The Gainesville City Schools Board of Education tentatively adopted its fiscal year 2014 budget at its Monday night work session.
The estimated general fund revenue is at $53.8 million, with expenditures at $57.5 million. The fund balance, projected to be around $7.5 million, is expected to make up the difference.
The expenditures came in slightly higher than anticipated, with Chief Financial Officer Janet Allison saying that there were some last-minute adjustments.
“Part of it was when I applied my most recent estimates, workman’s comp and other insurance, we’re not finished with that process yet,” she said. “So when I applied the most recent estimates, it came out a little bit differently than I had first thought.”
The expenditures were expected to increase this next fiscal year from FY2013, mostly due to an increase in the employer’s share of health benefits, retirement increases, and longevity and upgraded certifications.
“And I was predicting about a $50,000 increase in other insurance coverage,” Allison informed the board of education members. “The bid process for those coverages has not been completed yet.”
Instead of the original estimate of $50,000, it went up to around $125,000.
“Which could be even different when we get the final bid information,” she added, saying that she did not expect any difference to be substantial. This is expected to be presented at the June 17 meeting.
The original expenditure estimate was at $56.7 million.
Much remains the same from the current fiscal year, from the continuation of step raises for long-term employees to the inclusion of 10 furlough days built into the school year.
For this year, five days were added back into the school year, and that is a possibility for the upcoming year as well.
The possibility of adding some days back into the calendar will be discussed in the fall, probably following the setting of the millage rate, which currently stands at 7.59.
“The board raised the rate (from 7.39 to 7.59) predominantly to be able to give some furlough days back,” Allison said. “They gave three back, and that’s about $600,000.”
Allison said that, later in FY2013, when collections seemed to be coming in strongly, two more days were added back in the furlough schedule.
The total FY14 budget is set at $68.2 million. The budget is on the agenda to be formally adopted at the June 17 school board meeting.