AFY23 Budget Revision
Item Details
- Meeting
- July 11, 2022 – Board of Education Meeting
- Category
- 13. Action Items
- Type
- Action item
Motions
Move to approve the Revised FY23 Budget.
Moved by Debbie Cary · Seconded by Penny Vadla
Yes: Debbie Cary, Jason Tauriainen, Jennifer Waller, Matt Morse, Patti Truesdell, Penny Vadla, Tim Daugharty, Virginia Morgan, Zen Kelly
Move to table or reorder the Revised FY23 Budget until after Item D is voted on.
Moved by Jason Tauriainen · Seconded by Matt Morse
Yes: Debbie Cary, Jason Tauriainen, Jennifer Waller, Matt Morse, Patti Truesdell, Tim Daugharty, Virginia Morgan, Zen Kelly
No: Penny Vadla
Public Content
FY23 Budget Revision
General Fund
This revision includes final updates to the FY23 Budget after actions by the Kenai Peninsula Borough Assembly and the State of Alaska Legislature and Governor.
General Fund Revenue Budget
At the June 7, 2022 Kenai Peninsula Borough assembly meeting, Ordinance 2022-19 was passed providing funding to KPBSD.
The breakdown between appropriation and In-Kind Services listed in the ordinance caused a change to the expenditure budget as well as the revenue budget because the amount budgeted for In-Kind Services and Appropriation increased from budgeted levels. The increase to In-Kind Services of $1,360,210 and $1,204,074 in appropriation increase the total Borough revenue by $2,564,28.
On June 28, Governor Dunleavy released the FY23 Operating budget which included one-time funding outside the Foundation formula in the amount of $57M. Based on our projected enrollment, KPBSD will receive $3,844,884 in additional revenue.
The total increase from KPB of $2,564,284, and the State of Alaska amount of $3,844,884 brings the total revenue budget for FY23 to $137,935,408.
General Fund Expenditure Budget
There are changes to the In-Kind expenditure budget approved at the April 11, 2022 meeting. As stated previously, the increase of $1,360,210 in the In-Kind Services Expenditure budget increased the previous budgeted amount of $11,462,686 to a total of In-Kind Expenditures of $12,822,896.
Other expenditure increases include $527,051 for year one of the classroom interactive flat panel displays and salaries and benefits of $4,521,907 for additional increases to the expenditure budget of $5,048,958.
The total increases in In-Kind services and other items of $6,409,168 bring the total expenditure budget for FY23 to $137,935,408.