord 133,043 133,043 133,043 133,043 133,043
BSES 90,000 90,000 90,000 90,000 90,000
GVES 116,600 116,600 116,600 116,600 116,600
GVMS 175,300 175,300 175,300 175,300 175,300
GVHS 267,422 267,422 267,422 267,422 267,422
Tot Sq Ft 782,365 782,365 782,365 782,365 782,365

Costs / Sq Ft
Net of energy 1.88 1.84 1.77 1.75 1.66
Energy 2.27 2.32 2.39 2.02 2.08
Total 4.16 4.16 4.16 3.77 3.74

28

Transportation

Transportation Dept. Budget Budget Budget Budget Budget
Excl Insur, Xing Guards 1011 0910 0809 0708 0607
300 2,800 2,800 2,800 2,800 2,800
400 61,854 61,854 61,854 58,000 58,000
500 11,550 11,550 10,850 4,750 2,250
600 439,580 439,580 489,580 480,000 480,250
800 250 250 250 250 250
Total Cost 516,034 516,034 565,334 545,800 543,550
Less Fuel & Oil 325,300 325,300 375,300 368,500 368,500
Net Operating Cost 190,734 190,734 190,034 177,300 175,050

Transportation Dept. Vehicle Inventory
Buses 53 53 51 50 50
Spares 10 10 12 9 9
Wheel Chair 2 2 2 2 2
Band Bus 1 1 1 1 1
Jeep 1 1 1 1 1
Utility Truck 1 1 1 1 1
Vans 10 10 10 10 10
Total 78 78 78 74 74

29

Transportation

1011 0910 0809 0708 0607
Cost per Vehicle per Year
Operating Cost 2,445 2,445 2,436 2,396 2,366
Fuel&Oil Cost 4,171 4,171 4,812 4,980 4,980
Total 6,616 6,616 7,248 7,376 7,345

Cost per Vehicle per Day (180 Days)
Operating Cost 13.59 13.59 13.54 13.31 13.14
Fuel&Oil Cost 23.17 23.17 26.73 27.67 27.67
Total 36.75 36.75 40.27 40.98 40.81

Fleet Miles (0708-latest PDE) 664,919 664,919 664,919 664,919 664,919
Average Gallons per Mile 5.54 5.54 5.54 5.54 5.54
Gallons Bid / Year 120,000 120,000 120,000 120,000 120,000
Average Miles per Vehicle/Yr 8,525 8,525 8,525 8,985 8,985
Average Miles per Vehicle/Day 47.36 47.36 47.36 49.92 49.92

Cost per Mile (Excludes Bus Cost Amortization, Insurance, and Driver Costs)
Operating Cost 0.29 0.29 0.29 0.27 0.26
Fuel&Oil Cost 0.49 0.49 0.56 0.55 0.55

30

Capital Equipment - Tentative

• Technology $508,482
• Transportation $542,716
• Buildings $ 76,838
• Maintenance $115,000
• Athletics $ 6,964

• Total $1,250,000

31

Debt Svc

• The total appropriation for all district
general obligation, lease appropriation,
equipment note debt service and
contingency reserve will be $11,217,122.
($11,283,013 currently). Variable rate
debt is scheduled at 2.5% (3.5% prior
year). Debt service includes financing for
capital equipment purchases.

32

Changes in Debt & Debt Svc
Outstanding Debt Service Debt Service
Debt Change in Approp Approp
Issue 06/30/11 O/S Debt: 0910 1011
GVHS Add'l 2,646,546 0 0 0
Rfd 1993 GOB 6,035,000(1,335,000) 1,720,210 1,722,090
Rfd $10M Apr 15 2007 11,738,000 (452,000) 861,170 747,333
Rfd 1999 GOB 0 0 1,093,030 0
Rfd 1998A & 2004 21,165,000 (435,000) 1,388,323 1,391,723
Ffd 2001A GOB 8,585,000 (45,000) 362,139 401,976
New Conc & Prjcts 2 6,780,000 (320,000) 628,905 627,125
Rfd GOB 2004,2002 36,665,000 (355,000) 1,983,723 1,985,123
Rfd GOB 2003 3,950,000 (955,000) 1,092,400
Refunding 2000 15,790,000 (780,000) 1,548,158 1,542,958
DVRFA Dec 2005 0 0 266,835 0
DVRFA Nov 2006 0 (263,000) 281,300 265,740
DVRFA Oct 2007 263,000 (254,000) 300,005 273,500
DVRFA Nov 2008 646,000 (307,000) 408,195 355,175
DVRFA Nov 2009 951,000 (299,000) 378,250
DVRFA Nov 2010 New 1,250,000 1,250,000 25,521 18,229
Trustee Services - Fees 0 22,000 22,000
Vo Tech 176,700 0 33,500 33,500
DCCC 101,373 0 0 0
Budgetary Reserve 0 360,000 360,000
Total Debt, Debt Svc, & Reserve 116,742,619 (4,550,000) 11,283,013 11,217,121

33

Future Debt Svc

• 09/10 $11,283,013
• 10/11 $11,217,122
• 11/12 $11,238,657
• 12/13 $11,249,052
• 13/14 $11,261,913
• 14/15 $11,331,896
• 15/16 $11,395,808
Future debt service assumes: (1)DVRFA equipment
notes are renewed when maturity is due; (2) variable
rate notes incur interest of 2.5%; and,(3) $360,000 is
renewed annually as a contingency reserve.

34

Debt Portfolio 1011

• Fixed: 1011:87.28%; 0910 87.48%
• Variable: 1011:12.72%; 0910 12.52%
Next Year:
• Total Fixed Debt: $101,894,619
• Total Var Debt: $ 14,848,000
• Total Debt: $116,742,619
Current Year:
• Total Fixed Debt: $106,034,619
• Total Var Debt: $ 15,173,000
• Total Debt: $121,207,619
35

Avail Borrowing Capacity

• The district’s current available borrowing
capacity is $38,946,395.
• Borrowing capacity changes annually
based upon the average of the last three
years of general fund revenues and the
level of the general obligation issues
outstanding.

36

Gvsd Budget Pres Apr 19 2010 B

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (20)

Destacado

Destacado (9)

Similar a Gvsd Budget Pres Apr 19 2010 B

Similar a Gvsd Budget Pres Apr 19 2010 B (20)

Gvsd Budget Pres Apr 19 2010 B