The original Edmond Public Schools 2015-16 approved revenue budget was $139,690,922. With updated revenue projections including variances from dedicated revenues and federal grants for a net increase of $1,353,272, the district should see an updated revenue projection at the end of June 2016 to total $141,044,194, said Edmond Public Schools Chief Financial Officer Lori Smith.
Smith added the original budget expenditures estimate for 2015-16 was $139,440,892. Projecting a net decrease of $213,937, the updated expenditure projection for 2015-16 is $139,226,955.
To calculate the projected fund balance for June 30, 2016, start with the fund balance for July 1, 2015, add the estimated revenue collections, subtract estimated expenditures (including spending revisions), Smith said.
“This equals a projected fund balance of $16,615,758 or 11.8 percent of collections,” Smith added.
The district has been carefully budgeting funds for the past few years in reserve for new school openings and set a course for a balanced budget. But if new funds do not become available, the district will find it necessary to keep spending from the fund balance.
“If the incoming revenue from the state remains the same for the next three school years, even with $3.5 million in district budget cuts, the district will be in a deficit spending mode and reducing its fund balance,” Smith said.
Current projections show for the 2016-17 year that 2.2 percent of spending will be coming from the fund balance, leaving $13,558,630; in 2017-18, 1.9 percent will be coming from the fund balance leaving $10,817,540; and in 2018-19, 1.5 percent will be coming from the fund balance leaving $8,679,510.
3-year projections for EPS
Among the three-year projections for EPS, Smith said, “We expect an enrollment growth of 450 students (650 weighted students) each year for the next three years. Starting in 2017 we will have a $2.5-million payroll cost each year for Heartland Middle School.