Board Briefs—October 10, 2006 Special Meeting Readoption of Budget—Fiscal Year 2006-07

Dr. McCabe explained that the budget adopted in June is based on projected enrollments. The proposed readopted budget is based on October counts. By law, the readopted budget must be approved by October 15. He thanked Ms. LaPlante for all her work over the weekend to update the budget after getting counts on Friday.

Ms. LaPlante explained that the projected enrollment decline was expected to be 124.5 FTE, but actually came in at 253 FTE. Sinclair and CFAHS experienced bigger losses than expected.

Because of the averaging formula, increased revenue from property taxes, and other District cost-savings measures, Ms. LaPlante was able to balance the budget without taking funds from the Reserves. Additionally, she was also able to increase the allocation to Capital Reserves for security cameras for the middle/high schools, so this money would not need to be taken out of Reserves at a later date.

Ms. LaPlante summarized the following changes from the budget adopted in June:

• Additional property tax revenue of approximately $100K due to increase in abatements/refunds.
• Enrollment down from projections
  - monitored student database before start of school
  - did not fill open positions at CFAHS and Sinclair
• Adjusted school budgets for supplies and materials based on updated enrollments
• Calculated actual salaries for late hires
• Bottom line reflects BOE's decision to fund Cherrelyn turf project from General Fund Reserves (transferred to Capital Reserve Fund)
• Transfer additional funds to Capital Reserve for security camera installation.

The Board approved the Readopted Budget for Fiscal Year 2006-07.