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Slide 1: 2008-09 April Cash Flow and Budget Update David J. Root Superintendent
Slide 2: Refresher  School Finance 101 – School Funding Tutorial  Financial State of the District 2007-08  Budget Update 2008-09  Continue Transparency and Communication to the Public and Board
Slide 3: Podcast Format  Review Historical Information  Goals Established for 2008-09  2008-09 Projected Budget / Current Financial Position  Future Goals for 2009-10 Budget
Slide 4: Historical Information      ISBE Financial Watch List 2001-03 Early Tax Money Arrived in 2004 Masked Financial Distress of District Higher % of Early Tax Every Year Transparency, Communication and Understanding by the Board and Community  Cash Shortfall  Borrowed Money 2005-08  NO BORROWING for the 2008-09 School Year
Slide 5: Historical End of the Year Balances
Slide 6: Cash Flow Comparison
Slide 7: Four-Year Financial Timeline
Slide 8: Budget Savings Goals 2007-08 and 2008-09         Immediate budget freeze Seek new revenue streams Re-bid “Big Ticket” items Review efficiency of personnel & programs / attrition / reductions Increased fees & establish financial footing to begin lowering fees in a stair step fashion Team effort to keep costs down Close middle school building temporarily Balance the budget & “Stop the Bleeding”
Slide 9: Goals in the process of being accomplished for 2008-09  Balanced budget with a surplus  No borrowing of money ($600,000) and address the cash flow problem  Have enough surplus to start chipping away at our dependency on early tax $  Get off the State’s Financial Early Warning List
Slide 10: Pro jected Budget 2008-09
Slide 11: Savings & Solutions
Slide 12:  Eliminate the need to borrow for operating expenses.  Eliminate dependency on any Early Tax.  Create a positive fund balance without early tax figured in the end of the year balance.  Attain 1/3 of the school year in reserve in case State funding gets held and taxes are delayed – future “big ticket” needs  Begin lowering student fees  Maintain the quality of education expected at Williamsville Schools Continuous Goals
Slide 13: For More Information… Please feel free to contact me at: Dave Root, Superintendent of Schools rootd@wcusd15.org (217)566-2014 800 S. Walnut Williamsville, IL 62693