FY21 Updated Budget Information - May 2020

Since the Approval of the FY21 preliminary budget, as you know a lot has changed.

The Kenai Peninsula Borough (KPB) at the April 21, 2020 assembly meeting passed Resolution 2020-027 that set the minimum amount of funding to the school district at $45,000,000. Based on subsequent conversations between KPB Mayor and Administration; there is an agreement that the final amount to be provided by KPB will be $50,000,000.

Revenue

FY21 Preliminary Revenue - Updated
State of Alaska - Foundation	$ 77,652,172
State of Alaska - Quality Schools	285,929
State of Alaska - TRS/PERS On-Behalf	10,626,356
Kenai Peninsula Borough - Appropriation	38,637,268
Kenai Peninsula Borough - In-Kind	11,362,732
E-Rate	700,000
Interest Earnings	300,000
Other	180,000
Total FY21 Preliminary Revenue	$ 139,744,457

State of Alaska - Base Student Allocation at same levels as FY17, FY18, FY19, FY20 and FY21 - $5,930
State of Alaska – $30 Million One-time funding was passed by the legislature, which would of provided $2,072,133 in additional State funding, but was vetoed by the Governor.
Kenai Peninsula Borough Support – FY21 Preliminary budget has been adjusted to $50M, which is $2,776,473 below the maximum allowable.

Expenditures

	FY21 Preliminary Expenditures - Updated
	Salaries - Includes Step Increases	$ 70,078,125
	Benefits	47,742,394
	Workers Compensation	1,251,637
	Professional and Technical	1,270,926
	Travel (Includes Extra Curricular Travel)	760,695
	Utilities	6,996,206
	Purchased Services (Includes In-Kind Maintenance)	9,695,837
	Supplies	3,806,418
	Other Expenses (Includes Charter Schools Additional Allowable)	1,975,319
	Equipment	1,102,811
	Transfers to Other Funds - Student Nutrition	750,000
	Total FY21 Preliminary Expenditures	$ 145,430,368

The Health Care calculation was based on FY20 HDHP rates + 7%. This amount may be updated at a later date if more information is received. The split for Health Care is 85/15 per the negotiated agreement.
A lapse calculation of 2% was used for salaries and benefits.
6.0 FTE Elementary School Counselors included in this updated expenditure budget
Updated In-Kind expenditure budgets to match KPB Resolution 2020-027 and additional information.

Use of Fund Balance

Revenue from all sources for the FY21 Preliminary General Fund Budget totals $139,744,457 and since expenditures and transfers total $145,430,368, it is necessary to use fund balance in the amount of $5,685,911. It is estimated that such usage will deplete all available unassigned fund balance.

FY21 Preliminary Budget Summary - Updated
Revenue		$ 139,744,457
Expenditures	144,680,368
Transfer to Other Fund - Student Nutrition	750,000
Total Expenditures and Transfers		145,430,368
Excess (Deficiency) of Revenues
over Expenditures		$ (5,685,911)

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