February 6, 2024 at 7:30 AM - Budget Committee Meeting

Description:  The purpose of this agenda item is to review the projected end of the year balance. The 23-24 Fund 10 budget approved by the School Board in October was balanced and included a $100,000 contingency. As of the end of January, the school board has not approved any costs to come out of the contingency budget. 

There are three other items to note: 
1) The utility expenditures could exceed the utility budget. 2022-23 expenditures were $1.3 million while the 2023-24 budget includes $1.12 million for utilities. Locking in 50% of our natural gas rates reduces the likelihood of an overage. 
2) Transportation fuel clause expenses could result in an additional budgetary impact of $75-100,000. 
3) Postemployment benefit payments have not been budgeted for the last several years. The budget committee makes a decision on this payment towards the end of the fiscal year. 

Description:  The purpose of this agenda item is to review building and department plans for their carryover funds. Attached please find a document that describes what each department/building has planned for how to spend their carryover dollars or what larger purchase they are saving for. We are still collecting responses from some buildings/departments.

Description:  The purpose of this agenda item is to discuss the draft of the 2024-2025 budget process. Attached please find the budget timeline. 

Description:  The purpose of this agenda item is to take a first look at a high level five-year budget projection. This budget projection assumes the following:
-Enrollment changes per the 5-year average enrollment projection model
-School finance system continues with $325/student increase in the revenue limit formula
-Non-recurring operational referendums that total $8.127 million continuing past 2024-25. You can add $8.127 million to the deficit for each year past 2024-25 if you assume the non-recurring operational referendums do not continue.
-Expenditures increase at a CPI level for salary plus compensation systems, health insurance increases at 5%, transportation and utilities increase at 5%
-ESSER funding is removed

The five-year budget projection provides an initial look at the deficits that are created because of the difference between revenues increasing at $325 per student and inflationary increases in expenditures. 

In the document you will also find information on expenditure areas such as overall fund 10/27 expenditures, salary, benefits, and utilities and then how Waunakee compares to our Dane County comparable districts in those expenditure areas. There is also a FTE change vs enrollment change chart. Administration will be requesting a budget committee recommendation for the February board meeting. 

Description:  The purpose of this agenda item is to review building and department 3-year budget planning data. Administration has worked to update this spreadsheet to reflect 23-24 through 26-27. These are all encompassing lists of what each department and building can see as needs for the next three years. Bethel Circle administration will be meeting with each building/department administration over the next several months to review the priorities related to these budget requests. 

Description:  Administration will review the next steps in the 2024-25 budget planning process. 

Description:  The purpose of this agenda item is to review our contract extension with Lamers. After feedback from the committee in January, the extension has been updated to include language regarding parameters for yearly increases. Administration will be requesting a recommendation on the updated extension for the February board meeting.

Description:  The purpose of this agenda item is to review a draft of the community survey. The district has been working with School Perceptions to design a survey that will gather community feedback to provide feedback on both the superintendent transition and district finances. The survey will be sent out in early April. Attached please also find a document that shows 4 different potential referendum options relating to the financial portion of the survey.  Administration will be seeking feedback on the financial portion of the survey as well as the referendum options.

Description:  The purpose of this agenda item is to review planning options for the November 2022 referendum borrowings. The district will need to look at the timing for locking in rates for the $99 million borrowing as well as borrowing the remainder of the $175 million to support the next phase of projects. Attached please find a sample financing plan from our financial advisors at PMA. At the meeting we will discuss potential options and will seek feedback from the committee. Attached please also find a summary of the spending for the $99 million borrowing so far. The 2/1 spend down requirements have been met. 

Description: