2014-2015 Budget Plan

2014-2015 Budget
The School Board on June 26 approved the district budget for the 2014-2015 fiscal year, which begins July 1. Chief Financial Officer Kendra Hutsell and Superintendent Dr. Kari Monsees provided an overview of the budget. Many items related to the budget were discussed in previous meetings, including the April 1 work session and the recent Board retreat.

Dr. Monsees noted that in Cass County, Raymore-Peculiar is among the bottom two or three school districts in expenditure per pupil, but is at or near the top in terms of student achievement.

“It indicates how well we use the resources we have,” he said.

The budget includes estimated total revenues of $62,033,663. The school district receives most of its revenue from property taxes, the state’s foundation formula, the state Classroom Trust Fund, and the Proposition C statewide sales tax. Additional funding comes from a variety of other federal, state and local sources.  The local property tax levy is projected to be $5.0397, which has remained the same since 2003.

The budget includes estimated total expenditures of $64,074,528. The expenditure budget includes targeted use of reserve funds for specific purposes identified in the planning stages of budget development.  Budget priorities were based on the focus areas identified in the District’s Strategic Plan.

Total balances in all funds are budgeted to decline by $2,040,865. The Capital Projects Fund anticipates the use of $607,617 in reserve funds to support specific improvement projects. The Debt Service Fund anticipates the use of $738,686 in reserves as anticipated in the bond payment schedule, with approximately $2 million remaining in reserve at the end of the fiscal year. Operating balances are projected to decline by $694,562 to support targeted investments in non-recurring expenditures. The total Operating Fund balances at year end are projected to be $14,084,868, which represents approximately three months of annual operating expenditures.

Hutsell also reported on the status of the 2013-2014 fiscal year, which was coming to a close. She said that revenues were two percent above budget, and expenditures were one-half percent below budget. As a result, the district anticipates ending the year with Operating Fund reserve balances of about 30 percent of annual operating expenses, similar to June 2013.

Approximately 75 percent of the district’s Operating Fund budget is comprised of salary and benefits for staff. Existing staff received an average three percent salary increase for 2014-2015. The budget for benefits was increased to reflect higher health insurance costs.

The Capital Projects budget funds facility improvements, large equipment purchases, and lease-purchase payments including copier. For 2014-2015, the total is $2,258,609. Planned projects include lease-purchase payments, the installation of secured entrances at Peculiar Elementary, Raymore Elementary, Shull Elementary and the South High School, a new back parking lot at Timber Creek Elementary, and site improvements for accessible parking at the South High School. About $485,000 is budgeted for equipment and maintenance projects throughout the district.

The district has budgeted $7.04 million in Debt Service. Of that total, $5.2 million is budgeted for principal payments, and the remainder will cover interest payments and fees.

To review the Budget: 2014-2015 Budget
To review a fact sheet: Financial Facts