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Through September 2009 reports
| Monthly Financial Summary - Generally speaking the current fund balances are comparable to the September 30, 2008 balances. The general fund balance was negatively impacted by a December 2008 mid-year cut in state aid and by the increase in the district’s special education deficit. The management fund levy was increased in FY09 to fully fund early retirement obligations for past retirees. This levy was reduced in FY10 because the district has funded the current retirement obligations. The sales tax fund balance decreased as anticipated with the completion of the Western Hills and Indian Hills projects during the past year. The construction trades fund balance decreased after adjusting the carrying cost of the home for sale in the Commerce neighborhood. |
| General Fund Revenue Summary |
| General Fund Expense Summary - Teacher salaries (General Fund expense) are recorded from September – August, with the July/August amounts being accrued in each June. Therefore, only one month of teacher compensation is included in the September financial report. |
At a Board of Education workshop meeting held on March 23, 2009, the 2009-2010 Proposed Certified Budget was presented for Board review. The Power Point presentation and additional financial documents are available by using the links listed below. The 2009-10 Budget was adopted by the Board of Education at the meeting held on April 13, 1009.
A brief explanation of activity in various funds/revenues is included below.
- General Fund
Revenues reached $79.2 million, a 4.4% increase over FY07. Property taxes and state foundation aid increased 3.9% and 5.0%, respectively. These revenue sources were driven by Iowa's school funding formula. Revenues from other state sources increased nearly 32%, led by a $1.0 million increase in teacher quality funding. Title 1 funding increased by nearly $200,000 (~ 66%).
- General Fund
Expenses totaled $78.8 million, or 8.4% over FY07. In FY08 the District recorded double digit percentage increases for teacher quality, ESL, special education and Title 1 programming. Fuel (diesel/gasoline) costs increased about $70,000 (25%), whereas utilities remained flat compared to FY07. The fund balance increased from $12.8 million to $13.1 million, as revenues exceeded expenses by $345,000.
- Sales Tax Fund
Expenses were down $1.4 million (11%) compared to FY07. The Valley Phase 3C project was completed in fall 2007. Clegg Park and Western Hills construction projects began in spring 2007, and planning and design efforts continued for the Crestview and Indian Hills projects.
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