BFY23 Preliminary Budget
Item Details
- Meeting
- April 11, 2022 – Board of Education Meeting
- Category
- 13. Action Items
- Type
- Action item
Motions
Move to approve a total General Fund revenue budget of $131,526,240, which includes $50,000,000 from the Kenai Peninsula Borough. A General Fund expenditure budget of $130,831,240 and transfers to Food Service and Extra-curricular travel in the amount of $695,000 for a total of expenditures and transfers of $131,526,240. Board action to approve a $131,526,240 FY23 General Fund budget is requested.
Moved by Debbie Cary · Seconded by Matt Morse
Yes: Debbie Cary, Jason Tauriainen, Matt Morse, Patti Truesdell, Penny Vadla, Tim Daugharty, Zen Kelly
Not present at vote: Virginia Morgan
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 $131,526,240.
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.
Included in the primary budget is transfers to Food Service and Extra-Curricular travel in the amount of $695,000. The total of all expenditures and transfers for the FY23 Preliminary General Fund budget is $131,526,240.
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 $131,526,240, we have no planned use of fund balance in FY23. The amount of unassigned fund balance available at the end of FY21 was $910,504 and we anticipate an increase in FY22 to bring the projected unassigned fund balance to $3,587,723.