Agenda Item
Meeting Date: 1/24/2019 - 5:00 PM
Category: Adoption of Consent Agenda
Type: Action
Subject: Revised FY2019 Financial Plan and Budget and Revised FY2019 Budget Resolution
End Statements:
End Statement V Financial Well-Being
Financial Well-Being
Enclosure: Attachment #1: FY2019 Revised Use of Beginning Fund Balance Resolution
Attachment #2: FY2019 Revised Appropriation Resolution
Attachment #3: FY 2019 Revised Budget Executive Summary
File Attachment:
FY 2018-2019 Resolution Authorizing the Use of Beginning Fund Balance.pdf
FY 2018-2019 Appropriation Resolution.pdf
2018-2019 Revised Executive Summary Link.pdf
Summary : The annual budget adopted by the Board of Education in June is based on a number of projections including projected enrollment and projected tax rates. Annually, the budget is revised in January to account for actual enrollment based on Student October Count and actual tax rates based on the December mill levy setting. Additionally, other projected revenue and expenditure lines are updated based on information received since the June adoption. Lastly, this year’s revised budget includes revenue and expenditures associated with the successful passage of 5A (MLO) and 5B (General Obligation bonds). The adopted budget from June 2018 did not include any additional new revenue or expenditures from these ballot initiatives as it would not be fiscally responsible to plan to spend new monies before it is known if they would become available.

The 2018-2019 revised budget also includes two items related to Board policy. Per Board Policy DB, staff is to inform the board when certain thresholds are met related to the use of District contingency funds. A 1% contingency is budgeted and appropriated every year to meet needs that were not anticipated at the time of the adopted budget. This year’s contingency use includes $2.1M for third party transportation providers related to the District’s legal requirement to provide special transportation services to eligible students. The District anticipates the funds from 5A that helped raise Bus Driver and Transportation Educational Assistant (“TEA”) pay will enhance the District’s ability to recruit and retain Transportation staff into the future, but, currently, the District is reliant on outside vendors to meet legal requirements. In addition to Bus Driver and TEA vacancies, the District is also experiencing an increase in the number of students requiring special transportation services. Relatedly, per Board policy DJ, in September 2018, the Board approved spending District funds with American Logistics Company and Colorado Transportation Industries related to special transportation needs. The District is seeking approval through the revised budget to raise the approved spends with these vendors to $2.2M for American Logistics Company and $1.5M with Colorado Transportation Industries. These approvals will allow the District to meet our legal requirement related to special transportation services.
Funding:
Recommendation: Approve Revised FY2019 Financial Plan and Budget and FY2019 Revised Budget Resolutions.
Approvals:
Recommended By:
Signed By:
Scott S. Smith - Chief Financial Officer
Signed By:
Dr. Thomas Tucker - Superintendent
Vote Results:

Original Motion
Member Kevin Leung Moved, Member Krista Holtzmann seconded to approve the Original motion 'Approve Revised FY2019 Financial Plan and Budget and FY2019 Revised Budget Resolutions.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0.
The motion Carried 7 - 0