4J Stadium. June - September 1999

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Reports and Recommendations, June 16,1999 Page 2 The budget that was approved by the Budget Committee was based on the governor's original $4.5 billion state school budget from December 1998. At this time, the governor and state legislature have still not agreed on the level of state funding for K -12 education for the next biennium, but it appears that the final funding level will be at least $4.725 billion. I am proposing that you make the following adjustments to the approved budget. They are based on the Budget Committee's recommendation as outlined above; the $4.725 billion funding level (assuming no bond funds); and the latest projections for the 1998 -99 ending fund balance: General Fund Resources Total Approved Budget $111,834,504 Reduction in Beginning Fund Balance - 988,000 The latest 1998 -99 State School Fund estimate projected a decrease in 4J state funding of $988,000 resulting in a corresponding decrease in ending fund balance. Increase in State School Support +3,109,000 The increase is based on the $4.725 billion state funding level. Total General Fund Resources to be Adopted $113,955,504 General Fund Requirements Total Approved Budget $111,834,504 Transfer to the Food Services Fund +100,000 The transfer to the Food Services Fund was omitted from the proposed budget in error. This amount is budgeted as a contingency and will be transferred only if needed. Increase the contingency to 2% of operating expenditures +200,000 Increase the Unappropriated Ending Fund Balance +1,821,000 Total General Fund Requirements to be Adopted $113,955,504 At this time, it is not clear what the final state funding amount will be and what, if any, restrictions the state will place on expending the funds. If the district receives more revenue from the state than projected above, staff will propose how to implement the Budget Committee recommendation for allocating these funds.