BEarly FY18 Budget Projections 2016-12-06
Item Details
- Meeting
- December 6, 2016 – Board of Education Work Session
- Category
- 1. Work Sessions
- Type
- Information item
Public Content
10:00 a.m. - 12:00 p.m.
Background Information:
FY18 Budget
Revenue Budget
The projected enrollment for FY18 that is the basis of our revenue budget was reported to the state on November 4, 2016. In our preliminary work on the FY18 revenue budget, we assumed no change to the Foundation Formula. The governor’s FY18 budget is expected by mid-December and that will provide us with additional information to use in our calculations.
Unassigned fund balance at the end of FY16 is $2,671,214 and is available for use. The minimum fund balance per BP3470 is shown in committed fund balance and the total is $4,200,580. At the November 22, 2016 KPB Assembly meeting KPB Ordinance 2016-19-16 was introduced. If passed, it will reallocate $1 million from restricted fund balance for Facilities Maintenance to unassigned fund balance.
Expenditure Budget
The enrollment projection is also the starting place for our expenditure budget, and Human Resources is currently working on the FY18 preliminary staffing. We plan to bring forward a status quo budget based on existing staffing formulas, with some other estimates based on historic data.
One issue that is uncertain is the changes we will see in our Health Care costs. The addition of the High Deductible plan should provide some savings and there is also an option for certain employees to opt out. The open enrollment period ends December 16th, so we will be able to provide more information after that.
As in the past, we are anticipating a deficit and will have information along those lines to share at the meeting on Tuesday, December 6th.