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Updated Budget Assumptions & Preliminary Revenue Budget for 2013-2014

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by

Paul Kelly

on 28 March 2013

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Transcript of Updated Budget Assumptions & Preliminary Revenue Budget for 2013-2014

Updated Budget Assumptions &
Preliminary Revenue Budget for 2013-2014 FY2014 Budget Update FY2013/FY2014 Fund Balance FUND BALANCE Board adopted range is 18 to 22% operating fund balance

July 1, 2012 operating fund balance was $23.3 million or 20.9% of operating expenditures
10 weeks of operating expenditures

July 1, 2013 operating fund balance is projected to be 23-25% based primarily upon increases in revenue
setting tax levy at ceiling
balance outside Board adopted range
balance will be integrated into FY2014 and FY2015 budgets to support FLiP costs FY2014 Budget Preparation FEDERAL REVENUES Assumptions
Reduction of federal funds through sequestration (5.9%) ($200,000) FY2014 Budget Preparation LOCAL REVENUE Assumptions
No substantial increases in current/delinquent taxes
<1% Growth in Assessed Valuation
Reassessment Year
Housing Starts
New Property/Growth
Tax levy rate at ceiling
Budget consideration should assessed valuations on existing property drop
Roll-Up to Ceiling
Any voluntary rollback is lost for only one tax year (Senate Bill 711)
Slight increase anticipated in Prop C Sales tax (increased enrollment and improved state economy) FY2014 Budget Preparation STATE REVENUE Assumptions
Slight increase in State Foundation Formula (increased enrollment and improved state economy)
Increased Enrollment drives Average Daily Attendance (ADA)
Remain watchful of legislative session
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