Agenda - 09-23-2010 - 1 - Laserfiche WebLink

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11 • of this "banking"of funds, the Commissioners should expect to see an unappropriated fund balance well above S.5%when our 2009-10 audit is completed. It should be remembered,however,that these are one-time funds that must be expended by September 2012. Commissioners also may have heard that North Carolina was awarded$400 millian in federal funds as part of the Race to the Top initiative. The Deparhnent of Public Instruction will retain 50%of this funding with the rest distributed to school districts. At this time, the allocation formula has not been finalized. These funds wilt be spread out over four years. We do not anticipate this being more than$150,000 per year far our district,and it must be spent to achieve the commitments that the state made in its RttT propasal. In other words, it should be considered as categorical funding that probably cannot be used to campensate far local, state, or federal funding reductions. Capita!Investment Plan As stated earlier, the BOCC made a decision, upon the Manager's recommendation, to reduce Pay-As-You-Go revenues to the CIP and use this savings to maintain the same per-pupil allocation for the County appropriation. This reduced our PAYG revenues by $1,068,161. In addition,the state redirected some state lottery funds and revised the allocation formula, resulting in a reduction of$�26,637 in our projected lottery revenues for 2010-11. These local and state reduc�ions resulted in our PAYG funding decreasing from$4,029,709 in 2009-10 to $2,534,911 in 2010-11: a 37%reduction. • The full impact of these reductions will not be felt this year due to the use of funds built up in our lottery reserve and more than$4 million that wiil come to the district through the Qualified School Conshvction Bonds (QSCB). However, in future years it will be impossible to maintain existing facilities, build new schools, and acquire necessary instructional technalogy at this level of local support. If the '/ cent local sales tax passes, it will generate approximately$550,000 for our capital needs,but this will not campensate for the potential reductions in state and local capital funding. It also should be pointed out that we no longer are receiving funds from the Public Schools Building Fund. In short,we are very concerned about our capacity to maintain our aging current facilities,provide new facilities for a growing student population, and catch up with our siudents' technology needs. Tenth Day Enroilmeut(Attachment No.4) Our projected 2Q�' day membership far 201Q-11 is 11,834. As of the tenth day of school, there were 11,668 students in membership: 166 students fewer than the state projection. Nevertheiess, we have approximately 100 more students in membership than at this time last year. As a district,we continue to grow,but at a considerably slower rate than was the case a decade ago. Overall, our elementary schools are operating at slightly more than 100% of capacity. The district wilt be considering some spot redistricting in 2011- 12 to balance elementary membership with capacity. • Cc jChapel Hill- Carrboro City Schools Board of Education -- Lincoln Center, 750 S. Merritl Mill Road • Ch��pel liill, NC 27G16-2878 • �919)�387•8211 •www.chccs.kl2.r�c.us