|
2003-2004 BUDGET
EXECUTIVE SUMMARY
|
Beginning Balance (July 1, 2003)
|
$3,039,652 |
| Projected 2003-2004 Revenue |
$14,978,820 |
| Total Revenue and Balances |
$18,018,472 |
| Projected Expenditures: |
|
| Teacher
Salary Fund |
$8,377,055 |
| Operating
Fund |
$6,639,214 |
| Debt
Service Fund |
$998,545 |
|
Total Estimated Salary,
Operating, and Debt Service Fund
Expenditures |
$16,014,814 |
| Projected Ending Balance |
$2,003,658 |
|
Building Fund Balance (July 1, 2003)
|
$5,381,877 |
A copy of the
executive summary for 2002-2003 is attached so that you may make
comparisons. Also, you can see the
breakdown posted in the Detailed Statement of Changes in Fund Balances under
the “Budget Amount” column.
Budgets in
Arkansas are estimates of expected revenue and expenditures. Changes in the state’s economic forecast can
have an effect on the amount of funds actually received. If state collections fall below forecast the
amounts of state aid projected on the printout we receive will be reduced in
keeping with the revenue stabilization act.
Local revenues have been estimated at a collection rate of 84%.
This year’s
estimated salary and operating fund expenditures anticipate changes in salary
schedules. All of these salary schedule
recommendations will be presented for study and adoption at later meetings.
Debt Service
expenditures increased by approximately $300,000 this year but that is offset
by the increase in local revenue and state debt service funding. We also should have excess Building Fund
monies as the bids on the HHS renovation came in under the estimated amounts.
|
