The Elkton-Pigeon-Bay Port Laker School District has lined up its revenues and expenditures for the 2014-15 fiscal year, projecting an increase in revenues and a decrease in expenditures compared to the 2013-14 fiscal year.
The board of education finalized the 2013-14 and 2014-15 fiscal year budgets at a recent special meeting.
For the 2014-15 school year, estimated revenues and expenditures total $8.34 million. The ending fund balance is projected to be $1.14 million as of June 30, 2015. This is 13.7 percent of the budget, which is in line with the school board’s financial goals and with auditors’ recommendations.
Based on current financial information, the district is projecting a $66,550 increase in revenues compared to 2013-14. The district also is estimating a $38,655 decrease in expenditures.
The revenues and expenditures will be adjusted throughout the fiscal year as needed.
As for 2013-14, revenues totaled $8.27 million and expenditures totaled $8.38 million as of June 30, leaving expenditures over revenues of $105,205. The resulting fund balance is $1.14 million. These figures will not be final until the annual audit is completed this fall.
Of the overall 2013-14 revenue amount, state revenues total $4.95 million, local revenues equal $2.34 million and federal revenues total $295,970. Other revenues make up the remainder.
On the expenditure side, the primary expenses are in the areas of instruction ($5.29 million) and support services ($2.95 million).
The board of education finalized the 2013-14 and 2014-15 fiscal year budgets at a recent special meeting.
For the 2014-15 school year, estimated revenues and expenditures total $8.34 million. The ending fund balance is projected to be $1.14 million as of June 30, 2015. This is 13.7 percent of the budget, which is in line with the school board’s financial goals and with auditors’ recommendations.
Based on current financial information, the district is projecting a $66,550 increase in revenues compared to 2013-14. The district also is estimating a $38,655 decrease in expenditures.
The revenues and expenditures will be adjusted throughout the fiscal year as needed.
As for 2013-14, revenues totaled $8.27 million and expenditures totaled $8.38 million as of June 30, leaving expenditures over revenues of $105,205. The resulting fund balance is $1.14 million. These figures will not be final until the annual audit is completed this fall.
Of the overall 2013-14 revenue amount, state revenues total $4.95 million, local revenues equal $2.34 million and federal revenues total $295,970. Other revenues make up the remainder.
On the expenditure side, the primary expenses are in the areas of instruction ($5.29 million) and support services ($2.95 million).