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HomeMy WebLinkAboutPresentation - Town Five Year Forecast - Phase I OptionIncome Statement Summary – Westlake Academy OGO Major Assumptions  Amends the current budget so that Westlake Academy no longer reimburses the Town for the G&A (indirect) costs (approximately $305,000).  Westlake Academy enrollment will grow from 627 students to approximately 1,285 over the course of the next five (5) years; increased revenues from enrollment will pay for debt service costs of new facilities.  The Town will issue approximately $17.5M in debt to build new facilities in accordance with the design prepared by PMSI in May of 2011. Fiscal Impacts  Revenues exceed expenditures after deducting the indirect costs which are being absorbed by the municipal budget.  The Academy’s fund balance gradually grows to a 97 day balance in FY 16-17. Income Statement Summary – Westlake Academy Phase I Major Assumptions  Westlake Academy’s enrollment does not increase/decrease beyond the normal fluctuations caused by new residents and attrition.  Amends the current budget so that Westlake Academy no longer reimburses the Town for the G&A (indirect) costs (approximately $305,000).  The Town will issue approximately $4.4M in debt to build a cafetorium and 6 classroom building; debt service is paid by sales tax. Fiscal Impacts  Expenditures continue to exceed revenues to the extent that fund balance is reduced beginning in FY 16-17. Income Statement Summary – Municipal Five Year Forecast (Phase I) Major Assumptions  Beginning in FY 11-12, the Town of Westlake ceases to receive a reimbursement for the G&A (indirect) costs from Westlake Academy (approximately $305,000).  The Town utilizes sales tax revenues to cover the debt service for new Westlake Academy facilities of approximately $4.4M. Fiscal Impacts  The Town’s fund balance remains at or above the 90 day limit established in the current financial policies.  The General Major Maintenance Fund is under-funded by approximately $150,000 in FY 15-16. Page 1 1 Fiscal Year Audited 2010/11 Adopted/ Amended 2011/12 Projected 2012/13 Projected 2013/14 Projected 2014/15 Projected 2015/16 Projected 2016/17 2 GENERAL FUND BEG. BALANCE $ 767,490 $ 914,660 $ 1,129,282 $ 1,223,124 $ 1,902,702 $ 2,497,306 $ 2,800,585 REVENUES Local Revenues 3 WAF Salary Reimbursement 65,003 31,662 32,295 33,264 34,262 35,290 36,348 4 Gifts & Donations - WAF - - - - - - - 5 Other Local Revenue 28,035 15,000 29,875 47,232 51,982 59,059 61,038 6 WAF Blacksmith 524,038 679,160 628,950 994,350 1,094,350 1,243,350 1,285,000 7 Interest Earned 2,295 1,500 1,520 1,566 1,613 1,661 1,711 8 Food Services 2,000 3,000 3,090 3,183 3,278 3,377 3,478 9 Donations 3,950 - - - - - - 10 Athletic Activities 49,198 37,980 37,800 38,934 40,102 41,305 42,544 11 Transportation/Parking 7,996 37,840 37,840 38,975 40,144 41,349 42,589 12 Total Local Revenues 682,515 753,982 771,370 1,157,503 1,265,731 1,425,390 1,472,708 State Revenue - - 1 1 2 2 13 TEA - FSP Funds 3,744,757 4,281,649 4,210,000 6,623,365 7,289,465 8,530,413 8,816,166 14 TRS On-behalf/Medicare Part B 181,301 208,437 253,771 383,066 414,340 460,413 479,113 15 Total State Revenues 3,926,058 4,490,086 4,463,771 7,006,431 7,703,805 8,990,826 9,295,279 16 TOTAL REVENUES 4,608,573 5,244,068 5,235,141 8,163,934 8,969,535 10,416,216 10,767,987 EXPENDITURES 17 Object Code 61XX - Salaries 3,292,938 3,772,080 3,840,777 5,800,603 6,258,188 6,938,985 7,207,666 18 Object Code 62XX - Prof. Contracted Services 791,907 962,025 990,886 1,077,139 1,109,453 1,382,303 1,423,772 19 Object Code 63XX - Supplies & Materials 221,871 258,447 268,585 386,263 427,851 485,386 512,443 20 Object Code 64XX - Other Operating Costs 211,391 341,894 352,151 398,987 410,956 465,614 479,582 21 Object Code 65XX - Debt Service - - - 138,686 492,151 1,170,791 1,268,232 22 Object Code 66XX - Capital Assets - - - - - - - TOTAL EXPENDITURES 4,518,107 5,334,446 5,452,399 7,801,679 8,698,599 10,443,079 10,891,696 OTHER RESOURCES/USES 23 Other Resources - 305,000 311,100 317,322 323,668 330,142 336,745 24 Other Resources (Athletics)34,509 - - - - - - 25 Other Resources (Water Damage)625,195 - - - - - - 26 Sub-Total Other Resources 659,704 305,000 311,100 317,322 323,668 330,142 336,745 27 Extraordinary Item (Water Damage)(568,491) 28 Other Uses (34,509) - - - - 29 Sub-Total Other Uses (603,000) - - - - - - 30 Excess Revenues Over (Under) Expenditures 147,170 214,622 93,842 679,578 594,604 303,279 213,036 31 GENERAL FUND ENDING BALANCE 914,660 1,129,282 1,223,124 1,902,702 2,497,306 2,800,585 3,013,621 32 Assigned - Technology/FFE 100,000 100,000 100,000 100,000 100,000 100,000 100,000 33 Assigned - Uniform/Equipment Replacement 15,810 15,000 14,838 14,838 14,838 14,838 14,838 34 Assigned - Prepaid 31,596 35 Assigned - Insurance 56,704 - 36 ENDING FUND BALANCE (Unassigned)710,550$ 1,014,282$ 1,108,286$ 1,787,864$ 2,382,468$ 2,685,747$ 2,898,783$ 12,155 13,752 13,973 14,391 14,821 15,264 1,342,812 37 # of Operating Days (based on 365)57 69 74 84 100 94 97 Students Enrolled 38 Primary 296 308 298 660 700 700 700 39 Secondary 226 313 330.95 334.35 394.35 543.35 585 40 Total Students Enrolled 522 621 629 994 1,094 1,243 1,285 Teaching Staff 41 Primary 21.9 21.9 23.4 45.3 45.8 45.8 45.8 42 Secondary 17.75 20.14 21.04 24.4 24.4 32.24 33.36 43 Total Teaching Staff 39.65 42.04 44.44 69.7 70.2 78.04 79.16 Income Statement - Organic Growth Option - OGO (w/o Indirect costs payment) Page 2 1 Fiscal Year Audited 2010/11 Adopted/ Amended 2011/12 Projected 2012/13 Projected 2013/14 Projected 2014/15 Projected 2015/16 Projected 2016/17 2 GENERAL FUND BEG. BALANCE $ 767,490 $ 914,660 $ 989,190 $ 961,925 $ 1,072,195 $ 1,012,283 $ 937,947 REVENUES Local Revenues 3 WAF Salary Reimbursement 65,003 31,662 32,295 33,264 34,262 35,290 36,348 4 Gifts & Donations - WAF - - - - - - - 5 Other Local Revenue 28,035 15,000 29,875 30,037 30,037 30,037 30,037 6 WAF Blacksmith 524,038 679,160 628,950 632,350 632,350 632,350 632,350 7 Interest Earned 2,295 1,500 1,520 1,566 1,613 1,661 1,711 8 Food Services 2,000 3,000 3,090 3,183 3,278 3,377 3,478 9 Donations 3,950 - - - - - - 10 Athletic Activities 49,198 37,980 37,800 38,934 40,102 41,305 42,544 11 Transportation/Parking 7,996 37,840 37,840 38,975 40,144 41,349 42,589 12 Total Local Revenues 682,515 753,982 771,370 778,308 781,786 785,368 789,057 State Revenue - - 1 1 2 2 13 TEA - FSP Funds 3,744,757 4,141,557 3,945,391 4,212,083 4,212,083 4,338,446 4,338,446 14 TRS On-behalf/Medicare Part B 181,301 208,437 243,791 251,105 258,638 266,397 274,389 15 Total State Revenues 3,926,058 4,349,994 4,189,182 4,463,188 4,470,721 4,604,843 4,612,835 16 TOTAL REVENUES 4,608,573 5,103,976 4,960,552 5,241,496 5,252,507 5,390,210 5,401,892 EXPENDITURES 17 Object Code 61XX - Salaries 3,292,938 3,772,080 3,690,345 3,793,811 3,900,380 4,010,146 4,123,206 18 Object Code 62XX - Prof. Contracted Services 791,907 962,025 990,886 1,020,612 1,105,731 1,138,903 1,173,070 19 Object Code 63XX - Supplies & Materials 221,871 258,447 268,585 277,663 285,993 294,573 303,410 20 Object Code 64XX - Other Operating Costs 211,391 341,894 352,151 362,715 353,597 364,205 375,131 21 Object Code 65XX - Debt Service - - - - - - - 22 Object Code 66XX - Capital Assets - - - - - - - TOTAL EXPENDITURES 4,518,107 5,334,446 5,301,967 5,454,801 5,645,700 5,807,826 5,974,816 OTHER RESOURCES/USES 23 Other Resources (Transfer from Town)- 305,000 314,150 323,575 333,282 343,280 353,579 24 Other Resources (Athletics)34,509 - - - - - - 25 Other Resources (Water Damage)625,195 - - - - - - 26 Sub-Total Other Resources 659,704 305,000 314,150 323,575 333,282 343,280 353,579 27 Extraordinary Item (Water Damage)(568,491) 28 Other Uses (34,509) - - - - - - 29 Sub-Total Other Uses (603,000) - - - - - - 30 Excess Revenues Over (Under) Expenditures 147,170 74,530 (27,265) 110,269 (59,912) (74,336) (219,346) 31 GENERAL FUND ENDING BALANCE 914,660 989,190 961,925 1,072,195 1,012,283 937,947 718,602 32 Assigned - Technology/FFE 100,000 100,000 100,000 100,000 100,000 100,000 100,000 33 Assigned - Uniform/Equipment Replacement 15,810 15,000 14,838 14,838 14,838 14,838 14,838 34 Assigned - Prepaid 31,596 35 Assigned - Insurance 56,704 - 36 ENDING FUND BALANCE (Unassigned)710,550 874,190 847,087 957,357 897,445 823,109 603,764 12,155 13,752 13,973 14,391 14,821 15,264 736,621 37 # of Operating Days (based on 365)57 60 58 64 58 52 37 Students Enrolled 38 Primary 296 308 298 298 298 298 298 39 Secondary 222 313 330.95 334.35 334.35 334.35 334.35 40 Total Students Enrolled 522 621 629 632 632 632 632 Teaching Staff 41 Primary 21.9 21.9 21.9 21.9 21.9 21.9 21.9 42 Secondary 17.75 20.14 20.14 20.14 20.14 20.14 20.14 43 Total Teaching Staff 39.65 42.04 42.04 42.04 42.04 42.04 42.04 Income Statement - Phase I No new students/no pymt of indirect cost/$4.4M Debt Serviced by Municipality Page 3 Phase I * Funding of $4.4M for WA Cafetorium and 6 classrooms * No transfer in from WA of Indirect Costs ACTUAL ESTIMATED ADOPTED/AMEND FY 09-10 FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 GENERAL FUND 100 1 Property Tax 3%- 1,327,901 1,431,842 1,474,797 1,519,041 1,564,612 1,611,551 2 Sales Tax -GEN (on-going)5%1,187,474 1,353,500 1,350,000 1,417,500 1,488,375 1,562,794 1,640,933 3 Sales Tax - PTR (on-going)5%- - 675,000 708,750 744,188 781,397 820,467 4 Sales Tax (one-time)409,721 145,000 37,500 37,500 37,500 37,500 37,500 5 Beverage Tax 2%17,902 17,750 17,750 18,105 18,467 18,836 19,213 6 Franchise Fees 2%603,233 583,650 582,550 594,201 606,085 618,207 630,571 7 Permits and Fees 2%1,746,953 471,950 480,890 490,508 500,318 510,324 520,531 8 Fines & Forfeitures 2%647,171 598,990 536,611 547,343 558,290 569,456 580,845 9 Interest 2%24,166 9,345 15,035 15,336 15,642 15,955 16,274 10 Misc Income 2%105,346 71,034 52,700 53,754 54,829 55,926 57,045 11 Contributions 0%190,249 175,200 - - - - - 12 Transfer In - UF 500 Impact - 133,000 30,000 30,900 31,827 32,782 33,765 13 Transfer In - PTR 260 - 899,270 - - - - - 14 Transfer In - A&S 411 - 4,473 - - - - - 15 Transfer In - VA 220 Dept 22 - - 8,350 8,351 8,602 8,860 9,125 16 Transfer In - VA 220 Payroll - 174,971 254,668 271,443 284,399 298,225 312,996 17 Transfer In - UF 500 Payroll - 227,292 252,365 266,768 279,501 293,089 307,605 18 Payment from Bonds for cash funding of projects 574,300 900,000 - - - 19 Total Revenues & Transfers In 4,932,215 6,193,326 6,299,561 6,835,256 6,147,064 6,367,963 6,598,420 20 Payroll Salaries (1,454,868) (1,880,738) (1,993,764) (2,053,577) (2,115,184) (2,178,640) (2,243,999) 21 Payroll M/D/L Insurance (151,887) (256,829) (293,871) (323,258) (355,584) (391,142) (430,257) 22 Payroll Taxes/Benefits (239,911) (353,327) (339,407) (373,348) (410,682) (451,751) (496,926) 23 Expenditures (1,939,471) (1,996,415) (2,182,621) (2,248,100) (2,315,543) (2,385,009) (2,456,559) 24 Transfer Out - ED 210 (35,758) (35,758) (35,758) (35,758) (35,758) (35,758) (35,758) 25 Transfer Out - CP 410 (49,301) (2,085,000) - - (950,000) (300,000) - 26 Transfer Out - FM 252 - (1,875) - - - - - 27 Transfer Out - VE 257 (5,000) (66,407) - - - - - 28 Transfer Out - GMR 600 - (500,000) (530,000) (275,000) - - (195,000) 29 Transfer Out - DSF - - (601,178) (592,122) (739,845) (740,826) (699,114) 30 Transfer Out- cash funding for projects (574,300) (900,000) - - 31 Total Expenditures & Transfers Out (3,876,195) (7,176,349) (6,550,899) (6,801,163) (6,922,596) (6,483,126) (6,557,613) 32 NET R&TI Over(Under) E&TO 1,056,020 (983,024) (251,338) 34,093 (775,532) (115,164) 40,807 33 Beginning Fund Balance 2,675,312 3,731,332 2,748,308 2,496,969 2,531,062 1,755,530 1,640,367 34 Ending Fund Balance 3,731,332 2,748,308 2,496,969 2,531,062 1,755,530 1,640,367 1,681,174 35 Committed Funds 214,751 415,021 255,079 260,181 265,384 270,692 276,106 36 Unassigned Ending Balance (projected)3,516,581 2,333,287 2,241,890 2,270,882 1,490,146 1,369,675 1,405,068 37 Operating Days 337 189 167 164 101 90 90 38 DEBT SERVICE FUND 300 39 Property Tax - 32,803 154,608 154,608 204,230 268,830 269,667 40 Interest - 25 100 50 50 50 50 41 Transfer In - VA 220 linked 179,266 180,935 182,416 183,692 179,722 180,852 180,852 42 Transfer In - 4B 200 linked 948,096 1,028,962 717,730 738,481 773,919 811,128 850,198 43 Transfer In - PTR 260 linked 372,008 288,019 - - - - - 44 Transfer in - GF 100 - - 567,005 592,122 739,845 740,826 699,114 45 Total Revenues & Transfers In 1,499,369 1,530,744 1,621,859 1,668,953 1,897,765 2,001,686 1,999,881 46 Bank Services Charges (1,130) (3,250) (2,925) (2,925) (2,925) (2,925) (2,925) 47 Bond Principal (1,498,239) (1,527,494) (1,618,934) (1,613,528) (1,575,718) (1,578,701) (1,576,059) 48 Bond Interest - - - - - - - 49 Expenditures - 2012 CO - $3.5M Cafetorium & MYP - - - (52,500) (241,588) (241,588) (241,588) 50 Expenditures - 2013 CO - $900K (27,912) (64,250) (64,250) 52 Expenditures - 2014 CO - $1.6M CP - - - - (49,622) (114,222) (115,059) 53 Total Expenditures & Transfers Out (1,499,369) (1,530,744) (1,621,859) (1,668,953) (1,897,765) (2,001,686) (1,999,881) 54 NET R&TI Over(Under) E&TO 0 (0) - - - - - No Indirect Cost payments received from Westlake Academy Cash funding will be used for construction but repaid with bond proceeds in the same fiscal year Cash funding already designated for capital projects Represents transfer out from General Fund for Debt Service (Property Tax Reduction Sales Tax revenues will cover this expense) Debt Service on $4.4M cafetorium and classrooms If purchase engine/pumper at $750K, will have shortfall in General - Maintenance and Replacement Fund P R O J E C T I O NDESCRIPTION TOWN OF WESTLAKE FIVE YEAR FORECAST Page 4 ACTUAL ESTIMATED ADOPTED/AMEND FY 09-10 FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 P R O J E C T I O NDESCRIPTION GENERAL- MAINTENANCE & REPLACEMENT FUND 600 1 Revenues 54 23,175 250 251 252 253 254 2 Transfers In - PTR 260 23,000 41,274 - - - - - 3 Transfers In - GF 100 - 500,000 530,000 275,000 - - 195,000 4 Transfers in - VE 257 - 77,571 - - - - - 5 Total Revenues & Transfers In 23,054 642,020 530,250 275,251 252 253 195,254 6 Expenditures - (51,540) (418,520) (232,700) (120,400) (138,252) (842,000) 7 Transfers Out (11,400) - - - - - - 8 Total Expenditures & Transfers Out (11,400) (51,540) (418,520) (232,700) (120,400) (138,252) (842,000) 9 NET R&TI Over(Under) E&TO 11,654 590,480 111,730 42,551 (120,148) (137,999) (646,746) 10 Beginning Fund Balance - 11,654 602,134 713,864 756,415 636,268 498,269 11 Ending Fund Balance 11,654 602,134 713,864 756,415 636,268 498,269 (148,477) 12 Restricted Funds (Fire equipment)- 22,000 22,000 - - - - 13 Unassigned Ending Balance (projected)11,654 580,134 691,864 756,415 636,268 498,269 (148,477) 18 CAPITAL PROJECT FUND 410 19 Deloitte Trail - - - - - - - 20 Town Improvement (Contributions)- - - 180,000 172,000 - - 21 Stagecoach Drainage 15,441 - - - - - - 22 Dove Rd Reconstruction & Drainage - 50,800 - - - - - 23 Dove/Ottinger Intersection Improvements - 25,000 - - - - - 24 Interest Income 561 26,000 26,000 - - - - 25 Interest Income - Bond Proceeds - 1,950 1,800 - - - - 26 Transfer in from GF 49,301 2,085,000 574,300 900,000 950,000 300,000 - 27 Transfer in from GMM 11,400 - - - - - - 28 Transfer in from VA 20,447 - - - - - - 29 Transfer in from PTR 41,316 1,205,000 - - - - - 30 Other Sources - Bond Proceeds (Academy)3,500,000 900,000 - 31 Other Sources - Bond Proceeds - 2,095,000 - 1,650,000 - - - 32 Total Revenues & Transfers In 138,465 5,488,750 4,102,100 3,630,000 1,122,000 300,000 - 33 Temporary Parking (11,400) - - - - - - 34 Water Well for Civic Campus (49,960) - - - - - - 35 FM1938 Town Improvements (39,222) (485,000) (1,155,155) (1,681,900) - - - 36 FM 1938 Wayfinding (Vaquero/Fidelity)- (180,000) (172,000) - - 37 Stagecoach Hills Drainage (47,995) - - - - - - 38 Mahotea Boone Reconst/Drainage - (100,500) - (82,900) (820,200) - - 39 Ottinger Rd Recon/Drainage WA - (5,000) (155,150) (557,960) - - - 40 Streets Survey - (64,000) (16,000) - - - - 41 WA Dining Hall Improvements - (140,000) - - - - - 42 SH114/Hwy170 Enhancements - (10,000) - (400,400) (336,000) (336,000) - 43 Stagecoach Hills Recon/Drain - (2,900) (496,000) - - - - 44 Roanoke Road Recon/Drain #1 - (550) (195,240) - - - - 45 Aspen Lane Recon/Drainage - (216,000) - - - - - 46 Dove Rd/Randol Mill Intersection - - (15,000) - - - - 47 Roanoke Road Recon/Drain #2 - (2,900) - - - - - 48 Trail Connection at 114/Solana - - (15,000) - - - - 49 Roanoke Road Reconstruction & Drainage (170-DC) - - - (453,000) - - - 50 Sam School Road Reconstruction & Drainage - - - - (216,000) 51 Dove Road Reconstruction & Drainage (Vaq - TB) ** - - - - (626,940) 52 Bond Issuance Cost - (35,000) - - - - - 53 Phase I - Academy (2,095,000) (2,305,000) - - - 54 Phase II - Academy 55 Transfer Out to PTR - (8,770) - - - - - 56 Transfer out to GF (574,300) (900,000) 57 Total Expenditures & Transfers Out (148,576) (1,070,620) (4,716,845) (6,561,160) (2,171,140) (336,000) - 58 NET R&TI Over(Under) E&TO (10,111) 4,418,130 (614,745) (2,931,160) (1,049,140) (36,000) - 59 Beginning Fund Balance 230,391 220,279 4,638,409 4,023,664 1,092,504 43,364 7,364 60 Ending Fund Balance 220,279 4,638,409 4,023,664 1,092,504 43,364 7,364 7,364 61 Unassigned Ending Balance (projected)220,279 4,638,409 4,023,664 1,092,504 43,364 7,364 7,364 Page 5