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Project Parkway

Subcommitte 3/D/1 Essential Question:
What is the most effective and efficient way to allocate District funds while supporting the strategic planning process and honoring the District's mission?

9/28/2009: What data will be collected to reveal current reality?

• Current Financial Status
• 08’ Bond Status (Financial)
• 5-YR Financial Status
• Assumptions for Analysis
• Departmental and Building Expenses
• Per Pupil Cost of Operating Each Instructional Building
• Any Ad Hoc Initiative from Project Parkway

3/1/2010: Key Findings

A. Positive Observations Revealed by the Data
  • The committee has reviewed the current financial status of the District. The District’s fund balance is in a positive situation to allow Parkway to weather the deep recession the country is enduring.
  • The District’s financial team has also received the Certificate of Excellence Award for financial reporting maintaining strong financial checks and balances to ensure that money is spent wisely and financial responsibilities are distributed appropriately.
  • The District has a voluntary rollback on its tax levy that could potentially support initiatives from Project Parkway.
B. Identified Needs
  • No group has approached the Finance Subcommittee on a financial impact analysis. This will need to be accomplished to understand financial impact on District.
  • To our knowledge, no review of current programs has taken place to ensure the existing money is being spent to appropriately educate children.
  • The Board would have to make a tough decision to raise the tax rate with our voluntary rollback in the current environment.
  • State funding via sales and income tax collections are much lower than expected since the recession started. Last year’s ARRA federal money has helped fill gaps in education funding at the state level. The money will not continue in FY12 and there may be additional reductions in revenue from the state. This could impact the following revenue: VICC, Foundation Formula, Transportation and Parent as Teachers.
C. (If Necessary) Additional Data Needed
  • We need all subcommittee’s to review their potential financial need and have the Finance Subcommittee complete a financial analysis and impact analysis before the Strategic Planning Committee meets in the middle of May 2010.