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Home My WebLink AboutFY 2014-15 Draft Budget Presentation 06-02-14FY 2014-15 Draft Budget Westlake Academy June 2014 “Reaching New Heights Together…One School, One Community” Today’s Topics •Updated Five-year Financial Forecast •Service Level Adjustments •Policy Amendment 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 2 FY 2014-15 Draft Budget 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 3 Tab 4 - 1 Overall Cost Summary Adopted FY 2013/14 Estimated FY 2013/14 Proposed FY 2014/15 Proposed Operating Expenditures $6,050,689 $6,365,564 $7,442,886 Municipal-Transfer to WA Operating Budget 90,000 90,000 15,000 Sub-Total 6,140,689 6,455,564 7,457,886 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 $8,373,933 $9,944,112 FY 2014-15 Operating Revenues to Expenditures 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 4 Tab 4 - 1 Proposed Operating Revenues to Expenditures Adopted FY 2013/14 Estimated FY 2013/14 Proposed FY 2014/15 Local Revenue $1,409,450 $1,601,450 $1,658,805 State Funding (FSP) 4,898,497 5,034,023 5,782,092 Total Operating Revenue 6,307,947 6,635,473 7,440,897 Proposed Operating Expenditures 6,050,689 6,365,564 7,442,886 Town -Transfer to WA Operating Budget 90,000 90,000 15,000 Total Operating Expenditures 6,140,689 6,455,564 7,457,886 Other Resources 45,000 45,000 45,000 Other Uses -45,000 -45,000 -45,000 Excess Revenues Over (Under) Expenditures $167,258 $179,909 ($16,989) 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 5 Tab 5 - 2 Mandated SLAs TRS District Contribution $83,000 Insurance Premiums 51,252 Utilities 71,600 Miscellaneous 25,177 Total $231,029 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 6 Personnel SLAs 2% Salary Increase $94,000 *New Hires 550,406 Total $644,406 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 7 * Kindergarten Teacher, Grade 2 Teacher, Grade 6 Teacher, PYP Phys. Ed. Teacher, PYP/MYP Music Teacher, MYP Math Teacher, 2 Administrative Assistants, Day Porter, Executive Principal Maintenance & Facility SLAs *Contracted Services $100,505 Supplies & Materials 16,467 Total $116,972 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 8 * HVAC, Landscape, Electrical, Grounds, Mechanical, Audio, Janitorial, Utilities Strategic Initiatives SLAs Technology 28,000 Professional Services 5,000 APPLL & ISA Exams 5,120 Library 2,900 Rentals 2,670 DP Instructional Supplies 10,200 MYP Instructional Supplies 7,507 PYP Instructional Supplies 5,505 Total $66,902 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 9 Other SLAs Professional Services $(15,245) Non-instructional Supplies & Materials 5,640 Athletics 8,500 Total $(1,105) 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 10 Proposed Policy Amendment –General Fund Unassigned Fund Balance - The Academy shall strive to maintain the General Fund unassigned fund balance at 45 50 days of operation. –Service Level Adjustments – All service level adjustments that result in increases to the operating budget, must be aligned with offsetting increases in operating revenues (FSP, Blacksmith, etc.). 12/22/2014 Westlake Academy – 2014/15 Draft Budget Presentation 11