GRANDVIEW - The Grandview School Board passed a resolution last night, Monday, accepting the proposed budget for the 2009-10 school year.
The $33,619,406 budget is approximately $700,000 more than last year's despite the district losing some grants and funding. This is due to the American Recovery and Reinvestment Act of 2009 President Obama signed last February. Grandview School District Assistant Superintendent for Finance and Operations Brad Shreeve told the school board the federal stimulus package includes several funding sources for school districts to enhance or maintain existing funding amounts.
There is a catch to these funds as the government is requiring a separate accounting method for where these dollars are spent. Funding is not expected past Sept. 30, 2011 and school districts receiving these federal dollars are encouraged to spend the money to improve teaching and learning, and to use the funds on short-term investments with the potential for long-term benefits.
The district must report all uses of the federal stimulus money at the website www.recovery.gov.
The budget consists of five funds; the general fund, the ASB fund, the debt service fund, the capital projects fund and the transportation vehicle fund.
The district's general fund is estimated to have a $3,306,000 beginning balance for the 2009-10 school year. Total revenues are predicted to be $33,452,461 with $33,619,406 going out in expenditures. The district is also transferring $100,000 from the fund to the capital projects fund and an additional $40,000 to the district's transportation vehicle fund. This will draw down the ending balance to an estimated $2,999,055, an approximate 10 percent drop from this past year. Shreeve told the board that most of that amount will be held in reserves.
The $100,000 being transferred to the capital projects fund will be set aside for future projects, and the $40,000 to the transportation vehicle fund will be used to purchase a new school bus.
The ASB fund is split into six individual school ASB budgets and is expected to have a beginning fund balance of $116,340. Anticipated revenues are $361,825 and the district expects to use $424,190 for expenditures. This will leave an expected ending balance of $53,975.
The debt service fund is set up to pay bond debt the district owes. The projected balance at the beginning of the school year is $860,000. Shreeve told the board that $1,650,000 is expected to be levied against taxpayers this year but that figure could go up by as much as $70,000. With $1,598,050 expected in expenditures the ending balance is predicted to be approximately $860,750. Shreeve said the district will collect $2.37 per $1,000 of assessed value from property owners, which is the same rate as last year.
The capital projects fund is for major construction projects in the district. The district has an estimated beginning balance of $274,000 and expects to receive an additional $111,752 in revenues. The district is looking at expenditures in the amount of $370,000 for miscellaneous construction projects and e-rate equipment. This will leave the fund with an ending balance of $15,752.
The district's transportation vehicle fund is for buying school busses only. The fund has a beginning balance of $114,500 and will receive $157,000 in revenues. The district is planning on expending $266,000 on two new school buses, which will leave an ending balance of $5,500.