DFY23 Preliminary Budget
Item Details
- Meeting
- January 10, 2022 – Board of Education Finance Committee Meeting
- Category
- 1. Board Finance Committee
- Type
- Information item
Public Content
FY23 Preliminary Budget
Revenue
State of Alaska revenue projections for FY23 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 8,429 for FY23, listed in the Five-Year Enrollment Projection document, was used in the Foundation Formula to calculate estimated state revenue.
State revenues include $73,591,664 for Foundation Funding, $276,554 for Quality Schools funding, and on-behalf payments of $6,478,022 for a total State funding of $80,346,240.
Administration has budgeted KPB support in the amount of $50,000,000. In-kind services are budgeted at the same level as FY22 of $11,462,686 and $38,537,314 as appropriation.
Other budgeted revenues include e-rate, interest earnings, and miscellaneous for a total of $1,180,000.
Total General Fund Revenue available for FY23 is estimated to be $129,526,240.
Expenditures
The FY23 expenditure budget was developed using the same staffing formulas as FY22. Expenditure projections for salaries include step increases for current employees. Adjustments were made to healthcare based on the current number of employees that have coverage, opted out and recommendations for contribution rates by the District’s Health Care broker. Salaries and benefits comprise approximately 80% of total expenditures.
Adjustments to instructional and custodial budgets were made based on a formula that includes projected enrollment and building size. Utilities were budgeted using a three-year average. District office budgets are under review and some additional adjustments may be needed.
Included in the primary budget is a transfer to Food Service in the amount of $550,000 and $145,000 for Extra Curricular travel. The total of all expenditures and transfers for the FY23 Preliminary General Fund budget is $138,544,728.
Use of Fund Balance
Revenue from all sources for the FY23 Preliminary General Fund Budget totals $131,526,240 and since expenditures and transfers total $138,544,728, leaving a deficit of $7,018,488. It will be necessary to use a combination of unassigned fund balance and ESSER III funds to balance the FY23 budget.
Budget Discussion
At the budget work session on January 11, 2022, we will take a closer look at the financial information provided. We will also discuss the budget, use of fund balance and ESSER III funds.