HomeMy WebLinkAboutRes 12-18 WA Adpoting the FY 12-13 Budget and Final FY 11-12 WESTLAKE ACADEMY
RESOLUTION NO. 12-18
A RESOLUTION OF THE BOARD OF TRUSTEES OF WESTLAKE ACADEMY TO
ADOPT THE REVISED OPERATING BUDGET FOR FISCAL YEAR ENDING
AUGUST 31, 2012 AND THE PROPOSED BUDGET FOR FISCAL YEAR ENDING
AUGUST 31, 2013 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 31�`
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 13th, 2012; 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, 2012 and the proposed Westlake
Academy Annual Operating Budget for the fiscal year ending August 31, 2013 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 as
presented in Exhibit "A".
SECTION 4: That a copy of the official adopted 2012-2013 Budget shall be kept on file
in the office of the Town Secretary.
WA Resolution 12-18
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.
SECTION 6: That this resolution shall become effective from and after its date of
passage.
PASSED AND APPROVED ON THIS 131h DAY OF AUGUST, 2012.
Laura Wheat, President
ATTEST:
Kelly dward , oard Secretary Thomas IV B rintendent
APPROV S T RM:
tanton anet S. Bubert,
School Attorney
WA Resolution 12-18
Page 2 of 2
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"Holding to the Vision, Rising to the Challenge”
2
Westlake Academy
Adopted FY 12/13 Annual Operating Budget
INTRODUCTORY SECTION
Executive Summary 1
Budget Presentation 2
Westlake Academy Mission, Vision & Values 3
Budget Framework - “Governing and Managing for Outcomes” 4
Academy Approach 5
Explanation & Summary of Major Budget Components 6
Other Considerations 7
Financial Summary 8
Budget Trends 10
Service Level Adjustments 12
Individual Fund Summary 14
Informational Summary 16
Performance Results 19
ORGANIZATIONAL SECTION
Board Members and Administration 25
Mission, Vision & Values 26
How did we get here? 27
Where are we going? 28
Achieving our Vision and Mission 29
Westlake Academy’s Desired Outcomes 31
Projects for 2011-2012 32
Westlake Academy Organizational Structure 36
Financial Structure 38
Westlake Academy Cost Sharing Analysis 40
Financial Structure Summary 43
Legal Status 44
Westlake Academy Boundaries 45
Demographic and Miscellaneous Statistics 46
Budgets and Budgetary Information 47
2011-12 Budget Planning Timeline 56
Westlake Academy Budget Guide 57
3
FINANCIAL SECTION
Combined Statement of Revenues, Expenditures and changes in Fund Balance
– All Governmental Funds 69
All Governmental Funds - Total Revenues & Expenditures 70
All Funds - Revenue and Expenditures Graph 71
Combined Statement of Revenues, Expenditures and changes in Fund Balance
– General Fund 72
Combining Statement of Revenues, Expenditures and changes in Fund Balance
– General Fund 73
Statement of Revenues, Expenditures and Changes in Fund Balance
– Transportation/Parking Fund 197 74
Statement of Revenues, Expenditures and Changes in Fund Balance
– Athletics Activities Fund 198 75
Statement of Revenues, Expenditures and Changes in Fund Balance
– General Fund 199 76
Schedule of Expenditures by Function and Object Code - General Fund 77
General Fund - Revenues and Expenditures Graph 80
General Fund - Expenditures by Function Graph 81
General Fund - Revenues and Expenditure Comparison 82
Combined Statement of Revenues, Expenditures and Changes in Fund Balance
– All Special Revenue Funds 83
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
– All Special Revenue Funds 84
INFORMATIONAL SECTION
Fiscal Stewardship 87
Five Year Financial Forecast 89
Enrollment & Employee Information 92
Other Information 97
Parent Survey Results 107
Community Profile 110
Westlake Academy School Calendar 113
Investment Policy 114
Glossary 119
4
5
“Holding to the Vision, Rising to the Challenge”
6
Executive Summary
August 13, 2012
Honorable President & Board of Trustees
Westlake Academy
2600 J. T. Ottinger Road
Westlake, TX 76262
RE: Transmittal of FY 2012 – 2013 Westlake Academy Budget:
“Holding to the Vision, Rising to the Challenge”
As Superintendent for Westlake Academy, I am submitting for your consideration the Budget for FY
12/13. 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 in the 2012/13 school year.
This 2012/2013 All Funds Budget totals $5,818,815 representing a 2% decline primarily due to the loss of
one-time, federal and local, special revenue funds. The adopted FY 12/13 budget increases the General
Fund, Fund Balance by $28,490. The increase is the result of an additional contribution from the
Westlake Academy Foundation of $303,700, which will cover a portion of the costs associated with
instructional personnel, curriculum, and professional development. With the continued support of the
Westlake Academy Foundation, in addition to the Westlake Blacksmith Annual Fund, the Academy will
be able to balance the budget through FY 12/13. If the State does not increases public education
funding in the next biennium, it will be necessary to utilize the Academy’s fund balance to balance the
budget following FY 12/13.
Figure 1 – All Funds Budget Summary
Estimated Adopted $$%%
Budget Budget Increase Increase
FY 11/12 FY 12/13 (Decrease)(Decrease)
Beginning Fund Balance 914,661$ 683,310$ (231,351)$ -25%
Revenues 5,782,921 5,839,434 56,513 1%
Expenditures 5,947,148 5,818,815 (128,332) -2%
Net Revenues over (under) Expenditures (164,226) 20,619 184,845
Other Resources 104,844 44,823 (60,021) -57%
Other Uses (174,271) (57,663) 116,608 -67%
Ending Fund Balance 683,309$ 691,088$ 7,779$ 1%
Assigned 24,396 - (24,396) -100%
Ending Fund Balance (Unassigned)658,913$ 691,088$ 32,174$ 5%
# Days Operating (Based on 365)45 45 0
Daily operating expense 14,764$ 15,417$ 653 4%
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 2012/13 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 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
Clifton
Cox
Michael
Barrett
Rick
Rennhack
Carol
Langdon
David
Levitan
Board President -----------------------------------------Board of Trustees----------------------------------------
Westlake Academy Leadership Team
*Thomas E. Brymer, Superintendent of Schools
Clint Calzini, Secondary Principal
Rod Harding, Primary Principal/Campus Director
Benjamin Nibarger, Administrative Coordinator
Alan Burt, Director of Athletics
Shelly Myers, Exec. Director of the WAF/Director of Development
MYP Coordinator
Alison Schneider, PYP Coordinator
Stacy Stoyanoff, DP Coordinator
*Ginger Awtry, Director of Communications & Community Affairs
*Amanda DeGan, Assistant to the Town Manager
*Troy Meyer, Director of Facilities
*Debbie Piper, Director of Finance
*Todd Wood, Director of 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 current State funding reductions. The process of developing the Academy budget for fiscal year
2012/13 began with the Westlake Board of Trustees meeting that was held in February of 2012.
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, 2012 will be submitted at the August,
2012 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
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.
Timeline Description of Activities
October - December Strategic Plan preperation process occurs
December Westlake Academy Leadership Team (WALT) begins planning FY 12/13 Budget
January WALT meets with WA affiliates for joint planning for FY 2012/13
January - March Develop CIP, Five Year Projection & Personnel Cost Estimates
February Broad overview of 2012/13 Budget with BOT
April Develop improvement plans for each grade level/dept.
May Strategic Plan preparation process occurs, preliminary budgets developed
June - July Current Budget Review
June 7th BOT Budget Retreat
August 13th BOT consideration/adoption of Westlake Academy FY 2012/13 Budget
September - August Budget Amendments for FY 2012/13
Fall 2012 Begin strategic plan update/review process for FY 2012/13
January 2013 Annual Financial Report for FY 2011/12
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 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 12/13 will be approximately $6,463 per student; approximately an eight
percent (8%) decrease from the FY 10/11 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 12/13 is projected at 650 students in accordance with the current plan to
attempt to maintain 20 students per class.
Federal funding is received through grants that support special education and accounts for less than 5%
of revenues for all funds; this funding is projected to decrease due to the reduction of the Education
Jobs Grant.
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
$1,498,528 for FY 12/13. The Westlake Academy Foundation is an independent non-profit organization
that raises funds through donations and fund raising; the FY 12/13 forecast is $1,108 per student, or
approximately $720,000.
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 was held flat for FY 11/12; however, the
adopted FY 12/13 budget has built in a 1% pay increase for all faculty and staff members. The increase
for all applicable staff equals $36,077 (approximately 2%, including step-increases).
The indirect operating costs were paid by the Academy in FY 11/12, but due to the reduction of state
funding in the current biennium and the uncertainty of future funding scenarios, the indirect operating
cost transfer has been removed from the FY 12/13 budget. The following table reflects these transfers
with the indirect costs included in the FY 11/12 adopted budget.
Figure 3 - Overall Total Cost Summary – All Governmrntal Funds and Municipal Debt Service Payments
Estimated
FY 11-12
Proposed
FY 12-13
5,947,147$ 5,763,815$
- 306,900
Subtotal All Operating Costs 5,947,147 6,070,715
1,498,450 1,498,528
Grand Total All Costs 7,445,597$ 7,569,243$
Overall Cost Summary
Proposed Westlake Academy Budget
Estimated Town Funded Indirect Operational Costs (Support Services)
Annual Debt Service Payment (Paid through Town)
7
Other Considerations
MULTI-YEAR FINANCIAL FORECAST
The current financial forecast shows the Academy’s utilizing the entire fund balance by FY 16/17. Unless
revenues increase or operating expenditures are reduced, Westlake Academy’s estimated unassigned
Fund Balance will drop below the TEA recommendation of maintaining a 45 day operating balance which
was has been adopted by the board as a financial policy in FY 13/14.
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
In FY 10/11 and FY 11/12 the Academy increased the course offerings in foreign languages, theater arts,
technology, and science. This expansion of programs and facilities was primarily funded through the
addition of a third section of 20 students in grades seven through grade eleven (G7 – G11) in FY 11/12.
Due the increase in program offerings and student enrollment, facilities are operating at close to 100%
capacity and required the addition of three portable buildings which were added in FY 11/12. Additional
facility studies have been conducted by Project Management Services, Inc. (PMSI), and the Academy’s
original architectural firm, Bennett, Benner, and Pettit. A Campus Master Plan and Facility Plan is
expected to be completed and presented to the Board of Trustees for adoption in FY 12/13.
FY
03/04
FY
04/05
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
FY
14/15
FY
15/16
FY
16/17
Revenues 1.09M 1.83M 2.41M 2.88M 3.17M 3.66M 4.28M 4.61M 5.24M 5.2M 5.68M 5.66M 5.7M 5.67M
Expenditures 1.07M 1.61M 2.21M 2.62M 3.23M 3.71M 3.92M 4.52M 5.33M 5.39M 5.68M 5.79M 5.9M 6.01M
Fund Balance 12K 232K 428K 692K 634K 502K 754K 915K 811K 658K 654K 507K 288K -71K
$0
$1
$2
$3
$4
$5
$6
$7
Mi
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s
WA Programme Growth
(Revenue, Expenditure, Fund Balance)
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 $5,839,434 and total expenditure appropriations amount to $5,818,815.
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
Figure 6 – Graph: Revenue Summary – All Governmental Funds
The largest revenue source for Westlake Academy is State Foundation School Program funding which makes up 76% of All
Governmental fund revenues.
Adopted Estimated Adopted
Audited Audited Audited Budget Budget Budget
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13
REVENUES
Federal Program Revenues 56,134$ 199,436$ 157,445$ 150,844$ 163,919$ 69,239$
State Program Revenues 3,163,129 3,687,706 3,945,658 4,494,586 4,380,317$ 4,488,261$
Local Revenues 538,992 656,508 874,207 839,412 1,238,685$ 1,281,934$
Total Revenues 3,758,255$ 4,543,649$ 4,977,310$ 5,484,842$ 5,782,921$ 5,839,434$
Federal Program
Revenues
3%
State Program
Revenues
76% Local Revenues
21%
Revenues
9
Figure 7 Table: Expenditure Summary – All Governmental Funds
Figure 8 – Expenditure Summary – All Governmental Funds
The largest expenditure category is Payroll & Related items which makes up approximately 77% of all Governmental fund
expenditures.
Adopted Estimated Adopted
Audited Audited Audited Budget Budget Budget
EXPENDITURES (BY FUNCTION)FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13
11 - Instructional 2,120,372$ 2,428,184$ 2,764,022$ 3,029,625$ 3,278,462$ 3,377,707$
12 - Resources & Media 62,513 87,511 73,398 90,134 82,929 140,756
13 - Staff Development 36,973 95,387 111,933 126,230 99,068 126,952
21 - Instructional Leadership 11,660 97,623 125,265 131,742 138,136 127,812
23 - School Leadership 179,554 286,307 294,931 333,805 345,030 353,683
31 - Guidance & Counseling 163,575 159,850 165,245 220,628 236,725 234,011
33 - Health Services 58,845 56,963 53,513 59,700 60,853 58,324
35 - Food Services 15,448 8,135 - 9,657 12,363 9,544
36 - CoCurricular/ Extra. Activities 111,738 116,808 7,275 134,726 101,818 186,036
41 - Administrative 527,000 318,624 105,472 601,746 697,464 314,263
51 - Maintenance & Operations 279,485 265,969 301,672 587,169 621,629 607,211
53 - Data Processing 88,720 157,923 525,273 159,874 174,781 166,686
61 - Community Services 66,822 59,592 154,962 66,244 79,010 91,890
71 - Debt Service 82,991 41,495 69,739 - - -
81 - Facility Acquisition/Construction - - 132,286 23,940 18,878 23,940
Total Expenditures 3,805,696$ 4,180,369$ 4,884,985$ 5,575,220$ 5,947,147$ 5,818,815$
61XX - Payroll &
Related Items
77%
62XX - Contracted
Services
13%
63XX - Supplies &
Materials
5%
64XX - Other
Operating
5%
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 has declined by approximately $745 per pupil since FY
09-10.
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.
-
2,000
4,000
6,000
8,000
10,000
12,000
03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12
Estimated
12/13
Adopted
Average Funding / Student
WA Mean Texas Mean National Mean
11
The largest funding sources for Westlake Academy continue to be State funding and the Blacksmith
Apprentice Program. State funding has averaged between 80% and 86% of General Fund revenues from
FY 07/08 to FY 12/13 while Blacksmith contributions have averaged between 10% and 15%.
Figure 10 General Fund Revenues by Source
GENERAL FUND - LOCAL FUNDING
As the student population has grown, the Blacksmith annual program contributions have increased.
However, the average contribution per student was declining from FY 06/07, but has begun an upward
trend in the last two fiscal years.
Figure 11 Blacksmith Contributions
The FY 12/13 Blacksmith contributions of $720,000 are based on an estimated per-student average donation of $1,108.
$0
$1
$2
$3
$4
$5
$6
FY 07/08
Audited
FY 08/09
Audited
FY 09/10
Audited
FY 10/11
Audited
FY 11/12
Estimated
FY 12/13
Adopted
Mi
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s
FY 12/13 Revenues by Source
All Other Local
Athletics
Transportation
Lunchroom Revenues
Investment Earnings
WAF Salary
Reimbursement
Blacksmith Apprentice
Program
FY
04/05
FY
05/06
FY
06/07
FY
07/08
FY
08/09
FY
09/10
FY
10/11
Est.
FY
11/12
Propos
ed
FY
12/13
Total Raised $239,446 $335,727 $388,377 $407,012 $394,129 $431,409 $524,038 $679,000 $720,000
Average per Student 907 1,036 1,122 1,074 945 879 989 1,113 1,108
600
800
1,000
1,200
1,400
1,600
1,800
2,000
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
To
t
a
l
C
o
n
t
r
i
b
u
t
i
o
n
s
Blacksmith 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 international teachers at Westlake Academy.
SLA’s involving new expenditure areas to target for recommendation to the Board for FY 11/12, staff
recommended several areas: new positions, employee compensation.
Instructional Salary Related Expenditures Total: $188,266
Desired Outcome: High Student Achievement
In FY 12/13 we will have 69.93 full-time equivalent employees (FTE’s), an increase of 2.45 FTE’s. The
increase in expenditures is the result of a combination of adding new positions, the years of experience
our new teachers, an increase in unemployment insurance and other employer contributions, as well as
the increased cost associated with teacher classifications and international teacher stipends.
Asst. to Secondary Principal (.50)
PYP Reading Specialist (.60)
PYP Spanish (.40)
DP Humanities (.50)
MYP Foreign Language (.34)
MYP/DP Reading Specialist (.41)
PYP PE Teaching Aide (.70)
Librarian/Aide (-1.0)
Lapse of Education Job Grant (Federal Funding to Save Teaching Positions) Total: $91,375
Desired Outcome: High Student Achievement
In FY 11/12 the Academy received $91,375 in a federal entitlement grant for teacher retention. This was
a one year grant that was utilized to offset the salaries of approximately 1.75 FTE teaching positions.
With the lapse of the federal funding, these teaching positions were moved back into the General Fund.
Employee Compensation and Benefits Total: $36,077
Desired Outcomes: Effective Educators & Staff – High Student Achievement
In FY 11/12 the Board directed staff to prepare the budget holding teachers’ salaries flat. In FY 11/12
several of the surrounding districts increased their teacher pay and in order to maintain the Board policy
of being within 3% of the median, it will be necessary to increase salaries 1% in FY 12/13. With over 70%
of the Academy’s expenditures being directly related to employee pay and benefits, it is important that
we offer competitive salaries, wages, and benefits to attract and retain a strong faculty base, even in a
difficult economy.
13
Media & Resource (Library) Total: $58,109
Desired Outcome: High Student Achievement
With the renovation to the Scott Bradley Library and the introduction of the Media Center / Research
environment, the staffing requirements shifted and two full-time teachers will be working with students
in the PYP, MYP, and DP program on computer aided research and database utilization skills.
Athletics Department Total: $65,921
Desired Outcome: Student Engagement & Extra-Curricular Activities
The majority of this cost increase is related to the experience level of the Athletic Director, the increase
in expenditures of assigned funds for equipment and uniform replacement, and anticipation of greater
participation in athletics, requiring additional field rentals, referees, etc. The Academy collects player
fees to help offset the cost of extra-curricular activities.
Professional Development Total: $50,233
Desired Outcome: Effective Educators & Staff; High Student Achievement
In FY 11/12, Westlake Academy received thousands of dollars in special revenue funds (grants) targeting
professional development. Without the renewal of all these grants, the professional development
budget was moved back into the General Fund.
Ending In-Direct Operating Cost Transfer from Academy Budget to Town Budget Total: -$306,900
Desired Outcome: Financial Stewardship and Responsibility
In FY 11/12 the Academy reimbursed the Town for the in-direct operating costs for administrative
services shared with the Town of Westlake. This includes the Superintendent, Finance Director, Human
Resources Director, Facilities Director, and support personnel. This had been paid by the Town of
Westlake from the inception of the school in 2003. The amount represents $325,000 less the 25%
portion of the IT Tech and the Maintenance Engineer for time allocated to the Town.
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 /13 Adopted: Revenues = $5,608,555 Expenditures =$5,572,225
Figure 12 Revenue & Expenditure Comparison – General Fund
Expenditures have exceeded revenues over the last two fiscal years. This is due to the State’s reduction in public
education funding, approximately an eight percent (8%) decline.
$1
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$-
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$6
FY 03/04
audited
FY 04/05
audited
FY 05/06
audited
FY 06/07
audited
FY 07/08
audited
FY 08/09
audited
FY 09/10
audited
FY 10/11
estimated
FY 11/12
Adopted
Mi
l
l
i
o
n
s
Revenue & Expenditure Comparison
Revenues Expenditures
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.
FY 12/13 Adopted: Revenues =$170,879 Expenditures =$191,591
Figure 13 – Special Revenue Funds Comparison
Variance
Estimated Adopted Estimated
FY 11/12 FY 12/13 to Adopted
SPECIAL REVENUE FUNDS
Federal Grants through TEA
Fund 224 - IDEA B 72,544 69,239 (3,305)
Fund 225 - IDEA B Preschool - - -
Fund 266 SFSF (ARRA) - - -
Fund 287 - Education Jobs 91,375 - (91,375)
Sub-total Federal Grants 163,919 69,239 (94,680)
State Grants through TEA
Fund 397 - Advanced Placement Incentive 5,220 - (5,220)
Fund 404 - Student Success Initiative 2,200 - (2,200)
Fund 410 - Material Allotment Disbursment 3,566 - (3,566)
Fund 411 - Technology - - -
Fund 429 - AP/IB Campus Awards 925 - (925)
Sub-total State Grants 11,911 - (11,911)
Local Activities
Fund 461 - Local Campus Activity 31,143 30,000 (1,143)
Sub-total Local Activities 31,143 30,000 (1,143)
Hudson Foundation Grants
Fund 481 - Hudson Foundation - - -
Fund 483 - Hudson Technology - - -
Fund 484 - Hudson Teacher Development 35,000 - (35,000)
Fund 485 - Hudson Teacher Grant 10,000 - (10,000)
Fund 486 - Hudson Ron Clark: Teacher Effectiveness 28,430 - (28,430)
Sub-total Hudson Foundation Grants 73,430 - (73,430)
Westlake Academy Foundation Grants
Fund 482 - WAF Fund100 19,259 - (19,259)
Fund 487 - WAF Technology for the Next Generation 100,000 - (100,000)
Fund 488 - WAF Support Mathematics Teacher 4,235 - (4,235)
Fund 489 - WAF Rosetta Stone 10,995 - (10,995)
Fund 490 - WAF Whole School Professional Development 36,980 - (36,980)
Fund 491 - WAF Accept the Best, Nothing Less! Phase I 15,167 - (15,167)
Fund 492 - WAF Accept the Best, Nothing Less! Phase II 26,742 36,000 9,258
Fund 493 - IB Learns Grant - 35,640 35,640
Fund 494 - WAF Library Fund-an-Item 61,000 - (61,000)
Fund 495 - WAF Coop Tables Grant 26,622 - (26,622)
Sub-total Foundation WA Grants 301,000 71,640 (229,360)
Grant Total - All Special Revenue Funds 581,403 170,879 (410,524)
16
Informational Summary
CHANGES IN DEBT
Debt service for the Academy’s capital infrastructure is included in the Town of Westlake’s municipal
budget. The amount of debt outstanding including interest is approximately $32,194,538; this debt will
be retired in 2021. The average annual debt service for Academy facilities paid by the Town of Westlake
is approximately $1,500,000. Discussion of current and future capital projects may be found in the
Organizational Section of this document (see pages 40 & 41).
FACILITIES
The Academy was designed and built to service approximately 620 students, with the addition of almost
50 students; the facilities at the Academy are projected to reach full capacity at the beginning of the FY
13/14 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. In addition to
the permanent structures on the campus, the lease cost for three temporary buildings was added as a
budget amendment to the FY 10/11 Academy budget and placed into service in FY 11/12. The buildings
are used to support expanded curriculum offerings in the DP programme. These buildings do not meet
the criteria for “capital” expenses and are paid for from the Academy’s operating budget. The 3 year
lease includes a standard purchase option however, no commitment has been made at this time; the
Board is currently discussing how this and other facility needs will be met in the future.
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 11/12 the Academy added 8.4 FTE positions to support additional
course offerings and student expansion. In FY 12/13 an additional 2.45 FTE positions for a total of 69.93
FTE employees (see page 95 in the Informational section for a complete list of all positions).
17
Figure 14 Westlake Academy FTE Staff
Staff levels have increased steadily since the Academy opened in FY 03/04. Staffing levels have increased each year as the
program offerings and each grade level is fully filled. The Academy has added 14.68 FTE positions since reaching full
grade level expansion in FY 09/10.
18.85
25.15
32.40 36.40
43.00
48.10
55.62 59.44
67.48 69.93
-
10
20
30
40
50
60
70
80
FY 03/04 FY 04/05 FY 05/06 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13
Faculty & Staff Growth
FY 03/04 - FY 12/13
Instructional Staff Instructional Aides School Leadership
Office Staff Counselors IT
Nurse Facilities Total
18
STUDENT 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 13/14 the campus facilities at the Academy are expected to reach full capacity (including the three
portable buildings discussed earlier in this document). Any future growth in student population may
necessitate building or leasing additional space.
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.
Although discussions of expanding the campus facilities are underway, currently there is no plan to
expand the number of students enrolled beyond the approximately 650 students being served in the
current fiscal year.
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. Future enrollment increases or decreases are at the sole discretion of the Board.
195
264
324 346 379 417
491 530
610 650
0
100
200
300
400
500
600
700
FY 03/04
G1-6
FY 04/05
K-7
FY 05/06
K-8
FY 06/07
K-9
FY 07/08
K-10
FY 08/09
K-11
FY 09/10
K-12
FY 10/11
K-12
FY 11/12
K-12
FY 12/13
K-12
WA Student Enrollment
19
Performance Results
The State of Texas utilizes 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. Although the test was created before the passage of the No Child Left Behind Act (NCLBA), it
complies with the law. The charts below utilize TEA data to compare Westlake Academy’s performance
with several benchmark school districts including the three districts that have boundaries within the
Town of Westlake (Carroll ISD, Keller ISD and Northwest ISD).
Of the school districts listed above, Westlake Academy had the highest or second-highest 2011 TAKS performance for
every category except science.
Westlake Academy’s spending per pupil declined sharply in FY 10/11 due to the State Education funding reductions.
Recent enrollment increases have improved 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.
0
10
20
30
40
50
60
70
80
90
100
TAKS %
Passing
Reading/ELA
TAKS %
Passing
Writing
TAKS %
Passing
Mathematics
TAKS %
Passing
Science
TAKS %
Passing
Social
Studies
2011 TAKS Results Benchmark Comparisons
Lewisville
Northwest
Arlington
Birdville
Fort Worth
Keller
Hurst-Euless-Bedford
Carroll
Westlake Academy Charter
$5,500
$6,500
$7,500
$8,500
$9,500
FY 05/06 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11
Operating Costs per Student
(Excluding Debt Service & Capital Expenditures)
Lewisville Northwest Arlington
Birdville Fort Worth Keller
Hurst-Euless-Bedford Carroll Westlake Academy Charter
20
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 10/11 Westlake Academy
Parent Survey was conducted in June 2011 and achieved significant improvements in satisfaction (>5%)
in thirteen (13) of the nineteen (19) service areas and programs rated. Westlake anticipates completing
a parent satisfaction survey every other year to continue to track overall performance and satisfaction.
83% of the parent’s surveyed were very satisfied or satisfied with the overall quality of education Westlake Academy
delivers to its students.
AWARDS
The Association of School Business Officials International (ASBO) presented a Meritorious Budget Award
to Westlake Academy for its Annual Operating Budget for the fiscal year beginning September 1, 2010.
This is the second year the Academy has been honored with this award. Additionally, the Academy
received the Distinguished Budget Presentation Award from the Government Finance Officers
Association (GFOA); representing the fourth 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.
Very Satisfied
41%
Satisfied
42% Dissatisfied
14%
Neutral
3%
Overall Satisfaction with
Quality of Education
21
SUMMARY
Westlake Academy’s students, faculty, and staff continue down the path towards excellence, appearing
in the top 50 public schools in the nation in three different national rankings. This shows that we lived
up to our last year’s theme, “Continued Excellence in the Face of Change”.
In FY 11/12, we spent many hours in discussion about the future of Westlake Academy, our vision,
mission, and values. About how best we can reach our ultimate destination in this climate of
uncertainty, and constant change. Keeping in mind our last year’s budget theme of continuing
excellence in the face of change, I would offer for the FY 12/13 budget theme, “Holding to the Vision,
Rising to the Challenge”.
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 “Holding to the Vision, and Rising to the Challenge ”.
Thomas E. Brymer
Town Manager/Superintendent Westlake Academy
22
“Holding to the Vision, Rising to the Challenge”
“Holding to the Vision, Rising to the Challenge”
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
Clifton
Cox
Michael
Barrett
Rick
Rennhack
Carol
Langdon
David
Levitan
Board President -----------------------------------------Board of Trustees----------------------------------------
Westlake Academy Leadership Team
*Thomas E. Brymer, Superintendent of Schools
Clint Calzini, Secondary Principal
Rod Harding, Primary Principal/Campus Director
Benjamin Nibarger, Administrative Coordinator
Alan Burt, Director of Athletics
Shelly Myers, Exec. Director of the WAF/Director of Development
MYP Coordinator
Alison Schneider, PYP Coordinator
Stacy Stoyanoff, DP Coordinator
*Ginger Awtry, Director of Communications & Community Affairs
*Amanda DeGan, Assistant to the Town Manager
*Troy Meyer, Director of Facilities
*Debbie Piper, Director of Finance
*Todd Wood, Director of Administrative Services
*Asterisk denotes shared services personnel between Westlake Academy and the Town of Westlake
26
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 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.
27
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. 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 only school in Texas and one of only five schools
in the United States to offer all three IB programmes.
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 10/11, the Academy received an ‘Exemplary’ rating from the TEA for the Texas
Assessment of Knowledge and Skills (TAKS) tests for the fourth 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.
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.
28
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.
29
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
30
Organizational Decision Model
Mission
Vision
Values
Desired
Outcomes
Balanced
Scorecard
Dashboard
Improvement
Plans
Budget/
Resource
Allocation
SMART Goals
Specific
Measurable
Attainable
Realistic
Timely
Logic Model
Resources/Inputs
Activities
Outputs
Outcomes
Impact
IB Standards &
PracticesStrategic Plan
Stakeholder Involvement
Financial Stewardship
Educational & Administrative Methods
Leadership, Growth & Learning
31
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.
32
Projects for 2012-2013
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 will be rolled out in September
2012, 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.
33
STAKEHOLDER ENGAGEMENT & FINANCIAL STEWARDSHIP
Objectives Measures Targets Actual
Due
Date SP/IB S&P
St
a
k
e
h
o
l
d
e
r
E
n
g
a
g
e
m
e
n
t
Teachers and staff are dedicated and satisfied Satisfaction in the Workplace Survey 95% A1, B2
Staff turnover < 20% B2.2
Median salary ± 3% B2.2
Students are engaged in learning and personifying the IB program
and philosophy Student Satisfaction Survey 95% A1, B2, C1,
C2, C3
# of students who receive an award 50% A1.5
# of students participating in residential trips 60% A1.7
Parents and community members are actively involved Parent/Community Surveys 95% A1, B2, C4
# of volunteer hours 20,000 A1, B2, C4
Donors are satisfied and committed Average Donation per Student $2,000 B1.6
% of Blacksmith participation B1.6
Objectives Measures Targets Actual
Due
Date SP/IB S&P
Fi
n
a
n
c
i
a
l
St
e
w
a
r
d
s
h
i
p
Sound financial management Annual Audit Presents
Fairly B1, B2.1
Expenditure per student ($)
Student attendance - ADA (%) 97%
Expenditures within budget (%) 100%
34
LEADERSHIP, GROWTH & LEARNING
Objectives Measures Targets Actual
Due
Date SP/IB S&P
Le
a
d
e
r
s
h
i
p
,
G
r
o
w
t
h
&
De
v
e
l
o
p
m
e
n
t
Teachers and staff are well trained and highly qualified % of staff with IB level 1 training 100% B2.3
% of staff with IB level 2 training 100% B2.3
% of staff with IB level 3 training 100% B2.3
% of staff with graduate degrees
# of staff that are DP examiners 5
# of teachers leading or selected for educational
conference, committees, or other opportunities 5
% of teachers attending PD annually 100%
Board provides effective governance % of time spent on policy issues 90% A1, B1.2;
B2.1
Administrative staff members are highly competent 100% A1.2; B1.3;
B2.2; C4
35
EDUCATIONAL & ADMINISTRATIVE METHODS
Objectives Measures Targets Actual
Due
Date
SP/IB
S&P
Ed
u
c
a
t
i
o
n
a
l
&
A
d
m
i
n
i
s
t
r
a
t
i
v
e
Me
t
h
o
d
s
Curriculum is sound Self-Assessment ≥ 3 B1, B2, C1-
4
IB Evaluation
Instruction is effective Self-Assessment ≥ 3 B1.7, C4.1
PYP Student Semester Reports ≥ 3 C4.4;6-7
MYP Student Quarterly Reports C4.4;6-7
DP Student Quarterly Reports C4.4;6-7
High School Ranking (Washington Post) Top 20
Newsweek Ranking Top 20
US News & World Report Ranking Top 20
% of students entering college 100%
ISA Assessment C4.7
STARR Assessment C4.7
% of students commended > 95% C4.7
Average PSAT C4.7
# of national merit scholars C4.7
Average SAT C4.7
Average ACT C4.7
% of students graduating w/ Distinguished Diploma 100%
Ratio of international teachers ≤ 20% A1.4, B2.2
% of students graduating with IB Diploma ≥ 80% A1.9,
B2.12, C4.9
Focus on creating an environment that develops
character and life-long learners Self-Assessment ≥ 3 A1, B1.7,
C1, C2, C3
Parent Survey 95% A1.7
Facilities are safe and well maintained Parent/Community Survey 95% B2.5
Communication & marketing plan is developed and well
executed
# of lottery applications received 2,500 A1.6
Parent/Community Survey A1.3
# of strategic partners B2.11
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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 Leadership Team (WALT) 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.
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
students of Westlake Academy, and to create clear channels of communication in order to better accomplish
our goals and objectives.
37
Figure 17 - Organizational Chart
Board of
Trustees
Town Manager /
Superintendent
Shared Services
Admin. Staff
Exec. Diretor of
WAF / Director
of Development
Secondary
Principal
Administrative
Coordinator
Primary
Principal /
Campus Director
MYP/DP
Coordinator
Administrative
Staff
PYP
Coordinator
Primary
Counselor
Secondary
Counselor
School
Nurse
Secondary
Teachers
Primary
Teacher Dining Hall
Librarian Athletic
Director
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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.
39
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 (see page 60 for more detail about Fiduciary funds).
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 (see pages 57-60).
SIGNIFICANT ACCOUNTING POLICIES: The Board of Trustees has established and regularly updates a
comprehensive set of financial policies for the Academy (see pages 47 – 55). 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.
40
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 1 through 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 13/14, 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.
41
Capital Costs/Debt Service
The Town of Westlake has issued certificates of obligation and general obligation bonds to fund the
construction of the campus. As of FY 12/13 there is $28,266,150 (principal and interest) of outstanding
bonded indebtedness to retire these bonds. 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.
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.
The following capital projects are in-progress or have been completed as of the close of FY 11/12:
Westlake Academy Vehicular Entry Improvements – Approximately two-acres of land to the north of the
campus was acquired and a new north entrance was added to improve the flow of traffic and provide direct
access to the secondary pick-up area. This was paid for through the Deloitte/Hillwood developer
agreement.
The following capital projects have been presented to the Board of Trustees and are currently unfunded:
Figure 18 – Unfunded Capital Projects
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.
DESCRIPTION FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 TOTALS
UNFUNDED PROJECTS
Westlake Academy - New High School 31,291$ 469,359$ 4,863,258$ -$ -$ 5,363,908$
Westlake Academy - New Middle School 25,819 387,281 3,855,921 - - 4,269,020
Westlake Academy - New Media Center 9,317 139,753 858,380 - - 1,007,450
Westlake Academy - New Multi-Purpose Building 9,826 147,394 1,470,435 - - 1,627,655
Westlake Academy - New Performance Hall 10,393 155,897 1,311,309 - - 1,477,599
Westlake Academy - Primary School Addition 9,578 143,671 1,230,275 - - 1,383,524
Westlake Academy - Cover Existing Walkway - - - - 270,275 270,275
Westlake Academy - West Parking Improvements - - - 115,500 - 115,500
TOTAL UNFUNDED PROJECTS 96,224$ 1,443,353$ 13,589,579$ 115,500$ 270,275$ 15,514,931$
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Direct Operating Costs
In addition to owning the Westlake Academy campus facilities, the Town of Westlake is responsible for the
daily maintenance costs of the campus grounds and buildings. Per Board direction from its June 2010
budget retreat, all direct costs to operate the campus were expensed to the Academy’s operating budget in
FY 10/11 (as opposed to the previous practice of expensing much of that cost in the Town’s municipal
budget). Direct costs moved from the municipal budget to the Academy’s operating budget in FY 10/11 and
are continuing to be paid through the Academy’s operating budget.
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 has suspended the transfer of $306,900, to help
maintain the TEA’s recommended 45 day fund balance. All other available fund balance will be assigned to
indirect operating costs.
43
Financial Structure Summary
The following table reflects these transfers with the indirect costs included in the FY 12/13 adopted budget.
Figure 19 - Overall Total Cost Summary
Estimated
FY 11-12
Adopted
FY 12-13
5,947,148$ 5,818,815$
- 306,900
Subtotal All Operating Costs 5,947,148 6,125,715
1,498,450 1,498,528
Grand Total All Costs 7,445,598$ 7,624,243$
Overall Cost Summary
Adopted Westlake Academy Budget
Estimated Town Funded Indirect Operational Costs (Support Services)
Annual Debt Service Payment (Paid through Town)
44
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.
45
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
46
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: 650
Teaching Staff (FTE) 62.85
Average Class Size: 18 (kindergarten)
20 (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.
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.
47
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:
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.
48
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.
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.
49
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.
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
50
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
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
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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.
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 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.
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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 strive to 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, 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.
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.
53
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 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.
54
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 idle cash will be invested with the intent to (1) safeguard assets, (2)
maintain liquidity, and (3) maximize return.
Fixed Assets and Inventory - Such assets will be reasonably safeguarded and properly accounted for and
prudently insured. The fixed asset inventory will be updated regularly.
55
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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2012-13 Budget Planning Timeline
Figure 20 – FY 12/13 Budget Calendar
Preliminary discussion of WA's 2012/13 Budget
Five Year Projection Scenarios distributed
HR prepare actual costs associated with personnel requests
Develop improvement plans for each grade level/department
Orientation and overview of FY 20112/13 budget process
Staff resource requests
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
First Draft to Town Manager for review
Superintendent and Finance begin detail reviews with administration
Review Current-Year Estimated year-end budget with Council
Budget Retreat
Power point presentation work
Superintendent review of final budget
Publish Notice of Public Hearing on Budget
Public Hearing on Budget
Present Proposed FY 2012/13 Westlake Academy Budget for Board approval
Fiscal Year 2012-2013 beginsSep-12
~ Westlake Academy FY 2012/13 ~
~ BUDGET CALENDAR ~
Feb-12
Mar-12
Apr-12
May-12
Strategic Planning Retreat
Jun-12
Jul-12
Aug-12
57
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 18% of these funds are federally funded, 82% 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 225 IDEA-B Preschool (Federally Funded)
Fund is used, on a project basis, for funds granted to operate educational programs for preschool
children with disabilities.
Fund 266 ARRA, Title XIV, State Fiscal Stabilization Fund (Stimulus Funds)
Fund was used to account, on a project basis, for funds granted to improve basic programs authorized
by the Elementary and Secondary Education Act of 1965, as amended by the No Child Left Behind Act of
2001; the Individuals with Disabilities Education Act (IDEA); the Adult and Family Literacy Act; the Carl
D. Perkins and Technical Education Act of 2006, or for the modernization, renovation, and repairs that
58
are consistent with a recognized green building rating system. (84.394) This grant was funded by the
American Recovery and Reinvestment Act (ARRA) of 2009, Title XIV.
Fund 287 Education Jobs – (Federally Funded)
This federally defined fund is designated for compensation and benefits and other expenses, such as
support services, necessary to retain existing school-level employees, to recall or rehire former school-
level employees, and to hire new school-level employees, in order to provide early childhood,
elementary, or secondary educational and related services.
Fund 397 Advanced Placement/IB Awards (State Funded)
Fund is used to account, on a project basis, for funds awarded under the Texas Advanced Placement
Award Incentive Program, Chapter 28, Subchapter C, Texas Education Code. The purpose of this
incentive program is to recognize and reward those students, teachers, and schools that demonstrate
success in achieving the state’s educational goals.
Fund 411 Technology Allotment (State Funded)
Fund is to be used to account, on a project basis, for funds awarded to purchase technological software
or equipment that contributes to student learning, or to pay for training for educational personnel
involved in the use of these materials.
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 Grant (Locally Funded)
This locally defined fund is used to account for grants received from the Hudson Foundation. Their
focus for Education is partnering with organizations that use innovative methods to reduce the dropout
rate, increase academic performance and help young adults make better choices and prepare for the
future. This includes all areas of formal education, with a primary focus on kindergarten through high
school. The funds will be used to advance the Academy’s professional development efforts as well as
the completion of a Master Facilities Plan to ensure effective and efficient use of the physical space.
Fund 482 Fund 100 (Locally Funded)
This locally defined fund is used to account for grants awarded to the Academy by the Westlake
Academy Foundation to be used to develop, retain, and recruit “legacy teachers”; educators who make
a positive and lasting difference in the lives of students they teach.
Fund 483 Hudson Foundation Grant - Technology (Locally Funded)
This grant from the Hudson Foundation will fund a computer cart to improve student access to lap top
computer technology for class room learning purposes.
Fund 484 Hudson Foundation Grant – Teacher Development (Locally Funded)
This grant from the Hudson Foundation will fund teacher training that is designed to improve teacher
development on learning differentiation, and peer coaching in a school based learning community.
59
Fund 485 Hudson Foundation Grant – Teacher Grant (Locally Funded)
This grant from the Hudson Foundation will encourage teacher creativity by funding innovative
practical class room based programs that improve student learning and achievement via enhanced
student creativity.
Fund 486 Hudson Foundation Grant – Teacher Internship (Locally Funded)
This grant from the Hudson Foundation provides a program entitled TIP the Scales for Students Success
(Teacher Internship-Development Program) which targets improving the learning environment and
developing high-performance teachers through the integration of an intense mentoring program
designed to convey the practical hands-on experience of master teachers to new teachers.
Fund 487 Westlake Academy Foundation – Technology for the Next Generation (Locally Funded)
This grant from the Westlake Academy Foundation provides a program entitled Technology for the Next
Generation which provided additional technology needs for FY 11/12.
Fund 488 Westlake Academy Foundation – Math Support Teacher (Locally Funded)
Grant from the Westlake Academy Foundation provides a support math teacher for student enrichment
and remediation.
Fund 489 Westlake Academy Foundation – Rosetta Stone (Locally Funded)
This grant provides funding for the Rosetta Stone site license. The foreign language programs utilize
this as a support application in the classroom and for student enrichment and remediation.
Fund 490 Westlake Academy Foundation – Teacher Professional Development (Locally Funded)
Grant provides funding for teacher professional development. The professional development focuses
on obtaining IB level’s one through three certification.
Fund 491 Westlake Academy Foundation – Teacher Recruitment, Phase I (Locally Funded)
This grant provided funding for international teacher recruitment trip in London at the Council of
International Schools during FY 11/12.
Fund 492 Westlake Academy Foundation – Teacher Recruitment, Phase II (Locally Funded)
This grant will provide funding for international teacher stipends, recruitment profiles, and other
brochures.
Fund 493 Westlake Academy Foundation – IB Learns (Locally Funded)
This grant provides funding for the development of a curriculum management system. Third Learning
will provide a web-based curriculum management tool that will provide articulated curriculum, teacher
resources, and parent information.
Fund 494 Westlake Academy Foundation – Library Remodeling (Locally Funded)
Grant provided funding for the remodeling of the Scott Bradley library, introducing media center
technology, database utilization, and computer aided research.
Fund 495 Westlake Academy Foundation – Coop Tables Grant (Locally Funded)
This grant from the Westlake Academy Foundation provides new classroom furnishings in G4 – G6.
These modular desk sets will allow for a variety of group and individual workstations.
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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.
62
Figure 21 – Account Coding Matrix
Function Code
11
12
13
21
23
31
32
33
34
35
36
41
51
52
53
61
71
81
Object Codes
61XX
62XX
63XX
64XX
65XX
66XX
Function Code Description
Health Services
Student (Pupil) Transportation
Other Operating Costs
General Administration (Superintendent/Board)
Plant Maintenance and Operations
Security and Monitoring Services
Data Processing Services
Food Services
Cocurricular/extracurricular activities
Facilities Acquisition and Construction
Debt Service
Capital
Account Coding Matrix
Object Code Description
Community Services
Debt Service
Payroll and Payroll Related
Professional & Contracted Services
Supplies and Materials
Instruction & Related
Instructional Resources & Media Sources (Library)
Curriculum Development & Inst. Staff Development
Instructional Leadership
School Leadership (Principal)
Guidance, Counseling & Evaluation Services
Social Work Services
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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.
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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.
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.
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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.
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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“Holding to the Vision, Rising to the Challenge”
“Holding to the Vision, Rising to the Challenge”
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 12/13 will be approximately $6,463 per student; approximately an eight percent (8%) decrease
from the FY 10/11 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 12/13
is projected at 650 students in accordance with the current plan to attempt to maintain 20 students per
class.
Federal funding is received through grants that support special education and accounts for less than 5% of
revenues for all funds; this funding is projected to decrease due to the reduction of the Education Jobs
Grant.
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 $1,498,528 for FY
12/13. The Westlake Academy Foundation is an independent non-profit organization that raises funds
through donations and fund raising; the FY 12/13 forecast is $1,108 per student, or approximately $720,000.
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 was held flat for FY 11/12; however, the adopted FY 12/13
budget has built in a 1% pay increase for all faculty and staff members. The increase for all applicable staff
equals $36,077 (approximately 2%, including step-increases).
The indirect operating costs were paid by the Academy in FY 11/12, but due to the reduction of state
funding in the current biennium and the uncertainty of future funding scenarios, the indirect operating cost
transfer has been removed from the FY 12/13 budget. The following table reflects these transfers with the
indirect costs included in the FY 11/12 adopted budget.
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
$5,839,434 and total expenditure appropriations amount to $5,818,815.
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.
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Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
REVENUES
Federal Program Revenues 56,134$ 199,436$ 157,445$ 150,844$ 163,919$ 69,239$ (94,680)$
State Program Revenues 3,163,129 3,687,706 3,945,658 4,494,586 4,380,317 4,488,261 107,944
Local Revenues 538,992 656,508 874,206 839,412 1,238,685 1,281,934 43,249
3,758,255 4,543,649 4,977,309 5,484,842 5,782,921 5,839,434 56,513
EXPENDITURES (BY FUNCTION)
11 - Instructional 2,120,372 2,428,184 2,764,022 3,029,625 3,278,462 3,377,707 99,246
12 - Resources & Media 62,513 87,511 73,398 90,134 82,929 140,756 57,827
13 - Staff Development 36,973 95,387 111,933 126,230 99,068 126,952 27,883
21 - Instructional Leadership 11,660 97,623 125,265 131,742 138,136 127,812 (10,324)
23 - School Leadership 179,554 286,307 294,931 333,805 345,030 353,683 8,653
31 - Guidance & Counseling 163,575 159,850 165,245 220,628 236,725 234,011 (2,713)
33 - Health Services 58,845 56,963 53,513 59,700 60,853 58,324 (2,529)
35 - Food Services 15,448 8,135 - 9,657 12,363 9,544 (2,819)
36 - CoCurricular/ Extra. Activities 111,738 116,808 7,275 134,726 101,818 186,036 84,218
41 - Administrative 527,000 318,624 105,472 601,746 697,464 314,263 (383,201)
51 - Maintenance & Operations 279,485 265,969 301,672 587,169 621,629 607,211 (14,418)
53 - Data Processing 88,720 157,923 525,273 159,874 174,781 166,686 (8,095)
61 - Community Services 66,822 59,592 154,962 66,244 79,010 91,890 12,880
71 - Debt Service 82,991 41,495 69,739 - - - -
81 - Facility Acquisition/Construction - - 132,286 23,940 18,878 23,940 5,062
Total Expenditures 3,805,696 4,180,369 4,884,985 5,575,220 5,947,147 5,818,815 (128,331)
Excess (Deficiency) of Revenues Over (Under)
Expenditures (47,441) 363,280 92,325 (90,378) (164,226) 20,619 184,844
OTHER FINANCING SOURCES (USES)
79 - Other Resources 117,640 - 659,704 36,967 104,844 44,823 (60,021)
89 - Other Uses 200,000 100,000 (603,000) (49,807) (49,807) (57,663) (7,856)
89 - Other Uses - Insurance - (124,464) 124,464
Total Other Financing Sources (Uses)(82,360) (100,000) 56,704 (12,840) (69,427) (12,840) 56,587
NET CHANGES IN FUND BALANCE (129,801) 263,280 149,029 (103,218) (233,652) 7,779 241,431
FUND BALANCE, BEGINNING 634,454 504,654 767,934 916,962 916,962 683,310 (233,652)
FUND BALANCE, ENDING 504,654 767,934 916,962 813,744 683,310 691,089 7,779
Assigned - Tech/FF&E Replacemt - - 100,000 - - - -
Assigned - Special Revenue Funds - - - - 20,712 - (20,712)
Assigned - Uniforms/Equip Rep.2,332 13,718 4,499 3,684 3,684 - (3,684)
Assigned - Facility Maintenance/FFE - - - - - - -
FUND BALANCE, UNASSIGNED 502,322$ 754,215$ 812,464$ 810,060$ 658,914$ 691,089$ 32,175$
WESTLAKE ACADEMY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUNDS
For the Year Ending August 31, 2013
71
This table provides historic, current, and adopted revenues and expenditures in the aggregate for all of the
budgeted funds utilized by the Academy. The bottom table lists all expenditures by the use of the funds
(object code).
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
General Fund 3,661,645$ 4,280,723$ 4,608,574$ 5,244,068$ 5,201,518$ 5,668,555$ 467,037$
Special Revenue Funds 96,610 262,926 368,736 240,774 581,403 170,879 (410,524)
Total Governmental Funds 3,758,255$ 4,543,649$ 4,977,310$ 5,484,842$ 5,782,921$ 5,839,434$ 56,513$
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
General Fund 3,709,086$ 3,917,886$ 4,518,107$ 5,334,446$ 5,388,757$ 5,627,225$ 238,467$
Special Revenue Funds 96,610 262,483 366,878 240,774 558,389 191,591 (366,799)
Total Governmental Funds 3,805,696$ 4,180,369$ 4,884,985$ 5,575,220$ 5,947,147$ 5,818,815$ (128,331)$
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
Expenditures by Object FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
61XX - Payroll & Related Items 2,779,660$ 3,146,497$ 3,450,208$ 3,957,924$ 4,138,744$ 4,492,764$ 354,019
62XX - Contracted Services 542,003 488,230 849,942 971,025$ 1,149,978$ 749,490$ (400,488)
63XX - Supplies & Materials 260,912 258,991 338,308 260,447$ 360,672$ 286,576$ (74,096)
64XX - Other Operating 140,131 245,156 246,527 385,824$ 297,752$ 289,986$ (7,767)
65XX - Debt Service 82,991 41,495 - -$ -$ -$ -
Total Expenditures 3,805,696$ 4,180,369$ 4,884,985$ 5,575,220$ 5,947,147$ 5,818,815$ (128,331)$
All Governmental Funds - Total Revenues
All Governmental Funds - Total Expenditures
All Governmental Funds - Expenditures by Object Code
72
73
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
REVENUES
State Program Revenues 3,122,653$ 3,669,363$ 3,926,058$ 4,490,086$ 4,368,406$ 4,488,261$ 119,855$
Local Revenues 538,992 611,360 682,515 753,982 833,112 1,180,294 347,182
Total Revenues 3,661,645 4,280,723 4,608,573 5,244,068 5,201,518 5,668,555 467,037
EXPENDITURES (BY FUNCTION)
11 - Instructional 2,028,112 2,219,605 2,493,252 2,839,281 2,878,291 3,262,468 384,177
12 - Resources & Media 62,513 87,511 73,398 90,134 82,929 140,756 57,827
13 - Staff Development 32,623 48,757 49,351 87,800 30,367 80,600 50,233
21 - Instructional Leadership 11,660 97,623 121,795 131,742 137,013 127,812 (9,202)
23 - School Leadership 179,554 286,307 294,326 333,805 339,111 353,683 14,572
31 - Guidance & Counseling 163,575 159,850 165,245 220,628 233,373 234,011 638
33 - Health Services 58,845 56,963 53,513 59,700 60,853 58,324 (2,529)
35 - Food Services 15,448 8,135 7,275 9,657 12,363 9,544 (2,819)
36 - CoCurricular/ Extra. Activities 111,738 109,533 94,713 122,726 72,977 156,036 83,059
41 - Administrative 527,000 318,624 283,179 601,746 656,979 314,263 (342,716)
51 - Maintenance & Operations 279,485 265,969 525,273 587,169 618,362 607,211 (11,151)
53 - Data Processing 88,720 157,923 154,962 159,874 168,251 166,686 (1,565)
61 - Community Services 66,822 59,592 69,739 66,244 79,010 91,890 12,880
71 - Debt Service 82,991 41,495 - - - - -
81 - Facility Acquisition/Construction - - 132,086 23,940 18,878 23,940 5,062
Total Expenditures 3,709,086 3,917,886 4,518,107 5,334,446 5,388,757 5,627,225 238,467
Excess (Deficiency) of Revenues Over
(47,441) 362,837 90,466 (90,378) (187,239) 41,330 228,569
OTHER FINANCING SOURCES (USES)
79 - Other Resources 117,640 - 659,704 36,967 104,844 44,823 (60,021)
89 - Other Uses 200,000 100,000 (603,000) (49,807) (174,271) (57,663) 116,608
(82,360) (100,000) 56,704 (12,840) (69,427) (12,840) (176,629)
NET CHANGES IN FUND BALANCE (129,801) 262,837 147,170 (103,218) (256,666) 28,490 285,156
-
FUND BALANCE, BEGINNING 634,454 504,654 767,491 914,661 914,661 657,995 (256,666)
FUND BALANCE, ENDING 504,654 767,491 914,661 811,443 657,995 686,485 28,490
Assigned - Tech/FF&E Replacemt - - 100,000 - - - -
Assigned - Uniforms/Equip Rep.2,332 13,718 4,499 3,684 3,684 - (3,684)
Assigned - Facility Maintenance/FFE - - - - -
FUND BALANCE, UNASSIGNED 502,322$ 753,772$ 810,162$ 807,759$ 654,311$ 686,485$ 32,174$
Total Other Financing
WESTLAKE ACADEMY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERAL FUND
For the Year Ending August 31, 2013
(Under) Expenditures
74
197 198 199 Total
Transportation/Athletic General General
Parking Fund Activities Fund Fund
FY 12/13 FY 12/13 FY 12/13 FY 12/13
REVENUES
State Program Revenues -$ -$ 4,488,261$ 4,488,261$
Local Revenues 35,000 33,500 1,111,794 1,180,294
Total Revenues 35,000 33,500 5,600,055 5,668,555
EXPENDITURES (BY FUNCTION)
11 - Instructional - - 3,262,468 3,262,468
12 - Resources & Media - - 140,756 140,756
13 - Staff Development - - 80,600 80,600
21 - Instructional Leadership - - 127,812 127,812
23 - School Leadership - - 353,683 353,683
31 - Guidance & Counseling - - 234,011 234,011
33 - Health Services - - 58,324 58,324
35 - Food Services - - 9,544 9,544
36 - CoCurricular/Extracurricular Activities 21,800 78,323 55,913 156,036
41 - Administrative - - 314,263 314,263
51 - Maintenance & Operations - - 607,211 607,211
53 - Data Processing - - 166,686 166,686
61 - Community Services - - 91,890 91,890
71 - Debt Service - - - -
81 - Facility Acquisition/Construction - - 23,940 23,940
Total Expenditures 21,800 78,323 5,527,102 5,627,225
13,200 (44,823) 72,953 41,330
OTHER FINANCING SOURCES (USES)
79 - Other Resources - 44,823 - 44,823
89 - Other Uses 12,840 - 44,823 57,663
Total Other Financing Sources (Uses)(12,840) 44,823 (44,823) (12,840)
NET CHANGES IN FUND BALANCE 360 - 28,130 28,490
FUND BALANCE, BEGINNING - 40,426 618,255 657,995
FUND BALANCE, ENDING 360 40,426 646,385 686,485
Assigned - Technology/FF&E Replacement - - - -
Assigned - Uniform/Equipment Replacement - - - -
Assigned - Facility Maintenance/FFE - - - -
ENDING FUND BALANCE (UNASSIGNED)360$ 40,426$ 646,385$ 686,485$
Excess (Deficiency) of Revenues Over (Under) Expenditures
WESTLAKE ACADEMY
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERAL FUND
For the Year Ending August 31, 2013
Adopted FY 12/13
75
Note – There is no information for FY 07/08 through FY 09/10 because this fund was established in FY 10/11.
Adopted Estimated Adopted Variance
Audited Audited Budget Budget Budget Estimated to
FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
REVENUES
State Program Revenues -$ -$ -$ -$ -$ -$
Local Revenues - 8,137 37,840 23,250 35,000 11,750
Total Revenues - 8,137 37,840 23,250 35,000 11,750
EXPENDITURES (BY FUNCTION)
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/Extracurricular Activities - 9,800 25,000 4,117 21,800 17,683
41 - Administrative - - - - - -
51 - Maintenance & Operations - - - - - -
53 - Data Processing - - - - - -
61 - Community Services - - - - - -
71 - Debt Service - - - - - -
81 - Facility Acquisition/Construction - - - - - -
Total Expenditures - 9,800 25,000 4,117 21,800 17,683
Excess (Deficiency) of Revenues Over
(Under) Expenditures - (1,664) 12,840 19,133 13,200 (5,933)
OTHER FINANCING SOURCES (USES)
79 - Other Resources - - - - - -
89 - Other Uses - - 12,840 12,840 12,840 -
Total Other Financing Sources (Uses)- - (12,840) (12,840) (12,840) -
NET CHANGES IN FUND BALANCE - - - 6,293 360 6,293
FUND BALANCE, BEGINNING - - - - - -
FUND BALANCE, ENDING - - - 6,293 360 6,293
Assigned - Parking - - - -
Assigned - Transportation - - - -
ENDING FUND BALANCE (UNASSIGNED)-$ -$ -$ 6,293$ 360$ 6,293$
WESTLAKE ACADEMY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
TRANSPORTATION/PARKING FUND - 197
For the Year Ending August 31, 2013
76
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
REVENUES
State Program Revenues -$ -$ -$ -$ -$ -$ -$
Local Revenues 32,743 67,200 49,198 37,980 50,922 33,500 (11,218)
Total Revenues 32,743 67,200 49,198 37,980 50,922 33,500 (11,218)
EXPENDITURES (BY FUNCTION)
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/Extracurricular Activities 30,411 54,708 61,051 72,451 72,451 78,323 11,400
41 - Administrative - - - - - - -
51 - Maintenance & Operations - - - - - - -
53 - Data Processing - - - - - - -
61 - Community Services - - - - - - -
71 - Debt Service - - - - - - -
81 - Facility Acquisition/Construction - - - - - - -
Total Expenditures 30,411 54,708 61,051 72,451 72,451 78,323 11,400
2,332 12,492 (11,853) (34,471) (21,529) (44,823) (22,618)
OTHER FINANCING SOURCES (USES)
79 - Other Resources - - 34,509 36,967 36,967 44,823 2,458
89 - Other Uses - - - - - - -
Total Other Financing Sources (Uses)- - 34,509 36,967 36,967 44,823 2,458
NET CHANGES IN FUND BALANCE 2,332 - 22,656 2,496 15,438 - (20,160)
- - - - - - -
FUND BALANCE, BEGINNING - 2,332 2,332 4,499 24,988 40,426 2,167
FUND BALANCE, ENDING 2,332 2,332 24,988 6,995 40,426 40,426 (17,993)
Assigned - Technology/FF&E Replacement - - - - - - -
Assigned - Uniform/Equipment Replacement2,332 13,718 - 3,684 - - -
Assigned - Facility Maintenance/FFE - - - - - - -
ENDING FUND BALANCE (UNASSIGNED)-$ (11,386)$ 24,988$ 3,311$ 40,426$ 40,426$ (21,677)$
WESTLAKE ACADEMY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ATHLETIC ACTIVITIES FUND - 198
For the Year Ending August 31, 2013
Excess (Deficiency) of Revenues Over
77
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
REVENUES
State Program Revenues 3,122,653$ 3,669,363$ 3,925,918$ 4,490,086$ 4,350,353$ 4,488,261$ 137,908$
Local Revenues 506,249 544,160 625,321 678,162 770,940 1,111,794 340,854
Total Revenues 3,628,902 4,213,523 4,551,239 5,168,248 5,121,293 5,600,055 478,762
EXPENDITURES (BY FUNCTION)
11 - Instructional 2,028,112 2,219,605 2,493,253 2,839,281 2,877,784 3,262,468 384,685
12 - Resources & Media 62,513 87,511 73,398 90,134 82,929 140,756 57,827
13 - Staff Development 32,623 48,757 49,351 87,800 30,367 80,600 50,233
21 - Instructional Leadership 11,660 97,623 121,795 131,742 137,013 127,812 (9,202)
23 - School Leadership 179,554 286,307 294,326 333,805 339,111 353,683 14,572
31 - Guidance & Counseling 163,575 159,850 165,245 220,628 233,373 234,011 638
33 - Health Services 58,845 56,963 53,513 59,700 60,853 58,324 (2,529)
35 - Food Services 15,448 8,135 - 9,657 12,363 9,544 (2,819)
36 - CoCurricular/Extracurricular Activities 81,326 54,825 7,275 25,274 22,390 55,913 33,523
41 - Administrative 527,000 318,624 23,861 601,746 656,979 314,263 (342,716)
51 - Maintenance & Operations 279,485 265,969 283,179 587,169 618,362 607,211 (11,151)
53 - Data Processing 88,720 157,923 525,273 159,874 168,251 166,686 (1,565)
61 - Community Services 66,822 59,592 154,962 66,244 79,010 91,890 12,880
71 - Debt Service 82,991 41,495 69,739 - - - -
81 - Facility Acquisition/Construction - - 132,086 23,940 18,878 23,940 5,062
Total Expenditures 3,678,674 3,863,178 4,447,255 5,236,995 5,337,663 5,527,102 189,439
(49,772) 350,345 103,984 (68,747) (216,370) 72,953 289,323
OTHER FINANCING SOURCES (USES)
79 - Transfers In - - 34,509 - - - -
89 - Transfer Out (Use)- - (34,509) - 36,967 44,823 7,856
Total Other Financing Sources (Uses)- - - - (36,967) (44,823) -
OTHER FINANCING SOURCES (USES)
79 - Special Item (Rosevear Insurance Refund)- - - - 67,877 - -
89 - Special Item - - - - (67,760) - -
79 - Extraordinary Item 117,640 - 625,195 36,967 - - (588,228)
89 - Extraordinary Item 200,000 100,000 (568,491) 49,807 (56,704) - 618,298
Total Other Financing Sources (Uses)(82,360) (100,000) 56,704 86,774 (56,587) - 30,070
NET CHANGES IN FUND BALANCE (132,132) 250,345 160,688 18,027 (309,923) 28,130 (142,660)
FUND BALANCE, BEGINNING 634,454 504,654 767,491 760,220 928,178 618,255 (7,270)
FUND BALANCE, ENDING 502,322 754,999 928,178 778,248 618,255 646,385 (149,931)
Assigned - Technology/FF&E Replacement - - 100,000 - - (100,000)
Assigned - Uniform/Equipment Replacement 2,332 13,718 4,499 3,684 - - (815)
Assigned - Facility Maintenance/FFE - - - - - -
ENDING FUND BALANCE (UNASSIGNED)499,990$ 741,280$ 823,680$ 774,564$ 618,255$ 646,385$ (49,116)$
WESTLAKE ACADEMY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERAL FUND - 199
For the Year Ending August 31, 2013
Excess (Deficiency) of Revenues Over
78
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
EXPENDITURES
11 Instructional
6100 Payroll 1,803,049$ 1,989,008$ 2,260,355$ 2,589,797$ 2,670,268$ 3,050,997$ 329,442$
6200 Contracted Services 41,131 44,103 53,085 54,650 48,450$ 47,750$ 1,565
6300 Supplies & Materials 178,469 151,089 135,772 155,284 119,982$ 112,121$ 19,512
6400 Other Operating 5,462 35,406 44,042 39,550 39,592$ 51,600$ (4,492)
Total Instructional 2,028,112 2,219,605 2,493,253 2,839,281 2,878,291 3,262,468 346,028
12 Resource & Media
6100 Payroll 55,817 74,569 63,904 79,694 77,149 131,206 15,790
6200 Contracted Services 600 4,131 1,640 1,640 4,805 1,250 0
6300 Supplies & Materials 6,095 8,811 7,840 6,500 975 6,000 (1,340)
6400 Other Operating - - 15 2,300 - 2,300 2,285
Total Resource & Media 62,513 87,511 73,398 90,134 82,929 140,756 16,736
13 Staff Development
6100 Payroll - - - - - - -
6200 Contracted Services 3,250 540 3,200 500 - - (2,700)
6300 Supplies & Materials - 733 708 - - - (708)
6400 Other Operating 29,373 47,484 45,444 87,300 30,367 80,600 41,856
Total Staff Development 32,623 48,757 49,351 87,800 30,367 80,600 38,449
21 Instructional Leadership
6100 Payroll 11,660 97,515 120,319 126,342 136,888 122,412 6,023
6200 Contracted Services - - - - - - -
6300 Supplies & Materials - - - - 125 - -
6400 Other Operating - 108 1,476 5,400 - 5,400 3,924
Total Instructional Leadership 11,660 97,623 121,795 131,742 137,013 127,812 9,947
23 School Leadership
6100 Payroll 165,714 249,086 267,996 295,305 312,590 316,683 27,309
6200 Contracted Services 13,004 29,286 23,560 29,000 25,000 28,000 5,440
6300 Supplies & Materials 836 1,057 437 - 1,261 1,000 (437)
6400 Other Operating - 6,879 2,333 9,500 259 8,000 7,167
Total School Leadership 179,554 286,307 294,326 333,805 339,111 353,683 39,479
31 Guidance & Counseling
6100 Payroll 132,615 122,925 128,157 175,128 181,246 181,111 46,971
6200 Contracted Services 30,238 36,170 32,461 40,000 47,739 46,000 7,539
6300 Supplies & Materials 722 584 4,276 5,000 3,193 6,400 724
6400 Other Operating - 172 351 500 1,196 500 149
Total Guidance & Counseling 163,575 159,850 165,245 220,628 233,373 234,011 55,383
WESTLAKE ACADEMY
SCHEDULE OF EXPENDITURES BY FUNCTION & OBJECT CODE
GENERAL FUND
For the Year Ending August 31, 2013
79
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
33 Health Services
6100 Payroll 58,314$ 55,236$ 51,340$ 57,600$ 59,488$ 56,824$ 6,260$
6200 Contracted Services - 65 - - -$ -$ -
6300 Supplies & Materials 531 1,662 1,595 2,000 1,200$ 1,500$ 405
6400 Other Operating - - 578 100 165$ -$ (478)
Total Health Services 58,845 56,963 53,513 59,700 60,853 58,324 6,187
35 Food Services
6100 Payroll 10,739 8,067 6,650 9,157 12,363 9,044 2,507
6300 Supplies & Materials 4,459 68 624 500 - 500 (124)
6400 Other Operating 250 - - - - - -
Total Food Services 15,448 8,135 7,275 9,657 12,363 9,544 2,382
36 CoCurricular Activities
6100 Payroll 44,588 42,664 55,288 68,046 51,824 106,069 12,757
6200 Contracted Services 41,463 15,053 19,031 15,250 11,875 15,050 (3,781)
6300 Supplies & Materials 15,076 38,654 11,268 18,945 5,558 17,932 7,677
6400 Other Operating 10,611 13,162 9,125 20,485 3,720 16,985 11,360
Total CoCurricular Activities 111,738 109,533 94,713 122,726 72,977 156,036 28,013
41 Administrative
6100 Payroll 307,205 119,774 114,622 115,267 127,550 120,254 645
6200 Contracted Services 155,903 138,582 99,103 416,600 444,623 114,900 317,497
6300 Supplies & Materials 8,510 14,272 7,060 10,500 9,104 11,750 3,440
6400 Other Operating 55,383 45,996 62,394 59,379 75,702 67,359 (3,015)
Total Administrative 527,000 318,624 283,179 601,746 656,979 314,263 318,567
51 Maintenance & Operations
6100 Payroll 109 11,871 21,662 50,126 56,219 55,148 28,464
6200 Contracted Services 237,528 192,692 420,930 372,445 446,100 434,100 (48,485)
6300 Supplies & Materials 7,145 12,499 37,469 49,218 71,313 73,233 11,749
6400 Other Operating 34,703 48,906 45,213 115,380 44,730 44,730 70,167
Total Maintenance & Operations 279,485 265,969 525,273 587,169 618,362 607,211 61,896
53 Data Processing
6100 Payroll 67,076 121,658 132,906 139,374 148,795 145,886 6,468
6200 Contracted Services 18,885 20,335 6,812 8,000 8,733 8,500 1,188
6300 Supplies & Materials 2,760 15,516 14,824 10,500 10,500 10,500 (4,324)
6400 Other Operating - 414 420 2,000 223 1,800 1,580
Total Data Processing 88,720 157,923 154,962 159,874 168,251 166,686 4,912
WESTLAKE ACADEMY
SCHEDULE OF EXPENDITURES BY FUNCTION & OBJECT CODE
GENERAL FUND
For the Year Ending August 31, 2013
80
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
61 Community Services
6100 Payroll 66,822$ 59,592$ 69,739.23 66,244$ 79,010$ 91,890$ (3,495)$
Total Community Service 66,822 59,592 69,739 66,244 79,010 91,890 (3,495)
71 Debt Service
6500 Debt Service 82,991 41,495 - - - - -
Total Debt Service 82,991 41,495 - - - - -
81 Facility Acquisition/Construction
6200 Contracted Services - - 132,086 23,940 18,878 23,940 (108,146)
Total Facility Acquisition/Construction - - 132,086 23,940 18,878 23,940 (108,146)
Total Expenditure 3,709,086$ 3,917,886$ 4,518,107$ 5,334,446$ 5,388,757$ 5,627,225$ 816,339$
Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Estimated to
FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
EXPENDITURES BY OBJECT CODE
61XX - Payroll & Related Items 2,723,708$ 2,951,964$ 3,292,938$ 3,772,080$ 3,913,390$ 4,387,525$ 474,134$
62XX - Contracted Services 542,003$ 480,955$ 791,907$ 962,025$ 1,056,202$ 719,490$ 170,118$
63XX - Supplies & Materials 224,604$ 244,945$ 221,871$ 258,447$ 223,211$ 240,936$ 36,576$
64XX - Other Operating 135,781$ 198,527$ 211,391$ 341,894$ 195,954$ 279,274$ 130,503$
65XX - Debt Service 82,991$ 41,495$ -$ -$ -$ -$ -$
Total Expenditures 3,709,086$ 3,917,886$ 4,518,107$ 5,334,446$ 5,388,757$ 5,627,225$ 811,332$
For the Year Ending August 31, 2013
WESTLAKE ACADEMY
SCHEDULE OF EXPENDITURES BY FUNCTION & OBJECT CODE
GENERAL FUND
81
82
83
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 adopted $5,244,068 14% $5,334,446 18% -$90,378
FY 11/12 estimated $5,201,518 -1% $5,388,757 1% -$187,239
FY 12/13 adopted $5,608,555 8% $5,572,225 3% $36,330
Westlake Academy
General Fund - Revenue and Expenditure Comparison
Fiscal Year 03/04 through 12/13
$1.09
$1.83
$2.41
$2.88
$3.17
$3.66
$4.28
$4.61
$5.24
$5.20
$5.61
$1.07
$1.61
$2.21
$2.62
$3.23
$3.71 $3.92
$4.52
$5.33 $5.39 $5.57
$0
$1
$2
$3
$4
$5
$6
FY 03/04 FY 04/05 FY 05/06 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12
Adopted
FY 11/12
Estimated
FY 12/13
Adopted
Millions
Revenue & Expenditure Comparison
Revenues Expenditures
84
Adopted Estimated Adopted Variance
Audited Audited Audited Audited Budget Budget Budget Estimated to
FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
REVENUES
Federal Program Revenues 55,193$ 56,134$ 199,436$ 157,445$ 150,844$ 163,919$ 69,239$ (94,680)$
State Program Revenues 23,773 40,476 18,343 19,600 4,500 11,911 - (11,911)
Local Program Revenues - - 45,148 191,691 85,430 405,573 101,640 (303,933)
Total Revenues 78,966 96,610 262,926 368,736 240,774 581,403 170,879 (410,524)
EXPENDITURES (BY FUNCTION)
11 - Instructional 73,216 92,260 208,579 270,769 190,344 400,170 115,239 (284,931)
12 - Resources & Media - - - - - - - -
13 - Staff Development 5,750 4,350 46,630 62,581 38,430 68,701 46,352 (22,350)
21 - Instructional Leadership - - - 3,470 - 1,122 - (1,122)
23 - School Leadership - - - 605 - 5,919 - (5,919)
31 - Guidance & Counseling - - - - - 3,352 - (3,352)
33 - Health Services - - - - - - - -
35 - Food Services - - - - - - - -
36 - Extracurricular Activities - - 7,275 10,759 12,000 28,841 30,000 1,159
41 - Administrative - - - 18,493 - 40,485 - (40,485)
51 - Maintenance & Operations - - - - - 3,268 - (3,268)
53 - Data Processing - - - - - 6,530 - (6,530)
61 - Community Services - - - - - - - -
71 - Debt Service - - - - - - - -
81 - Facility Acquisition/Construction - - - 200 - - - -
Total Expenditures 78,966 96,610 262,483 366,878 240,774 558,389 191,591 (366,799)
(Under) Expenditures - - 443 1,858 - 23,014 (20,712) (43,725)
NET CHANGES IN FUND BALANCE - - 443 1,858 - 23,014 (20,712) (43,725)
FUND BALANCE, BEGINNING - - - 443 3,443 2,301 25,315 3,000
FUND BALANCE, ENDING - - 443 2,301 3,443 25,315 4,603 (40,725)
Assigned - Hudson Foundation Grant - - - - - -
FUND BALANCE, ENDNG (Unassigned)-$ -$ 443$ 2,301$ 3,443$ 25,315$ 4,603$ (40,725)$
Estimated Adopted Estimated Adopted Variance
Audited Audited Audited Budget Budget Budget Budget Adopted to
FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 11/12 FY 12/13 Adopted
EXPENDITURES BY OBJECT CODE
61XX - Payroll & Related Items 55,193$ 55,952$ 194,533$ 157,270$ 185,844$ 225,354$ 105,239$ 28,574$
62XX - Contracted Services - - 7,275 80,535 9,000 93,776$ 30,000$ (71,535)
63XX - Supplies & Materials 18,023 36,308 14,046 93,937 2,000 137,461$ 45,640$ (91,937)
64XX - Other Operating 5,750 4,350 46,630 35,137 43,930 101,799$ 10,712$ 8,793
Total Expenditures 78,966$ 96,610$ 262,483$ 366,878$ 240,774$ 558,389$ 191,591$ (126,104)$
WESTLAKE ACADEMY
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL SPECIAL REVENUE FUNDS
For the Year Ending August 31, 2013
Excess (Deficiency) of Revenues Over
85
Hudson Hudson WAF Total
IDEA-B Campus Teacher Teacher Teacher WAF Special
Formula Activity Grant Prof. Dev.Recruitment IB Learns Revenue
224 461 485 486 492 493 Funds
REVENUES
Federal Program Revenues 69,239$ -$ -$ -$ -$ -$ 69,239$
State Program Revenues - - - - - - -
Local Program Revenues - 30,000 - - 36,000 35,640 101,640
Total Revenues 69,239 30,000 - - 36,000 35,640 170,879
EXPENDITURES (BY FUNCTION)
11 - Instructional 69,239 - 10,000 - 36,000 - 115,239
13 - Staff Development - - - 10,712 - 35,640 46,352
36 - Co-Curricular Activities - 30,000 - - - - 30,000
Total Expenditures 69,239 30,000 10,000 10,712 36,000 35,640 191,591
Excess (Deficiency) of Revenues Over
(Under) Expenditures - - (10,000) (10,712) - - (20,712)
NET CHANGES IN FUND BALANCE - - (10,000) (10,712) - - (20,712)
FUND BALANCE, BEGINNING - 4,603 10,000 10,712 - - 25,315
FUND BALANCE, ENDNG -$ 4,603$ -$ -$ -$ -$ 4,603$
WESTLAKE ACADEMY
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL SPECIAL REVENUE FUNDS
For the Year Ending August 31, 2013
86
“Holding to the Vision, Rising to the Challenge”
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.
It is anticipated that by the 2012/13 fiscal year-end, the fund balance to total expenditures will be 7%.
Figure 22 –Fund Balance Analysis - General Fund
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 14% 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
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 $810,807 18% $12,378 $557,027 12%
FY 11/12 adopted $5,244,068 $5,334,446 $807,759 15% $14,615 $657,671 12%
FY 11/12 estimated $5,201,518 $5,388,757 $654,311 12% $14,764 $664,367 12%
FY 12/13 adopted $5,608,555 $5,572,225 $681,485 12% $15,266 $686,987 12%
89
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 June 2012 planning retreat, directed staff to include the following in FY 12/13:
Suspend indirect operating cost transfer from the Academy to the Town and prepare a new policy
regarding indirect operating costs.
Budget Blacksmith at an amount that reflects the recent levels of giving
The following financial forecast was created to reflect these directives 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; there will be a budget shortfall in future years.
FORECAST ASSUMPTIONS
Basic Assumptions:
20 students per class in Kindergarten
20 students per class in G1-G6
20 students per section in G7-G10
Average Daily Attendance rate of 97%
Revenues:
100% use of Blacksmith ($1,108/student)
8% reduction in FSP funding in FY 12/13 and held flat
Expenditure:
Personnel costs & Professional Services increase by 2% annually
Supplies increase by 1 ½% annually
Other operating costs increase by 1% annually
90
Figure 23 – Five (5) Year Forecast
Audited Adopted Estimate Adopted Projected Projected Projected Projected
FY 10/11 FY 11/12 FY 11/12 FY 12/13 Variance FY 13/14 FY 14/15 FY 15/16 FY 16/17
1 GENERAL FUND BEG. BALANCE $ 767,934 916,962$ 916,962$ $ 683,309 $ (233,653) $ 691,088 $ 685,865 $ 544,996 $ 331,112
2 REVENUES
3 Local Revenues
4 WAF Salary Reimbursement 65,003 31,662 31,662 54,594 22,932 55,685.88 55,686 56,800 56,800
5 Other Local Revenue 28,035 15,000 58,000 28,000 (30,000) 59,740 28,840 61,532 29,705
6 WAF Blacksmith 524,038 627,000 680,000 720,000 40,000 720,000 720,000 720,000 720,000
7 WAF Contribution 303,700 300,000 300,000 300,000 300,000
8 Interest Earned 2,295 1,500 1,278 2,500 1,222 1,367 1,382 1,372 1,090
9 Food Services 2,000 3,000 3,000 3,000 - 3,090 3,183 3,278 3,377
10 Donations 3,950 - - - - - - - -
11 Athletic Activities 49,198 37,980 35,922 33,500 (2,422) 39,000 39,000 39,000 39,000
12 Transportation/Parking 7,996 37,840 23,250 35,000 11,750 35,700 36,414 37,142 37,885
13 Local Grant Revenue 191,691 85,430 405,573 101,640 (255,457)
14 Total Local Revenues 874,206 839,412 1,238,685 1,281,934 (211,974) 1,214,582 1,184,505 1,219,124 1,187,856
16 Federal Revenue
17 Federal Grant Revenues 157,445 150,844 163,919 69,239 (94,680)
19 State Revenue
20 TEA - FSP Funds 3,744,757 4,281,649 4,133,603 4,260,809 127,206 4,260,809 4,260,809 4,260,809 4,260,809
21 TRS On-behalf/Medicare Part B 181,301 208,437 234,803 227,452 (7,351) 268,517 273,887 279,365 284,952
22 State Grant Revenues 19,600 4,500 11,911 - (5,220)
23 Total State Revenues 3,945,658 4,494,586 4,380,317 4,488,261 114,635 4,529,326 4,534,696 4,540,174 4,545,761
24 TOTAL REVENUES 4,977,309 5,484,842 5,782,921 5,839,434 (192,020) 5,743,908 5,719,201 5,759,298 5,733,617
26 EXPENDITURES by FUNCTION
27 Function 11 - Instructional 2,493,252 2,839,281 2,878,291 3,262,468 384,177
28 Function 12 - Resources & Media 73,398 90,134 82,929 140,756 57,827
29 Function 13 - Curriculum & Staff Development 49,351 87,800 30,367 80,600 50,233
30 Function 21 - Instructional Leadership 121,795 131,742 137,013 127,812 (9,202)
31 Function 23 - School Leadership 294,326 333,805 339,111 353,683 14,572
32 Function 31 - Guidance & Counseling 165,245 220,628 233,373 234,011 638
33 Function 33 - Health Services 53,513 59,700 60,853 58,324 (2,529)
34 Function 35 - Food Services 7,275 9,657 12,363 9,544 (2,819)
35 Function 36 - Co/Extracurricular Activities 94,713 122,726 72,977 156,036 83,059
36 Function 41 - Administrative 283,179 601,746 656,979 314,263 (342,716)
37 Function 51 - Maintenance & Operations 525,273 587,169 618,362 607,211 (11,151)
38 Function 53 - Data Processing 154,962 159,874 168,251 166,686 (1,565)
39 Function 61 - Community Services 69,739 66,244 79,010 91,890 12,880
40 Function 71 - Debt Service - - - - -
41 Function 81 - Facility Acquisition/Construction 132,086 23,940 18,878 23,940 5,062
42 TOTAL EXPENDITURES 4,518,107 5,334,446 5,388,757 5,627,225 238,467 - - - -
44 EXPENDITURES by OBJECT
45 Object Code 61XX - Salaries 3,292,938 3,772,080 3,913,390 4,387,525 474,134 4,475,275 4,564,781 4,656,076 4,749,198
46 Object Code 62XX - Prof. Contracted Services 791,907 962,025 1,056,202 719,490 (336,712) 733,880 748,557 763,529 778,799
47 Object Code 63XX - Supplies & Materials 221,871 258,447 223,211 240,936 17,725 244,550 248,218 251,942 255,721
48 Object Code 64XX - Other Operating Costs 211,391 341,894 195,954 279,274 83,320 282,067 284,887 287,736.28 290,614
49 Object Code 65XX - Debt Service - - - - - - - - -
51 TOTAL EXPENDITURES 4,518,107 5,334,446 5,388,757 5,627,225 238,467 5,735,772 5,846,444 5,959,283 6,074,331
Five Year Financial Forecast - FY 12/13 thru FY 16/17
Westlake Academy - All Funds
91
Audited Adopted Estimate Proposed Projected Projected Projected Projected
FY 10/11 FY 11/12 FY 11/12 FY 12/13 Variance FY 13/14 FY 14/15 FY 15/16 FY 16/17
Five Year Financial Forecast - FY 12/13 thru FY 16/17
Westlake Academy - All Funds
53 SPECIAL REVENUE FUNDS
54 Federal Grants through TEA
55 Fund 224 - IDEA B 85,134 61,541 72,544 69,239 (3,305)
56 Fund 225 - IDEA B Preschool 175 - - -
57 Fund 266 SFSF (ARRA) 72,136 - - -
58 Fund 287 - Education Jobs 89,303 91,375 - (91,375)
59 Sub-total Federal Grants 157,445 150,844 163,919 69,239 (94,680)
60 State Grants through TEA
61 Fund 397 - Advanced Placement Incentive 4,500 4,500 5,220 - (5,220)
62 Fund 404 - Student Success Initiative 2,200
63 Fund 410 - Material Allotment Disbursment 3,566
64 Fund 411 - Technology 15,100 - - -
65 Fund 429 - AP/IB Campus Awards 925
66 Sub-total State Grants 19,600 4,500 11,911 - (5,220)
67 Local Activities
68 Fund 461 - Local Activity 12,617 12,000 31,143 30,000
69 Sub-total Local Activity 12,617 12,000 31,143 30,000
70 Hudson Foundation Grants
71 Fund 481 - Hudson Foundation 58,527 - - -
72 Fund 483 - Hudson Technology 22,500 - - -
73 Fund 484 - Hudson Teacher Development 35,000 35,000 - (35,000)
74 Fund 485 - Hudson Teacher Grant 200 10,000 10,000 10,000 -
75 Fund 486 - Hudson Ron Clark: Teacher Effectiveness 28,430 28,430 10,712 (17,718)
76 Sub-total Hudson Foundation Grants 81,227 73,430 73,430 20,712 (52,718)
77 Westlake Academy Foundation Grants
78 Fund 482 - WAF Fund100 97,847 19,259 - (19,259)
79 Fund 487 - WAF Technology for the Next Generation 100,000 - (100,000)
80 Fund 488 - WAF Support Mathematics Teacher 4,235 - (4,235)
81 Fund 489 - WAF Rosetta Stone 10,995 - (10,995)
82 Fund 490 - WAF Whole School Professional Development 36,980 - (36,980)
83 Fund 491 - WAF Accept the Best, Nothing Less! Phase I 15,167 - (15,167)
84 Fund 492 - WAF Accept the Best, Nothing Less! Phase II 26,742 36,000 9,258
85 Fund 493 - IB Learns Grant - 35,640 35,640
86 Fund 494 - WAF Library Fund-an-Item 61,000 - (61,000)
87 Fund 495 - WAF Coop Tables Grant 26,622
88 Sub-total Foundation WA Grants 97,847 - 301,000 71,640 (202,738)
89 TOTAL EXPENDITURES - ALL FUNDS 4,884,985 5,575,220 5,947,148 5,818,815 (116,889) 5,735,772 5,846,444 5,959,283 6,074,331
90 Excess Revenues Over (Under) Expenditures 92,324 (90,378) (164,226) 20,619 (75,131) 8,136 (127,243) (199,985) (340,714)
92 OTHER RESOURCES (USES)
93 Other Resources 659,704 36,967 104,844 44,823 (60,021) 38,460 39,230 40,014 40,014
94 Other Uses (603,000) (49,807) (49,807) (57,663) (7,856) (51,819) (52,856) (53,913) (53,913)
95 Other uses - Insurance - - (124,464) - 124,464 - - - -
96 Net -Other Resources (Uses)56,704 (12,840) (69,427) (12,840) 56,587 (13,359) (13,626) (13,898) (13,898)
97 Excess Revenues Over (Under) Expenditures 149,028 (103,218) (233,653) 7,779 (18,544) (5,223) (140,869) (213,884) (354,612)
99 GENERAL FUND ENDING BALANCE 916,962 813,744 683,309 691,088 7,779 685,865 544,996 331,112 (23,500)
Assigned - Special Revenue Funds 20,712
100 Assigned - Technology/FFE 100,000 - - - - - - - -
101 Assigned - Uniform/Equipment Replacement 4,499 3,684 3,684 - (3,684) 14,838 14,838 14,838 14,838
104 ENDING FUND BALANCE (Unassigned)812,463 810,060 658,913 691,088 4,095 671,027 530,158 316,274 (38,338)
106 # of Operating Days (365)66 55 45 45 6 43 33 19 (2)
108 Fund Balance if including Indirect Operating Costs 812,463 810,060 658,913 384,188 77,288 (229,612) (536,512) (843,412)
110 # of Operating Days if Including Indirect Operating Costs (365)66 55 45 25 - 5 (14) (33) (51)
112 Students Enrolled
113 Primary 296 309 309 300 300 300 300 300
114 Secondary 234 301 301 330 330 330 330 330
115 Total Students Enrolled 530 610 610 650 650 650 650 650
92
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 over 85% 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 once the current funding reductions are realized, it will take at least two years for the State to authorize
an increase 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 end in FY 12/13 when the Academy reaches
full enrollment capacity.
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 escalated at a maximum of 2%
annually. 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 drop
below the target 45 operating day threshold established under current Board policy and will be completely
exhausted by the end of FY 16/17. Deficit spending which is projected to begin with the estimated FY 13/14
budget and continue through the last year of the forecast causes fund balance to become reduced. The
Westlake Academy Board of Trustees and staff are currently working on several plans that will address both
revenues and expenditures; preservation of the Academy’s culture, quality, vision and mission are of
paramount importance in this process.
93
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 2010-2011, student enrollment increased to an average of 20
students per class (Kindergarten, Grade 11, and Grade 12 excepted). In FY 11/12, 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 in
future years (Beyond FY 13/14) is not planned at this time and is at the sole discretion of the Board.
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.
Although discussions of expanding the campus facilities are underway, currently there is no plan to expand the
number of students enrolled beyond the approximately 650 students being served in the current fiscal year.
Figure 24 - Westlake Academy Student Enrollment
195
264
324 346 379 417
491 530
610 650
0
100
200
300
400
500
600
700
FY 03/04
G1-6
FY 04/05
K-7
FY 05/06
K-8
FY 06/07
K-9
FY 07/08
K-10
FY 08/09
K-11
FY 09/10
K-12
FY 10/11
K-12
FY 11/12
K-12
FY 12/13
K-12
WA Student Enrollment
94
Number of Full Time Employees
Figure 25 - 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 when the FY 13/14
senior class starts its third section.
18.85
25.15
32.40 36.40
43.00 48.10
55.62 59.44
67.48 69.93
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
FY 03/04
1-6
FY 04/05
K-7
FY 05/06
K-8
FY 06/07
K-9
FY 07/08
K-10
FY 08/09
K-11
FY 09/10
K-12
FY 10/11
K-12
FY 11/12
K-12
FY 12/13
K-12
Westlake Academy - Total Staff
95
Figure 26 - FY 12/13 Westlake Academy Census Data
This table provides a detailed snapshot of the student makeup from secondary boundary districts, as well as a breakdown of the residency of students from the primary boundary.
We have 675 students anticipated returning but due to historical attrition and potential no-shows, we have budgeted at 650 students.
Stage-Estates Paige-
Grade Total No. of % of No. of % of No. of % of No. of % of No. of % of No. of % of No. of % of No. of % of coach of Mahotea brook
Level Students Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Stud.Glenwyck Vaquero Hills Westlake Boone Farms Other
K 42 23 55%14 33%22 52%3 7%3 7%1 2%2 5%0 0%3 11 2 1 0 0 6
G1 40 15 38%7 18%23 58%7 18%3 8%2 5%4 10%0 0%5 6 2 1 0 0 1
G2 45 14 31%7 16%27 60%6 13%5 11%2 4%1 2%1 2%4 5 0 3 0 0 2
G3 43 19 44%9 21%24 56%7 16%3 7%13 30%0 0%0 0%8 5 3 0 2 0 1
G4 48 17 35%6 13%31 65%4 8%7 15%7 15%3 6%1 2%3 11 0 2 0 0 1
G5 44 14 32%8 18%28 64%5 11%3 7%12 27%3 7%1 2%6 5 0 1 0 0 2
G6 61 25 41%12 20%38 62%7 11%4 7%1 2%3 5%0 0%10 11 0 1 1 0 2
G7 62 17 27%9 15%40 65%9 15%4 6%9 15%4 6%1 2%4 8 1 0 2 0 2
G8 63 18 29%10 16%40 63%9 14%4 6%0 0%0 0%0 0%4 8 1 1 3 0 1
G9 63 12 19%9 14%42 67%7 11%5 8%0 0%1 2%0 0%3 5 2 0 2 0 0
G10 63 12 19%13 21%43 68%5 8%2 3%0 0%1 2%1 2%6 2 0 0 0 1 3
G11 61 10 16%8 13%37 61%9 15%7 11%0 0%1 2%0 0%2 5 1 1 0 0 1
G12 40 8 20%6 15%25 63%8 20%1 3%0 0%0 0%0 0%0 4 1 1 1 0 1
Totals 675 204 30%118 17%420 62%86 13%51 8%47 7%23 3%5 1%58 86 13 12 11 1 23
PROJECTED WESTLAKE ACADEMY STUDENT CENSUS - FY 2012-2013
Primary Secondary Boundaries
Westlake Carroll Keller Northwest Other Siblings Due to School Due to Town Westlake Residents by neighborhood
on Wait List Employee EmployeeResidentsISD ISD ISD Districts
96
Figure 27 - Primary & Secondary Population Comparison
As a percentage of population, Westlake residents peaked in FY 07/08 when 191 students were enrolled in the
Academy. Westlake residents enrolled in the Academy have been in decline, but in FY 12/13, Westlake
residents enrolling in the Academy will reach 204 students and 30% of the total population.
Figure 28 - FY 12/13 Student Waiting List
Record breaking participation in the FY 11/12 lottery resulted in the largest waiting list that the Academy has
ever had. 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 was ranked in the
2010/11 Washington Post as one of the top 20 high schools in the country. We anticipate an even larger
number of participants in the FY 12/13 lottery following the announcement of Westlake being ranked one of
the top high schools in the country by the three major media organizations.
20% 28%
43% 50% 52%
31% 34% 30% 27% 30%
80% 72%
57% 50% 48%
69% 67% 70% 73% 70%
0%
20%
40%
60%
80%
100%
03/04
195
04/05
264
05/06
324
06/07
346
07/08
379
08/09
417
09/10
491
10/11
530
11/12
610
12/13
650
Primary & Secondary Population Comparison
Primary Boundary Secondary Boundary
746 845
1021
1241 1265
844
705
1027
2079
0
500
1000
1500
2000
2500
FY 04-05 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 2012-13 Students on WA Waiting List
97
Position Summary
*The table above lists each position in terms of the number of FTE (full time equivalent)staff currently employed.
Fiscal Year
FY 03/04
Actual
FY 04/05
Actual
FY 05/06
Actual
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
Adopted Increase
Classes Served 1-6 K-7 K-8 K-9 K-10 K-11 K-12 K-12 K-12 K-12
Head of School 1.00 1.00 1.00 1.00 1.00 1.00 - - - - -
Primary Principal - - - - 1.00 1.00 1.00 1.00 1.00 1.00 -
Secondary Principal - - - - - 0.50 1.00 1.00 1.00 1.00 -
Asst. to Secondary Principal - - - - - - - - 0.50 0.50
Admin Coordinator - - - - - 1.00 1.00 1.00 1.00 1.00 -
PYP Coordinator - 0.30 0.50 0.50 1.00 0.50 0.60 0.60 0.60 0.60 -
MYP Coordinator - - 0.40 0.40 0.40 0.50 0.50 1.00 0.50 0.50 -
DP Coordinator - - - - - 0.50 0.50 0.40 0.40 0.40 -
Athletic Director - - - - - - 0.75 - - - -
Primary - K - 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 -
Primary 1 2.00 2.00 2.00 2.00 2.00 2.00 1.70 2.00 2.00 2.00 -
Primary 2 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 -
Primary 3 2.00 2.00 3.00 2.00 2.60 2.00 2.00 2.00 2.00 2.00 -
Primary 4 2.00 1.70 2.50 2.00 2.00 2.00 2.00 2.00 2.00 2.00 -
Primary 5 2.00 2.00 2.00 2.00 2.00 2.00 2.00 3.00 2.00 2.00 -
Primary 6 2.00 2.00 2.00 2.00 2.00 2.00 1.80 2.00 3.00 3.00 -
Primary - PE 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.50 1.50 1.50 -
Primary - Reading Spec.l - - - - - - 0.40 1.00 0.40 1.00 0.60
Primary - Art 0.80 0.80 0.60 0.80 0.80 0.80 0.90 1.00 1.00 1.00 -
Primary - Music 0.80 0.40 0.80 1.00 1.00 1.00 1.00 1.00 1.00 1.00 -
Primary - Spanish 1.00 1.00 1.00 1.00 1.00 1.00 1.20 1.00 1.60 2.00 0.40
Primary - IT - - - - - - - 0.40 0.40 0.40 -
Special Education - - 1.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 -
Secondary Theater Arts - - - - - - - 1.00 1.00 -
Secondary - Art - - 0.60 0.60 1.00 0.80 1.00 0.85 0.85 0.85 -
Secondary English - - 1.00 2.00 2.00 2.00 3.00 3.00 3.50 3.50 -
Secondary - Humanities - 1.00 0.60 0.60 1.60 2.00 3.10 3.00 4.00 4.50 0.50
Secondary - IT - - - 0.30 0.30 0.30 0.30 0.20 1.00 - (1.00)
Secondary - Math - 0.40 1.00 1.50 2.00 1.75 2.00 2.00 3.00 3.00 -
Secondary - Science - 0.50 1.00 1.50 2.00 2.50 3.25 3.60 3.60 3.60 -
Secondary - Foreign Lang.- 0.40 0.50 1.00 1.00 1.50 2.00 2.60 3.00 3.34 0.34
Secondary - PE - 0.25 0.40 1.00 1.00 1.25 0.72 1.50 1.50 1.50 -
Secondary - Reading Spec.- - - - - - - 0.25 0.66 0.41
Secondary - CAS - - - - 0.60 - 0.25 - - - -
Teaching Intern - - - - - - - 0.75 0.75 -
Strings Staff - - - - - - 0.25 0.33 0.33 0.33 -
Librarian/Aide - 0.40 1.00 1.00 1.00 1.00 1.00 1.00 2.00 1.00 (1.00)
IT Integration - - - - - - - - 1.00 1.00
Counselors - 0.50 1.00 1.00 1.50 2.00 2.00 2.00 2.00 2.00 -
Teaching Aides - 0.60 - - - 2.50 3.70 3.66 4.50 5.20 0.70
Nurse 1.00 0.50 0.50 0.50 0.50 1.00 1.00 1.00 1.00 1.00 -
Facilities Technician - - - - - - - 1.00 1.00 -
IT Tech - - - 0.70 0.70 0.70 1.70 1.80 1.80 1.80 -
Asst. to Head of School 1.00 1.00 1.00 1.00 1.00 - - - - - -
Registrar - 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 -
Office Aide - - 0.60 0.60 1.60 2.60 3.00 3.00 3.00 3.00 -
Lunchroom Personnel 0.25 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 0.40 -
Day Porter - - - - - - 0.60 0.60 0.60 0.60 -
Total Positions 18.85 25.15 32.40 36.40 43.00 48.10 55.62 59.44 67.48 69.93 2.45
Position Summary
98
Selective Staff to Pupil Ratios
The WALT (Westlake Academy Leadership Team) consists of the principals, administrative coordinator, and
programme coordinators. The instructional staff consists of all teachers in GK – G12. The support staff
consists of the librarian, counselors, athletic director, teaching aides, nurse, and IT. The office staff consists of
the administrative support staff.
Other Information
Performance Data – Selected School Report Card Data
Student performance on the Texas Assessment of Knowledge and Skills (TAKS) test continues to be well above
the State average. The Academy has been recognized as an “exemplary” school for the fifth time by the Texas
Education Agency (TEA). This designation is given to schools that meet all four of the following criteria:
TAKS ™ Test Passing – At least 90 percent of all students must pass the TAKS test overall and each of
the test’s five subsections (Reading/ELA, Writing, Social Studies, Mathematics, and Science).
Additionally 90 percent of each ethnic/racial “subgroup” must also pass the overall test and each
subsection
SDAA II Test Passing - At least 90 percent of all students must pass the State-Developed Alternative
Assessment II (SDAA II) test, which is required for only those students whom the TAKS test is not an
acceptable measurement
Completion Rate – At least 95 percent of all students as well as 95 percent of each “subgroup” must
either have completed or are continuing their education four years after entering high school
Dropout Rate – No more than .2 percent of all students as well as no more than .2 percent of each
“subgroup” can have dropped out of school
18.85
25.15
32.40 36.40
43.00
48.10
55.62 59.44
67.48 69.93
-
10
20
30
40
50
60
70
80
FY 03/04 FY 04/05 FY 05/06 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12 FY 12/13
Faculty & Staff Growth
FY 03/04 - FY 12/13
Instructional Staff Instructional Aides School Leadership
Office Staff Counselors IT
Nurse Facilities Total
99
This chart shows the Academy’s State mandated TAKS (Texas Assessment of Knowledge and Skills)
results over time by subject area as well as the campus ratings by the Texas Education Agency (TEA):
Figure 29 Westlake Academy TEA Performance Data
Westlake Academy maintained or improved in each of the five (5) TAKS test categories. The percentage receiving commended
status rose in Reading/ELA, Social Studies and Mathematics and fell in Writing and Science.
Westlake Academy has been rated recognized three times and exemplary six times since the inception of the
school in 2003. More importantly, the measurement of students commended focuses on the students who
have mastered the content in each subject area.
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 11/12 twenty-four (24) of
Westlake Academy’s twenty-seven (27) graduating seniors elected to sit for these exams; of these, twenty-four
(24) will receive IB diplomas. This is an 89% pass rate is which is better than was predicted.
Description FY 03/04 FY 04/05 FY 05/06 FY 06/07 FY 07/08 FY 08/09 FY 09/10 FY 10/11 FY 11/12
Reading/ELA 98%98%99%98%99%100%98%99%99%
Writing 97%97%99%91%93%100%96%99%95%
Social Studies N/A N/A 99%95%98%100%99%99%99%
Mathematics 97%91%95%91%93%98%94%96%91%
Science 93%85%78%88%96%99%99%99%99%
Texas Accountability Rating Exemplary Recognized Recognized Recognized Exemplary Exemplary Exemplary Exemplary Exemplary
% Commended 2003 2004 2005 2006 2007 2008 2009 2010 2011
Reading/ELA -62%57%60%61%61%51%56%56%
Writing -60%54%58%51%34%55%43%40%
Social Studies ---67%44%53%58%65%44%
Mathematics -48%45%48%43%44%40%46%37%
Science -32%30%34%31%45%45%43%65%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2004 2005 2006 2007 2008 2009 2010 2011
TAKS % Commended
Reading/ELA Writing Social Studies Mathematics Science
100
Academic & Athletic Programs
Westlake Academy is authorized by the International Baccalaureate (IB) to offer:
The IB Primary Years Programme (grades K-6)
The IB Middle Years Programme (grades 7-10)
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 $25,830 and are comprised of the annual fees
described in the table below.
Cost for Maintaining the IB Programmes PYP MYP DP Total
Annual Fees $7,057 $8,157 $9,667 $24,881
Evaluation Costs $3,500 $3,500 $3,500 $10,500
Scheduled Evaluation Visits FY 14/15 FY 16/17 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.
101
The IB programme continues to be the top reason parents seek out Westlake Academy for their child’s
education as evidenced in the 2011 Parent’s survey:
102
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.
103
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.
104
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.
105
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.
106
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.
107
FY 11/12 ACADEMIC ACHIEVEMENTS
Westlake Academy was ranked # 36 in the United States in the Washington Post Challenge Index
Westlake Academy was ranked #18 in the United States by Newsweek
Westlake Academy was ranked #5 in the State of Texas, #6 against all Charter Schools in the United
States, and #37 out of approximately 22,000 public high schools in the United States by U.S. News
& World Report
In 2012, WA students achieved the IB Diploma well above the world rate with 89% of the students
earning the diploma.
Westlake Academy’s TAKS (Texas Assessment of Knowledge and Skill) scores are notably higher
than the average state scores.
Westlake Academy earned an Exemplary rating, the highest category recognized by the state’s
accountability system.
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).
For the past two years, WA students have consistently had a higher overall AP pass rate when
compared to both Texas and the World.
In 2012, over one third of the students who took AP exams earned the distinction of being an AP
Scholar, AP Scholar with Honors, or AP Scholar with Distinction.
Staff Accomplishments:
Several faculty members continue to represent the International Baccalaureate as Workshop
Leaders, Site Visitors and Consultants.
One faculty member continues to serve as an IB Diploma Assistant Examiner for HL Biology
Student Accomplishments:
Twenty-four WA graduates from the Class of 2012 received the prestigious IB Diploma. In
addition, these students scored above the world average.
The entire Senior class of 28 students received $3.52 million in scholarship and grant offers. All 28
were accepted into respected colleges/universities across the State and the U.S.
Eleven (11) WA students received the distinguished honor of AP Scholar for scoring 3 or higher on
three or more AP exams.
108
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).
FY 11/12 ATHLETIC ACHIEVEMENTS
VARSITY CROSS COUNTRY
Women's Team- State Champions
VARSITY VOLLEYBALL
Final Four TCAF State Tournament
District Champions
VARSITY CO-ED SOCCER
TCAF State Champions
District Runner Up
JUNIOR VARSITY WOMEN’S BASKETBALL
District Champions
VARSITY WOMEN'S BASKETBALL
Division 1 TCAF State Champions
District Champions
VARSITY MEN'S BASKETBALL
Division 1 Quarter Finals – TCAF State Tournament
District Runner Up
JUNIOR VARSITY MEN'S BASKETBALL
District Champions
2nd Place District Tournament
VARSITY BASEBALL
TCAF State Tournament Runner Up
District Champions
GOLF
Qualifier TCAF State Tournament
TENNIS
Women’s Doubles – 3rd Place State Tournament
Mixed Doubles – 2nd Place State Tournament
109
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 2011, the Academy conducted the Westlake Academy Board of
Trustees Parent Survey for the third 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.
The feedback we received in our last parent survey was very positive; none of the nineteen (19) services and
programs rated decreased in satisfaction. In fact, thirteen (13) services and programs had significant increases
(greater than 5%) in levels of satisfaction.
1. Satisfaction with the effectiveness of the WAAC increased 17% from 51% to 68%
2. Satisfaction with Westlake Academy Foundation increased 12% from 70% to 82%
3. Satisfaction with communications regarding issues/problems increased 12% from 52% to 64%
4. Satisfaction with opportunities for parental input increased 12% from 50% to 62%
5. Satisfaction with the quality of education increased 11% from 73% to 84%
6. Satisfaction with the quality of extra-curricular sports programs increased 11% from 53% to 64%
7. Satisfaction with the college preparation process increased 11% from 52% to 63%
8. Satisfaction with the quality of other extra-curricular programs increased 9% from 48% to 57%
9. Satisfaction with the effectiveness of the HOC increased 8% from 57% to 65%
10. Satisfaction with the maintenance of the Academy increased 7% from 72% to 79%
11. Satisfaction with the IB Curriculum increased 6% from 80% to 86%
12. Satisfaction with the school lunch program increased 6% from 31% to 37%
13. Satisfaction with the suitability of facilities for learning increased 5% from 85% to 90%
110
111
112
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.
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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.
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.
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.
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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 (3%)
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.
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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 of the portfolio 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.
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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."
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
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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.
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
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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
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 t he 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: The excess of assets of a fund over its liabilities and reserves. During the fiscal year prior to
closing, it represents the excess of the fund's assets and estimated revenues for the period over its
liabilities, reserves and appropriations. These assets are added to any other assets and/or resources
remaining from prior years and are available to be budgeted.
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.
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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.
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.
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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.
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.
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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.
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 11 th 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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