FY22 Preliminary Budget

The detailed FY22 Preliminary Budget document is presented for review by all interested parties. The following information is provided to help facilitate the understanding of the FY22 Preliminary General Fund budget.

Revenue

State of Alaska revenue projections for FY22 were created using a flat $5,930 as the Base Student Allocation (BSA) in the State of Alaska Foundation Funding Formula.

The student enrollment projection of 7,861 for FY22, listed in the Five-Year Enrollment Projection document, was used in the Foundation Formula to calculate estimated state revenue.

State revenues include $71,118,602 for Foundation Funding, $272,307 for Quality Schools funding, and on-behalf payments of $10,832,981 for a total State funding of $82,223,890.

Administration has budgeted the maximum allowable for KPB support in the amount of $53,080,444. In-kind services are budgeted at the same level as FY21 of $11,362,732 and $41,717,712 as appropriation. This is $3,080,444 over FY21 level.

Other budgeted revenues include e-rate, interest earnings, and miscellaneous for a total of $1,180,000.

Total General Fund Revenue available for FY21 is estimated to be $136,484,334.

Expenditures

Additional reductions to expenditure budgets in the amount of ($522,011) were identified, lowering the FY22 Preliminary expenditure budget and transfers to $139,767,697.

Use of Fund Balance

Revenue from all sources for the FY22 Preliminary General Fund Budget totals $136,484,334. With expenditures and transfers totaling $139,767,697, a projected deficit of ($3,283,363) remains to be dealt with. It will be necessary to make additional expenditure reductions or once again use fund balance to address the deficit.

After designating the use of $5,791,384 of fund balance in FY21, the amount of unassigned fund balance available at the end of the FY20 was $1,677,222. Due to savings in substitute salaries/benefits and travel, the use of fund balance for FY21 will only be approximately $4,791,384. The $1,000,000 difference will increase the FY21 year ending unassigned fund balance to approximately $2,677,222. If no further expenditure reductions were made, approximately $606,141 of Committed Fund balance would need to be used.

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