A $35 million balanced budget for the 2005-06 school year was unanimously approved June 14 by the Oxford Board of Education.
The 2005-06 general fund budget lists expenses totalling $35,073,711 and revenues equaling $37,753,990.
Revenues include $4,996,000 from local sources (property taxes, interest income, etc.); $26,138,742 is from state sources (primarily per student monies and grants, etc.); $1,810,129 is from federal sources (federal grants, Title One monies, special education monies, etc.); $1,453,840 is from other sources (Intermediate School District monies, vocational education monies, etc.). Added to this is last year’s fund balance of $3,355,279.
Assistant Superintendent Ron Franey said money from the state will be a little higher this year because of additional students who will attend Oxford schools this year.
‘We have 90 new students projected for the next year,? he said.
The total per-pupil amount from the state is still in question, but is projected to be either $6,783 per student (it’s current amount) or $6,958 per pupil (a $175 increase proposed by Gov. Jennifer Granholm), depending on how much the state Legislature decides to allocate for the next school year.
The district’s fund balance for 2005-06, or the rainy day fund as Franey calls it, will be $2,680,279 or about 10 percent of the overall budget. Franey said the district’s auditors recommend at least a 15 percent fund balance.
School Board president Patricia Smith said the reason the fund balance has dropped in the last few years is because the state froze funding to all districts and that sometimes they have to dip into that equity.
‘We don’t want to do it, but we’ve been forced to do it,? she said.
The budget’s $35,073,711 in expenditures include salaries $20,282,240 (86 percent); fringe benefits $9,885,678 (28 percent); purchase services $1,153,603 (three percent); supplies at $2,476,534 (seven percent); equipment $24,900; and ‘other? $1,250,756 (four percent).
Reductions to the 2005-2006 budget include district supplies, operations and maintenance, combining of the Special Education Director and Crossroads Administrator into one full-time position, elimination of a computer technician and some paraprofessionals, reduction in the central office business department staff and the elimination of the Director of Communications position. Edie Paradowski’s last day was June 14
Other school budgets for 2005-06 approved by the board include ?
The Athletic Fund will expend $613,145 next year. More than half the athletic budget is dedicated to salaries and benefits totalling $490,745.
The Cafeteria Fund made money during the past school year and will carry a fund balance of $165,976 into the upcoming school year.
The account shows funds available at $1,187,137 and expenditures totaling $1,021, 161.
Franey said the numbers keep increasing because more kids are eating at the school than ever before.
The assistant superintendent said the cafeteria fund balance will be used to purchase a van and other equipment for food services.
The Community Service Fund, which is made up of early childhood classes, day care and the Headstart program, will also carry a fund balance of $92,088 into the next year.
Funds available are $989,833 and expenditures total $897,745.