With the 2013/2014 school year quickly approaching, the Camdenton R-III School Board is looking ahead at the district's finances. Superintendent Tim Hadfield presented what he calls a budget with a very fiscally conservative point of view to the board in light of an economy that is showing signs of improvement.
The district has two major construction projects that have been budgeted into the upcoming year's budget. According to Hadfield, this budget assumes a small increase on assessed valuation and estimates a very low return on investments and budgets for level funding regarding state funding.
The total estimated revenue for the school year is projected to be $72,752,910. The revenue is up from last year's due to a slight increase in local revenue due to an approximate one percent growth in assessed valuation since Camdenton's last adopted budget. The increase also reflects the district's sale of bonds for the construction of the new Osage Beach Elementary, newly renovated Hurricane Deck Elementary and security upgrades on the main campus. Bond proceeds are estimated at $25,000,000.
As far as expenditures, they are totaled to be $66,145,685. Hadfield said that no new staff members have been added to the budget at this time. The budget also assumed a two percent increase in the base salary and a movement in the salary schedule for years of service and for attainment of credit. The increase and movement equates to an average raise of 3.4% and a similar raise is budgeted for classified staff members. Expenditures include construction costs for Osage Beach and Hurricane Deck Elementary schools which are estimated to cost $17,888,400.
The total levy is to remain at $2.87 per one hundred dollar of assessed valuation. The district has increased the Capital Projects levy by $.10 and have $.15 budgeted. A reserve has been built up in the Incidental Fund and is said to have enough flexibility if a transfer is needed. An operating levy of $2.56 for operations was budgeted.
According to Hadfield, the current fund balance for the District for Funds one and two is approximately 35% of expenditures.
"The District could withstand a small deficit for a year. With this said, plans will need to be made to address this issue as many 'one time' expenditure costs have been eliminated from the budget," Hadfield said in his budget summary to the board. "Much of this projected deficit is reoccurring costs. However, these are early projections and our revenue outlook could change for the positive or negative."
The district's debt service levy is to be set at $.31 per one hundred dollars of assessed valuation. Camdenton's bonded indebtedness is $65,230,000. The amount to be paid for debt service principal will be $1,475,000 with interest payments to total $1,333,000. This budget does not include lease purchase payments.
"Due to our successful bond election our District's indebtedness has changed significantly. This is due to new bond issuances and also refinancing of existing bonds," Hadfield added.
Page 2 of 2 - The Camdenton R-III School Board approved Hadfield's proposed budget in a special June meeting. It is important to note that the budget is based on assumptions and could change drastically in the next few months.