BOE Budget Begins Anew

As the 2015 Fiscal Year comes to a close, we come to one of the final financial reports for the fiscal year.The following report was presented to the Board of Education on June 8, 2015. With roughly 83% of the year completed, the Board has accrued 92% of it’s estimated revenues for the year. As of the end of April 2015, the report currently shows an excess of $1.18 million dollars of revenue over currently spent budget costs. However, the predicted end of year budget still shows a $4.6 million dollar over-revenue cost.

April2015FinancialReport.pdf

Due to the drain on the fund balance, Interim Superintendent Dr. Charles Webb has proposed a long term plan in conjunction with the proposed budget for the 2016 fiscal year. This plan involves dropping the budgeted costs by $500,000 over the next few years to ultimately save the fund balance around $10 million. This plan will bring the budgeted costs in line with projected revenues before 2020. some of the plans have already been put into practice with the proposed budget for the 2016 fiscal year.

8.2.FY16TentativeBudget.pdf

The new budget estimates an excess of $2.02 million over revenue compared to the previously mentioned $4.6 million for the 2015 fiscal year. These cost cuts come from several changes including 14 positions absorbed through attrition and the buses becoming covered by ESPLOST in 2016 fiscal year. Eleven of the positions were certified positions and 3 were classified positions.

FY16TentativeBudgetExpenseChanges.pdf
FY16TentativeBudgetRevenueChanges.pdf

Along with the proposed budget for general funds, Trina Penland offered the Capital Projects Projections for the 2016-2020 fiscal years. These include projects to refurbish the Agricultural Complex, Renovate the GHS Athletic Facilities, and renovations for Gilmer High School to include common areas, restrooms, classrooms, the media center, and some other areas.

2015ESPLOST-CapitalProjectsProjectionsFY16-FY20.pdf

As seen in the document, these projects are set to be undertaken earlier in the 5-year run. Dr. Webb suggested the Board begin a bond agreement to accomplish these construction tasks sooner, rather than later. If the Board was to wait to collect the money for these projects before they are begun, said Noreen Thomas, they would likely be in year 4 and already looking at the next projections. Dr. Webb stated he would be recommending the 2015 Bond Validation Proposal.