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Home My WebLink AboutFY 2014-15 Draft Budget Presentation 05-12-14FY 2014-15 Draft Budget Westlake Academy May 2014 “Reaching New Heights Together…One School, One Community” Today’s Topics •Our Vision, Values, and Mission •Strategic Plan •FY 2014-15 Draft Budget •Five-year Financial Forecast 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 2 Vision, Values, & Mission Vision “Westlake Academy inspires 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 Mission “Westlake Academy is an IB World School whose mission is to provide college bound students with an internationally minded education of the highest quality, so they are well-balanced and respectful life-long learners.” 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 3 Tab 1 Strategic Plan •Balanced Scorecard Framework •Aligned with IBO Standards and Practices •Align Organizational Resources to Accomplish our Desired Outcomes 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 4 Tab 2 Key Trends for FY 2014-15 •Completing enrollment growth for the Phase 1 expansion; continued community growth; on- going national brand recognition •Conversation about the future of public education funding, flat revenues for FY 2014-15 •WAF funding increasing •Growth of fund balance to 60 days 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 5 FY 2014-15 Draft Budget 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 6 Tab 4 - 1 Overall Cost Summary Adopted FY 2013/14 Estimated FY 2013/14 Proposed FY 2014/15 Proposed Operating Expenditures $ 6,050,689 $ 6,257,831 $ 7,391,037 Municipal-Transfer to WA Operating Budget 90,000 90,000 15,000 Sub-Total 6,140,689 6,347,831 7,406,037 Annual Debt Service Payment (paid from Municipal budget) 1,428,369 1,428,369 2,090,226 Major Maintenance and Replacement 165,000 165,000 71,000 Sub-Total 1,593,369 1,593,369 2,161,226 In-direct Operating Costs 325,000 325,000 325,000 Sub-Total 325,000 325,000 325,000 Grand Total All Costs $ 8,059,058 $ 8,266,200 $ 9,892,263 FY 2014-15 Operating Revenues to Expenditures 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 7 Tab 4 - 1 Adopted FY 2013/14 Estimated FY 2013/14 Proposed FY 2014/15 Local Revenue $ 1,409,450 $ 1,409,450 $ 1,860,560 State Funding (FSP) 4,898,497 4,869,044 5,748,603 Total Operating Revenue 6,307,947 6,278,494 7,609,163 Proposed Operating Expenditures 6,050,689 6,257,831 7,391,037 Town -Transfer to WA Operating Budget 90,000 90,000 15,000 Total Operating Expenditures 6,140,689 6,347,831 7,406,037 Other Resources 45,000 45,000 45,000 Other Uses (45,000) (45,000) (45,000) Excess Revenues Over (Under) Expenditures $ 167,258 $ (69,337) $ 203,126 FY 2014-15 FSP Funding 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 8 Tab 4 - 1 State funding/student is still approximately $1,300 below FY 09/10 levels, when comparing inflation adjusted funding. It is unclear whether funding levels will increase. There is on-going litigation and a number of candidates running for governor have proposed increases. $5 , 6 2 4 $6 , 5 3 0 $6 , 6 2 3 $7 , 0 5 7 $7 , 2 7 9 $7 , 0 7 3 $6 , 7 3 6 $6 , 8 1 7 $6 , 7 9 8 $6 , 7 9 8 6, 8 1 8 7, 8 0 9 7, 6 1 9 7, 6 9 0 8, 0 7 4 7, 5 6 1 6, 9 1 1 6, 8 5 9 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 FY 05/06 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 Estimated FY 14/15 Proposed Average State Funding per Student Average State Funding/Student Adjusted for Inflation (MCI) WAF Annual Contributions 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 9 Tab 4 - 2 Increasing stakeholder contributions have helped to mitigate past reductions in the state funding. Even though giving is increasing as a percentage of revenues, it will continue to fund approximately 18.5% of the budget. $336 $388 $407 $394 $431 $524 $680 $800 $1,079 $1,302 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 FY 05/06 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 Estimated FY 14/15 Proposed Th o u s a n d s Revenues by Percentage 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 10 Tab 4 - 3 Academy funding received from the FSP has declined from 85.7% in FY 09/10 to 75.5% in FY 14/15. This decline has been mitigated with the WAF Blacksmith funding increasing from 10.1% to 17.8% and an additional 4.1% increase from the Municipal General Fund in the same timeframe. 85.7% 85.2% 83.2% 82.4% 77.6% 75.5% 10.1% 11.4% 12.9% 13.1% 17.2% 17.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY 09/10 FY 10/11 FY 11/12 FY 12/13 Audited FY 13/14 Estimated FY 14/15 Proposed State Revenue WAF Blacksmith Town Contribution Athletic Activities WAF Salary Reimbursement WAF Fund-an-Item Other Local Revenue Transportation/Parking Food Services Interest Earned WAF Contribution WA Student Enrollment 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 11 Tab 4 - 3 Student enrollment from within the primary boundary (The Town of Westlake) is currently showing an increase of approximately 30 students. The majority of the new families are enrolling in the Kindergarten and PYP grades. 69% 67% 70% 73% 70% 61% 64% 31% 32% 30% 27% 30% 39% 36% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 417 491 530 630 658 677 822 FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 Estimated FY 14/15 Estimated % of Students Residing in Westlake Secondary Boundary Westlake Residents Service Level Adjustments •Service Level Adjustments (SLA) are used to identify areas of cost increases and decreases. •We’ve grouped the SLAs into five categories: –Mandated $231,029 –Personnel & Related 644,406 –Maintenance & Facility 116,972 –Strategic Initiatives 66,902 –Professional Services (15,245) –Non-instructional Supplies & Materials 5,640 –Athletics 8,500 –Grand Total $1,058,204 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 12 Tab 5 - 2 Discussion Points •State public education funding still uncertain (75.5%) •Increasing dependence upon WAF and Municipal contributions (22.5% of funding) •Policy amendment regarding Expenditures and Revenues 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 13