March 8, 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 February, 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 have updated the document based on our building/department budget planning meetings. 

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 an updated 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
-4 FTE added to MS for schedule change (new)
-Updated debt service schedule (new)

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. 

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 has met with each building/department administration to review the priorities related to these budget requests. Attached please find a memo that provides the highlights of these building/department meetings. 

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 and February, the extension has been updated to include language regarding parameters for yearly increases and clarification that the performance incentives can both increase and decrease the yearly CPI increase. Administration will be requesting a recommendation on the updated extension for the March board meeting.

Description:  The purpose of this agenda item is a followup from the special board meeting on Wednesday, March 6th. The budget committee may or may not need any further discussion on this topic. 

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 presentation from PMA. Erik will present options at the meeting and will discuss the next step in the financing plan. 

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