HomeMy WebLinkAboutRes 14-17 WA Approving the 2014-2015 Budget WESTLAKE ACADEMY
SOLUTION NO. 14-17
A RESOLUTION OF THE BOARD OF TRUSTEES OF WESTLAKE ACADEMY TO
ADOPT THE REVISED OPERATING BUDGET FOR FISCAL YEAR ENDING
AUGUST 31, 2014 AND THE PROPOSED BUDGET FOR FISCAL YEAR ENDING
AUGUST 31, 2015 INCLUDING INVESTMENT POLICY, FISCAL. AND BUDGETARY
POLICIES, COMMITTED AND ASSIGNED FUND BALANCES.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF WESTLAKE ACADEMY:
WHEREAS, Section 44.002 of the Education Code of the Texas Education Agency
Texas School Law Bulletin states the budget must be prepared according to generally accepted
accounting principles, and
WHEREAS, the budget must be approved by the Board of Trustees prior to August 31St
according to Texas Education Agency's Financial Accountability System Resource Guide, Section
2.6.2—TEA Legal Requirements; and
WHEREAS, the Board of Trustees held a Public Hearing on August 11th, 2014; and
WHEREAS, the Board of Trustees finds that the passage of this Resolution is in the best
interest of the citizens of Westlake as well as the students, their parents, and faculty of Westlake
Academy.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE WESTLAKE ACADEMY:
SECTION 1: That, all matters stated in the recitals hereinabove are found to be true and
correct and are incorporated herein by reference as if copied in their entirety.
SECTION 2: That the Board of Trustees hereby adopts the revised Westlake Academy
Operating Budget for the fiscal year ending August 31, 2014 and the proposed Westlake
Academy Annual Operating Budget for the fiscal year ending August 31, 2015 and appropriates
the funds contained therein attached to this resolution as Exhibit "A':
SECTION 3: That the Board of Trustees hereby adopts the Fiscal and Budgetary
Policies, Investment Policies, and the Committed and Assigned Fund Balance designations that
are also included in Exhibit A.
SECTION 4: That a copy of the official adopted 2014-2015 Budget shall be kept on file
in the office of the Town Secretary.
WA Resolution 14-17
Page 1 of 2
SECTION 5: If any portion of this resolution shall, for any reason, be declared invalid by
any court of competent jurisdiction, such invalidity shall not affect the remaining provisions hereof
and the Council hereby determines that it would have adopted this Resolution without the invalid
provision.
SEC'T'ION 6: That this resolution shall become effective from and after its date of
passage.
PASSED AND APPROVED ON THIS 11th DAB' OF AUGUST, 20140
Laura Wheat, President
ATTEST:
Kelly dwa`d , Board Secretary Thomas E. Bryi er, Superintendent
APPROVED AS TO FORM:
L. Staff n Lowry or Janet S. Bubert,
School Attorney
WA Resolution 14-17
Page 2 of 2
Westlake Academy 2600 Ottinger Road Westlake, Texas 76262 www.westlakeacademy.org
"Reaching New Heights Together...
One School, One Community”
Westlake Academy
FY 2014/15 Annual Operating Budget
INTRODUCTORY SECTION
Executive Summary 1
Budget Presentation 2
Westlake Academy Mission, Vision & Values 3
Budget Framework ‐ “Governing and Managing for Outcomes” 5
Academy Approach 6
Explanation & Summary of Major Budget Components 7
Other Considerations 8
Financial Summary 9
Budget Trends 11
Service Level Adjustments 13
Individual Fund Summary 15
Informational Summary 17
Performance Results 19
ORGANIZATIONAL SECTION
Board Members and Administration 23
Mission, Vision & Values 24
How did we get here? 25
Where are we going? 27
Achieving our Vision and Mission 28
Westlake Academy’s Desired Outcomes 30
Projects for 2014‐2015 31
Westlake Academy Organizational Structure 36
Academy Departments 38
Financial Structure 39
Westlake Academy Cost Sharing Analysis 43
Financial Structure Summary 44
Legal Status 45
Westlake Academy Boundaries 46
Demographic and Miscellaneous Statistics 47
Budgets and Budgetary Information 48
Fiscal and Budgetary Policies 48
2013‐14 Budget Planning Timeline 58
Westlake Academy Budget Guide 59
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FINANCIAL SECTION
Combined Statement of Revenues, Expenditures and changes in Fund Balance
– All Governmental Funds 67
All Governmental Funds ‐ Total Revenues & Expenditures 68
All Funds ‐ Revenue and Expenditures Graph 70
Combined Statement of Revenues, Expenditures and changes in Fund Balance
– General Fund 71
Combining Statement of Revenues, Expenditures and changes in Fund Balance
– General Fund 72
Statement of Revenues, Expenditures and Changes in Fund Balance
– Transportation/Parking Fund 197 73
Statement of Revenues, Expenditures and Changes in Fund Balance
– Athletics Activities Fund 198 74
Statement of Revenues, Expenditures and Changes in Fund Balance
– General Fund 199 75
Schedule of Expenditures by Function and Object Code ‐ General Fund 76
General Fund ‐ Revenues and Expenditures Graph 78
General Fund ‐ Expenditures by Function Graph 79
General Fund ‐ Revenues and Expenditure Comparison 80
Combined Statement of Revenues, Expenditures and Changes in Fund Balance
– All Special Revenue Funds 81
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
– All Special Revenue Funds 82
INFORMATIONAL SECTION
Fiscal Stewardship 83
Five Year Financial Forecast 85
Enrollment & Employee Information 87
Other Information 92
Parent Survey Results 103
Community Profile 105
Westlake Academy School Calendar 108
Investment Policy 109
Glossary 114
ii
The Government Finance Officers Association of the United States and Canada (GFOA) presented a
Distinguished Budget Presentation Award to Westlake Academy, Texas for its annual budget for the fiscal
year beginning September 1, 2013. In order to receive this award, a governmental unit must publish a
budget document that meets program criteria as a policy document as an operations guide, as a financial
plan, and as a communications device.
This award is valid for a period of one year only. We believe our current budget continues to conform to
program requirements, and we are submitting it to GFOA to determine its eligibility for another award.
iii
Association of School Business Officials International
This Meritorious Budget Award is presented to
WESTLAKE ACADEMY
For excellence in the preparation and issuance of its school entity’s budget
for the Fiscal Year 2013-2014.
The budget adheres to the principles and standards
of ASBO International’s Meritorious Budget Award criteria.
Ron McCulley, CPPB, RSBO John D. Musso, CAE, RSBA
President Executive Director
iv
"Reaching New Heights Together...
One School, One Community”
Executive Summary
August 11, 2014
Honorable President and Board Trustees
Westlake Academy
2600 J. T. Ottinger Road
Westlake, TX 76262
Transmittal of FY 2014/15 Westlake Academy Budget
“Reaching New Heights Together...One School, One Community”
As Superintendent of Westlake Academy, I am submitting for your consideration the Budget for FY
2014/15. This Budget for Westlake Academy encompasses all teaching and extra‐curricular operating
expenditures as well as State public school funding and private donations used to support the daily
school operations of Westlake Academy.
This FY 2014/15 All Funds Budget totals $7,803,324 representing a 12% increase from the prior year
primarily due to increasing the number of classes in the PYP Programme (Kindergarten, Grade One, and
Grade Three) as well as completion Phase I of the Master Plan and staffing changes in the MYP and DP
Programme. The adopted FY 2014/15 budget decreases the fund balance by $236,031 with an ending
balance of $824,393. With the continued support of the Town and Westlake Academy Foundation, the
Academy will be able to balance the budget beyond the five‐year forecast. Westlake Academy
anticipates state public education funding to maintain levels of 2013/14, approximately $6,840 per
student.
Figure 1 – All Funds Budget Summary
Estimated Adopted $ Increase % Increase
FY 2013/14 FY 2014/15 (Decrease) (Decrease)
Beginning Fund Balance $ 992,012 $ 1,060,424 $ 68,412 7%
Revenues 7,036,474 7,567,293 530,818 8%
Expenditures 6,968,062 7,803,324 835,262 12%
Net Revenues over (Under) Expenditures 68,412 (236,031) (304,444)
Other Resources 331,266 45,000 (286,266) -86%
Other Uses (331,266) (45,000) 286,266 -86%
Ending Fund Balance $ 1,060,424 $ 824,393 $ (236,031) -22%
Assigned $ - $ 125,000 $ 125,000
Ending Fund Balance (Unassigned) $ 1,060,424 $ 699,393 $ (361,031) -34%
# Days Operating (Based on 365) 56 33 (23) -41%
Daily Operating Expense $ 19,091 $ 21,379 $ 2,288 12%
1
Budget Presentation
I welcome the opportunity to present and discuss operational plans and related financial impact with all
interested parties. Interaction among interested groups consistently leads to operational and
educational improvements which become available to the students and parents of Westlake Academy.
The development, review, and consideration of the 2014/15 Governmental Fund Budgets (the General
Fund, and Special Revenue Funds) were completed with a detailed and exhaustive review of every
revenue and expenditure item within the context of the Academy’s Vision, Mission and Values
statements, Strategic Planning efforts, and Board Policy.
The budget document and the year‐end annual audit are the primary vehicles to present the financial
plan and the results of operations at the Academy. The budget document is organized into the following
sections:
Introductory Section – Introduces the reader to the document as a whole. It highlights
important information contained in the budget. Users rely on this section to get an overview – a
snapshot of what they can expect to find in the rest of the document.
Organizational Section – Provides the context and framework within which the budget is
developed and managed. The context for the budget is substantially predicated on the type and
level of service to be provided the students of the Academy. The framework also includes the
Academy’s organizational and financial structure as well as the controls that direct and regulate
the development and administration of the budget.
Financial Section – Presents the heart of the Academy’s budget document. The budget financial
schedules present the adopted budget for the Academy compared with the results of past
budget plans and with future projections.
Informational Section – Contains information on past and future budgets and factors
influencing the adopted budget. It puts the adopted budget into context and it explains past
budget decisions.
2
Westlake Academy Mission, Vision & Values
Westlake Academy is a public charter school offering the International Baccalaureate (IB) curriculum.
Founded in 2003, with a mission to achieve academic excellence and develop life‐long learners who
become well‐balanced, responsible global citizens, Westlake Academy is the first and only municipally‐
owned school in the state to receive a charter designation. Westlake Academy is the fifth school of only
ten in the United States, and the only public school, to offer the full IB curriculum for grades K‐12.
During this year’s budget retreat great care and consideration were given to the mission and vision of
the Academy and the impact that these have on both the long‐term goals of the Academy and its day‐
to‐day operation. The vision and mission statements represent the outcome of this discussion and
evidence the Board’s continued dedication to academic excellence and personal achievement. The
values statements are currently being reviewed by the Board and are listed here for reference only.
MISSION:
“Westlake Academy is an IB World School whose mission is to provide students with an internationally
minded education of the highest quality, so they are well‐balanced and respectful life‐long learners.”
VISION:
“Westlake Academy inspires college bound students to achieve their highest individual potential
in a nurturing environment that fosters the traits found in the IB learner profile.”
~ Inquirers, Knowledgeable, Thinkers, Communicators, Principled,
Open‐minded, Caring, Risk‐takers, Balanced, and Reflective~
VALUES
Maximizing Personal Development
Academic Excellence
Respect for Self and Others
Personal Responsibility
Compassion and Understanding
The following desired outcomes summarize the goals and objectives established by the Board of Trustees
and leadership staff at the Academy.
Desired Outcomes
High Student Achievement
Strong Parent & Community Connections
Financial Stewardship & Sustainability
Student Engagement‐Extracurricular Activities
Effective Educators & Staff
3
Board Members and Administration
The Westlake Academy Board of Trustees consists of five trustees and the Board President. Each
member of the Board serves a two year term with two members and the president being elected on
alternate years.
Several members of the Westlake Academy Leadership Team operate under a shared service agreement
with the Town of Westlake and serve dual roles.
Board of Trustees
Laura
Wheat
Alesa
Belvedere
Michael
Barrett
Rick
Rennhack
Carol
Langdon
Wayne
Stoltenberg
Board President -----------------------------------------Board of Trustees----------------------------------------
Westlake Academy Leadership Team
*Thomas E. Brymer, Superintendent of Schools
Mechelle Bryson, Executive Principal
Rod Harding, Primary Years Principal
Andra Barton, Middle Years Principal
Andra Barton, Director of Curriculum and Instruction
Benjamin Nibarger, Administrative Coordinator
Alan Burt, Director of Athletics
Shelly Myers, Exec. Director of the WAF/Director of Development
Kristy Wilkinson, MYP Coordinator
Alison Schneider, PYP Coordinator
Christopher Hill, DP Coordinator
*Ginger Awtry, Director of Communications & Community Affairs
*Amanda DeGan, Assistant Town Manager
*Troy Meyer, Director of Facilities
*Debbie Piper, Director of Finance
*Todd Wood, Director of Human Resources & Administrative Services
*Asterisk denotes shared services personnel between Westlake Academy and the Town of Westlake
4
Budget Framework ‐ “Governing and Managing for Outcomes”
The budget document is but one part of a system designed to link together critical governance and
management decision making tools. This system is called “Governing and Managing for Outcomes” and
is designed to integrate:
Strategic planning
Five (5) year financial forecasting,
budgeting, and performance measurement
linked to priorities, objectives, and
outcomes
Reporting to monitor progress in outcome
achievement and accountability for results
Aligning resources to prioritized outcomes
Long term approach to ensure financial
sustainability
Working within Board adopted financial
policies for the Academy
Maintaining core services
Budget Process
The process of projecting the budgeting needs of the Academy is a continual process that responds to the
changing needs of the Academy students and staff as well as changes in the fiscal environment such as
the reduced State funding from FY 2009/10. The process of developing the Academy budget for fiscal
year 2014/15 began with the Westlake Board of Trustees meeting that was held in February of 2014.
Following is a summary of the main steps taken in preparation of the adopted budget.
BOARD OF TRUSTEE BUDGET REVIEW
The Board of Trustees regularly receives quarterly budget updates, some of which are detailed in
the trend analysis and the five‐year financial forecast discussed later in this document. Upon
receipt of the adopted annual budget, the Board holds budget workshops to review adopted
changes, their associated outcomes for the next fiscal year, as well as their impact in a five (5)
year financial forecast.
BUDGET ADOPTION
The Board of Trustees holds the required public meeting and adopts the budget in August prior
to beginning the fiscal year which runs from September 1st to August 31st.
BUDGET AMENDMENTS
The Final Amended Budget for the Year Ending August 31, 2014 will be submitted at the August,
2014 Board meeting. It will reflect all amendments previously approved by the Board of Trustees
plus any final amendments. Often, these amendments influence the shaping of the current
budget as actual trends in revenues and expenditures are realized and accounted for.
5
Figure 2 Budget Process
Timeline Description of Activities
October ‐ December Strategic Plan preparation process occurs
December Westlake Academy Leadership Team (WALT) begins planning FY 14/15 Budget
January WALT meets with WA affiliates for joint planning for FY 2014/15
January ‐ March Develop CIP, Five Year Projection & Personnel Cost Estimates
February Broad overview of 2014/15 Budget with BOT
April Develop improvement plans for each grade level/dept.
May 17 Strategic Plan preparation process occurs, preliminary budgets developed
June 7th Current Budget Review
June ‐ July BOT Budget Retreat
August 11th BOT consideration/adoption of Westlake Academy FY 2014/15 Budget
September ‐ August Budget Amendments for FY 2013/14
Fall 2014 Begin strategic plan update/review process for FY 2015/16
January 2014 Annual Financial Report for FY 2013/14
Academy Approach
The Academy approach to coping with the combination of fast student growth in a restricted funding
environment along with increasing academic standards requires that the budget process is instructionally
driven and guided by the Academy’s Strategic Plan. During the budget development process the staff
reviewed all revenues and expenditures and focused on aligning the allocation of resources, both
personnel and financial, with the accomplishment of established goals and objectives.
6
Explanation & Summary of Major Budget Components
REVENUES
The revenues received by Westlake Academy are classified into one of three broad categories: Federal,
State or Local. State funding is the Academy’s largest revenue source making up over 78% of revenues
from all funds. Staff estimates that the average level of total state aid paid through the Foundation
School Program (FSP) in FY 2014/15 will be approximately $6,840 per student; approximately the same
funding level as the FY 2013/14. As an open‐enrollment charter school, Westlake Academy has the
ability to establish specific class sizes and set limitations on secondary boundary enrollment. Enrollment
for FY 2014/15 is projected at 822 students in accordance with the current plan to attempt to maintain
eighteen (18) students per class in kindergarten through fifth‐grade and twenty‐five (25) students per
class in sixth‐grade through twelfth‐grade.
Federal funding is received through grants that support special education and is approximately one
percent (1%) of revenues for all funds.
Local funding consists of two major sources, the Town and the Westlake Academy Foundation. As a
municipally‐owned charter school Westlake Academy does not have taxing authority; the Town of
Westlake is responsible for debt service and capital improvements, these costs are estimated at
$2,137,954 for FY 2014/15. The Westlake Academy Foundation is an independent non‐profit
organization that raises funds through donations and fund raising; the FY 2014/15 forecast is $1.1 million.
EXPENDITURES
Compensation and benefits are the largest operating cost for Westlake Academy. The current teacher
pay scale is based on the Board policy of being within 3% of the median of the nine (9) surrounding public
school districts. Per Board direction, the salary scale had a 1.5% pay increase for all faculty and staff
members in the FY 2013/14, and staff is recommending a 2% pay increase for all faculty and staff
members in the FY 2014/15 school year. The increase for all applicable staff equals $149,743
(approximately 3%, including step‐increases).
The shared services model that the Academy operates under with the Town of Westlake provides
administrative services. These costs were previously booked to the Westlake Academy operating budget,
but were removed from the Academy operating budget in the FY 2012/13 school year. The following
table illustrates the indirect operating costs of running the Academy which are booked to the Town of
Westlake’s General Fund and Debt Service Fund.
Figure 3 ‐ Overall Total Cost Summary – All Governmental Funds and Municipal Debt Service Payments
Overall Cost Summary
Estimated Adopted
FY 2013/14 FY 2014/15
Operating Expenditures $6,668,062 $7,503,324
Municipal‐Transfer to WA Operating Budget 390,000 315,000
Sub‐Total 7,058,062 7,818,324
Annual Debt Service Payment (paid from Municipal budget) 1,935,529 2,137,954
Major Maintenance and Replacement 165,000 71,000
In‐direct Operating Costs 325,000 450,500
Grand Total All Costs $9,483,591 $10,477,778
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Other Considerations
MULTI‐YEAR FINANCIAL FORECAST
Due to increased student enrollment, slight increases in State of Texas public education funding,
additional support from the Westlake Academy Foundation and the Town of Westlake, the Academy
anticipates that its Fund Balance will remain above the TEA’s recommended 45 days.
Figure 4 – Revenues, Expenditures & Fund Balance – General Fund Summary
Historically, revenues and expenditures have increased at relatively the same rate which has dictated the need for a higher
fund balance in order to sustain the 45‐day minimum requirement established by Board policy.
PROGRAMS & FACILITIES
Over the last three fiscal years, the Academy has increased course offerings in a number of areas,
including, foreign languages, theater arts, technology, and science. This expansion of programs and
facilities was primarily funded through the student expansion in the secondary programme. The
increased offerings necessitated additional facilities in the form of three portable classroom buildings.
During this same timeframe, the Academy has completed and the Board of Trustees adopted a Facility
Master Plan. This plan provides a clear understanding of future growth needs at the Academy. The
Facility Master Plan can be viewed on the Academy’s or the Town of Westlake’s website.
The Academy is completing Phase 1 of the Academy’s expansion plan, which will be placed in service in
FY 2014/15. This includes three additional buildings, a secondary classroom building, a multi‐
purpose hall, and field house. These
additional facilities will allow the
Academy to accommodate
approximately 820 students as new
student enrollment occurs.
FY 09/10
Actual
FY 10/11
Actual
FY 11/12
Actual
FY 12/13
Actual
FY 13/14
Estimated
FY 14/15
Adopted
FY 15/16
Estimated
FY 16/17
Estimated
Revenues $4,280,723$4,608,573$5,244,170$5,640,930$6,635,473$7,445,897$7,518,245$7,633,265
Expenditures $3,917,886$4,518,107$5,287,757$5,496,177$6,611,593$7,554,617$7,609,617$7,609,617
Fund Balance $767,491$914,660$814,487$959,240$1,239,386$1,130,666$909,295$932,943
$‐
$1
$2
$3
$4
$5
$6
$7
$8
$9
Mi
l
l
i
o
n
s
WA Program Growth
8
Financial Summary
The budget is developed within the guidelines predicated by the Texas Education Agency and is organized
into a series of accounts called funds. The total revenue for all funds for the Academy is estimated to be
$7,567,293 and total expenditure appropriations amount to $7,803,324.
The following schedules present a comparison of revenues and expenditures for all Governmental Funds
in the Academy’s Budget. Budgets for the General Fund, the Food Service Fund (a Special revenue Fund)
and the Debt Service Fund must be included in the official district budget (legal or fiscal year basis). The
Academy does not maintain a Food Service Fund or a Debt Service Fund; therefore; the only fund legally
adopted will be the General Fund. For informational purposes only, budgets for Special Revenue Funds
are included throughout the presentation.
Figure 5 – Table: Revenue Summary – All Governmental Funds
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
REVENUES
Federal Program Revenues $ 157,445 $ 152,351 $ 81,958 $ 67,722 $ 80,008 $ 73,896 $ (6,112)
State Program Revenues 3,945,658 4,362,921 4,648,649 4,855,506 5,034,023 5,782,092 748,069
Local Revenues 874,206 1,237,004 1,205,931 1,538,434 1,922,443 1,711,305 (211,138)
4,977,309 5,752,276 5,936,538 6,461,662 7,036,474 7,567,293 530,818
Figure 6 – Graph: Revenue Summary – All Governmental Funds
The largest revenue source for Westlake Academy is State Foundation School Program funding which makes up
approximately three‐quarters of All Governmental fund revenues.
Federal Program
Revenues
1%
State Program
Revenues
76%
Local Revenues
23%
REVENUES
9
Figure 7 Table: Expenditure Summary – All Governmental Funds
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated
EXPENDITURES (BY FUNCTION) FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 13/14 FY 14/15 to Adopted
11 - Instructional 2,764,022 3,170,372 3,458,117 3,633,683 4,079,186 4,621,940 542,755
12 - Resources & Media 73,398 89,129 57,784 60,785 66,170 66,252 81
13 - Staff Development 111,933 74,656 130,924 144,154 147,157 129,589 (17,568)
21 - Instructional Leadership 125,265 135,962 93,965 185,339 207,093 237,967 30,874
23 - School Leadership 294,931 347,515 341,524 456,515 553,655 660,620 106,966
31 - Guidance & Counseling 165,245 232,419 244,899 238,786 280,680 246,539 (34,141)
33 - Health Services 53,513 60,917 58,208 58,620 63,634 68,711 5,078
35 - Food Services - 11,517 - 15,116 - 500 500
36 - CoCurricular/ Extra. Activities 7,275 131,972 125,137 221,087 164,079 171,255 7,176
41 - Administrative 105,472 675,763 363,547 362,289 389,170 343,835 (45,335)
51 - Maintenance & Operations 301,672 596,913 614,041 674,112 725,907 956,091 230,185
53 - Data Processing 525,273 173,587 160,695 247,719 177,766 105,015 (72,751)
61 - Community Services 154,962 76,880 86,844 92,091 107,162 110,824 3,662
71 - Debt Service 69,739 - - - 6,405 84,186 77,781
81 - Facility Acquisition/Construction 132,286 15,960 27,930 - - - -
Total Expenditures 4,884,985 5,793,560 5,763,616 6,390,294 6,968,062 7,803,324 835,262
Excess (Deficiency) of Revenues
Over (Under) Expenditures 92,325 (41,285) 172,923 71,368 68,412 (236,031) (304,444)
Figure 8 – Expenditure Summary – All Governmental Funds
The largest expenditure category is Payroll & Related items which makes up approximately three‐quarters of all
Governmental fund expenditures.
61XX ‐Payroll &
Related Items
72%
62XX ‐Contracted
Services
14%
63XX ‐Supplies &
Materials
8%
64XX ‐Other
Operating
5%
65XX ‐Debt Service
1%
Expenditures by Object
10
Budget Trends
GENERAL FUND ‐ STATE FUNDING
Despite a 4% historical average annual growth rate, the State of Texas continues to lag behind the
national average for per pupil funding, providing $1,000 to $1,500 less per pupil than the national
average. Due to its Charter status, Westlake Academy receives less State funding per student than other
non‐charter public schools because public charter schools in the State of Texas do not receive facility
funding. The Academy’s State funding per pupil peaked in FY 09‐10 with cuts in the following two years
due to state budget short‐falls. The state increased funding by approximately four percent (4%) in 2013.
In FY 2014/15, the Academy anticipates that state funding will remain flat from FY 2013/14.
Westlake Academy receives minimal federal funding (IDEA B – Special Education Funds) depending
primarily upon state education funds and private donations to cover operating costs. The 2013 legislative
session increased per student funding, but less than half the cut seen in the 2011 legislative session. As
the single largest expenditure in the state’s budget, it is likely that any possible future reductions in
spending may negatively impact public education funding. Due to prior state funding reductions, the
Academy has become more dependent upon the private donations for operating costs and further
financial support from the Town of Westlake. Funding ongoing operating costs with one‐time dollars
raised through private donations places the Academy in a potentially tenuous situation. If private
donations do not meet the levels necessary to offset public education reductions, then the Town of
Westlake must increase financial support or consider reducing levels of service.
Figure 9 ‐ Average Funding per Student
The difference between the amount of Texas State funding and Westlake Academy is the amount dedicated to facilities
funding. Public charter schools in Texas do not receive facility funding.
8,340
10,838
7,214
8,283
4,809
6,817
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
2004200520062007200820092010201120122013
Average Funding per Student
National Avg.Texas Westlake Academy
11
The largest funding sources for Westlake Academy continue to be State funding and the Westlake
Academy Foundation. State funding was 86% of General Fund revenues in FY 09/10 and are currently
approximately 78%, while Westlake Academy Foundation contributions have climbed from less than 10%
to approximately 17% of the Academy’s total General Fund Revenues in FY 2014/15.
Figure 10 ‐ General Fund Revenues by Source
GENERAL FUND ‐ LOCAL FUNDING
The WAF Annual Program contributions have increased each year since FY 06/07. The average
contribution per student has increased sharply in response to the public education funding decreases.
WAF contributions are anticipated to reach $1.1 million in FY 2014/15.
Figure 11 – WAF Annual Program Contributions
The FY 2014/15 WAF Annual Program contribution of $1,100,000 is based upon prior years giving.
‐
200
400
600
800
1,000
1,200
1,400
1,600
1,800
FY 11/12FY 12/13FY 13/14FY 13/14FY 14/15
Th
o
u
s
a
n
d
s
Revenues by Source Transportation/Parking
Athletic Activities
Town Contribution ‐ Westlake
Reserve
Town Contribution
Food Services
Interest Earned
WAF Fund‐an‐Item
WAF Donation
Other Local Revenue
WAF Salary Reimbursement
$388 $407 $394 $431 $524
$680
$800
$1,079 $1,100
$‐
$200
$400
$600
$800
$1,000
$1,200
FY 06/07FY 07/08FY 08/09FY 09/10FY 10/11FY 11/12FY 12/13FY 13/14
Estimated
FY 14/15
Adopted
Th
o
u
s
a
n
d
s
WAF Annual Program Contributions
12
Service Level Adjustments
This budget makes use of Service Level Adjustments (SLA’s) to track any cost changes. These cost
changes will fall into one of four categories: first, increased operating costs to maintain current levels of
service; second, increased operating costs due to expanded levels of service; third, increased costs due to
the development of new services, and fourth, cost savings. Cost savings may occur for any number of
reasons, but primarily arise due to increased efficiency, service level reductions, or not expending the
budgeted resources.
Generally speaking, Service Level Adjustments (SLA’s) in this budget fall into the category of increased
operating costs for existing programs. Some SLA’s are due to existing program expansion, such as
increasing the number of staff and facilities.
SLA’s involving new expenditure areas to target for recommendation to the Board for FY 2014/15, staff
recommended several areas for adjustments:
Salary Related Expenditures Total: $439,787
Desired Outcome: High Student Achievement
In FY 2014/15 we will have 91.8 full‐time equivalent employees (FTE’s), an increase of 14.62 FTE’s. The
increase in expenditures is the result of a combination of adding new positions, the years of experience
of our new teachers, an increase in unemployment insurance and other employer contributions, as well
as the increased cost associated with staffing. With addition of approximately 100 new students, staffing
increases were necessary. Approximately $149,743 is related to the 2% salary increase.
Asst. to Executive Principal (.50)
PYP Kindergarten (1.0)
PYP Grade 1 (1.0)
PYP Grade 2 (1.0)
Primary Art (.50)
Strings Staff (.67)
Secondary Theater Arts (‐.75)
Special Education (1.0)
Grade 6 (1.0)
Secondary Art (.50)
Secondary English (1.0)
Secondary Humanities (‐.50)
Secondary Economics (1.0)
Secondary Math (2.0)
Secondary Science (‐.16)
Secondary Phys. Ed (.50)
Speech (‐.17)
Counselors (‐.30)
Teaching Aides (1.93)
Director of Student Life (1.0)
Director of Curriculum (.50)
IT Tech (‐.70)
Office Aide (1.10)
Lunchroom Personnel (‐.40)
Day Porter (1.4)
Salary Adjustments ($86,400)
Professional & Contracted Services Total: $126,960
Desired Outcome: High Student Achievement
Professional and contracted services rendered to the Academy by firms, individuals, and other
organizations. These represent the approximate services that are rendered for the Academy.
Instructional Services ($‐4,830)
Staff Development ($7,000)
School Leadership ($‐450)
Guidance & Counseling ($‐15,457)
13
Health Services ($855)
Admin Services ($‐763)
Facility & Maintenance ($143,105)
Data Processing ($‐2,000)
Supplies & Materials Total: $233,301
Desired Outcomes: Effective Educators & Staff – High Student Achievement
Supplies and materials costs are associated with consumables that are used in the classroom,
maintenance of the campus, books, iPads, testing materials, furniture, and classroom supplies.
Instructional ($210,223)
Resource & Media ($2,900)
School Leadership ($‐500)
Health Services ($140)
Counseling Services ($2,400)
Food Services ($500)
Admin Services ($‐1,775)
Facility & Maintenance ($15,413)
Data Processing ($4,500)
Other Operating Costs Total: $65,194
Desired Outcome: Effective Educators & Staff – High Student Achievement
Other operating costs are associated with insurance, professional development, travel, membership fees
and dues, graduations expenses, and miscellaneous costs.
Instructional (‐$5,500)
Resource & Media (‐$500)
Staff Development ($27,589)
Admin Services ($5,881)
Resource & Media ($4,830)
Instructional Leadership ($‐5,710)
School Leadership ($‐6,250)
Guidance & Counseling ($1,304)
Facility & Maintenance ($45,939)
Community Services ($‐2,950)
Debt Service Costs Total: 77,781
Desired Outcome: Effective Educators & Staff – High Student Achievement
iPad Lease Payment ($77,781)
14
Individual Fund Summary
GENERAL FUND
The General Fund is a governmental fund with budgetary control which is used to show transactions
resulting from operations of on‐going organizations and activities from a variety of revenue sources.
FY 2014/15 Adopted: Revenues = $7,445,897 Expenditures = $7,554,617
Figure 12 ‐ Revenue & Expenditure Comparison – General Fund
Revenues have exceeded expenditures over the last two fiscal years. This is due to increased donations from the
Westlake Academy Foundation and the State’s increase in public education funding, approximately a four percent (4%)
increase.
$4
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2
8
$4
.
6
1
$5
.
2
4
$5
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6
4
$6
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6
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$7
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$3
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$4
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5
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$5
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5
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$6
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6
1
$7
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5
5
$‐
$1
$2
$3
$4
$5
$6
$7
$8
FY 09/10
Audited
FY 10/11
Audited
FY 11/12
Audited
FY 12/13
Audited
FY 13/14
Estimated
FY 14/15
Adopted
Mi
l
l
i
o
n
s
Revenue & Expenditure Comparison
Revenue Expenditure
15
SPECIAL REVENUE FUNDS
The Special Revenue Funds are the funds that account for local, state and federally financed programs or
expenditures legally restricted for specified purposes or where unused balances are returned to the
grantor at the close of a specified project period.
Figure 13 – Special Revenue Funds
Variance
Estimated Adopted Estimated
FY 13/14 FY 14/15 to Adopted
SPECIAL REVENUE FUNDS
Federal Grants through TEA
Fund 224 - IDEA B $ 80,777 $ 92,331 $ 11,554
Sub-total Federal Grants 80,777 92,331 11,554
State Grants through TEA
Fund 410 - Material Allotment Disbursement 55,442 - (55,442)
Sub-total State Grants 55,442 - (55,442)
Local Activities
Fund 461 - Local Campus Activity 29,680 32,000 2,320
Fund 483 - International Symposium (HOC & WAF) 4,092 - (4,092)
Fund 484 - Local Grants (HOC & WAF) 40,298 - (40,298)
Sub-total Local Activities 74,070 32,000 (42,070)
Hudson Foundation Grants
Fund 481 - Hudson Foundation Curriculum Development 28,449 7,551 (20,898)
Fund 485 - MYP Principal & Discretionary Funds 6,637 106,825 100,188
Fund 498 - Director of Curriculum & Instruction 69,345 - (69,345)
Sub-total Hudson Foundation Grants 104,431 114,376 9,945
Westlake Academy Foundation (WAF) Grants
Fund 486 - Support Math Teacher 25,000 - (25,000)
Fund 487 - Recruit & Retain Legacy Teachers 15,000 7,500 (7,500)
Fund 497 - Financial Assistance 1,750 2,500 750
Sub-total Foundation Grants 41,750 10,000 (31,750)
Grant Total - All Special Revenue Funds $ 356,469 $ 248,707 $ (107,762)
16
Informational Summary
CHANGES IN DEBT
Debt service for the Academy’s capital infrastructure is included in the Town of Westlake’s municipal
budget. $28,415,800 in debt has been issued to develop these facilities; this debt will be retired in 2043.
The average annual debt service for Academy facilities paid by the Town of Westlake is approximately
$2,140,000.
FACILITIES
The Academy was originally designed and built to service approximately 675 students, with the addition
of almost 150 students; the facilities at the Academy are projected to reach full capacity at the
beginning of the FY 2014/15 school year. However, curriculum and course schedules play an equally
important role in determining facility use; the IB curriculum places a unique demand on staff and
resources. Phase‐one of the Facility Master Plan placed three new portable classroom buildings and
three additional purpose built facilities scheduled to be placed in service in the FY 2014/15 school year.
These buildings will house a new secondary school building, a multi‐purpose hall, and field house. The
additional facilities will allow space for additional student enrollment.
PERSONNEL TRENDS
The Academy has added personnel each year since its opening to support new grade levels and classes
as well as curriculum expansion. In FY 2014/15 an additional 14.62 FTE positions for a total of 91.8 FTE
employees.
17
Figure 14 ‐ Westlake Academy FTE Staff
Staff levels have increased steadily since the Academy opened in FY 03/04 as the program offerings and each grade level
is fully filled. The Academy added 14.62 instructional FTE positions.
SUDENT ENROLLMENT TRENDS
Westlake Academy’s student enrollment is established by two sets of boundaries. The primary
boundary encompasses the Town of Westlake and allows Westlake residents automatic entry into
Westlake Academy. The secondary boundaries are comprised of 31 of the surrounding school districts.
While any school‐age child from these districts is allowed to attend the Academy, demand for entrance
has exceeded the Academy’s capacity necessitating an annual lottery system that is carried out
according to the standards and practices dictated by Federal law.
Student enrollment has grown since the Academy’s opening in FY 03/04 with the addition of one new
grade level each year. The Academy opened with Grades 1 through 6 and completed adding grade
levels in FY 09‐10. The Academy’s enrollment continued to expand in FY 10/11 with an increase in
target class sizes of 20 pupils per class and the addition of a third section in the secondary programme.
In FY 2014/15 the campus facilities at the Academy are expected to reach full capacity. Due to growth in
the primary boundary, the Academy placed three additional portable buildings in service in FY 2013/14
and three purpose built facilities in FY 2014/15. This additional facility space will allow the Academy to
service approximately 850 students, as growth in the primary boundary necessitates new enrollment.
As an open enrollment charter school, Westlake Academy has the ability to set and maintain enrollment
numbers at levels determined by the Board of Trustees. The Academy currently has over 2,000 students
on a waiting list spanning Kindergarten through grade eleven. The waiting list which is developed each
37.00
44.60
50.10 55.62
60.44
69.53 73.07 77.18
91.80
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20
30
40
50
60
70
80
90
100
FY 06/07
Actual
FY 07/08
Actual
FY 08/09
Actual
FY 09/10
Actual
FY 10/11
Actual
FY 11/12
Actual
FY 12/13
Actual
FY 13/14
Actual
FY 14/15
Adopted
Employee Growth (FTE)
Primary Programme Secondary Programme Business Admin
Special Education Instructional Administration Librarian / Aide
Counseling Information Tech Nurse
Facilities Instructional Aides Intern
18
year through a lottery process, allows the Academy to fill seats if student attrition occurs, maintaining a
stable student population number and classroom size.
Figure 15 ‐ Westlake Academy Student Enrollment
Total enrollment has increased steadily since FY 03/04 in harmony with the expansion of grade levels. The increase from
530 in FY 10/11 to 610 in FY 11/12 is due to the Board’s decision to expand class sizes in an effort to increase program
offerings. With the completion of Phase I, the Academy will be adding approximately 120 new students in FY 2014/15.
WORKING LEAN
Given the new paradigm of decreasing State aid and increasing demand, Westlake Academy and the
Town of Westlake is committed to providing for the long‐term viability of its program by maintaining
municipal financial support where needed if future budgets stop short, utilizing and bolstering donations
made by the Blacksmith Campaign and the Westlake Academy Foundation, and continuing a focus on
financial stewardship in the school’s operations and expenditures. These initiatives combined with a
thoughtfully crafted financial forecast will help to foresee future negative indicators of decreased
funding and ensure that a quality, IB curriculum will continue to be offered to the students of the
Academy for years to come.
Performance Results
In FY 2013/14, Westlake Academy was recognized by the Washington Post as one of the best public high
schools in the country. This is the third year in which the Academy has been recognized by national
ranking organizations due to rigorous and extraordinary academic performance.
The State of Texas is currently phasing out the use of the Texas Assessment of Knowledge and Skills
(TAKS) test to assess students’ attainment of reading, writing, math, science, and social studies skills
required under Texas education standards; Its replacement, the State of Texas Assessments of Academic
Readiness (STAAR) exam has increased rigor over the TAKS and complies with the requirements of the
No Child Left Behind Act (NCLB). The charts below utilize TEA data to compare Westlake Academy’s
performance historically, as well as against the state performance.
346 379 417 491 530
630 658 697
822
0
200
400
600
800
1000
FY 06/07FY 07/08FY 08/09FY 09/10FY 10/11FY 11/12FY 12/13FY 13/14FY 14/15
Adopted
WA Student Enrollment
19
Description FY
06/07
FY
07/08
FY
08/09
FY
09/10
FY
10/11
FY
11/12
FY
12/13
FY
13/14
Reading/ELA 99% 98% 99% 100% 98% 99% 99% 99%
Writing 99% 91% 93% 100% 96% 99% 95% -
Social Studies 99% 95% 98% 100% 99% 99% 99% 99%
Mathematics 95% 91% 93% 98% 94% 96% 91% 96%
Science 78% 88% 96% 99% 99% 99% 99% 97%
Texas Accountability
Rating Recognized Recognized Exemplary Exemplary Exemplary Exemplary Exemplary -
% Commended 2005 2006 2007 2008 2009 2010 2011 2012 2013
Reading/ELA 57% 60% 61% 61% 51% 56% 56% 48% 17%
Writing 54% 58% 51% 34% 55% 43% 40% - 8%
Social Studies - 67% 44% 53% 58% 65% 44% 72% -
Mathematics 45% 48% 43% 44% 40% 46% 37% 47% 21%
Science 30% 34% 31% 45% 45% 43% 65% 40% -
The table above shows the Academy’s performance on the state’s standardized test from inception. The TEA rolled out a
new state assessment the STAAR (State of Texas Assessments of Academic Readiness). TAKS will be phased out over the
next year.
Grade Level Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Grade 8
2012 - Standard Phase-In
1 Final
Phase-In
1 Final
Phase-In
1 Final
Phase-In
1 Final
Phase-In
1 Final
Phase-In
1 Final
Reading 82% 44% 88% 69% 95% 76% 93% 73% 93% 73% 98% 85%
Writing - - 95% 60% - - - - 93% 63% - -
Mathematics 67% 22% 79% 21% 100% 71% 92% 63% 88% 50% - -
Science - - - - 90% 45% - - - - 91% 67%
Social Studies - - - - - - - - - - 84% 34%
2013 - Standard Phase-In
2 Final
Phase-In
2 Final
Phase-In
2 Final
Phase-In
2 Final
Phase-In
2 Final
Phase-In
2 Final
Reading 78% 59% 73% 54% 88% 72% 95% 85% 87% 68% 93% 83%
Writing - - 75% 50% - - - - 75% 49% - -
Mathematics 59% 50% 58% 23% 86% 74% 84% 73% 67% 54% - -
Science - - - - 74% 43% - - - - 78% 51%
Social Studies - - - - - - - - - - 60% 31%
2014 - Standard
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Reading 93% 79% 68% 91% 77% 57% 98% 89% 72% 98% 93% 84% 97% 93% 83% 95% 89% 77%
Writing - - - 93% 81% 72% - - - 94% 93% 69% - - - - - -
Mathematics 70% 54% 35% 80% 63% 41% 100% 94% 76% 98% 91% 78% 93% 84% 60% - - -
Science - - - - - - 94% 81% 55% - - - - - - 87% 79% 61%
Social Studies - - - - - - - - - - - - - - - 80% 61% 28%
The table above provides the Academy’s performance data on the first two‐years of the STAAR assessment. The State has
increased the rigor of the state assessment and has developed a phased grading system. The minimum performance
level will be increased each year, until FY 2014/15. The table shows the relative overall performance with the phased‐in
and final measures.
20
Westlake Academy has achieved a four and one‐half star rating from the Texas State Comptroller’s FAST School District
Rating System for providing quality education at a reasonable cost per student. Future enrollment increases will further
improve efficiencies and reduced the per student cost. Benchmarking against the surrounding local ISDs, Westlake
Academy’s expenditures are near the median when comparing expenditures per student excluding debt service and
capital expenditures.
PARENT SURVEY RESULTS
Westlake Academy is focused on delivering high quality educational services and depends upon the
constant input from stakeholders. Each year Westlake Academy conducts an Annual Parent Survey to
help identify any future needs and to prioritize resource allocation. The FY 2012/13 Westlake Academy
Parent Survey was conducted in June 2013 and saw a slight decrease in satisfaction (3%). Primary
concerns were with the Middle Years Programme Curriculum and Faculty. The results will be utilized to
help craft improvement plans for the upcoming two‐years. Westlake anticipates completing a parent
satisfaction survey every other year to continue to track overall performance and satisfaction.
81% of the parent’s surveyed were very satisfied or satisfied with the overall quality of education Westlake Academy
delivers to its students.
Very Satisfied or
Satisfied
81%
Dissatisfied
3%
Neutral
16%
Overall Satisfaction with
Quality of Education
21
AWARDS
The Association of School Business Officials International (ASBO) has presented a Meritorious Budget
Award to Westlake Academy for four consecutive years. Additionally, the Academy received the
Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA);
representing the fifth year the Academy has received this award.
These awards represent a significant achievement that reflect the dedication and commitment the
Board of Trustees and staff have given to meeting the highest principles of governmental accounting.
These awards are valid for one year only. We believe our current budget continues to conform to
program requirements, and we are submitting it to ASBO and GFOA to determine its eligibility.
SUMMARY
Westlake Academy has faced a number of hurdles over the last several years, decreased state funding,
increased rigor in state assessments, recruitment and retention of legacy teachers, facility issues, and
unprecedented growth, but through all of this, the students, staff, and faculty have shown an enormous
amount of determination to continually hold to our vision and rise to any challenge. It is with this in
mind that we present the FY 2014/15 budget theme, “Reaching New Heights Together...One School,
One Community.”
Over the last year, many hours have been spent to further develop our vision of the future; determining
the best opportunities that lay before us to help us accomplish our mission and truly become a “shining
school on the hill.” While we have many successes to celebrate, we are constantly striving to improve
the Academy through multiple avenues, including: getting the right people on the bus, making sure that
we are consistently taking measure of our course, and making adjustments as we move towards our
goal; it is through our talented faculty, staff, students, and their supportive families, that we are able to
unfailingly rise to the challenges, and hold to our vision.
On behalf of our entire learning community, I would like to thank the Board for their leadership,
dedication to excellence, and their support in making Westlake Academy and the Town of Westlake,
truly a shining example of what can be accomplished when people come together with a common
purpose: great things can happen!
As with all good teams, it becomes necessary to draw attention to performers who go above and
beyond to make sure we accomplish our goals. I would like to recognize the hard work of the
Westlake Academy and Municipal Leadership Team, and specifically Debbie Piper and Ben Nibarger
for their efforts in completing this award winning document. I know with the team we have in place,
we will continue “Reaching New Heights Together...One School, One Community.”
Thomas E. Brymer
Town Manager/Superintendent Westlake Academy
22
"Reaching New Heights Together...
One School, One Community”
Board Members and Administration
The Westlake Academy Board of Trustees consists of five trustees and the Board President. Each
member of the Board serves a two year term with two members and the president being elected on
alternate years.
Several members of the Westlake Academy Leadership Team operate under a shared service agreement
with the Town of Westlake and serve dual roles.
Board of Trustees
Laura
Wheat
Alesa
Belvedere
Michael
Barrett
Rick
Rennhack
Carol
Langdon
Wayne
Stoltenberg
Board President -----------------------------------------Board of Trustees----------------------------------------
Westlake Academy Leadership Team
*Thomas E. Brymer, Superintendent of Schools
Mechelle Bryson, Executive Principal
Rod Harding, Primary Principal/Campus Director
Andra Barton, Director of Curriculum & Instruction
Benjamin Nibarger, Administrative Coordinator
Alan Burt, Director of Athletics
Shelly Myers, Exec. Director of the WAF/Director of Development
Kirsty Wilkinson, MYP Coordinator
Alison Schneider, PYP Coordinator
Chris Hill, DP Coordinator
*Ginger Awtry, Director of Communications & Community Affairs
*Amanda DeGan, Assistant Town Manager
*Troy Meyer, Director of Facilities
*Debbie Piper, Director of Finance
*Todd Wood, Director of Human Resources & Administrative Services
*Asterisk denotes shared services personnel between Westlake Academy and the Town of Westlake
23
Mission, Vision & Values
MISSION:
“Westlake Academy is an IB World School whose mission is to provide students with an internationally
minded education of the highest quality, so they are well‐balanced and respectful life‐long learners.”
VISION:
“Westlake Academy inspires college bound students to achieve their highest individual potential
in a nurturing environment that fosters the traits found in the IB learner profile.”
~ Inquirers, Knowledgeable, Thinkers, Communicators, Principled,
Open‐minded, Caring, Risk‐takers, Balanced, and Reflective~
VALUES
Maximizing Personal Development
Academic Excellence
Respect for Self and Others
Personal Responsibility
Compassion and Understanding
The Academy’s vision and mission determine where resources are allocated and provide the basic road
map to where we are going. The Board of Trustees’ provides this direction and the necessary resources
to ensure that the Academy’s mission and vision are supported financially.
The administration supports the teachers in their never ending process of discovery in the classrooms.
Using the framework of the International Baccalaureate programme, the administration and teachers
are able to develop the systems and tools necessary to accomplish our mission and reach our vision.
Our teachers are the frontline in this process, working with each student at their own level of
understanding, helping each of them to reach their potential.
24
How did we get here?
In September of 2003 the vision of many was made a reality when the Academy doors opened to the
first class of Westlake Academy students. Many obstacles had to be traversed just to reach this point,
but as the students and teachers entered the Academy for the first time, their expectations high, we
realized that this decision will change the lives of hundreds of students and their lives will make an
impact felt around the world.
Westlake Academy opened its doors in September 2003 when the Town of Westlake officials took
advantage of the State of Texas’ acceptance of chartered schools and thus, became the first and only
municipality in the state to receive a chartered school designation.
Job Title Description of Duties
Town Manager / Superintendent Executing the Board of Trustees adopted policies and hiring and
managing all employees and department directors
Assistant Town Manager /
Superintendent
Supporting the Town Manager / Superintendent in his assigned
duties, working on special projects as assigned
Financial Director Financial oversight, preparing the annual budget and audit for both
the Town and Academy
Human Resource Director Managing personnel needs of both Town staff and school faculty
Assistant to the Town Manager /
Superintendent & Administrative
Coordinator
Supporting the Town Manager / Superintendent in his assigned
duties, managing the administrative staff at the Academy,
completing state and federal filings, budget development, and
business office management
Primary Principal /
Campus Coordinator
Responsible for the educational outcomes in the PYP programme
and coordinating the activities that include the whole campus
(primary and secondary).
Executive Principal Responsible for the educational outcomes in the MYP and DP
programmes.
Director of Curriculum &
Instruction
Responsible for development, alignment, and articulation of the
Academy’s curriculum.
As a chartered school, Westlake Academy is an open enrollment pubic school. In 2008 the Texas
Education Agency (TEA) renewed the Academy’s charter until 2016. The officials who pioneered the
school also decided to follow another brave path in offering the globally recognized International
Baccalaureate (IB) curriculum which is now being provided in over 900 schools nationwide and over
2,300 in 128 countries worldwide.
Westlake Academy became an IB World School in 2006 after it was authorized for the Primary Years
Programme (PYP); further accreditation followed in 2007 with the Middle Years Programme (MYP), and
2008 with the Diploma Programme (DP), making it the first school in Texas and fifth school in the United
States to offer all three IB programmes.
25
The school graduated its first class in 2010 and became fully functional from Kindergarten through 12th
grade. In 2008, this class became the first in Texas to graduate from the MYP programme. As well as
this international accreditation, Westlake Academy also meets all applicable state standards for
chartered schools. In FY 11/12, the Academy received an ‘Exemplary’ rating from the TEA for the Texas
Assessment of Knowledge and Skills (TAKS) tests for the fifth consecutive year.
Westlake Academy is situated on a beautiful 23 acre site, in a 60,000 sq. ft. campus carefully designed to
foster a love of learning. In 2009 this was further expanded with the opening of the new Sam and
Margaret Lee Arts & Science Center.
The Academy is currently constructing three new purpose built facilities, a multi‐purpose hall, secondary
classroom building, and field house. These will add an additional 39,000 sq. ft. upon completion in the
FY 2014/15 school year.
An environment rich with heritage, the Westlake Academy mission is to provide students with an
internationally minded education of the highest quality. The primary geographic service area for
Westlake Academy is the Town limits of Westlake. As required by State and Federal standards, students
from other locations may be considered if seats are available.
26
Where are we going?
At Westlake Academy we spend our days with future leaders and provide a framework that allows each
child to reach their potential. We help them to develop their natural curiosity and build skills that allow
them to continue to learn as they grow. This natural inquiry leads to knowledge, a foundation on which
they will be able to build thoughtful, reasoned and ethical decisions.
As they grow, we help them to better understand and express their ideas in writing, verbally, in multiple
languages, and through their ability to work collaboratively with others. Their understanding and
appreciation of the world helps them to become open‐minded and caring, while having the courage to
take risks, exploring new ideas and making a positive impact in the lives of others.
Most important, our future leaders must be well‐balanced and reflective, understanding the importance
of their strengths and limitations, and using them to their advantage as life‐long learners.
27
Achieving our Vision and Mission
In order to better achieve our mission and reach our vision of the future we are moving into a Balanced
Scorecard system as a strategic and performance management tool. The Balanced Scorecard system
provides a framework that aligns the work we do with our mission, vision, and strategy. It will help to
communicate to internal and external stakeholders of the organization our strategic intent.
Figure 16 ‐ Strategic Balanced Scorecard System Logic
The Balanced Scorecard forces us to ask these questions: What are we trying to accomplish? Are we
doing the right things? If we are doing the right things, are we doing them right? There are many
advantages to creating an integrated system that aligns the financial and human resources of the
Academy with its mission and vision.
By aligning the daily activities of the Academy to the available resources within a framework that
provides feedback at every level of the organization, it is possible for all the faculty and staff members at
the Academy to understand their impact on accomplishing the mission of the Academy, and reaching
our vision for the future.
What we hope to accomplish with the implementation of the Balanced Scorecard at Westlake Academy
is an alignment between the day‐to‐day operations and our mission and vision. As this is another
system that utilizes continuous improvement, the process is never complete, but a loop that constantly
reviews what we are doing, and whether or not we are doing it well.
Board
Administrative
28
Organizational Decision Model
29
Westlake Academy’s Desired Outcomes
Westlake Academy’s strategic plan is the result of many hours of review and discussion with the Board
of Trustees, and Westlake Academy staff, which spanned a year‐long process where we gathered
information, discussed our long‐range goals and developed comprehensive guidelines to ensure student
success.
The Board met, during a retreat in June of 2010, to develop Westlake Academy’s mission / vision
statement and identify the values that were important to the success of the Academy. The plan was
then expanded to include five desired outcomes:
1. High Student Achievement ‐ Develop inquiring, knowledgeable, caring and disciplined young
people who use their unique talents to create a better and more peaceful world through
intercultural understanding and respect.
2. Strong Parent & Community Connections ‐ To involve all stakeholders in building a better
Westlake Academy community.
3. Financial Stewardship & Sustainability ‐ To ensure sufficient, well‐managed resources to
support and advance the mission of Westlake Academy.
4. Student Engagement & Extracurricular Activities ‐ To ensure that all athletics, community
service and extracurricular activities are held to the same standard of excellence as the curricula
programs to promote well‐balanced students.
5. Effective Educators & Staff ‐ Recruit, develop and retrain a core faculty and staff with the
personal qualities, skills and expertise to work effectively with the IB inquiry‐based, student‐
centered curricula
The Westlake Academy Leadership Team has taken the groundwork which has been developed over the
years by the Board of Trustees and Westlake Academy’s faculty and staff and placed in an actionable
format that allows for better implementation, tracking, and monitoring of the strategic plan.
30
Projects for 2014‐2015
Starting in FY 11/12, the development of a Strategic Management System (SMS) utilizing the framework
of the Balanced Scorecard system has been underway. In the June 2012 budget retreat the Board
reviewed and approved the new SMS. The beta version of the system was rolled out in September
2013, followed by the full reporting system in conjunction with the quarterly financial reports.
Unit Goals & Objectives
Significant work has already begun to align the Academy’s programs, processes and strategic initiatives
with the Vision and Mission established by the Board of Trustees. During the budget development
process the Administration reviewed all revenues and expenditures and utilized a balanced scorecard
approach to align the allocation of resources, both personnel and financial, with the accomplishment of
the following goals and objectives. The following tables have been developed as companions to the
Strategic Plan and are organized using the components of the balanced score card; although incomplete,
they are indicative of the overall direction of the Strategic Plan and are representative of the types of
unit‐level goals and activities that we hope to implement.
Balanced Scorecard Guide:
Objectives ‐ An ends toward which we are directing our efforts, with measurable objectives for
specific actions; an interim step in achieving our mission.
Measures ‐ A quantifiable expression of the amount, cost, or result of activities indicating how
well services are provided.
o Effectiveness Measures – A type of performance measure used to assess how well we
have achieved our purpose or desired outcomes – Did we accomplish what we wanted?
o Efficiency Measures – A type of performance measure used to assess the cost of
providing services – What is the cost per unit of service?
o Workload Measures – A type of performance measure used to assess the amount of
work performed or services rendered – The number of students served in a program.
Targets ‐ A specific measure of where the Academy would like to see their service level.
Initiatives ‐ A detailed action step to help accomplish an objective.
Date Due ‐ The time that we would like to accomplish a specific initiative by.
SPIB S&P ‐ Alignment of our strategic plan with specific International Baccalaureate Standards
and Practices.
31
Fi
g
u
r
e
17
‐
We
s
t
l
a
k
e
Ac
a
d
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m
y
St
r
a
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e
g
y
Ma
p
32
ST
A
K
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H
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D
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R
EN
G
A
G
E
M
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N
T
& FI
N
A
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Me
a
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Ta
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t
s
Actual Due Date SP/IB S&P
Stakeholder Engagement
Te
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#
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s
60
%
n/a A1.7
Pa
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95
%
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#
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s
20
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Do
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Stewardship
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)
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)
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33
LE
A
D
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R
S
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,
GR
O
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T
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& LE
A
R
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Leadership, Growth &
Development
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34
ED
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& AD
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Educational & Administrative Methods
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5
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r
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r
s
B2.11
35
Westlake Academy Organizational Structure
The organizational structure for Westlake Academy is established by its charter which is granted through an
authorizer on behalf of the State, the Texas Education Agency (TEA). Westlake Academy is governed by a six
member Board of Trustees that also serves as the Town Council for the Town of Westlake, the entity that owns
and operates the Academy. The Board of Trustees appoints a Superintendent to oversee the Academy’s
management and operations. The Superintendent also serves as Westlake’s Town Manager. The Academy’s
organizational structure is based on research into management of municipally owned charter schools. The current
structure was adopted by the Board in Resolution 09‐23 on December 7, 2009.
The Superintendent is responsible for
the implementation of the Board’s
policy agenda for Westlake Academy,
facilitating the Board’s strategic plan,
formulating policy recommendations
for Board consideration, as well as
managerial oversight of the
Academy’s budget administration,
finances, and budget preparation.
Superintendent responsibilities also
include selection of the principals for
both the Primary and Secondary Years
Programmes. The Academy’s
Superintendent oversees the
Westlake Academy Executive
Leadership Team which is charged
with the responsibility of managing
the school’s on‐going academic and extra‐curricular operations. Each principal is responsible, with advisement
from the Superintendent, for selection and evaluation of the faculty and staff involved in providing their
Programme’s academic services.
36
Figure 18 ‐ Organizational Chart
The following organizational chart is a visual depiction of the way work is distributed within Westlake
Academy. It is also meant to be a tool to help enhance our working relationship with the parents and
The organizational chart shown above is a visual depiction of the way work is distributed within Westlake
Academy. It is also meant to be a tool to help enhance our working relationship with the parents and students of
Westlake Academy, and to create clear channels of communication in order to better accomplish our goals and
objectives.
Citizens of
Westlake
Board of
Trustees
Town Manager /
Superintendent
Executive
Principal
PYP Principal
PYP
Coordinator
Primary
Counselor
Primary
Teachers
Librarian
MYP Principal
MYP
Coordinator
Secondary
Counselor
Secondary
Teachers
Administrative
Coordinator
Administrative
Staff
School
Nurse
Assistant
Principal /
Athletic Director
Director of
Curriculum &
Instruction
Shared Services
Admin. Staff
Development
Director / Exec.
Director WAF
37
Academy Departments
PRIMARY PRINCIPAL/CAMPUS DIRECTOR
The Primary Principal is the instructional leader for the Primary Years Programme (PYP). The Primary Years
Program, a curriculum framework for children in kindergarten through grade six, focuses on inquiry‐based
learning. By emphasizing knowledge, skills, critical thinking and the fostering and development of universal human
values, the PYP is a powerful means of going beyond subject domains, asking students to use their knowledge and
skills to solve real life problems.
The PYP Principal is responsible for ensuring proper implementation of the IB curriculum, recruiting, mentoring,
and retaining talented faculty, and strong student performance. The PYP Principal is also tasked with maintaining
consistency throughout the campus as the Campus Director. This primarily relates to facility usage, approval of co‐
curricular and extra‐curricular activities. The Primary Principal is a member of the executive leadership team which
focuses on whole school issues.
EXECUTIVE PRINCIPAL
The Executive Principal is the instructional leader for the Middle Years and Diploma Programmes (MYP & DP). The
Secondary Programme is one that offers a truly global and holistic approach in its delivery. The Executive Principal
ensures that there is a highly dedicated, cohesive and qualified teaching staff. The MYP Programme includes
grades seven through ten and is tasked with preparing students for the International Baccalaureate (IB) DP
Programme. The IB Diploma Programme is a challenging two‐year college prep curriculum, aimed at students in
11th and 12th grade. The DP Programme prepares students for university and encourages them to become life‐long
learners. The Executive Principal is a member of the executive leadership team which focuses on whole school
issues.
ADMINSTRATIVE COORDINATOR
The Administrative Coordinator manages the central office activities of the Academy. This includes finance,
budgeting, grants, federal and state reporting, the registrar’s office, supports the superintendent in his duties,
researches and analyzes performance data, strategic planning, and works with the Board of Trustees. In addition,
the Coordinator directs all administrative staff at the Academy and works with the Principals in their roles as
Principals. The Administrative Coordinator is a member of the executive leadership team which focuses on whole
school issues.
DIRECTOR OF CURRICULUM & INSTRUCTION
The Director of Curriculum supports the Principals in their roles as the instructional leaders, helping teachers to
develop articulate curriculum through the entire continuum on the Academy’s K – Grade 12 campus. The Director
of Curriculum is also responsible for helping to manage the planning process to encourage academic excellence.
The Director of Curriculum is a member of the executive leadership team which focuses on whole school issues.
DIRECTOR OF DEVELOPMENT
The Director of Development and Westlake Academy Foundation Executive Director is primarily responsible for the
fundraising activities of the Academy. The Director creates, implements, and manages donor activities; including
the annual Westlake Academy Blacksmith Drive, Baja, Gallery Night, grant applications, and other Academy or
Foundation related solicitations. The Director of Development is a member of the executive leadership team
which focuses on whole school issues.
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Financial Structure
Westlake Academy operates as a blended component unit of the Town of Westlake and is a Texas non‐profit
Corporation under Chapter 12, Subchapter D of the Education Code to provide education.
FINANCIAL REPORTING ENTITY: The Board of Trustees consists of six trustees (five trustees and the Board
President) that also serve as the Town Council for the Town of Westlake, the entity that owns and operates the
Academy. The Academy prepares its basic financial statements in conformity with generally accepted accounting
principles promulgated by the Government Accounting Standards Board (the “GASB”) and other authoritative
sources identified in Statement on Auditing Standards No. 69 of the American Institute of Certified Public
Accountants; and it complies with the requirements of the appropriate version of the Texas Education Agency
(TEA) Financial Accountability System Resource Guide (the “Resource Guide”) and the requirements of contracts
and grants of agencies from which it receives funds.
The Board has the authority to make decisions, appoint administrators and managers, and significantly influence
operations. It also has the primary accountability for fiscal matters. Therefore, the Academy is a financial
reporting entity as defined by the GASB in its Statement No. 14, “The Financial Reporting Entity.”
The Academy’s basic financial statements include a separate entity that is controlled by or dependent on the
Academy. The determination to include separate entities is based on the criteria of GASB Statement No. 24, “The
Financial Reporting Entity” as amended by GASB Statement No. 39, “Determining Whether Certain Organizations
are Component Units.” GASB defines the reporting entity as the primary government and those component units
for which the primary government is financially accountable. To be financially accountable, a voting majority of
the component unit’s ruling body must be appointed by the primary government, and either (a) the primary
government be able to impose its will, or (b) the primary government may potentially benefit financially or be
financially responsible for the component unit.
The Westlake Academy Foundation (the “Foundation”) is a 501(c)3 nonprofit organization which was established
exclusively for the purposes of supporting the Academy. This includes fundraising for and contributing raised
funds to the Academy. The Foundation is discretely presented in the Westlake Academy financial statements and
reported in a separate column to emphasize that it is legally separate from the Academy. Separate audited
financial statements of the Foundation are prepared annually.
BASIS OF BUDGETING: Legal requirements for charter budgets are formulated by the state and TEA. A Board
typically adopts an “Appropriated budget” on a basis consistent with GAAP for the general fund, debt service fund
and child nutrition program (which is included in special revenue funds). The Academy does not maintain a debt
service nor child nutrition program; therefore, only the General Fund is required to be adopted. At a minimum, the
Academy is required to present the original and the final amended budgets for revenues and expenditures
compared to actual revenues and expenditures for the General Fund.
Budgets are prepared on the same basis of accounting as that used in the financial statements. The basis of
budgeting refers to when revenues and expenditures are recognized in the accounts and reported in the financial
statements. Governmental fund types, the general fund and the special revenue funds, are budgeted using the
current financial resources measurement focus and the modified accrual basis of accounting. The proprietary
fund, our fiduciary fund, the agency fund, is not a budgeted fund.
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BASIS OF ACCOUNTING: The accounts of the Academy are organized and operated on a basis of funds. A fund
is an independent fiscal and accounting entity with a self‐balancing set of accounts. Fund accounting segregates
funds according to their intended purpose and is used to aid management in demonstrating compliance with
finance related legal and contractual provisions. The minimum number of funds is maintained consistent with legal
and managerial requirements.
The funds of the Academy are classified into two categories: fiduciary and governmental.
Fiduciary funds consist of agency funds that are maintained in a custodial capacity for the benefit of student
organizations.
Governmental fund types are used to account for the Academy’s general government activities, including the
collection and disbursement of specific or legally restricted monies. Governmental funds use the flow of current
financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual
basis of accounting, revenue is recognized when it becomes susceptible to accrual, i.e., when it becomes
"measurable and available". Measurable means the amount of the transaction can be determined and available
means collectible within the current period or soon enough thereafter to pay liabilities of the current period. The
Academy considers revenues available if they are collected within 60 days after year‐end. Expenditures are
recognized when the related fund liability is incurred. Foundation State Program (FSP) funds are susceptible to
accrual. Miscellaneous revenue items, which are not susceptible to accrual, are recognized as revenue only as they
are received in cash. Entitlements and grants are recognized as revenue at the time of receipt or earlier if the
susceptible to accrual criteria are met. Expenditure driven grants are recognized as revenue when the qualifying
expenditures have been incurred and all other grant requirements have been met.
Governmental fund types include the following:
The General Fund is the Academy's primary operating fund. It accounts for all financial resources of the
Academy, except those required to be accounted for in another fund.
Special Revenue Funds account for the revenue sources that are legally restricted to expenditures for
specific purposes. The Academy's special revenue funds are listed in the Organizational Section of this
document.
SIGNIFICANT ACCOUNTING POLICIES: The Board of Trustees has established and regularly updates a
comprehensive set of financial policies for the Academy. Some of the key features of these policies include:
Fund Balance: The Academy shall strive to maintain the General Fund unassigned fund balance at 45 days of
operation. Fund Balance will be targeted to only be used with Board approval for a specific list of uses.
Salary: The Academy shall strive to maintain competitive salary levels for faculty and staff (within 3% of the
median of surrounding schools).
Expenditure Control: Budget adjustments among funds must be approved by the Board. The Academy shall
operate on a current funding basis. Expenditures shall be controlled so as not to exceed revenues plus the
planned use of fund balance accumulated through prior year savings.
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Westlake Academy Cost Sharing Analysis
Campus Facilities
The land and buildings that comprise the Westlake Academy campus are owned by the Town of Westlake, a
municipality incorporated under State law as a Type A general law city. Westlake Academy opened in 2003 with
grades one (1) through six (6) and has added a grade each subsequent year. With the commencement of the
2009‐2010 school year, the final component was added with the 12th grade inaugural graduating class. The
campus is located on twenty three (23) acres adjacent to J.T. Ottinger Road, which is near the intersection of State
Highways 114 and 170. The original campus included three (3) stand‐alone academic buildings with a total of
twenty nine (29) classrooms, administrative offices, restrooms, a library, breakout area, a performance hall, dining
and kitchen area, locker rooms, and a gym. These buildings total 52,600 square feet. The Academy interior design
includes wood, vinyl covering, carpet and tile flooring. The hallways are lined with wooden lockers and carpet
flooring. The Sam and Margaret Lee Arts & Sciences Center opened in August of 2009 and added another 8,400
square feet of building space to the campus. This facility includes one art room, two science labs, five offices, a
workroom, conference room, restrooms and breakout space.
Following Board authorization, in FY10/11 the Academy signed a three (3) year lease agreement for three (3)
portable buildings. These facilities were placed into service in FY 11/12 and have a minimal impact on the on‐going
operational budget in the form of utilities and regular maintenance. These buildings are utilized as classroom space
for the DP students and the Music and Art program for the PYP students. Despite the addition of these buildings,
campus facilities will be at operational capacity as of the start of FY 2014/15, when the senior class will fill to the
full three sections; any significant enrollment growth or curricular expansions will require the lease or purchase of
additional space.
The Academy is currently completing Phase One of the Facility Master Plan. Phase‐one includes the addition of
three new portable classroom buildings placed in service in FY 2013/14. These classrooms provide needed
flexibility with the existing students. In addition, Phase One construction will be completed in FY 2014/15 and
provide three new purpose
built facilities, approximately
38,000 square feet, including: a
12 classroom building for the
secondary school with
additional administrative office
space, a multi‐purpose hall
which will serve as both a
cafeteria and gymnasium for
the primary school, and a field
house, which will include a
classroom, weight room, locker
rooms and showers, and
storage space for the PE and
athletic programs.
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Capital Costs/Debt Service
The Town of Westlake owns the land and facilities where the Academy is located. They have issued and owe
approximately $28,415,800 million in debt on these facilities. Included in this total, is the 2008 issuance of $2.5
million in G.O. bond debt to fund a portion of the new $5.1 million Sam and Margaret Lee Arts & Sciences Building,
and $8.5 million for the 2013 C.O. bond issuance to fund Phase I of the Facility Master Plan.
In addition, the Town and Academy have a shared service arrangement where the Town provides HR, Financial,
Facilities, and Administrative support services. This is over 90% of the Town's debt burden however; the school is
also the primary economic development tool for the Town. Thus far, the Town has not been impacted negatively
by the Academy debt burden and has a Council adopted Capital Improvement Plan with future scheduled
issuances.
Annual debt service payments are expensed to the Town’s municipal budget and the revenue stream presently
utilized to make the annual debt service payment is comprised of municipal sales tax. As the owner of the land
and buildings where Westlake Academy is located, the Town of Westlake also assumes responsibility for all capital‐
related expenditures. Phase I Expansion is currently being constructed and will be placed into service in FY
2014/15.
The following capital projects have been presented to the Town Council and are currently unfunded and under
discussion:
Figure 18 – Unfunded (Under Discussion) Capital Projects
DESCRIPTION FY 14‐15 FY 15‐16 FY 16‐17 FY 17‐18 FY 18‐19 TOTALS
UNFUNDED PROJECTS
WA – Phase II Secondary Addition ‐‐‐ ‐ 3,600,955 3,600,955
WA – Phase II Arts & Science Classroom ‐ ‐ ‐ ‐ 2,058,000 2,058,000
WA ‐ Phase III Kindergarten Addition ‐‐‐ ‐ 1,023,620 1,023,620
WA ‐ Phase III Performing Arts Center ‐ ‐ ‐ ‐ 5,234,600 5,234,600
TOTAL UNFUNDED PROJECTS $ ‐ $ ‐ $ ‐ $ ‐ 11,917,175 $11,917,175
Any future additions to campus facilities will increase the operational costs of the Academy in conjunction with
increases in casualty insurance, faculty and maintenance personnel. These projects include estimates of their
related impacts to the operating budget in the Capital Improvement Plan which is available to the public on the
Town’s website.
Figure 19 – UNFUNDED PROJECTS IMPACT ON OPERATING BUDGET
DESCRIPTION FY 14‐15 FY 15‐16 FY 16‐17 FY 17‐18 FY 18‐19 TOTALS
IMPACT ON OPERATING BUDGET
WA – Phase II Secondary Addition ‐‐‐ ‐ 52,200 52,200
WA – Phase II Arts & Science Classroom ‐‐‐ ‐ 23,520 23,520
WA ‐ Phase III Kindergarten Addition ‐‐‐ ‐ 28,000 28,000
WA ‐ Phase III Performing Arts Center ‐ ‐ ‐ ‐ 11,200 11,200
TOTAL UNFUNDED PROJECTS $ ‐$ ‐$ ‐$ ‐ $ 114,920 $ 114,920
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Indirect Operating Costs
Board direction in the June 2011 budget retreat directed the transfer of $306,900 from the General Fund of
Academy to the General Fund of the Town as payment for central office services that are carried out by the
municipal staff, including various administrative support services for the Academy and to avoid duplication of
costs. This fact was used as part of the charter application process with the TEA to help bolster the Town’s case for
having a community school without duplicating cost structures and required resources. These support services for
the Academy that generate indirect costs paid by the Town of Westlake are:
Human resources
Information technology
Risk management
Finance and accounting services
Facility maintenance services
General managerial oversight (Superintendent)
Board support services including policy advisement and strategic planning (Superintendent)
Official Board records maintenance and election administration (Town Secretary)
As the Academy’s enrollment and staffing levels have increased, the level of demand for support services that the
Town provides the Academy has also grown. Per Board direction at its June 2011 budget retreat, beginning in FY
11/12, the indirect costs of approximately $306,900 were expensed to the Academy’s operating budget.
In the June 2012 Board budget retreat, staff recommended suspending the transfer of funds from the Academy’s
General Fund due to the change in the States public education funding formula. This change resulted in an 8%
decrease in funding. This reduction in State funding has accelerated the use of the Academy’s fund balance. The
adopted budget for FY 12/13 suspended the transfer of $306,900, to help maintain the TEA’s recommended 45 day
fund balance. In FY 2014/15 the indirect operating cost is approximately $450,000.
The Town of Westlake Bond Rating
Standard & Poor's Ratings Services raised its rating on Westlake, Texas general obligation (GO) debt one notch to
‘AA+’ from ‘AA‘. The outlook is stable. Below is an excerpt from communication from Standards and Poors:
The ratings reflects our opinion of the following factors for Westlake, specifically its: (a) Inclusion in the deep and diverse
Dallas‐Fort Worth metropolitan statistical area (MSA) economy; (b) Very strong budgetary flexibility with fiscal 2012 audited
reserves in excess of 50% of general fund expenditures; (c) Very strong liquidity, providing very strong cash to cover debt
service and expenditures; and (d) Strong management conditions, supported by good financial policy implementation.
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Financial Structure Summary
The following table reflects these transfers with the indirect costs included in the FY 2014/15 adopted budget.
Figure 19 ‐ Overall Total Cost Summary
Overall Cost Summary
Estimated Adopted
FY 2013/14 FY 2014/15
Operating Expenditures $6,668,062 $7,503,324
Municipal‐Transfer to WA Operating Budget 390,000 315,000
Sub‐Total 7,058,062 7,818,324
Annual Debt Service Payment (paid from Municipal budget) 1,935,529 2,137,954
Major Maintenance and Replacement 165,000 71,000
In‐direct Operating Costs 325,000 450,500
Grand Total All Costs $9,483,591 $10,477,778
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Legal Status
In 2002, the Town of Westlake successfully petitioned the Texas Education Agency (TEA) to establish a municipally
operated open‐enrollment charter school under Subchapter D, Chapter 12 of the Texas Education Code (TEC).
Subsequently, Westlake Academy became the only municipally operated charter school in the State of Texas. The
Academy received its ten year charter renewal in 2006.
Charter schools are public schools that are operated under a contract called a charter. This contract is issued by
the authorizing agent(s) in each state which are determined by the States Legislature. In Texas, the Texas
Education Agency acts as the authorizing body.
As an open‐enrollment charter school, Westlake Academy can only impose as a condition of enrollment, the
location of the student’s permanent residence. This requirement is established per a TEA approved Board of
Trustees policy and is a condition of the Academy’s charter.
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Westlake Academy Boundaries
Westlake Academy’s student enrollment is established by two sets of boundaries. The primary boundary
encompasses the Town of Westlake and allows Westlake residents automatic entry into Westlake Academy. The
secondary boundaries are comprised of 31 of the surrounding school districts. While any school‐age child from
these districts is allowed to attend the Academy, demand for entrance has exceeded the Academy’s capacity
necessitating an annual lottery system that is carried out according to the standards and practices dictated by
Federal law.
Westlake Academy’s secondary boundaries are comprised of the following Independent School District
boundaries:
Argyle ISD, Arlington ISD, Azle ISD, Birdville ISD, Boyd ISD, Carroll ISD, Carrollton‐Farmers Branch ISD, Coppell ISD,
Decatur ISD, Denton ISD, Duncanville ISD, Eagle Mountain‐Saginaw ISD, Fort Worth ISD, Frisco ISD, Garland ISD,
Grand Prairie ISD, Grapevine‐Colleyville ISD, Highland Park ISD, Hurst‐Euless‐Bedford ISD, Irving ISD, Keller ISD,
Krum ISD, Lake Dallas ISD, Lewisville ISD, Little Elm ISD, McKinney ISD, Northwest ISD, Paradise ISD, Ponder ISD,
Springtown ISD, and Weatherford ISD
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Demographic and Miscellaneous Statistics
Location:
32 deg. 58’57”N 97 deg.12’20”W
Approximately 25 miles West of Dallas
and 20 miles South of Denton
Date of Charter: February 15, 2002
Population Served: Over 2 million**
Area Served: Over 1,000 Square miles **
Student Population: 822
Teaching Staff (FTE) 91.8
Average Class Size: 18 (kindergarten thru grade five)
25 (all other grades)
Faculty holding master’s
degree or higher: 27
** The secondary boundaries for Westlake Academy consist of the boundaries of 31 metro‐area school districts.
These school districts serve six counties: Collin, Dallas, Denton, Parker, Tarrant, and Wise.
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Budgets and Budgetary Information
Annual budgets are adopted for all governmental fund types; the budgets are all adopted on a basis consistent
with generally accepted accounting principles. All appropriations lapse at fiscal year‐end.
On or before August 31st of each year, the Superintendent is to submit for review by the Board of Trustees a
proposed budget for the school year commencing on that date. After reviewing the proposed budget and holding
public meetings as necessary, the final budget is prepared and adopted.
The appropriated budget is prepared by fund and function. The Board may make transfers between functions
within a fund, and may amend the total budget following the same procedures required to adopt the original
budget. The legal level of budgetary control is at the fund level.
Fiscal and Budgetary Policies
I. STATEMENT OF PURPOSE
The broader intent of the following Fiscal and Budgetary Policy Statements is to enable the Academy to achieve a
long‐term stable and positive financial condition. The watchwords of the Academy’s financial management include
integrity, prudent, stewardship, planning, accountability, and full disclosure.
The more specific purpose is to provide guidelines to the Finance Director in planning and directing the Academy’s
day‐to‐day financial affairs and in developing recommendations to the Academy Superintendent or his designate
and Academy Board of Trustees.
The scope of these policies generally span, among other issues, accounting, purchasing, auditing, financial
reporting, internal controls, operating budgeting, revenue management, cash and investment management,
expenditure control, asset management, debt management, and planning concepts, in order to:
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Present fairly and with full disclosure the financial position and results of the financial operations of the
Academy in conformity with generally accepted accounting principles (GAAP), and
Determine and demonstrate compliance with finance related legal and contractual issues in accordance
with provisions of the Texas Local Government Code and other pertinent legal documents and mandates.
The Academy Board of Trustees will annually review and approve the Fiscal and Budgetary Policy Statements as
part of the budget process.
II. SUMMARY OF POLICY INTENDED OUTCOMES
This policy framework mandates pursuit of the following fiscal objectives:
Operating Budget: Prepare conservatively, estimate revenues, present and adopt the Academy’s annual operating
plan.
Revenues Management: Design, maintain and administer a revenue system that will assure a reliable, equitable,
diversified and sufficient revenue stream to support desired Academy services.
Expenditure Control: Identify priority services, establish appropriate service levels and administer the
expenditure of available resources necessary to assure fiscal stability and the effective and efficient delivery of
services.
Fund Balance: Maintain the fund balance of the various operating funds at levels sufficient to protect the
Academy’s creditworthiness as well as its financial position from emergencies.
Intergovernmental Relationships: Coordinate efforts with other agencies to achieve common policy objectives,
share the cost of providing governmental services on an equitable basis and support favorable legislation at the
State and Federal level.
Grants: Seek, apply for and effectively administer Federal, State, and foundation grants‐in‐aid which address the
Academy’s current priorities and policy objectives.
Fiscal Monitoring: Prepare and present regular reports that analyze, evaluate, and forecast the Academy’s
financial performance and economic condition.
Financial Consultants: With available resources, seek out and employ the assistance of qualified financial advisors
and consultants in the management and administration of the Academy’s financial functions.
Accounting, Auditing, and Financial Reporting: Comply with prevailing Federal, State and local statues and
regulations. Conform to generally accepted accounting principles as promulgated by the Government Accounting
Standards Board (GASB), the American Institute of Certified Public Accountants (AICPA), and the Government
Finance Officers Association (GFOA).
Internal Controls: To establish and maintain an internal control structure designed to provide reasonable
assurances that the Academy’s assets are safeguarded and that the possibilities for material errors in the
Academy’s financial records are minimized.
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III. OPERATING BUDGET
Preparation – Budgeting is an essential element of the financial planning, control, and evaluation process. The
“operating budget” is the Academy’s annual financial operating plan related to educational service instructional
costs.
The Academy operating budget is legally required to include the Academy’s General, Debt Service, and Food
Service Funds. Currently, Westlake Academy only has one fund, the General Fund, which must be legally adopted
annually. The Academy budgets the Special Revenue Funds for informational purposes only.
Information to be prepared includes documentation related to Service Level Adjustments (SLAs) for increases to
existing service levels or additional services, position control schedules, general and administrative cost
implications, etc. will be submitted and reviewed during the budget process.
SLA’s related to new position requests will include an assessment of their impact on additional internal services
necessary to support these positions as it relates to General & Administrative (G&A) charges in the Academy
budget ( subject to funding availability) to fund these costs.
A budget preparation calendar and timetable will be established and followed in accordance with State law.
Revenue Estimates for Budgeting ‐ In order to maintain a stable level of services, the Academy shall use a conservative,
objective, and analytical approach when preparing revenue estimates. The process shall include analysis of probable
economic changes and their impacts on revenues, number of students, and trends in revenues. It will also include an
assessment of the State legislative environment related to public charter school funding levels. This approach should
reduce the likelihood of actual revenues falling short of budget estimates during the year and should avoid mid‐year
service reductions.
Balanced Budget – A balanced budget is a budget with total expenditures not exceeding total revenues and
monies available in the fund balance within an individual fund.
Proposed Budget Content and Process – A proposed budget shall be prepared by the Superintendent or his
designate with the participation of the Academy’s Leadership Team, Finance Director and Academy staff, and then
submitted to the Superintendent for review. Following the Superintendent’s review, the proposed budget will be
presented to the Board for its consideration.
The proposed budget shall include five basic segments for review and evaluation: (1) personnel costs, (2) base
budget for operations and maintenance costs, (3) service level adjustments for increases of existing service levels
or additional services, (4) revenues, and (5) General Administrative (G&A) costs.
The proposed budget review process shall include Board of Trustees review of each of the four segments of the
proposed budget and a public hearing to allow for citizen participation in the budget preparation process.
Concurrent with the Academy budget preparation, Town staff will identify and provide to the Board all direct
Academy expenses contained in the Town’s municipal budget.
The proposed budget process shall allow sufficient time to provide review as well as address policy and fiscal issues
by the Board of Trustees.
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A copy of the proposed budget shall be filed with the Town Secretary when it is submitted to the Board of Trustees
as well as placed on the Academy’s website.
Budget Adoption ‐ Upon the determination and presentation of the final iteration of the proposed budget
document as established by the Board of Trustees, a public hearing will be set and publicized. The Board will
subsequently consider a resolution which, if adopted, such budget becomes the Academy’s Annual Budget. The
adopted budget will be effective for the fiscal year beginning September 1.
Budget Amendments – The Superintendent or his designate and Finance Department will monitor all financial
operations. A school district must amend the official budget before exceeding a functional expenditure category,
i.e., instruction, administration, etc. in the total budget. The budget team will decide whether to proceed with the
budget amendment and, if so, will then present the request to the Board of Trustees. If the Board decides a
budget amendment is necessary, the amendment is adopted in resolution format and the necessary budgetary
changes are then made.
Planning – The budget process will be coordinated so as to identify major policy issues for the Board of Trustees by
integrating it into the Board’s overall strategic planning process for the Academy.
Reporting ‐ Monthly financial reports will be prepared by the Finance Department and distributed to the
Superintendent or his designate. Information obtained from financial reports and other operating reports is to be
used by personnel to monitor and control the budget. Summary financial reports will be presented to the Board
quarterly.
IV. REVENUES MANAGEMENT
A. REVENUE DESIGN PARAMETERS. The Academy will strive for the following optimum characteristics in its
revenue system:
Simplicity ‐ The Academy, where possible and without sacrificing accuracy, will strive to keep the revenue
system simple in order to reduce costs, achieve transparency, and increase parent and citizen
understanding of Academy revenue sources.
Certainty ‐ A thorough knowledge and understanding of revenue sources increases the reliability of the
revenue system.
Administration ‐ The benefits of a revenue source will exceed the cost of administering that revenue.
Every effort will be made for the cost of administration to be reviewed annually for cost effectiveness as a
part of the indirect cost and cost of service analysis.
Equity ‐ The Academy shall make every effort to maintain equity in its revenue system: i.e. the Academy
shall seek to minimize or eliminate all forms of subsidization between entities.
Adequacy, Diversification and Stability – To the extent practical, the Academy shall attempt to achieve a
balance in its revenue system. The Academy shall also strive to maintain a balanced and diversified
revenue system to protect the Academy from fluctuations in any one source due to changes in local
economic conditions which adversely impact that source.
B. REVENUE CLASSIFICATION AND SOURCES. The revenues received by Westlake Academy are classified into one
of three broad categories: Federal, State or Local and come from the following sources:
State Education funding
State and Federal Grants
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General Donations – The Academy recognizes that private donations comprise a significant part of the
Westlake Academy budget. All funds received will become part of the budget and be subject to
appropriation for Academy general operations.
o Westlake Academy Foundation
o House of Commons
o Westlake Academy Athletic Club
o Local Merchants
Specific Purpose Donations – Funds donated for a specific purpose
C. REVENUE MONITORING. Revenues as they are received will be regularly compared to budgeted revenues
and variances will be investigated. This process will be summarized in the appropriate budget report.
V. EXPENDITURE CONTROL
Appropriations – The point of budgetary control is at the function level in the General Fund and Special
Revenue Funds. When budget adjustments among functions are necessary, they must be approved by the
Board of Trustees.
Current Funding Basis ‐ The Academy shall operate on a current funding basis. Expenditures shall be budgeted
and controlled so as not to exceed current revenues plus the planned use of fund balance accumulated
through prior year savings. (The use of fund balance shall be guided by the Fund Balance/Retained Earnings
Policy Statements.)
Avoidance of Operating Deficits ‐ The Academy shall take immediate corrective actions if at any time during
the fiscal year expenditure and revenue re‐estimates are such that an operating deficit (i.e., projected
expenditures in excess of projected revenues) is projected at year‐end. Corrective actions can include a hiring
freeze, expenditure reductions, or use of fund balance within the Fund. Use of fund balance must be
recommended by the Superintendent and approved by the Board of Trustees.
Expenditure deferrals into the following fiscal year, short‐term loans, or use of one‐time revenue
sources shall be avoided to balance the budget.
All service level adjustments that result in increases to the operating budget must be aligned with
offsetting increases in operating revenues (FSP, Local Sources, etc.).
Periodic Program Reviews ‐ The Superintendent or his designate shall undertake periodic staff and third‐party
reviews of Academy programs for both efficiency and effectiveness. Where appropriate, privatization and
contracting with other governmental agencies will be evaluated as alternative approaches to service delivery.
Service delivery which is determined to be inefficient and/or ineffective shall be reduced in scope or
eliminated.
General and Administrative (G&A) Charges – To the extent practical, an annual analysis of G&A charges will be
performed and, if available, funding may be allocated at the Board’s discretion. The analysis shall involve an
objective consideration of the service demands currently being met by municipal staff to support Academy
operations and a determination of factors that will continue to affect and increase the time needed for the
performance of these services. For example, new Academy staff requires additional support staff time to
perform tasks related to insurance, payroll, etc. Where feasible, G&A costs will be charged to all funds for
services of indirect general overhead costs, which may include general administration, finance, facility use,
personnel, technology, engineering, legal counsel, and other costs as deemed appropriate. If funding is not
available, these costs will be shown below the line of the financial statement in the five‐year financial forecast
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in order to promote transparency and provide the Board with a full cost accounting of services. The charges
will be determined through an indirect cost allocation study following accepted practices and procedures.
Purchasing ‐ The Academy shall make every effort to maximize any discounts offered by creditors/vendors.
Staff shall also use purchasing cooperatives as well as competitive bidding in accordance with State law to
attain the best possible price on goods and services.
Prompt Payment ‐ All invoices will be paid within 30 days of receipt in accordance with the prompt payment
requirements of State law.
Salary ‐ The Academy shall strive to maintain competitive salary levels for faculty and staff. A salary survey will
be conducted annually, sampling surrounding Independent School Districts and Charter Schools, to create a
comparison. The Academy will strive to maintain salary levels within three percent (3%) of the median of
surveyed schools.
VI. FUND BALANCE
Fund Balance Reporting ‐ The District shall report governmental fund balances per GASB 54 definitions in the
balance sheet as follows: Non‐spendable, Restricted, Committed, Assigned, and Unassigned.
General Fund Unassigned Fund Balance ‐ The Academy shall maintain the General Fund unassigned fund
balance at 45 days of operation.
Use of Fund Balance ‐ Fund Balance will be targeted to only be used with Board approval and can be only be
used for the following: emergencies, non‐recurring expenditures, such as technology/FF&E (furniture, fixtures
and equipment), or major capital purchases that cannot be accommodated through current year savings.
Should such use reduce the balance below the appropriate level set as the objective for that fund,
recommendations will be made on how to restore it. The Board of Trustees shall approve all commitments by
formal action. The action to commit funds must occur prior to fiscal year‐end, to report such commitments in
the balance sheet of the respective period, even though the amount may be determined subsequent to fiscal
year‐end. A commitment can only be modified or removed by the same formal action. The Board of Trustees
delegates the responsibility to assign funds to the Superintendent or his/her designee. The Board of Trustees
shall have the authority to assign any amount of funds. Assignments may occur subsequent to fiscal year‐end.
The Board of Trustees will utilize funds in the following spending order: Restricted, Committed, Assigned, and
Unassigned.
VII. INTERGOVERNMENTAL RELATIONSHIPS
Inter‐local Cooperation in Delivering Services ‐ In order to promote the effective and efficient delivery of
services, the Academy shall actively seek to work with other local entities in joint purchasing consortium,
sharing facilities, sharing equitably the costs of service delivery, and developing joint programs to improve
service to its students.
Legislative Program ‐ The Academy shall cooperate with other entities to actively oppose any state or federal
regulation or proposal that mandates additional Academy programs or services and does not provide the
funding to implement them. Conversely, as appropriate, the Academy shall support legislative initiatives that
provide additional funding.
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VIII. GRANTS
Grant Guidelines ‐ The Academy shall apply, and facilitate the application by others, for only those grants that
are consistent with the objectives and high priority needs previously identified by Academy Board of Trustees.
The potential for incurring ongoing costs, to include the assumption of support for grant funded positions from
local revenues, will be considered prior to applying for a grant.
Grant Review ‐ All grant submittals shall be reviewed for their cash match requirements, their potential impact
on the operating budget, and the extent to which they meet the Academy's policy objectives. If there are cash
match requirements, the source of funding shall be identified prior to application. Staff will focus on one‐time
grants to avoid long‐term implications related to additional expenditures in future years.
Grant Program Termination ‐ The Academy shall terminate grant funded programs and associated positions
when grant funds are no longer available unless alternate funding is identified and obtained.
IX. FISCAL MONITORING
Financial Status and Performance Reports ‐ Quarterly reports comparing expenditures and revenues to
current budget, noting the status of fund balances to include dollar amounts and percentages, and outlining
any remedial actions necessary to maintain the Academy's financial position shall be prepared for review by
the Superintendent and the Board of Trustees. Student roster information will also be included in the quarter
reports submitted to the Board of Trustees.
Compliance with Board Policy Statements ‐ The Fiscal and Budgetary Policies will be reviewed annually by the
Board of Trustees and updated, revised or refined as deemed necessary. Policy statements adopted by the
Board of Trustees are guidelines, and occasionally, exceptions may be appropriate and required. However,
exceptions to stated policies will be specifically identified, and the need for the exception will be documented
and fully explained.
X. FINANCIAL CONSULTANTS
The Academy employs the assistance of qualified financial advisors and consultants as needed in the management
and administration of the Academy's financial functions. These areas include but are not limited to investments,
debt administration, financial accounting systems, program evaluation, and financial impact modeling. Advisors
shall be selected on a competitive basis using objective questionnaires and requests for proposals based on the
scope of the work to be performed.
XI. ACCOUNTING, AUDITING, AND FINANCIAL REPORTING
The Academy strives to comply with prevailing local, state, and federal regulations relative to accounting, auditing,
and financial reporting. Accounting practices and financial reporting shall conform to generally accepted
accounting principles as promulgated by the Governmental Accounting Standards Board (GASB), the American
Institute of Certified Public Accountants, (AICPA), and the Government Finance Officers Association (GFOA). The
Board shall select an independent firm of certified public accountants to perform an annual audit of all operations.
Required Texas Education Agency (TEA) account coding will be used for all revenue and expenditure reporting.
Accounting ‐ Currently, the Education Service Center (Region XI) books all revenues and expenditures, and
prepares bank reconciliations. Academy staff is responsible for all coding and approval of expenditures and
revenues. Documentation and coding of deposits are forwarded to the Town’s Finance Department for review
and preparation of deposit slips. Town’s Finance Director and staff are responsible for review and transfer of
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invoices and other documentation to the Service Center for processing as well as the physical deposit of funds.
It is the responsibility of the Superintendent or his designate and Academy staff to review the monthly reports
for any discrepancies and report to the Town’s Finance Director for analysis and re‐class of questioned
bookings, if appropriate.
External Auditing ‐ Academy will be audited annually by outside independent accountants (auditors). The
auditors must be a CPA firm and must demonstrate significant experience in the field of local government
auditing. They must conduct the Academy’s audit in accordance with generally accepted auditing standards.
The auditors’ report on Academy’s financial statements will be completed within a timely period of the
Academy’s fiscal year‐end. The auditor will jointly review the management letter with the Academy Board of
Trustees, if necessary. In conjunction with this review, the Finance Director shall respond in writing to the
Academy Board of Trustees regarding the auditor’s Management Letter, addressing the issued contained
therein. The Academy will not require auditor rotation, but will circulate request for proposal for audit
services on a periodic basis as deemed appropriate.
Responsibility of Auditor to Academy Board of Trustees ‐ The auditor is retained by and is accountable
directly to the Academy Board of Trustees and will have access to direct communication with the Academy
Board of Trustees if the Academy Staff is unresponsive to auditor recommendations or if the auditor considers
such communication necessary to fulfill its legal and professional responsibilities.
Internal Financial Reporting ‐ The Finance Department will prepare internal financial reports sufficient for
management to plan, monitor, and control Academy’s financial affairs.
XII. INTERNAL CONTROLS
Written Procedures ‐ Whenever possible, written procedures will be established and maintained by the
Finance Director and utilized by all Academy personnel for all functions involving purchasing, cash handling
and/or accounting throughout the Academy. These procedures will embrace the general concepts of fiscal
responsibility set forth in this policy statement.
Academy Staff Responsibilities ‐ The Superintendent or his designate, in consultation with the Finance
Director, will be responsible for ensuring that appropriate internal controls are followed throughout the
Academy, that all directives or internal controls are implemented, and that all independent auditor internal
control recommendations are addressed. Staff will develop and periodically update written internal control
procedures.
XIII. ASSET MANAGEMENT
Investments – The Finance Director shall promptly invest all Academy funds with the depository bank in
accordance with the provisions of the current Bank Depository Agreement or in any negotiable instrument
authorized by the Academy Board of Trustees. The Academy Board of Trustees has formally approved a
separate Investment Policy for the Academy of Westlake that meets the requirements of the Public Funds
Investment Act (PFIA), Section 2256 of the Texas Local Government Code. The Academy’s investment
practices will be conducted in accordance with this policy. The Finance Director will issue quarterly reports on
investment activity to the Academy Board of Trustees.
Cash Management ‐ Academy’s cash flow will be managed to maximize the cash available to invest. Such cash
management will entail the centralization of cash collections, where feasible, including field trips, and other
collection offices as appropriate. Periodic review of cash flow position will be performed to determine
performance of cash management and conformance to investment policies. The underlying theme will be that
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idle cash will be invested with the intent to (1) safeguard assets, (2) maintain liquidity, and (3) maximize
return.
Capital Assets and Inventory ‐ Such assets will be reasonably safeguarded and properly accounted for and
prudently insured. The capital assets inventory will be updated regularly.
Capital Assets – Currently all capital assets of Westlake Academy are owned and purchased by the Town of
Westlake. In subsequent years, additional asset purchases may be paid with Westlake Academy funds.
Capitalization Criteria – For purposes of budgeting and accounting classification, the following criteria must be
capitalized:
o The asset is owned by the Westlake Academy
o The expected useful life of the asset must be longer than one year, or extend the life on an identifiable
existing asset by more than one year
o The original cost of the asset must be at least $5,000
o The asset must be tangible
o On‐going repairs and general maintenance are not capitalized
o New Purchases – All costs associated with bringing the asset into working order will be capitalized as a part
of the asset cost. This includes startup costs, engineering or consultant type fees as part of the asset cost
once the decision or commitment to purchase the asset is made. The cost of land acquired should include
all related costs associated with its purchase
o Improvements and Replacement – Improvement will be capitalized when they extend the original life of an
asset or when they make the asset more valuable than it was originally. The replacement of assets
components will normally be expenses unless they are a significant nature and meet all the capitalization
criteria.
Computer System/Data Security – The Academy shall provide security of its computer/network system and
data files through physical and logical security systems that will include, but are not limited to: network user
authentications, firewalls, content filtering, spam/virus protection, and redundant data backup.
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THE BUDGET PROCESS
The Superintendent submits the budget to the Board of Trustees. The Academy’s fiscal year begins each year on
October 1st and ends on September 30th of the following calendar year.
Prior to the beginning of the fiscal year, the Superintendent must submit a proposed budget, which includes:
• A budget message
• A consolidation statement of anticipated revenues and proposed expenditures for all funds
• General fund resources in detail
• Special fund resources in detail
• A summary of proposed expenditures by department and activity
• Detailed estimates of expenditures shown separately to support the proposed expenditure
The proposed revenues and expenditures must be compared to prior year revenues and expenditures. The budget
preparation process begins early in the calendar year with the establishment of overall town goals, objectives, and
analysis of current year operations compared to expenditures. Budget policies and procedures are reviewed at the
same time to reduce errors and omissions. In May, the Finance Department prepares such items as budget forms
and instructions for estimating revenues and expenditures. Department heads submit proposed baseline
expenditures for current service levels and any additional one‐time or on‐going request they may have for their
department. A round‐table meeting is subsequently held with the Superintendent, the finance staff and each
department head for review. After all funding levels are established and agreed upon; the proposed budget is
presented by the Superintendent to the Board of Trustees. A public hearing on the budget is conducted in
accordance with state and local law. This meeting is held after the Board has reviewed the budget during a
workshop. The Board of Trustees approves a level of expenditure (or appropriation) for each fund to go into effect
on October 1st, prior to the expenditure of any Town funds for that budget year.
BUDGET AMENDMENT PROCESS
The Superintendent may request that the current year budget be amended. In this process, the Superintendent
will review the documentation and draft an ordinance to formally amend the current budget. This ordinance is
presented to the Board of Trustees for consideration. Following the consideration of the proposed amendment,
the Board will vote on the amendment ordinance. If the amendment is approved, the necessary budget changes
are then made. All budget amendments will be approved by the Board of Trustees prior to the expenditure of
funds in excess of the previously authorized budgeted amounts within each fund.
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2014/15 Budget Planning Timeline
Figure 20 – FY 2014/15 Budget Calendar
~ Westlake Academy FY 2014/15 ~
~ BUDGET CALENDAR ~
February Preliminary discussion of WA's 2014/15 Budget
March Five Year Projection Scenarios distributed
HR prepare actual costs associated with personnel requests
April Develop improvement plans for each grade level/department
May Orientation and overview of FY 2014/15 budget process
Staff resource requests
Strategic Planning Retreat
Presentation of 5-year forecast
Prepare first draft of function level budgets
IT prepare actual costs associated with technology requests
Year-end estimate spreadsheet distributed
Budget Retreat
June First Draft to Superintendent for review
Superintendent and Finance begin detail reviews with administration
Review Current-Year Estimated year-end budget with Board
July Power point presentation work
Superintendent review of final budget
Publish Notice of Public Hearing on Budget
August Public Hearing on Budget
Present proposed FY 2014/15 Westlake Academy Budget for Board approval
September Fiscal Year 2014/15 begins
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Westlake Academy Budget Guide
GOVERNMENTAL FUND TYPES
GENERAL FUND
The General Fund is comprised of three subordinate funds: General, Athletic Activities, and Transportation. This
fund accounts for the majority of the operational activities required to maintain the Academy’s facilities and pay
its employees. The fund is supported by State and local revenues.
Fund 199 – General Fund
This classification must be used for funds in which the local governing board designates. The local governing
board has wide discretion in their use as provide by law. This fund usually includes transactions as a result of
revenues from local sources and Foundation School Program Sources. Any locally defined code that is used at
the local option is to be converted to Fund 199 for PEIMS reporting.
Fund 198 – Athletic Activities
This locally defined fund code is used to account for expenditures for athletics that normally involve
competition between schools (and frequently involve offsetting gate receipts or fees such as football,
baseball, volleyball, track, tennis and golf). This fund is converted to Fund 199 for PEIMS reporting.
Fund 197 – Transportation/Parking
This locally defined fund code is used to account for revenues and expenditures related to transportation for
students as well as to collect parking fees and remit them to the Town of Westlake as a reimbursement for
the expense of the new parking lot built in the summer of 2010 (funded by the Town). This fund is converted
to Fund 199 for PEIMS reporting.
SPECIAL REVENUE FUNDS
The Special Revenue Funds are the funds that account for local, state and federally financed programs or
expenditures legally restricted for specified purposes or where unused balances are returned to the grantor at the
close of a specified project period; approximately 27% of these funds are federally funded, 73% are locally funded.
Fund 224 IDEA‐B Formula (Federally Funded)
Fund is used, on a project basis, for funds granted to operate educational programs for children with
disabilities.
Fund 461 Campus Activities (Locally Funded)
Fund is to be used to account for transactions related to a principal’s activity fund if the monies generated are
not subject to recall by the school district’s Board of Trustees into the general fund. These funds provide
after‐school activities at Westlake Academy.
Fund 481 Hudson Foundation (Locally Funded)
This locally defined fund is used to account for grants awarded to the Academy by the Hudson Foundation to
be used to support the Director or Curriculum and Instruction.
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Fund 485 Hudson Foundation – Staff/Development (Locally Funded)
This locally defined fund is used to account for grants awarded to the Academy by the Hudson Foundation to
be used to pay for the new MYP Principal, professional development, and curriculum coach.
Fund 487 Westlake Academy Foundation – Teacher Recruit/Retain (Locally Funded)
This grant from the Westlake Academy Foundation is to be used for the recruitment, training, and retention
of legacy teachers.
Fund 497 Westlake Academy Foundation – Financial Assistance (Locally Funded)
This grant from the Westlake Academy Foundation provides financial assistance for student activities.
Fund 498 Hudson Foundation – Director of Curriculum & Instruction (Locally Funded)
This grant from the Hudson Foundation provides funding for the hire of a Director of Curriculum and
Instruction.
The Academy reports the following proprietary fund:
FIDUCIARY FUND
The agency fund accounts for resources held in a custodial capacity by the Academy, and consist of funds that are
the property of students or others. These are not budgeted funds. The Academy’s budget process integrates with
its strategic planning process and covers the financial cycle starting with budget planning and ending with the
audited financial report.
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OVERVIEW OF ACCOUNT CODES
Section 44.007 of the Texas Education Code (Code or TEC) requires that a standard school district fiscal accounting
system be adopted by each school district. The system must meet at least the minimum requirements prescribed
by the State Board of Education and also be subject to review and comment by the state auditor. Additionally, the
accounting system must conform to Generally Accepted Accounting Principles (GAAP). This section further requires
that a report be provided at the time that the school district budget is filed, showing financial information
sufficient to enable the state board of education to monitor the funding process and to determine educational
system costs by school district, campus and program.
The Texas Education Code, Section 44.008, requires each school district to have an annual independent audit
conducted that meets the minimum requirements of the state board of education, subject to review and comment
by the state auditor. The annual audit must include the performance of certain audit procedures for the purpose of
reviewing the accuracy of the fiscal information provided by the district through the Public Education Information
Management System (PEIMS). The audit procedures are to be adequate to detect material errors in the school
district’s fiscal data to be reported through the PEIMS system for the fiscal period under audit.
A major purpose of the following accounting code structure is to establish the standard school district fiscal
accounting system required by law. Although certain codes within the overview may be used at local option, the
sequence of the codes within the structure, and the funds and chart of accounts, are to be uniformly used by all
school districts in accordance with generally accepted accounting principles.
ACCOUNT CODE STRUCTURE
X X X - X - X X - X X X - X X - X X X X X X X - X X
Fund
Code
Year
Code
Function
Code
Organization
Code
Program
Intent
Code
Local
Option
Code
Object Code Sub-Object Code
(1xx-8xx)
Account
Groups
(9xx)
(0-9) (11-99) (001-999) (11-99) (xxx) Assets (1xxx)
Liabilities (2xxx)
Fund Equity (3xxx)
Clearing Accounts (4xxx)
Revenues/Income (5xxx)
Expenditures (6xxx)
Other Resources/Non
Operating
Revenues/Residual Equity
Transfers In (7xxx)
Other Uses/Non Operating
Expenses/Residual Equity
Transfers Out(8xxx)
(xx)
FUNCTIONS
A function code represents a general operational area at the Academy and groups together related activities. The
assignment and use of function numbers is based on the financial accountability standards established by the
Texas Education Agency in accordance with the Texas Administrative Code. The function code is a 2‐digit number
that follows the 3‐digit fund code and single digit year code in the accounting number scheme.
OBJECTS
The object number is a 4‐digit code that describes the type of expenditure incurred and is comprised of the
fifteenth through eighteenth digits in the code structure.
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Figure 21 – Account Coding Matrix
Account Coding Matrix
Function Code Function Code Description
11 Instruction & Related
12 Instructional Resources & Media Sources (Library)
13 Curriculum Development & Inst. Staff Development
21 Instructional Leadership
23 School Leadership (Principal)
31 Guidance, Counseling & Evaluation Services
32 Social Work Services
33 Health Services
34 Student (Pupil) Transportation
35 Food Services
36 Cocurricular/extracurricular activities
41 General Administration (Superintendent/Board)
51 Plant Maintenance and Operations
52 Security and Monitoring Services
53 Data Processing Services
61 Community Services
71 Debt Service
81 Facilities Acquisition and Construction
Object Codes Object Code Description
61XX Payroll and Payroll Related
62XX Professional & Contracted Services
63XX Supplies and Materials
64XX Other Operating Costs
65XX Debt Service
66XX Capital
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FUNCTION CODES – GENERAL DESCRIPTIONS
10 Instruction and Instructional Related Services
Function 11 ‐ Instruction
This function is used for activities that deal directly with the interaction between teachers and students. This
function includes expenditures for direct classroom instruction and other activities that deliver, enhance, or
direct the delivery of learning situations to students. Expenditures for the delivery of instruction in regular
program basic skills, bilingual and ESL programs, compensatory, remedial or tutorial programs, gifted and
talented education programs, and vocational education programs are classified in function 11. For example,
function 11 includes classroom teachers, teacher assistants, and graders, but does not include curriculum
development (function 13) or principals (function 23).
Function 12 ‐ Instructional Resources and Media Services
This function is used for expenditures that are directly and exclusively used for resource centers, establishing and
maintaining libraries, and other major facilities dealing with educational resources and media. For example,
function 12 includes librarians, but does not include textbooks (function 11) or reference books in the classroom
(also function 11).
Function 13 ‐ Curriculum Development and Instructional Staff Development
This function is used for expenditures that are directly and exclusively used to aid instructional staff in
planning, developing, and evaluating the process of providing learning experiences for students. This
function also includes expenditures related to research and development activities that investigate,
experiment and/or follow‐through with the development of new or modified instructional methods,
techniques, procedures, service, etc. For example, this function includes staff that research and develop
innovative, new, or modified instruction and staff who prepare in‐service training for instructional staff, but
does not include salaries of instructional staff when attending in‐service training (function 11 or 12).
20 Instructional and School Leadership
Function 21 ‐ Instructional Leadership
This function encompasses those district‐wide activities which have as their purpose managing, directing, and
supervising the general and specific instructional programs and activities. For example, function 21 includes
instructional supervisors but does not include principals (function 23).
Function 23 ‐ School Leadership
This function includes expenses for directing, managing, and supervising a school. It includes salaries and supplies
for the principal, assistant principal, and other administrative and clerical staff, including attendance clerks.
30 Support Services – Student
Function 31 ‐ Guidance, Counseling, and Evaluation Service
This function includes expenses for testing and assessing students' abilities, aptitudes, and interests with respect
to career and educational goals and opportunities. It includes psychological services, testing, and counseling.
Function 32 ‐ Social Work Services
This function includes expenditures which directly and exclusively promote and improve school attendance.
Examples include social workers, non‐instructional home visitors, home visitor aides, and truant officers.
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Function 33 ‐ Health Services
This function embraces the area of responsibility providing health services which are not a part of direct
instruction. It includes medical, dental, and nursing services.
Function 34 ‐ Student Transportation
This function includes the cost of providing management and operational services for transporting students
to and from school. Function 34 includes transportation supervisors and bus drivers, but does not include
field trips (function 11) or student organization trips (function 36).
Function 35 ‐ Food Services
This function includes the management of the food service program at the schools and the serving of meals,
lunches, or snacks in connection with school activities. Function 35 includes cooks and food purchases, but
does not include concession stands (function 36).
Function 36 ‐ Co‐curricular/Extracurricular Activities
This function incorporates those activities which are student and curricular related, but which are not
necessary to the regular instructional services. Examples of co‐curricular activities are scholastic competition,
speech, debate, and band. Examples of extracurricular activities are football, baseball, etc. and the related
activities (drill team, cheerleading) that exist because of athletics. Function 36 includes athletic salary
supplements paid exclusively for coaching, directing, or sponsoring extracurricular athletics, but does not
include salaries for teaching physical education (function 11).
40 Support Services ‐ Administrative
Function 41 ‐ General Administration
This function includes expenses incurred for the overall administrative responsibilities of the District. It
includes expenses for the school board, superintendent's office, personnel services, and financial services.
50 Support Services ‐ Non Student Based
Function 51 ‐ Plant Maintenance
This function deals with expenditures made to keep buildings, grounds, and equipment safe for use and in
efficient working condition. This function also includes expenditures associated with warehousing services.
Examples include janitors, facility insurance premiums, utilities, and warehouse personnel.
Function 52 ‐ Security and Monitoring Services
This function is used for expenditures that are for activities to keep student and staff surroundings safe,
whether in transit to or from school, on a campus, or participating in school‐sponsored events at another
location.
Function 53 ‐ Data Processing Services
This function is for non‐instructional data processing services which include computer facility management,
computer processing, systems development, analysis, and design. Personal computers that are stand alone
are to be charged to the appropriate function. Peripherals including terminals and printers are also to be
charged to the appropriate function.
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60 Ancillary Services
Function 61 ‐ Community Services
This function encompasses all other activities of the school district, which are designed to provide a service
or benefit to the community as a whole or a portion of the community. Examples would include recreation
programs, natatorium, and parenting programs.
70 Debt Service
Function 71 ‐ Debt Service
This function includes expenditures for bond and lease purchase principal, and all types of interest paid.
80 Capital Outlay
Function 81 – Capital Acquisition & Construction
This function includes expenditures that are acquisitions, construction, or major renovation of Academy
facilities.
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"Reaching New Heights Together...
One School, One Community”
Explanation & Summary of Major Budget Components
REVENUES: The revenues received by Westlake Academy are classified into one of three broad categories:
Federal, State or Local. State funding is the Academy’s largest revenue source making up over 76% of revenues
from all funds. Staff estimates that the average level of total state aid paid through the Foundation School
Program (FSP) in FY 2014/15 will be approximately $6,840 per student; this is flat from the FY 2013/14 levels. As
an open‐enrollment charter school, Westlake Academy has the ability to establish specific class sizes and set
limitations on secondary boundary enrollment. Enrollment for FY 14/15 is projected at 822 students in accordance
with the current plan to attempt to maintain eighteen (18) students per class in kindergarten through grade five,
and twenty‐five (25) students in grade six through grade 12. Federal funding is received through grants that
support special education and accounts for approximately one percent (1%) of revenues for all funds.
Local funding consists of two major sources, the Town and the Westlake Academy Foundation. As a municipally‐
owned charter school Westlake Academy does not have taxing authority; the Town of Westlake is responsible for
debt service and capital improvements, these costs are estimated at $2,137,954 for FY 2014/15. The Westlake
Academy Foundation is an independent non‐profit organization that raises funds through donations and fund
raising; the FY 2014/15 forecast is $1,100,000. Westlake Academy is supported by a non‐profit organization called
the Westlake Academy Foundation (WAF). The WAF conducts several annual fundraising activities: first, the
Blacksmith Campaign is an annual fund drive that started as a way to close the funding gap between what charter
schools receive and local ISDs. It focuses specifically on the parents of students at the Academy and tries to
leverage these donations with the employers who have matching programs for individuals who contribute time or
money to non‐profits. The Blacksmith Campaign is held each year in the month of October and each family is
asked to contribute $2,500 per student to help cover the gap between the state public education funding and what
the Academy actually spends on each student.
EXPENDITURES: Compensation and benefits are the largest operating cost for Westlake Academy. The current
teacher pay scale is based on the Board policy of being within 3% of the median of the nine (9) surrounding public
school districts. Per Board direction, the salary scale had a 1.5% pay increase for all faculty and staff members in
the FY 2013/14, and staff is recommending a 2% pay increase for all faculty and staff members in the FY 2014/15
school year. The increase for all applicable staff equals $149,743 (approximately 3%, including step‐increases).
The major cost driver for the FY 2014/15 is the addition of approximately 100 students. During this timeframe, the
Academy added approximately 15 FTE faculty and staff members. This included approximately 10 teachers, 1.5
administrators, and the balance in support staff (teachers’ aides and office personnel).
Financial Summary
The budget is developed within the guidelines predicated by the Texas Education Agency and is organized into a
series of accounts called funds. The total revenue for all funds for the Academy is estimated to be $7,567,293 and
total expenditure appropriations amount to be $7,803,324. The following schedules present a comparison of
revenues and expenditures for all Governmental Funds in the budget. Budgets for the General Fund, the Food
Service Fund (a Special revenue Fund) and the Debt Service Fund must be included in the official district budget
(legal or fiscal year basis). The Academy does not maintain a Food Service Fund or a Debt Service Fund; therefore;
the only fund legally adopted will be the General Fund.
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WESTLAKE ACADEMY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUNDS
For the Year Ending August 31, 2015
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
REVENUES
Federal Program Revenues $ 157,445 $ 152,351 $ 81,958 $ 67,722 $ 80,008 $ 73,896 $ (6,112)
State Program Revenues 3,945,658 4,362,921 4,648,649 4,855,506 5,034,023 5,782,092 748,069
Local Revenues 874,206 1,237,004 1,205,931 1,538,434 1,922,443 1,711,305 (211,138)
4,977,309 5,752,276 5,936,538 6,461,662 7,036,474 7,567,293 530,818
EXPENDITURES (BY FUNCTION)
11 - Instructional 2,764,022 3,170,372 3,458,117 3,633,683 4,079,186 4,621,940 542,755
12 - Resources & Media 73,398 89,129 57,784 60,785 66,170 66,252 81
13 - Staff Development 111,933 74,656 130,924 144,154 147,157 129,589 (17,568)
21 - Instructional Leadership 125,265 135,962 93,965 185,339 207,093 237,967 30,874
23 - School Leadership 294,931 347,515 341,524 456,515 553,655 660,620 106,966
31 - Guidance & Counseling 165,245 232,419 244,899 238,786 280,680 246,539 (34,141)
33 - Health Services 53,513 60,917 58,208 58,620 63,634 68,711 5,078
35 - Food Services - 11,517 - 15,116 - 500 500
36 - CoCurricular/ Extra. Activities 7,275 131,972 125,137 221,087 164,079 171,255 7,176
41 - Administrative 105,472 675,763 363,547 362,289 389,170 343,835 (45,335)
51 - Maintenance & Operations 301,672 596,913 614,041 674,112 725,907 956,091 230,185
53 - Data Processing 525,273 173,587 160,695 247,719 177,766 105,015 (72,751)
61 - Community Services 154,962 76,880 86,844 92,091 107,162 110,824 3,662
71 - Debt Service 69,739 - - - 6,405 84,186 77,781
81 - Facility Acquisition/Construction 132,286 15,960 27,930 - - - -
Total Expenditures 4,884,985 5,793,560 5,763,616 6,390,294 6,968,062 7,803,324 835,262
Excess (Deficiency) of Revenues Over
(Under) Expenditures 92,325 (41,285) 172,923 71,368 68,412 (236,031) (304,444)
OTHER FINANCING SOURCES (USES)
79 - Other Resources 659,704 26,124 40,959 45,000 331,266 45,000 (286,266)
89 - Other Uses (603,000) (26,124) (40,959) (45,000) (331,266) (45,000) 286,266
79 - Special Item - Resource 67,760 - - - -
89 - Extraordinary Item - Use (124,346) - - - -
Total Other Financing Sources (Uses) 56,704 (56,586) - - - - -
NET CHANGES IN FUND BALANCE 149,029 (97,871) 172,923 71,368 68,412 (236,031) (304,444)
FUND BALANCE, BEGINNING 767,934 916,962 819,090 992,012 992,012 1,060,424 68,412
FUND BALANCE, ENDING 916,962 819,090 992,012 1,063,380 1,060,424 824,393 (236,031)
Assigned - Tech/FF&E Replacement 100,000 - - - - 125,000 125,000
Assigned - Special Revenue Funds - - - - - - -
Assigned - Uniforms/Equip Rep. 4,499 - - - - - -
Assigned - Facility Maintenance/FFE - - - - - - -
FUND BALANCE, UNASSIGNED $ 812,464 $ 819,090 $ 992,012 $1,063,380 $1,060,424 $ 699,393 $ (111,031)
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ALL GOVERNMENTAL FUNDS – TOTAL REVENUES
Adopted Estimated Adopted Variance
Audited Budget Budget Budget Estimated to
FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
General Fund $ 5,640,930 $ 6,212,057 $ 6,635,473 $ 7,445,897 $ 810,424
Special Revenue Funds 295,608 249,605 401,001 121,396 (279,605)
Total Governmental Funds $ 5,936,538 $ 6,461,662 $ 7,036,474 $ 7,567,293 $ 530,818
ALL GOVERNMENTAL FUNDS – TOTAL EXPENDITURES
Adopted Estimated Adopted Variance
Audited Budget Budget Budget Estimated to
FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
General Fund $ 5,496,177 $ 6,140,689 $ 6,611,593 $ 7,554,617 $ 943,024
Special Revenue Funds 267,439 249,605 356,469 248,707 (107,762)
Total Governmental Funds $ 5,763,616 $ 6,390,294 $ 6,968,062 $ 7,803,324 $ 835,262
ALL GOVERNMENTAL FUNDS – EXPENDITURES BY OBJECT CODE
Adopted Estimated Adopted Variance
Audited Budget Budget Budget Estimated to
Expenditures by Object FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
61XX - Payroll & Related Items $ 4,339,742 $ 4,832,464 $ 5,196,595 $ 5,618,025 421,430
62XX - Contracted Services 865,171 882,229 935,779 1,064,256 128,477
63XX - Supplies & Materials 268,069 385,613 503,367 672,890 169,523
64XX - Other Operating 290,634 289,989 325,917 363,967 38,051
65XX - Debt Service - - 6,405 84,186 77,781
Total Expenditures $ 5,763,616 $ 6,390,294 $ 6,968,062 $ 7,803,324 $ 835,262
These tables provide historic, current and adopted revenues and expenditures in the aggregate for all the
budgeted funds utilized by the Academy. The third table represents a cross‐classification of the total expenditures
as shown on the previous page. Object code classification (salaries, materials, etc.) are used to describe the
service or commodity as a result of a specific expenditure.
68
WESTLAKE ACADEMY
REVENUE SUMMARY - ALL GOVERNMENTAL FUNDS
For the Year Ending August 31, 2015
Adopted Estimated Adopted
Audited Budget Budget Budget
FY 12/13 FY 13/14 FY 13/14 FY 14/15
REVENUES
Federal Program Revenues $ 81,958 $ 67,722 $ 80,008 $ 73,896
State Program Revenues 4,648,649 4,855,506 5,034,023 5,782,092
Local Revenues 1,205,931 1,538,434 1,922,443 1,711,305
Total Revenues 5,936,538 6,461,662 7,036,474 7,567,293
WESTLAKE ACADEMY
EXPENDITURE SUMMARY - ALL GOVERNMENTAL FUNDS
For the Year Ending August 31, 2015
Adopted Estimated Adopted
Audited Budget Budget Budget
EXPENDITURES (BY FUNCTION) FY 12/13 FY 13/14 FY 13/14 FY 14/15
11 ‐ Instructional $ 3,458,117 $ 3,633,683 $ 4,079,186 $ 4,621,940
12 ‐ Resources & Media 57,784 60,785 66,170 66,252
13 ‐ Staff Development 130,924 144,154 147,157 129,589
21 ‐ Instructional Leadership 93,965 185,339 207,093 237,967
23 ‐ School Leadership 341,524 456,515 553,655 660,620
31 ‐ Guidance & Counseling 244,899 238,786 280,680 246,539
33 ‐ Health Services 58,208 58,620 63,634 68,711
35 ‐ Food Services ‐ 15,116 ‐ 500
36 ‐ CoCurricular/ Extra. Activities 125,137 221,087 164,079 171,255
41 ‐ Administrative 363,547 362,289 389,170 343,835
51 ‐ Maintenance & Operations 614,041 674,112 725,907 956,091
53 ‐ Data Processing 160,695 247,719 177,766 105,015
61 ‐ Community Services 86,844 92,091 107,162 110,824
71 ‐ Debt Service ‐ ‐ 6,405 84,186
81 ‐ Facility Acquisition/Construction 27,930 ‐ ‐ ‐
Total Expenditures $ 5,763,616 $ 6,390,294 $ 6,968,062 $ 7,803,324
69
Westlake Academy
All Funds Revenues and Expenditures
Fiscal Year 14/15
Federal Program
Revenues
1%
State Program
Revenues
76%
Local Revenues
23%
REVENUES
61XX ‐Payroll &
Related Items
72%
62XX ‐Contracted
Services
14%
63XX ‐Supplies &
Materials
8%
64XX ‐Other
Operating
5%
65XX ‐Debt Service
1%
Expenditures by Object
Transport
Fund
3%
Athletic
Fund
4%
TOW
Donations
18%
WAF
Donations
70%
Campus
Activities
3%
70
WESTLAKE ACADEMY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERAL FUND
For the Year Ending August 31, 2015
Adopted Estimated Adopted Variance
Audited Audited Budget Budget Budget Estimated to
FY 11/12 FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
REVENUES
State Program Revenues $4,362,921 $4,648,649 $4,802,607 $5,034,023 $5,782,092 $ 748,069
Local Revenues 881,249 992,281 1,409,450 1,601,450 1,663,805 62,355
Total Revenues 5,244,170 5,640,930 6,212,057 6,635,473 7,445,897 810,424
EXPENDITURES (BY FUNCTION)
11 - Instructional 2,825,527 3,278,767 3,513,062 3,854,828 4,510,171 655,343
12 - Resources & Media 74,628 57,784 60,785 64,838 66,252 1,413
13 - Staff Development 9,732 89,084 75,170 69,500 104,089 34,589
21 - Instructional Leadership 134,839 93,965 185,339 202,477 213,111 10,635
23 - School Leadership 341,469 332,693 456,515 552,222 606,038 53,816
31 - Guidance & Counseling 229,067 241,791 238,786 280,680 246,539 (34,141)
33 - Health Services 60,917 58,208 58,620 63,634 68,711 5,078
35 - Food Services 11,517 - 15,116 - 500 500
36 - CoCurricular/ Extra. Activities 103,131 96,063 161,087 134,398 139,255 4,857
41 - Administrative 655,149 358,311 362,289 379,276 343,835 (35,441)
51 - Maintenance & Operations 584,891 614,041 674,112 725,907 956,091 230,185
53 - Data Processing 164,049 160,695 247,719 177,766 105,015 (72,751)
61 - Community Services 76,880 86,844 92,091 99,662 110,824 11,162
71 - Debt Service - - - 6,405 84,186 77,781
81 - Facility Acquisition/Construction 15,960 27,930 - - - -
Total Expenditures 5,287,757 5,496,177 6,140,689 6,611,593 7,554,617 943,024
Excess (Deficiency) of Revenues Over
(Under) Expenditures (43,587) 144,753 71,368 23,880 (108,720) (132,600)
OTHER FINANCING SOURCES
(USES)
79 - Other Resources 93,884 40,959 45,000 331,266 45,000 (286,266)
89 - Other Uses (150,470) (40,959) (45,000) (75,000) (45,000) 30,000
Total Other Financing Sources (Uses) (56,587) - - 256,266 - (256,266)
NET CHANGES IN FUND BALANCE (100,174) 144,753 71,368 280,146 (108,720) (388,866)
-
FUND BALANCE, BEGINNING 914,660 814,487 959,241 959,241 1,239,387 280,146
FUND BALANCE, ENDING 814,487 959,241 1,030,608 1,239,387 1,130,667 (108,720)
Assigned - Tech/FF&E Replacement - - - - 125,000 125,000
Assigned - Uniforms/Equip Rep. - - - - 5,000 5,000
FUND BALANCE, UNASSIGNED $ 814,487 $ 959,241 $1,030,608 $1,239,387 $1,000,667 $ 21,280
71
WESTLAKE ACADEMY
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERAL FUND
For the Year Ending August 31, 2015
Adopted FY 14/15
197 198 199 Total
Transportation/ Athletic General General
Parking Fund Activities Fund Fund
FY 14/15 FY 14/15 FY 14/15 FY 14/15
REVENUES
State Program Revenues $ - $ - $ 5,782,092 $ 5,782,092
Local Revenues 46,000 64,000 1,553,805 1,663,805
Total Revenues 46,000 64,000 7,335,897 7,445,897
EXPENDITURES (BY FUNCTION)
11 - Instructional 16,561 - 4,493,610 4,510,171
12 - Resources & Media - - 66,252 66,252
13 - Staff Development - - 104,089 104,089
21 - Instructional Leadership - - 213,111 213,111
23 - School Leadership - - 606,038 606,038
31 - Guidance & Counseling - - 246,539 246,539
33 - Health Services - - 68,711 68,711
35 - Food Services - - 500 500
36 - CoCurricular/Extracurricular Activities 20,298 110,613 8,344 139,255
41 - Administrative - - 343,835 343,835
51 - Maintenance & Operations - - 956,091 956,091
53 - Data Processing - - 105,015 105,015
61 - Community Services - - 110,824 110,824
71 - Debt Service - - 84,186 84,186
81 - Facility Acquisition/Construction - - - -
Total Expenditures 36,859 110,613 7,407,145 7,554,617
Excess (Deficiency) of Revenues Over (Under)
Expenditures 9,141 (46,613) (71,248) (108,720)
OTHER FINANCING SOURCES (USES)
79 - Other Resources - 45,000 - 45,000
89 - Other Uses - - (45,000) (45,000)
Total Other Financing Sources (Uses) - 45,000 (45,000) -
NET CHANGES IN FUND BALANCE 9,141 (1,613) (116,248) (108,720)
FUND BALANCE, BEGINNING 56,796 56,135 1,126,455 1,239,387
FUND BALANCE, ENDING 65,938 54,522 1,010,206 1,130,666
Assigned - Technology/FF&E Replacement - - 125,000 125,000
Assigned - Uniform/Equipment Replacement - 5,000 - 5,000
Assigned - Facility Maintenance/FFE - - - -
ENDING FUND BALANCE (UNASSIGNED) $ 65,938 $ 49,522 $ 885,206 $ 1,000,666
72
WESTLAKE ACADEMY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
TRANSPORTATION/PARKING FUND - 197
For the Year Ending August 31, 2015
Adopted Estimated Adopted Variance
Audited Audited Budget Budget Budget Estimated to
FY 11/12 FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
REVENUES
State Program Revenues $ - $ - $ - $ - $ - $ -
Local Revenues 49,855 36,010 50,000 50,000 46,000 (4,000)
Total Revenues 49,855 36,010 50,000 50,000 46,000 (4,000)
EXPENDITURES (BY FUNCTION)
11 - Instructional 862 14,798 21,530 21,530 16,561 (4,969)
12 - Resources & Media - - - - - -
13 - Staff Development - - - - - -
21 - Instructional Leadership - - - - - -
23 - School Leadership - - - - - -
31 - Guidance & Counseling - - - - - -
33 - Health Services - - - - - -
35 - Food Services - - - - - -
36 - CoCurricular/Extracurricular Activities 16,979 7,597 20,310 15,640 20,298 4,659
41 - Administrative - - - - - -
51 - Maintenance & Operations - - - - - -
53 - Data Processing - - - - - -
61 - Community Services - - - - - -
71 - Debt Service - - - - - -
81 - Facility Acquisition/Construction - - - - - -
Total Expenditures 17,841 22,395 41,840 37,170 36,859 (311)
Excess (Deficiency) of Revenues Over
(Under) Expenditures 32,014 13,616 8,160 12,830 9,141 (3,689)
OTHER FINANCING SOURCES (USES)
79 - Other Resources - - - - - -
89 - Other Uses - - - - - -
Total Other Financing Sources (Uses) - - - - - -
NET CHANGES IN FUND BALANCE 32,014 13,616 8,160 12,830 9,141 (3,689)
FUND BALANCE, BEGINNING (1,664) 30,350 43,966 43,966 56,796 12,830
FUND BALANCE, ENDING 30,350 43,966 52,126 56,796 65,938 9,141
Assigned - Parking - - - - - -
Assigned - Transportation - - - - - -
ENDING FUND BALANCE (UNASSIGNED) $ 30,350 $ 43,966 $ 52,126 $ 56,796 $ 65,938 $ 9,141
73
WESTLAKE ACADEMY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ATHLETIC ACTIVITIES FUND – 198
For the Year Ending August 31, 2015
Adopted Estimated Adopted Variance
Audited Audited Budget Budget Budget Estimated to
FY 11/12 FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
REVENUES
State Program Revenues $ - $ - $ - $ - $ - $ -
Local Revenues 49,821 56,298 67,350 67,350 64,000 (3,350)
Total Revenues 49,821 56,298 67,350 67,350 64,000 (3,350)
EXPENDITURES (BY FUNCTION)
11 - Instructional - 1,464 - - - -
12 - Resources & Media - - - - - -
13 - Staff Development - - - - - -
21 - Instructional Leadership - - - - - -
23 - School Leadership - - - - - -
31 - Guidance & Counseling - - - - - -
33 - Health Services - - - - - -
35 - Food Services - - - - - -
36 - CoCurricular/Extracurricular Activities 58,553 85,309 138,026 110,613 110,613 -
41 - Administrative - - - - - -
51 - Maintenance & Operations - - - - - -
53 - Data Processing - - - - - -
61 - Community Services - - - - - -
71 - Debt Service - - - - - -
81 - Facility Acquisition/Construction - - - - - -
Total Expenditures 58,553 86,773 138,026 110,613 110,613 -
Excess (Deficiency) of Revenues Over
(Under) Expenditures (8,732) (30,474) (70,676) (43,263) (46,613) (3,350)
OTHER FINANCING SOURCES (USES)
79 - Other Resources 26,124 - 45,000 75,000 45,000 (30,000)
89 - Other Uses - - - - - -
Total Other Financing Sources (Uses) 26,124 - 45,000 75,000 45,000 (30,000)
NET CHANGES IN FUND BALANCE 17,392 (30,474) (25,676) 31,737 (1,613) (33,350)
FUND BALANCE, BEGINNING 37,481 54,873 24,398 24,398 56,135 31,737
FUND BALANCE, ENDING 54,873 24,398 (1,278) 56,135 54,522 (1,613)
Assigned - Technology/FF&E Replacement - - - - - -
Assigned - Uniform/Equipment Replacement - - - 4,720 5,000 280
Assigned - Facility Maintenance/FFE - - - - - -
ENDING FUND BALANCE (UNASSIGNED) $ 54,873 $ 24,398 $ (1,278) $ 51,415 $ 49,522 $ (1,893)
74
WESTLAKE ACADEMY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERAL FUND - 199
For the Year Ending August 31, 2015
Adopted Estimated Adopted Variance
Audited Budget Budget Budget Estimated to
FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
REVENUES
State Program Revenues $ 4,648,649 $ 4,802,607 $ 5,034,023 $ 5,782,092 $ 748,069
Local Revenues 899,972 1,292,100 1,484,100 1,553,805 69,705
Total Revenues 5,548,621 6,094,707 6,518,123 7,335,897 817,774
EXPENDITURES (BY FUNCTION)
11 - Instructional 3,262,506 3,491,532 3,833,298 4,493,610 660,312
12 - Resources & Media 57,784 60,785 64,838 66,252 1,413
13 - Staff Development 89,084 75,170 69,500 104,089 34,589
21 - Instructional Leadership 93,965 185,339 202,477 213,111 10,635
23 - School Leadership 332,693 456,515 552,222 606,038 53,816
31 - Guidance & Counseling 241,791 238,786 280,680 246,539 (34,141)
33 - Health Services 58,208 58,620 63,634 68,711 5,078
35 - Food Services - 15,116 - 500 500
36 - CoCurricular/Extracurricular Activities 3,157 2,751 8,146 8,344 198
41 - Administrative 358,311 362,289 379,276 343,835 (35,441)
51 - Maintenance & Operations 614,041 674,110 725,907 956,091 230,185
53 - Data Processing 160,695 247,721 177,766 105,015 (72,751)
61 - Community Services 86,844 92,089 99,662 110,824 11,162
71 - Debt Service - - 6,405 84,186 77,781
81 - Facility Acquisition/Construction 27,930 - - - -
Total Expenditures 5,387,009 5,960,823 6,463,810 7,407,145 943,335
Excess (Deficiency) of Revenues Over
(Under) Expenditures 161,612 133,884 54,313 (71,248) (125,561)
OTHER FINANCING SOURCES (USES)
79 - Transfers In - - 256,266 - -
89 - Transfer Out (Use) - (45,000) (75,000) (45,000) 30,000
79 - Extraordinary Item 40,959 - - - -
89 - Extraordinary Item (40,959) - - - -
Total Other Financing Sources (Uses) - (45,000) 181,266 (45,000) -
NET CHANGES IN FUND BALANCE 161,612 88,884 235,579 (116,248) (95,561)
-
FUND BALANCE, BEGINNING 729,264 890,876 890,876 1,126,455 (20,687)
FUND BALANCE, ENDING 890,876 979,760 1,126,455 1,010,206 (116,248)
Assigned - Technology/FF&E Replacement - 125,000 125,000
Assigned - Uniform/Equipment Replacement - - - -
Assigned - Facility Maintenance/FFE - - -
ENDING FUND BALANCE (UNASSIGNED) $ 890,876 $ 979,760 $ 1,126,455 $ 885,206 $ 8,752
75
WESTLAKE ACADEMY
SCHEDULE OF EXPENDITURES BY FUNCTION & OBJECT CODE
GENERAL FUND
For the Year Ending August 31, 2015
Adopted Estimated Adopted Variance
Audited Audited Budget Budget Budget Estimated to
FY 11/12 FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
EXPENDITURES
11 Instructional
6100 Payroll $ 2,260,355 $ 3,040,837 $ 3,272,941 $ 3,434,729 $ 3,895,179 $ 460,450
6200 Contracted Services 53,085 80,430 88,150 104,150 94,320 (9,830)
6300 Supplies & Materials 135,772 120,569 116,071 274,549 484,772 210,223
6400 Other Operating 44,042 36,932 35,900 41,400 35,900 (5,500)
Total Instructional 2,493,253 3,278,767 3,513,062 3,854,828 4,510,171 655,343
12 Resource & Media
6100 Payroll 63,904 52,051 51,035 54,488 53,502 (987)
6200 Contracted Services 1,640 1,575 1,450 1,450 1,450 -
6300 Supplies & Materials 7,840 3,234 6,000 6,600 9,500 2,900
6400 Other Operating 15 924 2,300 2,300 1,800 (500)
Total Resource & Media 73,398 57,784 60,785 64,838 66,252 1,413
13 Staff Development
6100 Payroll - - - - - -
6200 Contracted Services 3,200 16,563 - 5,000 12,000 7,000
6300 Supplies & Materials 708 - - - - -
6400 Other Operating 45,444 72,521 75,170 64,500 92,089 27,589
Total Staff Development 49,351 89,084 75,170 69,500 104,089 34,589
21 Instructional Leadership
6100 Payroll 120,319 91,108 179,939 191,167 207,511 16,345
6200 Contracted Services - - - - - -
6300 Supplies & Materials - 350 - 200 200 -
6400 Other Operating 1,476 2,507 5,400 11,110 5,400 (5,710)
Total Instructional Leadership 121,795 93,965 185,339 202,477 213,111 10,635
23 School Leadership
6100 Payroll 267,996 322,213 451,515 538,022 599,038 61,016
6200 Contracted Services 23,560 - - 450 - (450)
6300 Supplies & Materials 437 700 1,000 3,500 3,000 (500)
6400 Other Operating 2,333 9,779 4,000 10,250 4,000 (6,250)
Total School Leadership 294,326 332,693 456,515 552,222 606,038 53,816
31 Guidance & Counseling
6100 Payroll 128,157 177,604 180,526 180,945 160,817 (20,128)
6200 Contracted Services 32,461 56,654 53,400 88,977 73,520 (15,457)
6300 Supplies & Materials 4,276 3,702 4,360 4,608 4,748 140
6400 Other Operating 351 3,831 500 6,150 7,454 1,304
Total Guidance & Counseling 165,245 241,791 238,786 280,680 246,539 (34,141)
33 Health Services
6100 Payroll 51,340 57,395 57,120 62,389 64,211 1,823
6200 Contracted Services - 145 - 145 1,000 855
6300 Supplies & Materials 1,595 667 1,500 1,100 3,500 2,400
6400 Other Operating 578 - - - - -
Total Health Services 53,513 58,208 58,620 63,634 68,711 5,078
35 Food Services
6100 Payroll 6,650 - 14,616 - - -
6300 Supplies & Materials 624 - 500 - 500 500
6400 Other Operating - - - - - -
Total Food Services 7,275 - 15,116 - 500 500
76
WESTLAKE ACADEMY
SCHEDULE OF EXPENDITURES BY FUNCTION & OBJECT CODE
GENERAL FUND
For the Year Ending August 31, 2015
Adopted Estimated Adopted Variance
Audited Audited Budget Budget Budget Estimated to
FY 11/12 FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
36 CoCurricular Activities
6100 Payroll 56,789 32,690 47,910 57,813 58,108 295
6200 Contracted Services 22,156 22,352 50,750 29,280 33,780 4,500
6300 Supplies & Materials 16,838 28,319 32,800 23,220 22,720 (500)
6400 Other Operating 7,348 12,702 29,627 24,085 24,647 562
Total CoCurricular Activities 103,131 96,063 161,087 134,398 139,255 4,857
41 Administrative
6100 Payroll 125,468 128,828 132,019 135,986 97,202 (38,784)
6200 Contracted Services 447,817 158,769 149,779 163,257 162,494 (763)
6300 Supplies & Materials 7,869 9,963 11,750 13,525 11,750 (1,775)
6400 Other Operating 73,995 60,750 68,741 66,508 72,389 5,881
Total Administrative 655,149 358,311 362,289 379,276 343,835 (35,441)
51 Maintenance & Operations
6100 Payroll 55,757 83,332 66,427 88,170 113,898 25,728
6200 Contracted Services 417,338 443,099 470,200 499,200 642,305 143,105
6300 Supplies & Materials 57,131 35,489 73,233 74,287 89,700 15,413
6400 Other Operating 54,665 52,121 64,250 64,250 110,189 45,939
Total Maintenance & Operations 584,891 614,041 674,110 725,907 956,091 230,185
53 Data Processing
6100 Payroll 144,800 143,159 149,621 152,796 72,715 (80,081)
6200 Contracted Services 4,243 3,768 8,500 13,500 11,500 (2,000)
6300 Supplies & Materials 14,746 12,455 85,500 10,500 15,000 4,500
6400 Other Operating 260 1,313 4,100 970 5,800 4,830
Total Data Processing 164,049 160,695 247,721 177,766 105,015 (72,751)
61 Community Services
6100 Payroll 76,880 86,844 92,089 94,912 109,024 14,112
6400 Other Operating - - 4,750 1,800 (2,950)
Total Community Service 76,880 86,844 92,089 99,662 110,824 14,112
71 Debt Service
6500 Debt Service - - - 6,405 84,186 77,781
Total Debt Service - - - 6,405 84,186 77,781
81 Facility Acquisition/Construction
6200 Contracted Services 15,960 27,930 - - - -
Total Facility Acquisition/Construction 15,960 27,930 - - - -
Total Expenditure $ 5,287,757 $ 5,496,177 $ 6,140,689 $ 6,611,593 $ 7,554,617 $ 943,024
EXPENDITURES BY OBJECT CODE
61XX - Payroll & Related Items $ 3,880,327 $ 4,216,062 $ 4,695,758 $ 4,991,417 $ 5,431,204 $ 439,787
62XX - Contracted Services 1,028,151 811,285 822,229 905,409 1,032,369 126,960
63XX - Supplies & Materials 194,327 215,449 332,714 412,089 645,390 233,301
64XX - Other Operating 184,952 253,380 289,988 296,273 361,467 65,194
65XX - Debt Service - - - 6,405 84,186 77,781
Total Expenditures $ 5,287,757 $ 5,496,177 $ 6,140,689 $ 6,611,593 $ 7,554,617 $ 943,024
77
Westlake Academy
General Fund Revenues and Expenditures
Fiscal Year 2014/15
State Program
Revenues
78%Local Revenues
22%
REVENUES
61XX ‐Payroll &
Related Items
62XX ‐Contracted
Services
63XX ‐Supplies &
Materials
64XX ‐Other
Operating65XX ‐Debt
Service
EXPENDITURES BY OBJECT CODE
Transportion
Fund
3%
Athletic Fund
4%
Municipal
Donations
19%
WAF
Donations
72%
78
Westlake Academy
General Fund Expenditures by Function
Fiscal Year 2014/15
11 ‐Instructional
60%
12 ‐Resources &
Media
1%
21 ‐Instructional
Leadership
3%
23 ‐School
Leadership
8%
31 ‐Guidance &
Counseling
3%
41 ‐
Administrative
5%
51 ‐Maintenance
& Operations
13%
53 ‐Data
Processing
1%
11 ‐ Instructional 12 ‐ Resources & Media
13 ‐ Staff Development 21 ‐ Instructional Leadership
23 ‐ School Leadership 31 ‐ Guidance & Counseling
33 ‐ Health Services 35 ‐ Food Services
36 ‐ CoCurricular/ Extra. Activities 41 ‐ Administrative
51 ‐ Maintenance & Operations 53 ‐ Data Processing
61 ‐ Community Services 71 ‐ Debt Service
81 ‐ Facility Acquisition/Construction
79
Westlake Academy
General Fund ‐ Revenue and Expenditure Comparison
Fiscal Year 03/04 through 14/15
Fiscal Year Revenues inc % Expenditures inc % Net Change
FY 03/04 audited $1,094,608 $1,068,857 $25,751
FY 04/05 audited $1,831,898 67% $1,612,198 51% $219,700
FY 05/06 audited $2,407,526 31% $2,211,897 37% $195,629
FY 06/07 audited $2,879,531 20% $2,615,511 18% $264,020
FY 07/08 audited $3,168,968 10% $3,226,254 23% ‐$57,286
FY 08/09 audited $3,661,645 16% $3,709,086 15% ‐$47,441
FY 09/10 audited $4,280,723 17% $3,917,886 6% $362,837
FY 10/11 audited $4,608,573 8% $4,518,107 15% $90,466
FY 11/12 audited $5,244,170 14% $5,287,757 17% ‐$43,587
FY 12/13 audited $5,640,930 ‐9% $5,496,177 ‐10% $144,753
FY 13/14 adopted $6,212,057 18% $6,140,689 16% $71,368
FY 13/14 estimated $6,635,473 7% $6,611,593 8% $23,880
FY 14/15 adopted $7,445,897 12% $7,554,617 14% ‐$108,720
$2
.
8
8
$3
.
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7
$3
.
6
6
$4
.
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8
$4
.
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1
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.
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4
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.
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4
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.
6
4
$7
.
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5
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.
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9
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$4
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.
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$6
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$8
FY 06/07FY 07/08FY 08/09FY 09/10FY 10/11FY 11/12FY 12/13FY 13/14
Adopted
FY 13/14
Estimated
FY 14/15
Adopted
Mi
l
l
i
o
n
s
Revenue & Expenditure Comparison
Revenues Expenditures
80
WESTLAKE ACADEMY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL SPECIAL REVENUE FUNDS
For the Year Ending August 31, 2015
Adopted Estimated Adopted Variance
Audited Budget Budget Budget Estimated to
FY 12/13 FY 13/14 FY 13/14 FY 14/15 Adopted
REVENUES
Federal Program Revenues $ 81,958 $ 69,239 $ 80,008 $ 73,896 $ (6,112)
State Program Revenues 47,891 - 76,605 - (76,605)
Local Program Revenues 165,759 101,640 244,389 47,500 (196,889)
Total Revenues 295,608 170,879 401,001 121,396 (279,605)
EXPENDITURES (BY FUNCTION)
11 - Instructional 179,349 115,239 224,358 111,769 (112,588)
12 - Resources & Media - - 1,332 - (1,332)
13 - Staff Development 41,840 46,352 77,657 25,500 (52,157)
21 - Instructional Leadership - - 4,616 24,856 20,239
23 - School Leadership 8,831 - 1,433 54,582 53,149
31 - Guidance & Counseling 3,109 - - - -
33 - Health Services 29,074 - - - -
35 - Food Services - - - - -
36 - Extracurricular Activities 29,074 30,000 29,680 32,000 2,320
41 - Administrative 5,237 - 9,893 - (9,893)
51 - Maintenance & Operations - - - - -
53 - Data Processing - - - - -
61 - Community Services - - 7,500 - (7,500)
71 - Debt Service - - - - -
81 - Facility Acquisition/Construction - - - - -
Total Expenditures 296,513 191,591 356,469 248,707 (107,762)
Excess (Deficiency) of Revenues Over
(Under) Expenditures (904) (20,712) 44,532 (127,311) (171,843)
NET CHANGES IN FUND BALANCE (904) (20,712) 44,532 (127,311) (171,843)
FUND BALANCE, BEGINNING 4,603 3,699 3,699 48,231 44,532
FUND BALANCE, ENDING 3,699 (17,013) 48,231 (79,080) (127,311)
FUND BALANCE, ENDNG (Unassigned) $ 3,699 $ (17,013) $ 48,231 $ (79,080) $ (127,311)
EXPENDITURES BY OBJECT CODE
61XX - Payroll & Related Items $ 123,681 $ 105,239 $ 205,178 $ 186,820 $ (18,358)
62XX - Contracted Services 53,886 30,000 30,370 31,887 1,517
63XX - Supplies & Materials 52,619 45,640 91,278 27,500 (63,778)
64XX - Other Operating 37,253 10,712 29,644 2,500 (27,144)
65XX - Debt Service - - - - -
Total Expenditures $ 267,439 $ 191,591 $ 356,469 $ 248,707 $ (107,762)
81
WESTLAKE ACADEMY
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL SPECIAL REVENUE FUNDS
For the Year Ending August 31, 2015
Hudson WAF WAF Total
IDEA-B Campus Hudson Staff/ Teacher Financial Special
Formula Activity Foundation Development Recruit/Retain Assistance Revenue
224 461 481 485 487 497 Funds
REVENUES
Federal Program Revenues $ 73,896 $ - $ - $ - $ - $ - $ 73,896
State Program Revenues - - - - - - -
Local Program Revenues - 45,000 - - - 2,500 47,500
Total Revenues 73,896 45,000 - - - 2,500 121,396
EXPENDITURES (BY FUNCTION)
11 - Instructional 92,331 - 7,551 1,887 7,500 2,500 111,769
13 - Staff Development - - - 25,500 - - 25,500
21 - Instructional Leadership 24,856 24,856
23 - School Leadership - - - 54,582 - - 54,582
36 - Co-Curricular Activities - 32,000 - - - - 32,000
Total Expenditures 92,331 32,000 7,551 106,825 7,500 2,500 248,707
Excess (Deficiency) of Revenues
Over
(Under) Expenditures (18,435) 13,000 (7,551) (106,825) (7,500) - (127,311)
NET CHANGES IN FUND BALANCE (18,435) 13,000 (7,551) (106,825) (7,500) - (127,311)
FUND BALANCE, BEGINNING - 4,603 7,551 106,825 7,500 - 126,479
FUND BALANCE, ENDNG $ (18,435) $ 17,603 $ - $ - $ - $ - $ (832)
82
"Reaching New Heights Together...
One School, One Community”
Fiscal Stewardship
The Superintendent and Board of Trustees is devoted to developing safeguards to keep the school system from
having financial problems and is committed to improving the financial condition of the Westlake Academy. To
achieve these results, a General Fund – Fund Balance of at least 45 days of daily operating costs or 12% of
annual expenditures is needed.
There are four primary reasons to maintain an adequate fund balance:
Cash Flow – It is essential for the Board of Trustees to have enough cash on hand for payroll and other
obligations to be made timely because most state and federal grants require the Academy to make
payment first before the grant will make reimbursement.
Unforeseen Events – Reserves often act as a contingency to meet unbudgeted and unexpected needs,
thus allowing time to make permanent changes to the budget and preventing fiscal problems from
needlessly worsening.
Financial Security – A fund reserve demonstrates a sign of financial strength and security to banking
and financial institutions allowing the Town to borrow funds and sell bonds when additional facilities
need to be built or renovated at more favorable rates, thus saving the taxpayers money.
Interest Earning – Having a fund balance allows the Academy to earn additional revenues without
having to tax citizens.
Figure 22 –Fund Balance Analysis ‐ General Fund
Fiscal Year Revenues Expenditures
Unassigned
Fund Balance % Daily Cost Min. $$Min %
FY 03/04 audited $1,094,608 $1,068,857 $12,391 1% $2,928 $131,777 12%
FY 04/05 audited $1,831,898 $1,612,198 $232,091 14%$4,417 $198,764 12%
FY 05/06 audited $2,407,526 $2,211,897 $427,720 19%$6,060 $272,700 12%
FY 06/07 audited $2,879,531 $2,615,511 $691,740 26%$7,166 $322,460 12%
FY 07/08 audited $3,168,968 $3,226,254 $634,454 20%$8,839 $397,757 12%
FY 08/09 audited $3,661,645 $3,709,086 $502,322 14%$10,162 $457,285 12%
FY 09/10 audited $4,280,723 $3,917,886 $753,772 19%$10,734 $483,027 12%
FY 10/11 audited $4,608,573 $4,518,107 $798,851 18%$12,378 $557,027 12%
FY 11/12 audited $5,244,170 $5,287,757 $814,487 15%$14,487 $651,915 12%
FY 12/13 audited $5,640,930 $5,496,177 $959,240 17%$15,058 $677,611 12%
FY 13/14 adopted $6,212,057 $6,140,689 $1,030,608 17%$16,824 $757,071 12%
FY 13/14 estimated $6,635,473 $6,611,593 $1,239,386 19%$18,114 $815,128 12%
FY 14/15 adopted $7,445,897 $7,554,617 $1,005,666 13%$20,698 $931,391 12%
The table above lists the revenues and expenditures for each year since the Academy began operating. The
Fund Balance column lists the accumulated ending fund balance (the chart does not show transfers in/out
which influence the fund balance each year); the percentage that follows this column represents the ratio of
fund balance to annual expenditures i.e. in FY 04/05, 14% correlates to the $232,091 fund balance that was
equal to approximately 12% of annual expenditures of $1,612,198 for the same fiscal year. Daily cost is
calculated by dividing the annual expenditure amount by 365 days. The minimum dollar and minimum
83
percentage amounts are calculated based on the Board’s financial policy of maintaining a minimum of 45 days
of operating costs in fund balance i.e. daily cost multiplied by 45.
Future Board Direction and Financial Forecast
The Board, at its May 2014 Board meeting, directed staff to include the following in FY 2014/15:
Adopt a policy reflecting a hold on increasing expenditures unless offset by new revenue sources.
The following financial forecast was created to reflect this directive and supply the Board with a conservative
estimate of how these decisions will affect future revenues. The key assumptions used to calculate future
revenues are listed below.
This five year forecast indicates that once conservative estimates for expenditures and revenues have been
calculated; the Academy budget will utilize fund‐balance to balance the budget in FY 2014/15 and 2015/16.
FORECAST ASSUMPTIONS
Basic Assumptions:
18 students per class in Kindergarten through G5
23‐24 students per section in G6‐G12
Average Daily Attendance rate of 97%
Revenues:
100% use of WAF Annual Program revenues (adopted $1.1 million)
no increase in FSP funding in FY 2014/15 and held flat
Expenditure:
Personnel costs & Professional Services will only increase if revenues increase
Supplies increase will only increase if revenues increase
Other operating will only increase if revenues increase
As an open enrollment charter school, all funding from the state is determined each legislative session. The
funding source is the Foundation School Program (FSP). Charter schools are paid on the weighted average
daily attendance (WADA). The WADA of the school is determined not only by the number of students
attending, but their participation in special programs, such as special education.
Charter schools do not have taxing authority, as such; they receive all funding through a combination of state,
federal, and local sources. The state funding is based upon the average statewide funding per weighted
student, and the state average enrichment tax rate.
Figure 23, shows the Academy’s five‐year financial forecast. The majority of funding is derived from the FSP.
Secondary sources include the Westlake Academy Foundation (WAF). The foundation was developed in an
effort to minimize the impact in funding shortfalls from the state and operating expenditures. The growth in
local revenues has been significant is primarily raised through parent support of the Academy. Future
revenues are based upon the current funding formula, while expenditures are tied to existing revenue sources.
Due to the uncertainty of state funding, the Academy adopted a new policy in 2014‐15 which only allows
increases in expenditures if there is an offsetting increase in revenue sources (state, local, etc.).
84
Figure 23 – Five (5) Year Forecast
AuditedAuditedAdoptedEstimated
Updated
07/30/14
Year ‐to‐
Date Adopt ed Projected Projected Projected Projected
FY 11/12 FY 12/13FY 13/14FY 13/14FY 13/14FY 14/15FY 15/16FY 16/17FY 17/18FY 18/19
1 GENERAL FUND BEG. BALANCE $ 914,660 $ 814,487 959,240$ 959,240$ 959,240$ $1,239,386 $1,000,666 $ 909,295 $ 932,943 $ 962,616
2 REVENUES
3 Local Revenues
4 WAF Salary Reimbursement 40,251 44,200 47,600 47,600 45,661 48,790 49,766 60,849 62,066 63,307
5 Other Local Revenue 60,301 28,546 20,000 20,000 7,369 32,500 33,475 65,280 67,238 69,256
6 WAF Donation 674,604 740,416 1,079,000 1,079,000 853,180 1,100,000 1,100,000 1,170,928 1,170,928 1,170,928
8 WAF Fund‐an‐Item ‐ 82,066 50,000 50,000 ‐ 50,000 50,000 50,000 50,000 50,000
9 Interest Earned 2,417 1,594 2,500 2,500 1,222 1,515 2,479 1,438 1,819 1,866
10 Food Services 4,000 3,150 3,000 3,000 3,000 6,000 6,000 6,000 6,180 6,365
11 Town Contribution ‐ ‐ 90,000 282,000 37,500 15,000 15,000 15,000 15,000 15,000
12 Town Contribution ‐ Westlake Reserve ‐ ‐ ‐ ‐ 30,000 300,000 300,000 300,000 300,000 300,000
13 Athletic Activities 49,821 56,298 67,350 67,350 51,996 64,000 65,280 66,586 67,917 69,276
14 Transportation/Parking 49,855 36,010 50,000 50,000 20,915 46,000 46,920 47,858 48,816 49,792
15 Total Local Revenues 881,249 992,281 1,409,450 1,601,450 1,050,844 1,663,805 1,668,920 1,783,939 1,789,964 1,795,790
16 State Revenue
17 TEA ‐ FSP Funds 4,129,084 4,416,962 4,542,811 4,774,227 3,806,794 5,453,806 5,520,154 5,520,154 5,520,154 5,520,154
18 TRS On‐behalf/Medicare Part B233,836 231,687 259,796 259,796 ‐ 328,286 329,172 329,172 329,172 329,172
19 Total State Revenues 4,362,921 4,648,649 4,802,607 5,034,023 3,806,794 5,782,092 5,849,326 5,849,326 5,849,326 5,849,326
20 TOTAL REVENUES 5,244,170 5,640,930 6,212,057 6,635,473 4,857,638 7,445,897 7,518,245 7,633,265 7,639,290 7,645,116
21 EXPENDITURES by FUNCTION
Five Year Financial Forecast ‐ FY 2014‐15 thru FY 2019‐20
Westlake Academy ‐ General Fund
22 Function 11 ‐ Instructional 2,825,527 3,278,767 3,513,062 3,854,828 3,224,841 4,510,171
23 Function 12 ‐ Resources & Media 74,628 57,784 60,785 64,838 52,187 66,252
24 Function 13 ‐ Curriculum & Staff Development 9,732 89,084 75,170 69,500 62,118 104,089
25 Function 21 ‐ Instructional Leadership 134,839 93,965 185,339 202,477 158,002 213,111
26 Function 23 ‐ School Leadership 341,469 332,693 456,515 552,222 472,052 606,038
27 Function 31 ‐ Guidance & Counseling 229,067 241,791 238,786 280,680 247,122 246,539
28 Function 33 ‐ Health Services 60,917 58,208 58,620 63,634 53,619 68,711
29 Function 35 ‐ Food Services 11,517 ‐ 15,116 ‐ ‐ 500
30 Function 36 ‐ Co/Extracurricular Activities 103,131 96,063 161,087 134,398 110,729 139,255
31 Function 41 ‐ Administrative 655,149 358,311 362,289 379,276 344,505 343,835
32 Function 51 ‐ Maintenance & Operations 584,891 614,041 674,110 725,907 582,548 956,091
33 Function 53 ‐ Data Processing 164,049 160,695 247,721 177,766 152,475 105,015
34 Function 61 ‐ Community Services 76,880 86,844 92,089 99,662 89,575 110,824
35 Function 71 ‐ Debt Service ‐ ‐ ‐ 6,405 6,405 84,186
36 Function 81 ‐ Facility Acquisition/Construction 15,960 27,930 ‐ ‐ ‐ ‐
37 TOTAL EXPENDITURES5,287,757 5,496,177 6,140,689 6,611,593 5,556,179 7,554,617 ‐ ‐ ‐ ‐
38 EXPENDITURES by OBJECT
39 Object Code 61XX ‐ Salaries 3,880,327 4,216,062 4,695,758 4,991,417 4,225,364 5,431,204 5,486,204 1 5,486,204 5,486,204 5,486,204
40 Object Code 62XX ‐ Prof. Contracted Services1,028,151 811,285 822,229 905,409 774,909 1,032,369 1,032,369 1,032,369 1,032,369 1,032,369
41 Object Code 63XX ‐ Supplies & Materials 194,327 215,449 332,714 412,089 289,154 645,390 645,390 645,390 645,390 645,390
42 Object Code 64XX ‐ Other Operating Costs184,952 253,380 289,988 296,273 260,346 361,467 361,467 361,467 361,467 361,467
43 Object Code 65XX ‐ Debt Service ‐ ‐ ‐ 6,405 6,405 84,186 84,186 84,186 84,186 84,186
44 Object Code 66XX ‐ Capital Assets ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
45 TOTAL EXPENDITURES5,287,757 5,496,177 6,140,689 6,611,593 5,556,179 7,554,617 7,609,617 7,609,617 7,609,617 7,609,617
46 OTHER RESOURCES (USES)
47 Other Resources ‐ Local 26,124 40,959 45,000 331,266 ‐ 45,000 45,000 45,000 45,000 45,000
49 Other Uses ‐ Local(26,124) (40,959) (45,000) (75,000) ‐ (45,000) (45,000) (45,000) (45,000) (45,000)
52 Net ‐Other Resources (Uses)(56,587) ‐ ‐ 256,266 ‐ ‐ ‐ ‐ ‐ ‐
53 Excess Revenues Over (Under) Expenditures (100,174) 144,753 71,368 280,146 (698,541) (108,720) (91,371) 23,648 29,673 35,499
54 GENERAL FUND ENDING BALANCE 814,487 959,240 1,030,608 1,239,386 260,699 1,130,666 909,295 932,943 962,616 998,114
55 Assigned ‐ Technology/FFE ‐ ‐ ‐ ‐ ‐ 125,000 ‐ ‐ ‐ ‐
56 Assigned ‐ Uniform/Equipment Replacement ‐ ‐ ‐ ‐ ‐ 5,000 ‐ ‐ ‐ ‐
59 ENDING FUND BALANCE (Unassigned)814,487 959,240 1,030,608 1,239,386 260,699 1,000,666 909,295 932,943 962,616 998,114
60 # of Operating Days (365)56 61 68 17 48 44 2 45 46 48
61 Students Enrolled
62 Primary 300 320 346 346 324 324 324 324 324
63 Secondary 330 330 353 353 498 508 508 508 508
64 Total Students Enrolled630 650 698 699 822 832 832 832 832
65 TEA Funding/Student 6,817$ 6,840$ 6,840$ 6,840$ 6,840$ 6,840$ 6,840$ 6,840$
1 The forecast reflects no increases in expenditures, unless offset by new revenues from federal, state, or local sources.
1 The fund balance drops below the Board Adopted Policy of 45 days.
85
Economic Outlook
Currently, there is an enormous amount of economic uncertainty both at the federal and state levels which has
caused many to question what the future will hold in terms of federal and state funding for public schools like
Westlake Academy. While each economic recession is unique, the effects they have on the market prices of
goods and services are substantially similar; the staff has utilized regression analysis to estimate revenues and
expenditures which helps mitigate uncertainty by taking into account past trends.
Revenues
Unlike most other public school districts, Westlake Academy itself does not have taxing authority. As State
funding makes up approximately 78% of General Fund revenues, the Academy is greatly affected by the State’s
decisions regarding public charter school funding. The five year forecast has been prepared based on the
expectation that the 2013 legislative funding increases, of approximately four percent (4%), are permanent; it
will take at least two years for the State to authorize any additional increases due to the biennium budget
cycle. It is also important to note that many of the Academy’s major revenues are a function of the total
number of students enrolled at the Academy. Thus, as enrollment has increased, revenues have also
increased; this trend is expected to continue as enrollment increases through FY 2015/16 when the Academy
reaches full enrollment capacity in the new facilities.
Expenditures
Similar to the Academy’s revenues, its expenditures have also increased relative to increases in student
enrollment. To some extent, student population is indicative of the demand for teachers and support
personnel; the largest expenditure category is salaries and benefits for the Academy’s faculty and staff. The
current forecast assumes no further expansions of curriculum or other programme areas that would
necessitate additional staff; no increases in personnel are included in the forecast. Other costs including
utilities, supplies, professional services and payroll and related expenses are held flat unless additional revenue
sources are realized. This inflationary estimate is based on the Fed’s current policy of maintaining low interest
rates in order to prevent high rates of inflation.
Fund Balance
The purpose of a financial forecast is to project current funding decisions into the future so that fiscal and
budgetary consequences can be recognized and addressed; they are an ‘early warning system’ for elected
leaders and staff. The current five‐year forecast estimates the fund balance in the General Fund will decrease
slightly through FY 2015/16. The decline is the result of increased expenditures without reaching total student
capacity until FY 2015/16, as well as flat revenues from the state. The Westlake Academy is currently
completing the construction of Phase One of the Facility Master Plan which will service approximately 820
students in FY 2014/15. The increase in students in the primary and secondary school in will improve the
Academy’s financial outlook if future spending is matched with future revenues.
The Academy is adjusting Board policy to tie all future increases in expenditures to new or additional revenues.
No additional expenditures will be allowed without first having a funding source.
86
Enrollment & Employee Information
Enrollment History and Methodology
In past years, student enrollment at Westlake Academy has increased in concert with the expansion of grade
level offerings. In the 2009/10 fiscal year the Academy completed its grade‐level expansion such that the
Academy now offers all grades, K–12. In FY 2010/11, student enrollment increased to an average of 20
students per class (Kindergarten, Grade 11, and Grade 12 excepted). In FY 2011/12, a third section in Grade 6
was added as well as a third section in grades seven through eleven (G7 – G11). An increase in enrollment is
planned in FY 2014/15. This is the result of increased demand for services in the primary boundary. The
Academy will be able to service approximately 820 students in the FY 2014/15 school year, with the
completion of Phase One of the Facility Master Plan.
As an open enrollment charter school, Westlake Academy has the ability to set and maintain enrollment
numbers at levels determined by the Board of Trustees. The Academy currently has over 2,000 students on a
waiting list spanning Kindergarten through grade eleven. The waiting list which is developed each year
through a lottery process, allows the Academy to fill seats if student attrition occurs, maintaining a stable
student population number and classroom size.
Figure 24 ‐ Westlake Academy Student Enrollment
346 379 417
491 530
630 658 697
822
0
100
200
300
400
500
600
700
800
900
FY 06/07FY 07/08FY 08/09FY 09/10FY 10/11FY 11/12FY 12/13FY 13/14FY 14/15
Adopted
WA Student Enrollment
87
Figure 25 ‐ FY 14/15 Student Waiting List
Record breaking participation in the FY 12/13 lottery resulted in the largest waiting list that the Academy has
ever held until FY 2014/15. There are a number of factors that may have played into the large increase. First,
recent discussions on expanding the number of students and sections at Academy, and second, the Academy
has been ranked by the Washington Post, Newsweek, and U.S. News and World Report as one of the top 50
high schools in the country. We anticipate even stronger participation in the FY 2014/15 school year due to
the new facilities and potential for more open slots.
746 845
1021
1241 1265
844
705
1027
2128 2194 2177
0
500
1000
1500
2000
2500
FY 04‐05FY 05‐06FY 06‐07FY 07‐08FY 08‐09FY 09‐10FY 10‐11FY 11‐12FY 12‐13FY 13‐14FY 14‐15
Lottery Waiting List
88
Number of Full Time Employees
Figure 26 ‐ Westlake Academy Total Staff Count
The employee growth is directly correlated with the growth in student population. The school offered G1 – G6
in 2003 and has grown by one grade each year. In FY 11/12 the Academy added a third section of 20 students
in grades seven through grade eleven (G7 – G11) and the facility should be at capacity in the FY 2015/16 senior
class is filled.
There was an increase in FY 2013/14 to begin this expansion and will continue in FY 2014/15 to provide
additional classroom services to the primary school. This will include an additional Kindergarten and grade two
teacher, several specialist, and additional support staff.
44.60 50.10 55.62 60.44
69.53 73.07 77.18
91.80
‐
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
FY 07/08
Actual
FY 08/09
Actual
FY 09/10
Actual
FY 10/11
Actual
FY 11/12
Actual
FY 12/13
Actual
FY 13/14
Actual
FY 14/15
Adopted
Total Staff
89
Position Summary
Position Summary
Fiscal Year
FY 09/10
Actual
FY 10/11
Actual
FY 11/12
Actual
FY 12/13
Actual FY 13/14 Actual Adopted Increase
Classes Served K-12 K-12 K-12 K-12
Executive Principal - - - - 0.50 1.00 0.50
Primary Principal 1.00 1.00 1.00 1.00 1.00 1.00 -
Secondary Principal 1.00 1.00 1.00 1.00 1.00 1.00 -
Asst.Secondary Principal - - - 0.50 1.00 1.00 -
Admin Coordinator 1.00 1.00 1.00 1.00 1.00 1.00 -
PYP Coordinator 0.60 0.60 0.60 1.00 1.00 1.00 -
MYP Coordinator 0.50 1.00 0.50 1.00 1.00 1.00 -
DP Coordinator 0.50 0.40 0.40 0.50 0.50 0.50 -
Athletic Director 0.75 - - - - - -
Primary - K 2.00 2.00 2.00 2.00 2.00 3.00 1.00
Primary 1 1.70 2.00 2.00 2.00 2.00 3.00 1.00
Primary 2 2.00 2.00 2.00 2.00 2.00 3.00 1.00
Primary 3 2.00 2.00 3.00 2.00 3.00 3.00 -
Primary 4 2.00 2.00 2.00 3.00 3.00 3.00 -
Primary 5 2.00 3.00 2.00 2.00 3.00 3.00 -
Primary 6 1.80 2.00 3.00 3.00 2.00 3.00 1.00
Primary - PE 1.00 1.50 1.50 2.00 2.00 2.00 -
Primary - Reading Spec. 0.40 1.00 0.40 1.00 1.00 1.00 -
Primary - Art 0.90 1.00 1.00 1.00 1.00 1.50 0.50
Primary - Music 1.00 1.00 1.00 1.00 1.00 1.00 -
Primary - Spanish 1.20 1.00 1.60 2.00 2.00 2.00 -
Primary - IT - 0.40 0.40 - - - -
Special Education 2.00 2.00 2.00 2.00 2.00 3.00 1.00
Secondary Theater Arts - - 1.00 1.00 1.00 0.25 (0.75)
Secondary - Art 1.00 0.85 0.90 0.90 0.90 1.40 0.50
Secondary English 3.00 3.00 3.50 3.00 3.00 4.00 1.00
Secondary - Humanities 3.10 3.00 4.00 4.00 4.25 3.75 (0.50)
Secondary - Economics - - - - - 1.00 1.00
Secondary - IT 0.30 0.20 1.00 - - - -
Secondary - Math 2.00 2.00 3.00 3.00 3.00 5.00 2.00
Secondary - Science 3.25 3.60 3.60 3.50 3.66 3.50 (0.16)
Secondary - Foreign Lang. 2.00 2.60 3.00 3.34 4.34 4.34 -
Secondary - PE 0.72 1.50 1.50 1.50 1.50 2.00 0.50
Secondary - Reading Spec. - - 0.25 0.66 0.66 0.66
Secondary - CAS 0.25 - - - - - -
Teaching Intern - - 0.75 - - - -
Study Hall/Tutor - - - 1.00 1.00 1.00 -
Speech - - - 0.17 0.17 - (0.17)
Strings Staff 0.25 0.33 0.33 0.33 0.33 1.00 0.67
Librarian/Aide 1.00 1.00 2.00 1.00 1.00 1.00 -
IT Integration - - - 1.00 1.00 1.00 -
Counselors 2.00 3.00 3.00 3.00 3.00 2.70 (0.30)
Teaching Aides 3.70 3.66 4.50 5.87 6.07 8.00 1.93
Nurse 1.00 1.00 1.00 1.00 1.00 1.00 -
Dir. of Student Life - - - - - 1.00 1.00
Dir. of Curriculum - - - - 0.50 1.00 0.50
Facilities Technician - - 1.00 1.00 1.00 1.00 -
IT Tech 1.70 1.80 1.80 1.80 1.80 1.10 (0.70)
Asst. to Head of School - - - - - - -
Registrar 1.00 1.00 1.00 1.00 1.00 1.00 -
Office Aide 3.00 3.00 3.00 3.00 3.00 4.10 1.10
Lunchroom Personnel 0.40 0.40 0.40 0.40 0.40 - (0.40)
Day Porter 0.60 0.60 0.60 0.60 0.60 2.00 1.40
Total Positions 55.62 60.44 69.53 73.07 77.18 91.80 14.62
Amanda Cawthra (Student Life)
Cynthia Hague (Math, 33%)
Andra Barton (50%)
*The table above lists each position in terms of the number of FTE (full time equivalent)staff currently employed.
90
FY 14/15
Selective Staff to Pupil Ratios
The chart breaks down the number of employees by job function, primary school teachers, secondary school
teachers, instructional administration, etc. Growth in the number of employees has been primarily the result
of the school expanding the number of students as it matured into a full K through Grade 12 campus.
37.00
44.60
50.10 55.62
60.44
69.53 73.07 77.18
91.80
‐
20
40
60
80
100
FY 06/07
Actual
FY 07/08
Actual
FY 08/09
Actual
FY 09/10
Actual
FY 10/11
Actual
FY 11/12
Actual
FY 12/13
Actual
FY 13/14
Actual
FY 14/15
Proposed
Employee Growth (FTE)
Primary Programme Secondary Programme Business Admin
Special Education Instructional Administration Librarian / Aide
Counseling Information Tech Nurse
Facilities Instructional Aides Intern
Total
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Other Information
Performance Data – Selected School Report Card Data
In FY 2013/14, Westlake Academy was recognized by the Washington Post as one of the best public high
schools in the country. This is the third year in which the Academy has been recognized by national ranking
organizations due to rigorous and extraordinary academic performance.
The State of Texas is currently phasing out the use of the Texas Assessment of Knowledge and Skills (TAKS) test
to assess students’ attainment of reading, writing, math, science, and social studies skills required under Texas
education standards; Its replacement, the State of Texas Assessments of Academic Readiness (STAAR) exam
has increased rigor over the TAKS and complies with the requirements of the No Child Left Behind Act (NCLB).
The charts below utilize TEA data to compare Westlake Academy’s performance historically, as well as against
the state performance.
Description FY
06/07
FY
07/08
FY
08/09
FY
09/10
FY
10/11
FY
11/12
FY
12/13 * FY 2013/14
Reading/ELA 99% 98% 99% 100% 98% 99% 99% 99%
Writing 99% 91% 93% 100% 96% 99% 95% -
Social Studies 99% 95% 98% 100% 99% 99% 99% 99%
Mathematics 95% 91% 93% 98% 94% 96% 91% 96%
Science 78% 88% 96% 99% 99% 99% 99% 97%
Texas Accountability
Rating Recognized Recognized Exemplary Exemplary Exemplary Exemplary Exemplary -
% Commended 2005 2006 2007 2008 2009 2010 2011 2012 2013
Reading/ELA 57% 60% 61% 61% 51% 56% 56% 48% 17%
Writing 54% 58% 51% 34% 55% 43% 40% - 8%
Social Studies - 67% 44% 53% 58% 65% 44% 72% -
Mathematics 45% 48% 43% 44% 40% 46% 37% 47% 21%
Science 30% 34% 31% 45% 45% 43% 65% 40% -
The table above shows the Academy’s performance on the state’s standardized test from inception. The TEA rolled out a new
state assessment the STAAR (State of Texas Assessments of Academic Readiness). TAKS will be phased out over the next year.
Grade Level Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Grade 8
2012 - Standard Phase-In
1 Final
Phase-In
1 Final
Phase-In
1 Final
Phase-In
1 Final
Phase-In
1 Final
Phase-In
1 Final
Reading 82% 44% 88% 69% 95% 76% 93% 73% 93% 73% 98% 85%
Writing - - 95% 60% - - - - 93% 63% - -
Mathematics 67% 22% 79% 21% 100% 71% 92% 63% 88% 50% - -
Science - - - - 90% 45% - - - - 91% 67%
Social Studies - - - - - - - - - - 84% 34%
2013 - Standard Phase-In
2 Final
Phase-In
2 Final
Phase-In
2 Final
Phase-In
2 Final
Phase-In
2 Final
Phase-In
2 Final
Reading 78% 59% 73% 54% 88% 72% 95% 85% 87% 68% 93% 83%
Writing - - 75% 50% - - - - 75% 49% - -
Mathematics 59% 50% 58% 23% 86% 74% 84% 73% 67% 54% - -
Science - - - - 74% 43% - - - - 78% 51%
Social Studies - - - - - - - - - - 60% 31%
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Grade Level Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Grade 8
2014 - Standard
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Reading 93% 79% 68% 91% 77% 57% 98% 89% 72% 98% 93% 84% 97% 93% 83% 95% 89% 77%
Writing - - - 93% 81% 72% - - - 94% 93% 69% - - - - - -
Mathematics 70% 54% 35% 80% 63% 41% 100% 94% 76% 98% 91% 78% 93% 84% 60% - - -
Science - - - - - - 94% 81% 55% - - - - - - 87% 79% 61%
Social Studies - - - - - - - - - - - - - - - 80% 61% 28%
The table above provides the Academy’s performance data on the first two‐years of the STAAR assessment. The State has
increased the rigor of the state assessment and has developed a phased grading system. The minimum performance level will be
increased each year, until FY 2014/15. The table shows the relative overall performance with the phased‐in and final measures.
Westlake Academy has achieved a four and one‐half star rating from the Texas State Comptroller’s FAST School District Rating
System for providing quality education at a reasonable cost per student. Future enrollment increases will further improve
efficiencies and reduced the per student cost. Benchmarking against the surrounding local ISDs, Westlake Academy’s
expenditures are near the median when comparing expenditures per student excluding debt service and capital expenditures.
In addition to state‐mandated testing, as a member of the International Baccalaureate Organization,
Westlake Academy’s students have the option of taking IB tests to earn an IB diploma. In FY 13/14 the
Academy had an 78% pass rate is which is better than the world average.
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Academic & Athletic Programs
Westlake Academy is authorized by the International Baccalaureate (IB) to offer:
The IB Primary Years Programme (grades K‐5)
The IB Middle Years Programme (grades 6‐10)
The IB Diploma Programme (grades 11‐12)
These three curricula combine synergistically to form the IB Continuum which is the cornerstone of the
educational efforts pursued by Westlake Academy to produce IB diploma graduates. The IB programmes
encourage students to be active learners, well‐rounded individuals and engaged community members.
Universities and colleges actively recruit IB graduates, often offering them credit or advanced standing for their
IB work. Leading public and private universities and government officials recognize IB as excellent preparation
for success in post‐secondary education and in life. Students who earn an IB diploma are equipped with the
knowledge, skills, and abilities to compete with students around the world. The IB continuum is not only a
pathway for students to an academically‐rigorous, internationally recognized education. It prepares students
for success in college or university by:
Focusing on the transference of learning with understanding to worthy tasks;
Fostering critical thinking, intellectual, and emotional maturity; and
Learning intellectual coherence through the alignment of what is taught and what is tested.
When schools implement the full continuum of IB programmes, they realize several benefits:
An increased number of students prepared for and applying to the Diploma Programme as well as IB
Diploma graduates;
Improved standardized test scores;
An understanding and appreciation of the world’s cultures and histories among their students; and
A sense of community and shared goals among parents, students, teachers, and administrators.
COST FOR MAINTAINING THE IB PROGRAMMES
The IB programme related costs contained in this budget total $26,000 and are comprised of the annual fees
described in the table below.
Cost for Maintaining the IB Programmes PYP MYP DP Total
Annual Fees $7,250 $8,500 $10,200 $26,000
Evaluation Costs $3,500 $3,500 $3,500 $10,500
Scheduled Evaluation Visits – Fiscal Year 2018/19 FY 17/18 FY 14/15
The IB curriculum continues to be the top reason parents seek out Westlake Academy for their
child’s education as evidenced in this response from the 2010 parents’ survey:
*Evaluation visits occur every five (5) years after the initial visit.
The IB programme continues to be the top reason parents seek out Westlake Academy for their child’s
education as evidenced in the 2013 Parent’s survey:
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95
IB LEARNER PROFILE
Westlake Academy will follow the tenants of the International Baccalaureate Organization.
IB idealistically fosters the development of universal human values and includes them in the curriculum. These
are outlined in the IB Learner Profile, which helps teachers and students to establish goals, plan units of
inquiry, and assess performance.
IB learners strive to be:
Inquirers ‐ They develop their natural curiosity. They acquire the skills necessary to conduct inquiry and
research and show independence in learning. They actively enjoy learning and this love of learning will be
sustained throughout their lives.
Knowledgeable ‐ They explore concepts, ideas and issues that have local and global significance. In so
doing, they acquire in‐depth knowledge and develop understanding across a broad and balanced range of
disciplines.
Thinkers ‐ They exercise initiative in applying thinking skills critically and creatively to recognize and
approach complex problems, and make reasoned, ethical decisions.
Communicators ‐ They understand and express ideas and information confidently and creatively in more
than one language and in a variety of modes of communication. They work effectively and willingly in
collaboration with others.
Principled ‐ They act with integrity and honesty, with a strong sense of fairness, justice and respect for
the dignity of the individual, groups and communities. They take responsibility for their own actions and
the consequences that accompany them.
Open‐minded ‐ They understand and appreciate their own cultures and personal histories, and are open
to the perspectives, values and traditions of other individuals and communities. They are accustomed to
seeking and evaluating a range of points of view, and are willing to grow from the experience.
Caring ‐ They show empathy, compassion and respect towards the needs and feelings of others. They
have a personal commitment to service, and act to make a positive difference to the lives of others and to
the environment.
Risk‐takers ‐ They approach unfamiliar situations and uncertainty with courage and forethought, and
have the independence of spirit to explore new roles, ideas and strategies. They are brave and articulate
in defending their beliefs.
Balanced ‐ They understand the importance of intellectual, physical and emotional balance to achieve
personal well‐being for themselves and others.
Reflective ‐ They give thoughtful consideration to their own learning and experience. They are able to
assess and understand their strengths and limitations in order to support their learning and personal
development.
96
PRIMARY YEARS PROGRAMME
Westlake Academy has been successfully implementing the Primary Years Programme (PYP) since 2003 and
achieved IB authorization in July 2006.
The Primary Years Programme, a curriculum framework for children aged 3 ‐ 12, focuses on inquiry‐based
learning. By emphasizing knowledge, skills, critical thinking and the fostering and development of universal
human values, the PYP is a powerful means of going beyond subject domains, asking students to use their
knowledge and skills to solve real life problems. Thus students become responsible for their own learning and
must work collaboratively with peers and build on each member's strength.
All of the IB programmes are flexible enough to enable teachers to respond to local requirements; thus the
Academy addresses all the TEKS but endeavors to do so within a much more transdisciplinary manner and
without 'teaching to the test.
97
MIDDLE YEARS PROGRAMME
Westlake Academy first began implementing the International Baccalaureate Middle Years Programme (MYP)
in August 2004, and gained authorization to offer the IB Middle Years Programme in July 2007.
The MYP programme is one that offers a truly global and holistic approach in its delivery with a highly
dedicated, cohesive and qualified teaching staff. Westlake Academy's goal is to add an additional grade for
each year of the programme (Grades 7, 8, 9 & 10) and to have the students prepared for the International
Baccalaureate Diploma programme (Grades 11 & 12).
The International Baccalaureate is an organization that has grown in stature since its introduction over five
decades ago. The IB Diploma is the most prestigious high school diploma in the world. It is the only diploma
recognized internationally. More than 400 colleges and universities in the United States provide admission,
scholarships and advanced placement opportunities for IB students. Although there are certain similarities
with the AP programme, the IB Diploma offers a more rounded programme of studies.
The Middle Years staff at Westlake Academy has great confidence in the students, the facilities, the
programme and the support from parents and the administration, in order to implement the IB Middle Years
Programme successfully over the course of the next four years.
98
DIPLOMA PROGRAMME
The International Baccalaureate (IB) Diploma Programme (DP) is a challenging two‐year curriculum, primarily
aimed at students aged 16 to 19. It leads to a qualification that is widely recognized by the world’s leading
universities.
Students learn more than a collection of facts. The Diploma Programme prepares students for university and
encourages them to:
Ask challenging questions
Learn how to learn
Develop a strong sense of their own identity and culture
Develop the ability to communicate with and understand people from other countries and
cultures.
The curriculum contains six subject groups together with a core made up of three separate parts. This is
illustrated by a hexagon with the three parts of the core at its centre.
99
DIPLOMA PROGRAMME MODEL
Students study six subjects selected from the subject groups. Normally three subjects are studied at higher
level (courses representing 240 teaching hours), and the remaining three subjects are studied at standard level
(courses representing 150 teaching hours). All three parts of the core requirements, "extended essay, theory
of knowledge and creativity, action, service" are compulsory and are central to the philosophy of the Diploma
Programme.
Subject Groups:
*Extended essay
The extended essay has a prescribed limit of 4,000 words. It offers the opportunity to investigate a topic of
individual interest, and acquaints students with the independent research and writing skills expected at
university.
*Theory of knowledge (TOK)
The interdisciplinary TOK course is designed to provide coherence by exploring the nature of knowledge across
disciplines, encouraging an appreciation of other cultural perspectives.
*Creativity, action, service (CAS)
Participation in the school’s CAS programme encourages students to be involved in artistic pursuits, sports and
community service work, thus fostering students’ awareness and appreciation of life outside the academic
arena.
How are students assessed?
At the end of the two‐year programme, students are assessed both internally and externally in ways that
measure individual performance against stated objectives for each subject.
Internal assessment
In nearly all subjects at least some of the assessment is carried out internally by teachers, who mark individual
pieces of work produced as part of a course of study. Examples include oral exercises in language subjects,
projects, student portfolios, class presentations, practical laboratory work, mathematical investigations and
artistic performances.
External assessment
Some assessment tasks are conducted and overseen by teachers without the restrictions of examination
conditions, but are then marked externally by examiners. Examples include world literature assignments for
language A1, written tasks for language A2, essays for theory of knowledge and extended essays.
Because of the greater degree of objectivity and reliability provided by the standard examination environment,
externally marked examinations form the greatest share of the assessment for each subject.
The grading system is criterion based (results are determined by performance against set standards, not by
each student’s position in the overall rank order); validity, reliability and fairness are the watchwords of the
Diploma Programme’s assessment strategy.
100
FY 2013/14 ACADEMIC ACHIEVEMENTS
Westlake Academy was ranked # 36 out of approximately 1,900 public high schools in the United
States in the Washington Post Challenge Index
In 2014, WA students achieved the IB Diploma well above the world rate with 78% of the students
earning the diploma.
Staff Accomplishments:
Several faculty members continue to represent the International Baccalaureate as Workshop
Leaders, Site Visitors and Consultants.
Westlake Academy received the Distinguished Budget Presentation Award from the Government
Finance Officers Association.
The Academy received the Meritorious Budget Award from the Association of School Business
Officials International (ASBO).
Student Accomplishments:
48 Academy graduates from the Class of 2014 received the prestigious IB Diploma.
The graduating class or 2014 received $3.9 million in scholarship and grant offers. All students
were accepted into respected colleges/universities across the State and the U.S.
101
WESTLAKE ACADEMY ATHLETICS
While mentioning our academic programs, we must also take a moment and focus on our athletics for the
coming school year. Athletics at the Academy are intended to round out our students’
education and compliment their class room work. One of the Academy’s athletic program’s
special features is that it offers all our students an opportunity to actually play at least one
sport of their choosing (many play several). Another special attribute of Westlake
Academy athletics is the tremendous core of talented parents who volunteer as
coaches and assistant coaches, as well as serve in the Westlake Academy Athletic Club
(WAAC). 26 High School athletes earned All‐State Honors and 69% of the student body
in grades 9‐12 played at least one sport.
FY 2013/14 ATHLETIC ACHIEVEMENTS
Junior Varsity Volleyball
Regional Champions
Junior High Volleyball
District Champions
Varsity Soccer
District Champion
State Champion (3rd Year in a Row)
Junior High Soccer
District & Regional Champions
Men’s Varsity Basketball
District Champions
State Runner‐Up
Women’s Varsity Basketball
District Champions
State Champions
Junior Varsity Men’s Basketball
District Champions
State Runner‐up
Junior Varsity Women’s Basketball
Regional Champions
Junior High Men’s & Women’s Basketball
District & Regional Champions
Varsity Baseball
District Champions
State Champions
Varsity Softball
State Runner‐Up
Men’s Varsity Tennis
State Team Runner Up
Men’s Varsity Golf
State Champion
102
Parent Survey Results
The Board of Trustees and Staff of Westlake Academy are dedicated to the success of Westlake Academy. The
Board recognizes the critical role Westlake Academy’s parents play in this endeavor and to that end, has
instituted an annual parent survey.
This survey allows parents an opportunity to provide valuable feedback about their perspectives on everything
from communication to curriculum. In June of 2013, the Academy conducted the Westlake Academy Board of
Trustees Parent Survey for the fourth consecutive year. These surveys have each helped to build a basis of
comparison as well as performance metrics that help the faculty and Board gauge our progress in achieving the
vision and mission of Westlake Academy. The results from these surveys provide insight into parent’s
concerns and help make Westlake Academy a better place for its students by helping us recognize our
weaknesses and continually improve.
Overall, the feedback we received in our last parent survey was positive. The survey did convey dissatisfaction
with the MYP Programme, but only eight (8) out of the 36 measures showed a decrease in satisfaction. Below
are a few of the areas where the Academy made great improvements, as well as areas for improvement:
Satisfaction with the PYP teacher / Faculty increased from 77% to 91%
Satisfaction with IB Curriculum increased from 86% to 90%
Satisfaction with DP Curriculum increased from 82% to 88%
Satisfaction with Opportunities for parent involvement increased from 79% to 85%
Satisfaction with Lunch program increased from 37% to 54%
Satisfaction with Secondary Counseling increased from 56% to 73%
Satisfaction with School Uniform Vendors increased from 57% to 69%
Satisfaction with Quality of Communication increased from 58% to 78%
Satisfaction with the Academy Website increased from 62% to 84%
103
104
Community Profile
History of Westlake
The Town of Westlake has a short but fascinating history. The geographic region, known as the place where
the cross timbers met the prairie, holds tales of settlers from the Peters Colony, Indian treaties signed by Sam
Houston, tremendous archeological treasures, and some of the oldest settlements in north Texas. The region
has always been known for its natural bounty, its trade value, and its wonderful people. The Town of Westlake
and northeast Tarrant County has maintained that distinction over the years, becoming one of the most
desirable and sought after places to live in America.
The Town has seen much change since its original incorporation. During the early years, our Mayor and Board
members met to discuss Town business in the comfort of each other’s living rooms – an interesting contrast to
how our Town operates today.
In 1956, Westlake Dallas lawyer
Glenn Turner purchased about
2,000 acres along State Highway
114. The area came to be known as
Circle T Ranch. Soon after, ranches
and homeowners in the
surrounding community
incorporated, taking the name
Westlake. The area included what is known today as Westlake, plus the area north, to the northern shore of
Denton Creek. This northern land was later disannexed from Westlake and formed Trophy Club. By 1952,
Denton Creek was dammed and Lake Grapevine was formed.
In the early 1970s, Houston developers Johnson and Loggins and professional golfer Ben Hogan approached
Westlake about building a golf course, country club, and a housing development. Residents' interests differed.
In 1973, Westlake disannexed that area, clearing the way for the upscale housing development.
In the mid‐1970s, the Circle T Ranch was purchased by oil millionaire Nelson Bunker Hunt. The ranch became
known for its glamorous parties attended by celebrities from all over the world. By 1989, Hunt had declared
bankruptcy and the ranch was up for sale. It was purchased by Ross Perot Jr. in 1993.
105
Location
Minutes from downtown Fort Worth and DFW International Airport, the Town of Westlake is home to several
upscale residential communities and Fortune 500 companies, all of which share a unique character and charm,
along with a commitment to excellence. The Town is located in northeast Tarrant County and may be
conveniently accessed by several major thoroughfares, including SH 114 and US 377.
While nearby cities are easily accessible, staying in Town for dining and entertainment is just as easy. Local
restaurants serve up Italian and Tex‐Mex specialties, and choices even include a delicatessen.
Basic Demographics
992 residents according to 2010 Census
53% male, 47% female
Average appraised home value: $1,061,221
100% living in single‐family households
Commercial Development
In the mid‐1980s, IBM built Solana, the multi‐use office complex. IBM maintained a large presence until the
mid‐1990s. At that time, several of the office buildings became available for use by other corporations.
Eventually, IBM sold its partnership interest.
The turn of the century has seen the addition of several major corporations to the Westlake landscape. These
include Fidelity Investments, Daimler‐Chrysler, and
First American Title. In 2008, pre‐development
meetings were conducted for the Deloitte LLP
Learning and Leadership Development
Center and for Westlake Corners at South‐SH
114 & US 377. The Deloitte facility project
which is currently the largest privately‐
funded construction project in Texas began
operations in the Fall of 2011. Throughout
the years, Westlake has proven to be an ideal
and innovative business location.
106
Westlake Academy
The Westlake Academy is an Open
Enrollment Charter School that
opened September 1, 2003.
Westlake Academy distinguishes
itself among neighboring
educational offerings with a
particular focus on international‐
style academics.
The programs of the International
Baccalaureate Organization
(Primary Years Program, Middle
Years Program, and Diploma
Program) have been selected as
the educational model.
Educational technology will be
pervasive and will infuse the
classroom curriculum.
An environment rich with heritage, the Westlake Academy mission is to provide educational opportunities to
each child in keeping with his or her individual needs.
The primary geographic service area for Westlake Academy is the town limits of Westlake; students from other
locations may be considered if seats are available.
Westlake Academy serves as a full K‐12 charter school and graduated their first class of seniors in the 2009‐
2010 school year.
Westlake Academy is a premier learning establishment that is ranked in the top three (5%) percent of all public
schools in the State of Texas and prides itself on providing a learning environment where students have the
resources and facilities to excel.
107
108
Investment Policy
I. POLICY STATEMENT
It is the policy of the Westlake Academy (the “Academy") that the administration of its funds and the
investment of those funds shall be handled as its highest public trust. Investments shall be made in a
manner which will provide the maximum security of principal invested through limitations and
diversification while meeting the daily cash flow needs of the Academy and conforming to all
applicable state and Academy statutes governing the investment of public funds. The receipt of a
market rate of return will be secondary to the requirements for safety and liquidity.
It is the intent of the Academy to be in complete compliance with local law and the Texas Public Funds
Investment Act (the "Act", Texas Government Code 2256). The earnings from investments will be used
in a manner that best serves the public trust and interests of the Academy.
II. SCOPE
This Investment Policy applies to all the financial assets and funds held of the Academy.
Any new funds created by the Academy will be managed under the provisions of this Policy unless
specifically exempted by the Academy Board of Trustees and this Policy.
III. OBJECTIVES AND STRATEGY
It is the policy of the Academy that all funds shall be managed and invested with four primary
objectives, listed in order of their priority: safety, liquidity, diversification and yield. These objectives
encompass the following.
Safety of Principal
Safety of principal is the foremost objective of the Academy. Investments shall be undertaken in a
manner that seeks to insure the preservation of capital in the overall portfolio. The suitability of each
investment decision will be made on the basis of safety.
Liquidity
The Academy's investment portfolio will remain sufficiently liquid to enable it to meet all operating
requirements which might be reasonably anticipated. Investment decisions will be based on cash flow
analysis of anticipated expenditures.
Diversification
Diversification is required in the portfolio's composition. Diversification will include diversification by
maturity and market sector and will include the use of a number of broker/dealers or banks for
diversification and market coverage. Competitive bidding will be used on each sale or purchase.
Yield
The Academy's investment portfolio shall be designed with the objective of attaining a reasonable
market yield, taking into account the Academy's risk constraints and cash flow needs. A reasonable
market yield for the portfolio will be defined as the six month (180 day) U.S. Treasury Bill which
compares to the portfolio's maximum weighted average maturity of six months.
The authorized investment purchased will be of the highest credit quality and marketability supporting
the objectives of safety and liquidity. Securities, when not matched to a specific liability, will be short
term to provide adequate liquidity. The portfolio shall be diversified to protect against market and
credit risk in any one sector.
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The maximum weighted average maturity of the portfolio will be no more than 180 days and the
maximum stated maturity of any security will not exceed two years. The funds are combined for
investment purposes but the unique needs of all the funds in the portfolio are recognized and
represented.
Effective cash management is recognized as essential to good fiscal management. Cash management
is defined as the process of managing monies in order to ensure maximum cash availability. The
Academy shall maintain a cash management program which includes timely collection of accounts
receivable, prudent investment, disbursement of payments within invoice terms and the management
of banking services.
IV. LEGAL LIMITATIONS, RESPONSIBILITIES AND AUTHORITY
Specific investment parameters for the investment of public funds in Texas are stipulated in the Public
Funds Investment Act, Chapter 2256, Texas Government Code, (the "Act"). The Act is attached as
Exhibit A.
The Public Funds Collateral Act, Chapter 2257, Texas Government Code, specifies collateral
requirements for all public funds deposits. The Collateral Act is attached as Exhibit B.
The Interlocal Cooperation Act, Chapter 791, Texas Government Code, authorizes local governments in
Texas to participate in a Texas investment pool established thereunder.
V. DELEGATION OF INVESTMENT AUTHORITY
The Finance Director of the Town of Westlake, acting on behalf of the Board of Trustees, is designated
as the Investment Officer of the Academy and is responsible for all investment management decisions
and activities. The Board of Trustees is responsible for considering the quality and capability of staff,
investment advisors, and consultants involved in investment management and procedures. All
participants in the investment process shall seek to act responsibly as custodians of the public trust.
The Investment Officer shall develop and maintain written administrative procedures for the operation
of the investment program which are consistent with this Investment Policy. Procedures will include
safekeeping, wire transfers, banking services contracts, and other investment related activities.
The Investment Officer shall be responsible for all transactions undertaken and shall establish a system
of controls to regulate the activities of subordinate officials and staff.
The Investment Officer shall designate a staff person as a liaison/deputy in the event circumstances
require timely action and the Investment Officer is not available.
No officer or designee may engage in an investment transaction except as provided under the terms of
this Policy and the procedures established by the Investment Officer and approved by the
Superintendent.
VI. PRUDENCE
The standard of prudence to be used in the investment function shall be the "prudent person"
standard and shall be applied in the context of managing the overall portfolio. This standard states:
"Investments shall be made with judgment and care, under circumstances then prevailing,
which persons of prudence, discretion, and intelligence exercise in the management of their
own affairs, not for speculation, but for investment, considering the probable safety of their
capital as well as the expected income to be derived."
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Limitation of Personal Liability
The Investment Officer and those delegated investment authority, when acting in accordance with the
written procedures and this Policy and in accord with the Prudent Person Rule, shall be relieved of
personal liability in the management of the portfolio provided that deviations from expectations for a
specific security's credit risk or market price change are reported in a timely manner and that
appropriate action is taken to control adverse market effects.
VII. INTERNAL CONTROLS
The Investment Officer shall establish a system of written internal controls which will be reviewed
annually with the independent auditor of the Academy. The controls shall be designed to prevent loss
of public funds due to fraud, employee error, and misrepresentation by third parties, or imprudent
actions by employees of the Academy.
VIII. AUTHORIZED INVESTMENTS
Acceptable investments under this policy shall be limited to the instruments listed below. The choice
of high‐grade government investments and high‐grade, money market instruments are designed to
assure the marketability of those investments should liquidity needs arise.
A. Obligations of the United States Government, its agencies and instrumentalities, not to exceed two
(2) years to stated maturity and excluding mortgage backed securities;
B. Fully insured or collateralized certificates of deposit from a bank doing business in the State of
Texas and under the terms of a written depository agreement with that bank, not to exceed one
year to stated maturity;
C. No‐load, SEC registered money market mutual funds. No more than 80% of the entity's monthly
average balance may be invested in money market funds and;
D. Constant dollar, AAA‐rated Texas Local Government Investment Pools as defined by the Public
Funds Investment Act.
If additional types of securities are approved for investment by public funds by state statute, they will
not be eligible for investment until this Policy has been amended and the amended version adopted by
the Board of Aldermen.
Delivery versus Payment
All investment security transactions shall be conducted on a delivery versus payment (DVP) basis to
assure that the Academy has control of its assets and/or funds at all times.
IX. AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS
Securities broker/dealers may be primary or regional broker/dealers and will meet other criteria as
determined by the Investment Officer including state registration and completion of an Academy
Broker/Dealer questionnaire (attached as Exhibit D). The following criteria must be met by authorized
firms.
- annual provision of an audited financial statement,
- proof of certification by the National Association of Securities Dealers (NASD)
- proof of current registration with the Texas State Securities Commission, and
- completion of the Academy's broker/dealer questionnaire.
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Every bank and broker/dealer with whom the Academy transacts business will be provided a copy of
this Investment Policy to assure that they are familiar with the goals and objectives of the investment
program. The firm will be required to return a signed copy of the Certification Form (attached as
Exhibit C) certifying that the Policy has been received and reviewed and only those securities approved
by the Policy will be sold to the Academy.
X. DIVERSIFICATION AND MATURITY LIMITATIONS
It is the policy of the Academy to diversify its investment portfolio. Invested funds shall be diversified
to minimize risk or loss resulting from over‐concentration of assets in a specific maturity, specific
issuer, or specific class of securities. Diversification strategies shall be established and periodically
reviewed.
XI. SAFEKEEPING AND COLLATERALIZATION
The laws of the State and prudent treasury management require that all purchased securities be
bought on a delivery versus payment (DVP) basis and be held in safekeeping by either an approved,
independent third party financial institution or the Academy's designated depository.
Securities Owned by the Academy
All safekeeping arrangements shall be approved by the Investment Officer and an agreement of the
terms executed in writing. The safekeeping bank may not be within the same holding company as the
bank from which the securities are purchased. The custodian shall be required to issue original
safekeeping receipts to the Academy listing each specific security, rate, description, maturity, cusip
number, and other pertinent information.
Collateral
Collateralization shall be required on all bank time and demand deposits for principal and accrued
interest amounts over the FDIC insurance coverage of $100,000 (by tax identification number). In
order to anticipate market changes and provide a level of additional security for all funds, collateral
with a market value equal to 102% of the total deposits are required. The pledging bank will be made
contractually liable for monitoring and maintaining the collateral levels at all times. All collateral will
be held by an independent third party bank outside the holding company of the bank, pledged to the
Academy.
Authorized collateral will include only:
- Obligations of the US Government, its agencies and instrumentalities to include mortgage
backed securities which pass the bank test,
- Municipal obligations rated at least A by two nationally recognized rating agencies.
The custodian shall be required to provide original safekeeping receipts clearly marked that the
security is pledged to the Academy.
XII. REPORTING
The Investment Officer shall submit quarterly reports to the Board of Trustees containing sufficient
information to permit an informed outside reader to evaluate the performance of the investment
program and in full compliance with the Act. At a minimum the report shall contain:
- Beginning and ending market value of the portfolio by market sector and total portfolio
- Beginning and ending book value of the portfolio by market sector and total portfolio
- Change in market value during the period
- Detail on each asset (book, market, description, par ad maturity date)
- Earnings for the period
- Overall weighted average maturity of the portfolio
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The report will be prepared jointly by all involved in the investment activity and be signed by the
Investment Officer. It will contain all elements as required by the Act and be signed by the Investment
Officers as in compliance with the Act and this Policy. Market prices for assignment of market values
will be obtained from an independent source.
XIII. DEPOSITORIES
The Academy will designate one banking institution through a competitive process as its central
banking services provider at least every five years. This institution will be used for normal banking
services including disbursements, deposits, and safekeeping of Academy owned securities. Other
banking institutions from which the Academy may purchase only certificates of deposit will also be
designated as a depository.
All banking arrangements will be in written form in accordance with FIRREA which requires a
resolution of approval of the agreement by the Bank Council or Bank Loan Committee.
XIV. INVESTMENT POLICY ADOPTION BY BOARD
The Academy's Investment Policy and its incorporated strategies shall be adopted by resolution
annually by the Board. The approval and any changes made to the Policy will be noted in the approving
resolution.
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Glossary
Account: A descriptive heading under which are recorded financial transactions that are similar in terms of a
given frame of reference, such as purpose, object or source.
Accounting Period: A period of the end of which, and for which, financial statements are prepared; for
example, September 1 through August 31. See also FISCAL PERIOD
Accounting Procedure: The arrangement of all processes which discover, record, and summarize financial
information used to produce financial statements and reports and to provide internal control.
Accounting System: The total structure of records and procedures which discover record, classify and report
information on the financial position and operations of a school district or any of its funds, balanced account
groups, and organizational components.
Accrual Basis of Accounting: The basis of accounting, under which revenues are recorded when earned, and
expenditures are recorded as soon as they result in liabilities, regardless of when revenue is actually received
or a payment is actually made.
Accrue: To record revenues when earned or when levies are made and to record expenditures as soon as they
result in liabilities, regardless of when the revenue is actually received or the payment is actually made.
Sometimes, the term is used in a restricted sense to denote the recording of revenues earned but not yet due,
such as accrued interest on investments and the recording of expenditures which result in liabilities that are
payable in another accounting period, such as accrued interest on bonds.
ADA: Average Daily Attendance is based on the number of days of instruction in the school year. The
aggregate day’s attendance is divided by the number of days of instruction to compute average daily
attendance. ADA is used in the formula to distribute funding to Texas public school districts.
Administration: Those activities which have as their purpose the general regulation, direction, and control of
the affairs of the local education agency that are system‐wide and not confined to one school subject, or
narrow phase of school activity.
Appropriation: An authorization granted by a legislative body to make expenditures and to incur obligations
for specific purposes. An appropriation is usually limited in amount and as to the time when it may be
expended.
Academic Excellence Indicators System (AEIS): A system of indicators established by the Legislature and
adopted by the State Board of Education to help determine the quality of learning on a campus and in a school
district. The indicators include passing rates on the state assessment tests, attendance, graduation rates,
dropout rates, and scores on college entrance exams. The state will assess district and school performance
compared with state‐level standards. AEIS is the foundation for a school district's accountability rating.
Accountability Ratings: The Accountability Ratings System ranks campuses and districts as exemplary,
recognized, acceptable, and low performing based on the percentage of students who pass the state
assessment instruments and the dropout rate.
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Accrual Basis of Accounting: A method of accounting that recognizes the financial effect of transactions,
events, and interfund activities when they occur, regardless of the timing of related cash flows.
Assigned Fund Balance: reports amounts that are constrained by the government’s intent that they will be
used for specific purposes. Decision making with regard to these amounts may be made by a committee or
other governmental official. Compared to Committed Fund Balance, the resources represented by the
Assigned Fund Balance can be more easily redeployed and the constraints are not as stringent. Except for the
General Fund, fund balance amounts that are not labeled as non‐spendable, restricted or committed would be
reported in the Assigned Fund Balance category. Therefore, the Assigned Fund Balance becomes the residual
amount for the Special Revenue Fund, Capital Project Fund and Debt Service Funds.
Association of School Business Officials International (ASBO): The Association of School Business Official'
International, founded in 1910, is a professional association which provides programs and services to promote
the highest standards of school business management practices, professional growth, and the effective use of
educational resources.
Audit: A comprehensive review of the manner in which the government's resources were actually utilized. A
certified public accountant issues an opinion over the presentation of financial statements, tests the controls
over the safekeeping of assets and makes recommendations for improvements for where necessary.
Balanced Budget: A balanced budget is a budget with total expenditures not exceeding total revenues and
monies available in the fund balance within an individual fund.
Balance Sheet: A summarized statement, as of a given date, of the financial position of a local education
agency per fund and/or all funds combined showing assets, liabilities, reserves, and fund balance.
Budget: A plan of financial operation embodying an estimate of proposed expenditures for a given period or
purpose and the proposed means of financing them. The budget usually consists of three parts. The first part
contains a message from the budget‐making authority together with a summary of the proposed expenditures
and the means of financing them. The second part is composed of drafts of the appropriation, revenue, and
borrowing measures necessary to put the budget into effect. The third part consists of schedules supporting
the summary. These schedules show in detail the proposed expenditures and means of financing them
together with information as to past years' actual revenues and expenditures and other data used in making
the estimates.
Budgetary Control: The control management of the business affairs of the school district in accordance with
an approved budget with a responsibility to keep expenditures within the authorized amounts.
Basic Allotment: The basic allotment is the initial or starting number that, after adjustment, is used to
calculate foundation program costs and state aid to school districts and charters.
Budgetary Basis of Accounting: The method used to determine when revenues and expenditures are
recognized for budgetary purposes.
Capital Expenditures: Capital expenditures are defined as charges for the acquisition at the delivered price
including transportation, costs of equipment, land, buildings, or improvements of land or buildings, fixtures,
and other permanent improvements with a value in excess of $5,000 and a useful life expectancy of greater
than 1 year.
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Classification, Function: A function represents a general operational area in a school district and groups
together related activities; for example, instruction, campus administration, maintenance and operations, etc.
Classification, Object: An object has reference to an article or service received; for example payroll costs,
professional and contracted services, supplies and materials, and other operating expenses.
Co‐curricular Activities: Direct and personal services for public school pupils such as interscholastic athletics,
entertainments, publications, clubs, and strings, which are managed or operated by the student body under
the guidance and direction of an adult, and are not part of the regular instructional program.
Coding: A system of numbering, or otherwise designating, accounts, entries, invoices, vouchers, etc., in such a
manner that the symbol used reveals quickly certain required information.
Consultant: A resource person who provides assistance to the regular personnel through conference,
demonstration, research, or other means.
Contracted Services: Labor, material and other costs for services rendered by personnel who are not on the
payroll of the Academy.
Committed Fund Balance: represents amounts that have internally imposed restrictions mandated by formal
action of the government’s highest level of decision‐making authority. The committed amounts cannot be
redeployed for other purposes unless the same type of formal action is taken by the highest level of decision‐
making authority to reserve or modify the previously imposed restriction.
Comprehensive Annual Financial Report (CAFR): A financial report that encompasses all funds and
component units of the government. The CAFR should contain (a) the basic financial statements and required
supplementary information, (b) combining statements to support columns in the basic financial statements
that aggregate information from more than one fund or component unit, and (c) individual fund statements as
needed. The CAFR is the governmental unit's official annual report and also should contain introductory
information, schedules necessary to demonstrate compliance with finance‐related legal and contractual
provisions, and statistical data.
Cost of Education Index (CEI) or Adjustment: An index the state uses to adjust the basic allotment to
account for geographic or other cost differences beyond local school district control. The current index has not
been updated since 1990.
Current Budget: The annual budget prepared for and effective during the present fiscal year.
Current Expenditures per Pupil: Current expenditures for a given period of time divided by a pupil unit of
measure (average daily attendance, etc.)
Debt: An obligation resulting from the borrowing of money or from the purchase of goods and services. Debts
of local education agencies include bonds, leases, etc.
Education Service Center (ESC): Twenty intermediate education units located in regions throughout Texas
that assist and provide services for local school districts.
Estimated Revenue: This term designates the amount of revenue expected to be earned during a given
period.
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Expenditures: This includes total charges incurred, whether paid or unpaid, for current expense, capital
outlay, and debt service. (Transfers between funds, encumbrances, exchanges of cash for other current
assets such as the purchase stores and investment of cash in U.S. Bonds, payments of cash in settlement of
liabilities already accounted as expenditures, and the repayment of the principal of current loans are not
considered as expenditures.)
Fiduciary Funds: Fiduciary Funds account for assets held in a trustee or agent capacity for outside parties,
including individuals, private organizations, and other governments.
Fiscal Period: Any period at the end of which a local education agency determines its financial position and
the results of its operations. The period may be a month, or a year, depending upon the scope of operations
and requirements for managerial control and reporting.
Fiscal Year: A twelve‐month period of time to which the annual budget applies and at the end of which a
local education agency determines its financial position and the results of its operations. The District's fiscal
year is July 1 through June 30.
Foundation School Program (FSP): A program for the support of a basic instructional program for all Texas
school children. Money to support the program comes from the Permanent School Fund, Available School
Fund, Foundation School Fund, state general revenue, and local property taxes. Currently, the FSP described in
the Texas Education Code consists of three parts or tiers. The first tier provides funding for a basic program.
The second tier provides a guaranteed‐yield system so that school districts have substantially equal access to
revenue sufficient to support an accredited program. The third tier equalizes debt service requirements for
existing facilities debt.
Fund: An independent fiscal and accounting entity with a self‐balancing set of accounts recording cash
and/or other resources, together with all related liabilities, obligations, reserves, and equities which are
segregated for the purpose of carrying on in accordance with special regulations, restrictions, or limitations.
Fund Balance: It is the resources remaining from prior years and which are available to be budgeted in the
current year.
Furniture: Those moveable items used for school operation that are not of a mechanical nature. Chairs,
tables, desks, file cabinets, pictures, chalkboards, lamps, lockers and carpets, etc., are examples of furniture.
General Fund: A fund group with budgetary control used to show transactions resulting from operations of
ongoing organizations and activities from a variety of revenue sources for which fund balance is controlled
by and retained for the use by the local education agency. The General Fund is used to finance the ordinary
operations of a governmental unit except those activities required to be accounted for in another fund.
Government Finance Officers Association (GFOA): A professional association of state/provincial and local
finance officers in the United States and Canada, and has served the public finance profession since 1906. The
association's nearly 15,000 members are dedicated to the sound management of government financial
resources.
Governmental Funds: Funds generally used to account for tax‐supported activities. There are five different
types of governmental funds: the general fund, special revenue funds, debt service funds, capital projects
funds and permanent funds.
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Grant: A contribution by one governmental unit to another. The contribution is usually made to aid in the
support of specified function (for example, job training), but it is sometimes also for general purposes.
Independent Audit: An audit performed by an independent auditor.
Individual Education Plan (IEP): A document required by federal law that details the special education
requirements for each disabled student and explains how the school intends to address the student's needs.
An IEP is intended to help ensure that disabled students have equal access to public education in the least
restrictive environment.
Individuals with Disabilities Education Act (IDEA): The 1997 IDEA strengthens academic expectations and
accountability for the nation's 5.4 million children with disabilities.
Modified Accrual Basis of Accounting: Basis of accounting according to which (a) revenues are recognized in
the accounting period in which they become available and measurable and (b) expenditures are recognized in
the accounting period in which the fund liability is incurred, if measurable, except for un‐matured interest on
general long‐term debt and certain similar accrued obligations, which should be recognized when due.
Non‐spendable Fund Balance: includes amounts that cannot be spent and are, therefore, not included in the
current year appropriation. Two components: 1) Not in spendable form – previously recorded disbursements
and include items that are not expected to be converted into cash, i.e. inventories, pre‐paid items, etc. and 2)
Legally or contractually required to be maintained intact – refers to an amount that has been received that
must be invested indefinitely, i.e. a donation received by the government from a citizen, the principal of which
is to be invested in a permanent fund and the earnings used for general governmental purposes.
Object Code: As applied to expenditures, this term has reference to an article or service received; for
example, payroll costs, purchased and contracted services, materials and supplies.
Open‐Enrollment Charters: Open‐enrollment charter schools may be established by private nonprofit
organizations, colleges and universities, and other governmental entities that apply to the State Board of
Education. The law authorizes the State Board to approve up to 215 open‐enrollment charter schools. Law also
provides for creation of college or university charter schools at "public senior colleges and universities." There
is no limit on the number of these charter schools that may be granted. Other charter programs include home‐
rule school district charters and campus or campus program charters.
Personnel, Full‐Time: Academy employees who occupy positions with duties which require them to be on
the job on school days throughout the school year, or at least the number of hours the school is in session.
Personnel, Part‐Time: Personnel who occupy positions with duties which require less than full‐time service.
Proprietary Funds: Funds that focus on the determination of operating income, changes in net assets (or cost
recovery), financial position, and cash flows. There are two different types of proprietary funds: enterprise
funds and internal service funds.
Public Education Information Management System (PEIMS): A data management system that includes
information on student demographics, performance, teacher salaries, etc. The information for PEIMS is
transmitted from local school districts to the Texas Education Agency by the education service centers.
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Public Information Act (PIA): PIA defines public information as information collected, assembled, or
maintained under a law or in connection with a governmental body's transaction of official business. PIA
provides that public information must be made available to the public upon request during the normal
business hours of the district, unless an exception applies that allows or requires that the information not be
made public.
Refined ADA: Refined Average Daily Attendance is based on the number of days of instruction in the school
year. The aggregate eligible day’s attendance is divided by the number of days of instruction to compute the
refined average daily attendance. See also ADA.
Restricted Fund Balance: reports on resources that have spending constraints that are either: 1) externally
imposed by creditors, grantors, contributors or laws and regulations of other governments, i.e. grants, etc. ‐or‐
2) imposed by law through constitutional provision or enabling legislation. The amounts represented by this
fund balance category have very stringent conditions imposed by external parties or by law. Therefore, the
amounts are restricted to very specific purposes and cannot be redeployed for other purposes. The
government can be compelled by an external party to undertake the spending requirements represented by
the Restricted Fund Balance.
School Board Authority: Statute gives local school boards the exclusive power and duty to govern and
oversee the management of the public schools. Powers and duties not specifically delegated to the Texas
Education Agency or the State Board of Education are reserved for local trustees.
Special Revenue Funds: Funds that are used to account for funds awarded to the Academy for the purpose
of accomplishing specific educational tasks as defined by grantors in contracts or other agreements.
State Board for Educator Certification (SBEC): SBEC is a quasi‐independent body that gives educators more
authority to govern the standards of their profession. SBEC regulates and oversees all aspects of the
certification, continuing education, and standards of conduct of public school educators. As a state agency,
SBEC is responsible for certification testing, accountability programs for educator preparation programs, and
certification of teachers and administrators.
State Board of Education (SBOE): A 15‐member body elected by general election (staggered, four‐year
terms) from various regions statewide to provide leadership and to adopt rules and policies for public
education in the state. The board's primary responsibility is to manage the Permanent School Fund.
Teacher Retirement System (TRS): TRS delivers retirement and related benefits authorized by law for
members and their beneficiaries.
Technology Allotment: This allotment is part of the state textbook fund and can be used to purchase
electronic textbooks or technological equipment that contributes to student leaning or teacher training. The
allotment is $30 per ADA.
Texas Assessment of Academic Skills (TAAS): A state‐developed test administered each year to students in
grades 3 through 8 and 10 (exit‐level) to determine student achievement levels on state‐established leaning
objectives. Replaced by the Texas Assessment of Knowledge and Skills (TAKS) effective for the 2002‐03 school
year.
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Texas Assessment of Knowledge and Skills (TAKS): TAKS replaces the Texas Assessment of Academic Skills
(TAAS), a criterion‐referenced test used in Texas schools for 12 years. TAKS began in spring 2003, with tests in
reading in grades 3 through 9; language arts in grades 10 and 11; mathematics in grades 3 through 11. The
11th grade exit‐level test will assess English Ill, algebra I, geometry, biology, integrated chemistry and physics,
early American and U.S. history, world geography, and world history. TAKS will be a more challenging
examination for Texas students, according to the results of field tests.
Texas Education Agency (TEA): The administrative and regulatory unit for the Texas public education system
managed by the commissioner of education. TEA is responsible for implementing public education policies as
established by the Legislature, State Board of Education, and commissioner of education.
Texas Education Code (TEC): This code applies to all educational institutions supported in whole or in part by
state tax funds.
Texas Essential Knowledge and Skills (TEKS): Subject‐specific state leaning objectives adopted by the State
Board of Education. The State's academic tests. [see Texas Assessment of Knowledge and Skills (TAKS)] are
aligned with the TEKS.
Texas Open Meetings Act (TOMA): TOMA makes school board meetings to discuss and decide public
business accessible. The TOMA Decision requires governmental entities to provide prior public notice of what
is to be discussed and where and when discussion will take place. Closed meetings are permitted only when
specifically authorized by law. Civil and criminal penalties can result when a board violates provisions of this
act.
Unassigned Fund Balance: the residual fund balance for the General Fund. It represents the amount of fund
balance remaining after allocation to the Non‐spendable, restricted, committed and assigned fund balances.
This amount reflects the resources that are available for further appropriation and expenditure for general
governmental purposes.
Weighted Students in Average Daily Attendance (WADA): In Texas, students with special educational needs
are weighted for funding purposes to help recognize the additional costs of educating those students.
Weighted programs include special education, career and technology, bilingual, gifted and talented, and
compensatory education. A weighted student count is used to distribute guaranteed‐yield funding and
establish Chapter 41 thresholds.
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