AFY24 Budget Revision General Fund and Student Transportation
Item Details
- Meeting
- June 3, 2024 – Board of Education Meeting
- Category
- 13. Action Items
- Type
- Action item
Motions
Move to approve the FY24 budget revision for the general fund and the student transportation fund.
Moved by Penny Vadla · Seconded by Patti Truesdell
Yes: Dianne MacRae, Kelley Cizek, Matt Morse, Patti Truesdell, Penny Vadla, Tim Daugharty, Virginia Morgan, Zen Kelly
Not present at vote: Jason Tauriainen
Public Content
FY24 Revised General Fund Budget
Revenue Budget – General Fund
The FY24 20-day count ended October 27, 2023, and the Average Daily Membership (ADM) information was due to the state on November 5, 2023. The FY24 ADM, which determines the level of state funding for this year, was reported at 8,301.33 students, which was 148.67 students below the 8,450 students projected for FY24. The count included 7,197.76 students in brick-and-mortar schools and 1,103.57 students enrolled in the Connections home school program. The original enrollment projection also included 200 intensive needs students. The number of intensive needs students submitted to the state was 210, an increase of 10. The final reconciliation of the intensive needs students reduced our count by 3, for a total of 207.
The reduction in the intensive needs students reduced our State of Alaska revenue by ($261,943) for a total of State Foundation revenue of $70,700,322.
The one-time funding, which is based on the 20-day count, was reduced from the budgeted amount of $5,856,544 by ($76,878) for a total of one-time funding of $5,779,666.
The total revised revenue budget is $139,546,001.
Expenditure Budget – General Fund
The FY24 expenditure budget for healthcare will be reduced by $338,821 using unused budgeted amounts for employees that have opted-out of healthcare.
The expenditure budget is budgeted at $139,546,001.
FY24 Revised Student Transportation
Revenue Budget – Student Transportation
The Preliminary revenue budget for Student Transportation was based on 7,411 students at $1,011 per student for a total of $7,492,521. The FY24 20-day, completed in October, has a count of 7,197.76 students eligible for transportation. That reduction of 213.24 students results in a reduction of revenue in the amount of ($215,586) for a total revenue budget of $7,276,935.
Transfer In
Since our expenditure budget is more than our anticipated revenue, we have scheduled a general fund transfer of $550,000. This amount brings our total revenues and transfer to $7,826,935.
Fund Balance
Since our expenditure budget of $8,042,521 is more than our anticipated revenue, we have budgeted the use of fund balance in the amount of $215,586. This amount brings our total revenues and transfer to $8,042,521.