The Oxford Schools Board of Education unanimously approved a balanced budget at their June 8 regular meeting.
The 2004-2005 general fund budget lists $36,097,595 as the total available for appropriations. Of this amount, $4,305,000 comes from local sources (tax levied, interest earnings, building rentals, etc.); $24,787,391 from state (primarily per student foundation monies and grants); $1,314,678 from federal (primarily grants); and $1,800,824 from other (special and vocational education milleages at the county level). Added to this is last year’s fund balance of $3,889,702.
The district’s fund balance for the 2004-2005 year will be $2,893,241, or about 11 percent of the overall budget. Franey commented that Oxford School’s auditors recommended the district have a fund balance of around 15 percent.
‘We will be taking almost $1 million from our fund balance,? said Franey. ‘Our goal was to raise this amount a little each year to get to the 15 percent.?
The general fund budget lists total expenditures for the year at $33,204,354, leaving the 11 percent fund balance. Once again, the largest expenditure for the district is in staffing with 59 percent going to salaries and 26 percent to benefits.
To reduce expenditures, the board of education approved the budget reductions presented at the May 11 board meeting. The largest overall reduction will be $500,000 saved through the teacher severance program. A total of 10 Oxford teachers accepted the buy-out offer. Superintendent Virginia Brennan-Kyro announced during the May 11 meeting that even though several of those positions will be filled for the 2004-2005 school year, the district will still save the total amount.
Other budget reductions included: suspension of Oxford Middle School’s Life Skills Elective; reduction of the elementary counselor position; removal of one paraprofessional at OMS; reduction of the literacy coach; elimination of the elementary Spanish program; and removal of one paraprofessional at Clear Lake Elementary. Any positions eliminated in the above reductions were done through attrition or employee movement. Brennan-Kyro emphasized that no layoffs were needed to accomplish these decreases.
In Oxford Schools additional 2004-2005 budgets:
n The Athletic Fund will break even with a complete expenditure of the $624,983 available. More than half the account’s expenses are in salaries at $384,748.
n The Cafeteria Fund made money during the 2003-2004 school year and will be carrying a fund balance of $131,959 into the upcoming budget year. The account shows funds available at $1,056,994. A total of $925,035 is budget for expenses, leaving the previous fund balance. ‘We don’t know what they’re feeding those kids, but they sure like it and buy a lot of it,? joked Franey.
n The Community Service Fund, which is primarily the early childhood, daycare and Headstart programs, will also carry a fund balance for the upcoming year. The fund is listed as having $945,393 to spend on $877,400 in costs, leaving a balance of $67,993.
‘They are self-sustaining,? said Franey. ‘Salaries and benefits make up most of their expenditures. We don’t really charge them rent for the rooms or anything.?