Unexpected Savings Put Chippewa Valley Back in Black for 2012-13
Additional revenue and fewer expenses have translated to a balanced 2012-13 budget with a bit to spare for Chippewa Valley Schools.
A combination of additional revenue and unexpected savings will allow Chippewa Valley Schools to keep its rainy day fund intact for another year.
Originally anticipating a $3 million deficit in its 2012-13 budget, the district now looks to break even with $400,000 to spare.
Whereas the original district budget, passed in June 2012, estimated Chippewa Valley would take in $134.7 million in revenue, but spend $137.8 million for basic programs, staff, support services, administration, transportation and other instructional needs, the first amended budget, approved by the school board Jan. 14, shows district finances in a much better light.
Current estimates show Chippewa Valley revenue increasing to $136.8 million while expenditures drop to $136.4 million in 2012-13. Combined, these changes have a $3.4 million positive impact on the budget.
Assistant Superintendent of Business Operations Scott Sederlund attributed the majority of this savings to three major changes:
- Blended enrollment is 124.43 FTE higher than in the original budget ($867,000 increase)
- Health/Dental insurance is better than current illustrative rates ($1,411,241 savings)
- Retirement composite rate was reduced from 26.78 percent to 24.56 percent ($1,760,656 savings)
As a result, the district should be able to keep just under $17.2 million in its rainy day fund for the 2013-14 fiscal year.
Where is the district spending $136.4 million?
- Basic Needs: $73,544,836
- Added Needs: $14,317,397
- Adult and Continuing Education: $164,073
- Pupil costs: $12,295,640
- Instructional Staff: $3,737,851
- General Administration: $738,977
- School Administration: $8,801,707
- Business: $2,409,40
- Operations and Maintenance: $9,450,355
- Transportation: $4,060,556
- Central Office: $2,756,292
- Other Support (Athletics, CTE): $2,043,183
- Community Services: $1,076,591
- Outgoing Transfers and Other: $994,741