Florence County Florence County School District ThreeSchool District Three

1st Reading

General Fund BudgetFiscal Year 2013-2014

Dr. V. Keith CallicuttSuperintendent

Donna D. SullivanDirector for Finance

March 21, 2013

MISSIONMISSIONEnsuring all students are prepared for

success 100% College or Career Ready

FLORENCE SCHOOL DISTRICT THREEFLORENCE SCHOOL DISTRICT THREESUMMARY OF EXPENDITURES AND REVENUES – SUMMARY OF EXPENDITURES AND REVENUES –

GENERAL FUNDGENERAL FUNDFY 2014 PROJECT BUDGETFY 2014 PROJECT BUDGET

11stst Reading– March 21, 2013 Reading– March 21, 2013 Base Student cost of $2101. (Projected) Projected enrollment of 3,590 based on the 45th day enrollment

in FY 2013. Includes a 3.9 mil increase. No additional personnel No furlough days of certified or classified staff. No salary increases other than step increase for teachers. Unknown factors at this time – insurance costs (employee and

employer) and employer retirement match. This budget includes a SRO for each school which represents

an increase of 6 SRO’s district-wide at a cost of approximately $54,000/each, therefore, the total cost associated with these additional SRO’s is approximately $324,000.

Florence County School District ThreeFlorence County School District ThreeSummary of Expenditures and RevenuesSummary of Expenditures and RevenuesFY 2014 Projected General Fund BudgetFY 2014 Projected General Fund Budget

11stst Reading– March 21, 2013 Reading– March 21, 2013 PROPOSED 2014

REVENUES Local Sources 5,475,500 State Sources 16,950,448 Federal Sources 10,000 TOTAL REVENUES $22,435,948EXPENDITURESCurrent: Instruction 12,832,112 Supporting Services 10,464,407 Community Services 0 Intergovernmental Expenditures 0Debt Service: Principal 56,485 Interest 8,004TOTAL EXPENDITURES $23,361,008EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES ______________

_ (925,060)OTHER FINANCING SOURCES (USES) Sale of Fixed Assets 0

Use of Fund Balance 0

Operating Transfers In 665,000 Operating Transfers Out (37,000)TOTAL OTHER FINANCING SOURCES (USES) $628,000Net Change in Fund Balances _ ($297,060)

Florence County School District ThreeFlorence County School District ThreeProjected Revenue Budget 2013-2014Projected Revenue Budget 2013-2014

11stst Reading – March 21, 2013 Reading – March 21, 2013

Property Taxes 4,000,000 Property Tax Relief 802,083 Delinquent Taxes 300,000 Homestead Tax Exemption 429,000 Vehicle Taxes 1,000,000 Residential Tax Relief 1,567,344Penalties & Interest 10,000 Merchant's Inventory 94,239 Revenue in Lieu of Taxes 518,000 Manufacturer's Depreciation 700,000 Other Local Revenue 163,500 Misc Other State Revenue 21,000

Interest on Investments 2,000 Maintenance - Federal 10,000

Bus Driver Salary/Fringe 143,847 Transfer from EIA 415,000 Employee Fringe Benefits 3,542,077 Transfer from Special Revenue 250,000

Retiree Insurance 776,906 Education Finance Act 8,355,952

Revenue Source Amount Revenue Source Amount

GRAND TOTAL $23,100,948

FLORENCE COUNTY SCHOOL DISTRICT THREE FLORENCE COUNTY SCHOOL DISTRICT THREE PROJECTED EXPENDITURE BUDGET PROJECTED EXPENDITURE BUDGET

2013-20142013-201411stst Reading – March 21, 2013 Reading – March 21, 2013

% of Total Projected Expenditures% of Total Projected ExpendituresFY 2013-2014FY 2013-2014

5-Year Trend of 135-day ADM5-Year Trend of 135-day ADM

5-Year BSC Trend5-Year BSC Trend

Projected/Hse W&M

FCSD3 School District FCSD3 School District Assessed Value HistoryAssessed Value History

5-Year General Fund Budget Trend5-Year General Fund Budget Trend

5-Year Fund Balance Trend5-Year Fund Balance Trend

2012-2013 Proposed Timeline for 2012-2013 Proposed Timeline for Budget ApprovalBudget Approval

Thursday, March 21, 2013 1st Reading of2013-2014 Budget

March 22nd - April 15th , 2013 District Leadership Team Reviews Potential Cost Saving

Measures  Tuesday, April 16th, 2013 1st Public Hearing

Balanced Budget Presented

 

Tuesday, May 14th, 2012 2nd Public Hearing

 Thursday, May 16th, 2012 2nd Reading of

2013-2014 Budget  All the above-meetings will begin at 6:30 pm

in the District Office Board Room