Reconciliation Between FY17 Tentative and Final Budgets - The finance committee reviewed changes that were made to the FY17 Tentative Budget presented on August 15, 2016 which will also be reviewed by the full board at the September 26, 2016 Board of Education meeting. Tables available in the finance committee meeting packet summarize the changes between the tentative and final budgets.
Guidance on Long-Term Financial Planning - Carrie Stewart, of Afton Partners, provided guidance on the district's existing five-year fiscal projections. Afton Partners is a financial advisory company that has worked in over 80 school systems nationally. Stewart highlighted several key takeaways including the following:
- District leadership has put forth financial projections which show a significant structural deficit on the horizon, beginning in Fall 2017 (FY18) with a $4.5 million deficit.
- Financial projection assumptions may change, but those used are reasonable, and important fiscal scenarios have been run for consideration.
- The District has projected deficits in the past and has been implementing budget reductions and prepayment strategies to balance its budget on an annual basis for over ten years. The time is now to address even more significant projected financial deficits.
- The magnitude of the projected deficits, in combination with reductions already enacted in prior years, is such that any solution will require impacting programs and services that are valuable to students and staff.
Additional information is available in the presentation located in the board packet.
Fee Collection Process and Update - The finance committee was provided an update on the budget and amount collected by fee type in the FY17 budget. The administration presented an option to bill families in the spring for transportation fees which could provide the district with more accurate ridership counts. Committee members discussed various options to encourage timely fee payments including a late fee or holding transcripts/report cards. The committee chair asked that an update on fee collection be provided at the next meeting in an effort to clarify the final recommendation on fee collection.
