Agenda - 06-06-2013 - 1-3 - Laserfiche WebLink

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Both school districts have available fund balance, the accumulation of revenues minus expenditures, that each could use to fund their budget needs. The Board's Fund Balance Policy for each School District is as follows (see attached policy): Chapel Hill Carrboro City Schools - The targeted level of unassigned fund balance for cash flow purposes will be at a minimum of 5.5 percent of local budgeted expenditures. Orange County Schools - The targeted level of unassigned fund balance for cash flow purposes will be at a minimum of 3.0 percent of local budgeted expenditures. The Board can authorize each school district to use excess fund balance to address their funding needs. The estimated excess fund balance for each school district is as follows: Estimated Excess * Existing Fund Above Established Balance Minimum Chapel Hill Carrboro City Schools - 5.5% local funding minimum requirement $ 6,123,908 $ 2,643,524 Orange County Schools - 3% local funding minimum requirement $ 4,207,417 $ 3,378,271 * Source: Each District's FY2012 audited financial statements Historical Fund Balance for Each District is as follows: FY OCS CHCCS 2009 $ 2,473,105 $ 5,160,768 2010 $ 3,376,690 $ 7,135,658 2011 $ 4,875,245 $ 6,675,445 2012 $ 4,207,417 $ 6,123,908 2013* $ 3,315,967 $3,079,250 *Estimated Based on each School District's Budget Presentation and recent information provided by both districts (see Attachment D for CHCCS Fund Balance Letter). Details regarding recommended funding levels for local school districts and Durham Technical Community College are located in the Education section of the budget document. During tonight's work session, Commissioners will have the opportunity to dialogue with the Boards of Education about county funding and anticipated State funding for schools next year. Attachments A & B provide additional information of how Orange County compares with other counties within North Carolina related to Current Expense funding per pupil, and other educational related funding issues.