2015-2016 FINAL BUDGET

School Board MeetingMay 26, 2015

Updated 5/27, 2015

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The Final Budget for the 2015-16 general fund indicates the following:

Projected Expenditures $96,261,842

Projected Revenues $89,419,372

Anticipated use ofFund Balance $ 6,842,470

The Final Budget includes a tax increase of .4125 Mills for a total Millage rate of 22.1247. The maximum allowed by the Act 1 index of 1.9%

Overview

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Committed to Employer Retirement Rate Stabilization $1,171,005 Committed to Capital Projects $ 978,068 Committed to Facilities Initiatives (Ithan & Wayne) $4,473,498 Unassigned Fund Balance $ 219,899

$6,842,470

2015-16 BUDGET HIGHLIGHTS

The Final Budget includes the following uses of Fund Balances:

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2015-16 BUDGET HIGHLIGHTSREVENUE

Revenues were revised from the Proposed Final Budget approved by the Board on April 28, 2015.

Changes to revenues resulted in the following: Rental Revenue – Ithan ($ 20,000) Property Tax Reduction – State Subsidy ($ 108) Committed Fund Balance – Capital Projects ($1,615,818) Committed Fund Balance – PSERS ($1,171,005) Unassigned Fund Balance

(Storage Area Networks & Desktops) ($ 219, 899) ($3,026,830)

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2015-16 BUDGET HIGHLIGHTSEXPENDITURES

Expenditures were revised from the Proposed Final Budget approved by the Board on April 28, 2015.

Changes to expenditures resulted in the following: Revisions to Contingency for Personnel ($ 187,791) Revisions to the Capital Plan ($ 191,093) Reductions to High School and Middle School ($

52,218) IU Fair Share ($ 34,160) Approved Private School Tuition ($

100,000) Revisions to Contingency for Personnel ($ 92,596) Transfer to Capital Reserve $4,473,498

$3,815,640

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Revenue Difference

Expenditures

Difference

Draft Budget – December 2014

$90,989,115

$94,449,564

Preliminary Budget – April 9, 2015

$90,660,985

($328,130)

$92,685,500 ($1,764,064)

Proposed Final Budget – April 28, 2015

$92,446,202

$1,785,217

$92,446,202 ($239,298)

Final Budget – May 26, 2015

$89,419,372

($3,026,830)

$96,261,842 $3,815,640*

* $4,473,498 Transfer to Capital Projects and $657,858 in Reductions

Overview

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Thank You