2013-14_budget_book
DESCRIPTION
budget guide for publicTRANSCRIPT
The BudgetFor the 2013-14 fiscal and school year.
June, 2013 Compiled by the Finance Department and Office of Communications
Minneapolis Public Schools
Special School District No. 1
Board of Education Alberto Monserrate, Chair Jenny Arneson, Vice Chair Richard Mammen, Clerk
Rebecca Gagnon, Treasurer Carla Bates, Director Kim Ellison, Director
Hussein Samatar, Director Tracine Asberry, Director Josh Reimnitz, Director
Superintendent of Schools
Bernadeia H. Johnson, Ed. D. www.mpls.k12.mn.us
Table of Contents
Letter from the Superintendent ..................................................................................................................3 Letter from Chief Financial Officer ..............................................................................................................4
District Overview .......................................................................................................................................... 5 Our Students .................................................................................................................................................6-‐8 Our Facilities ..................................................................................................................................................9 Understanding the Budget Cycle .................................................................................................................10 Establishing the 2012-‐13 Budget ...................................................................................................................10-‐14 General Fund .................................................................................................................................................15 General Fund – Revenue Details ...................................................................................................................16-‐17 Categorical Summary ....................................................................................................................................18 School Allocation Methodology ...................................................................................................................19 Central Office Allocations .............................................................................................................................20 Relationship of School and Department Budgets .......................................................................................20-‐21 General Fund Expenditures by Program ......................................................................................................23-‐24 General Fund: Expenditure Details by Object ..............................................................................................25 Referendum ...................................................................................................................................................26 Integration Plan..............................................................................................................................................27-‐28 Title I Allocations 2012-‐2013 ...........................................................................................................................29 Community Services ......................................................................................................................................30 Food Services .................................................................................................................................................31 Capital Projects ..............................................................................................................................................32 Debt Service ...................................................................................................................................................33 Minimum Debt Payment Schedule ...............................................................................................................34
3
June 2013
Dear Minneapolis Public Schools Community Members,
After months of making difficult decisions and robust budget cuts, we are pleased to present to you a balanced budget for fiscal year 2014 (FY14). We continue to invest in our core strategies and remain committed to our vision of ensuring that all MPS students graduate from high school prepared for college, career and life.
Our school district faced a $25 million shortfall. Tough choices were made to meet our goal of adopting a structurally balanced budget that aligns with our operational strategies while keeping any reductions as far from the classroom as possible. Additionally, the school district can no longer afford to continue the practice of using reserve funds to address budget deficits. The FY14 budget is balanced, fiscally responsible and sustainable.
As stewards of public funds, we must make tough choices in the best interests of our students. I would like to thank all of you for the feedback and passion on this important issue.
Sincerely,
Bernadeia H. Johnson, Ed.D. Superintendent of Schools
4
Dear Members of the Minneapolis Public Schools Community:
We began the fiscal year 2014 (FY14) budget process with the goal of adopting a structurally balanced budget that would align with our operational and strategic priorities and keep reductions as far from the classroom as possible. The FY14 budget is balanced without drawing from our reserve fund, also known as the fund balance. A structurally balanced budget, one in which expenses do not exceed revenue, is essential for the long-‐term health and stability of our school district.
The primary reductions in the FY14 budget come from cuts to central office departments. Reductions in the central office had to be examined critically to understand the impact on students, schools and families. Direct allocations to central office departments decreased by $19.7 million while direct allocations to schools increased by $2.9 million. Department allocations to schools increased by $5.9 million and department allocations providing direct services to students and schools increased by $865,000. For comparison, in FY13, 55.95 percent of the budget was in direct allocations to schools; in FY14, 57.85 percent of the budget is in direct allocations to schools.
Even so, individual schools faced real reductions and had to make hard choices. These reductions are primarily a result of three variables: funding being spread across more students, resulting in a lower funding amount per pupil; a $1.2 million decrease in Title I funding, resulting in a lower funding amount per pupil; and shifts in enrollment and program placement that create a change in the distribution of resources.
While our work to structurally balance the FY14 budget provides us with a strong foundation for future years, our budget proposal contains some risk. We will be in contract negotiations; as a result, labor cost projections may change. In addition, we made serious cuts in some central office budgets that will be challenging to implement.
We are already looking ahead to budget planning for next fiscal year even as we present the FY14 budget to the Minneapolis Board of Education for approval. Achieving a structurally balanced budget, we are better positioned for the next budget cycle. We have formed a Citizen’s Budget Advisory to help inform the next cycle and we look forward to continuing to work with our schools, departments, community members and stakeholders to support student achievement through stable funding systems.
Respectfully,
Robert Doty
Chief Financial Officer
5
District Overview Minneapolis Public Schools promises an inspirational education experience in a safe, welcoming environment for all diverse learners to acquire the tools and skills necessary to confidently engage in the global community.
Our Mission: To ensure that all students learn. We support their growth into knowledgeable, skilled and confident citizens capable of succeeding in their work, personal and family lives into the 21st century.
Our Vision: Every child college and career ready.
6
Our Students Minneapolis Public Schools (MPS) is a major urban school district with a diverse and complex body of students. Our diverse community is one of our greatest assets. We work to support over 34,000 students and their families from around the world who call Minneapolis home. We believe that our urban educational experience prepares students to become active, continuously learning and contributing global citizens. We are committed to assuring that every student graduates college and career ready. The state of Minnesota uses a weighted student formula for enrollment-‐based revenue streams, providing different funding for students at different grade levels. The current weights are:
• Kindergarten = 0.612 • Grades 1-‐3 = 1.115 • Grades 4-‐6 = 1.06 • Grades 7-‐12 = 1.3
Enrollment-‐based revenue streams are based on a formula using Weighted Average Daily Membership. The school district reports how many students at each grade level are enrolled each day. Our revenue is based on the weighted average. The state uses an “adjusted marginal cost pupil unit” (AMCPU) formula to soften the impact of declining enrollment. MPS enrollment is projected to increase every year for the next ten years, resulting in increased revenue from enrollment based sources. Enrollment projections are based on birth rate in the city of Minneapolis and historical MPS enrollment trends. MPS is currently reviewing its model for developing and using enrollment projections to ensure that the Board of Education and District leadership have the most accurate information possible for planning.
7
Ten Year Enrollment Projections
MINNEAPOLIS 2012-‐13 2013-‐14 2014-‐15 2015-‐16 2016-‐17 2017-‐18 2018-‐19 2019-‐20 2020-‐21 2021-‐22 2022-‐23
Kindergarten 3449 3402 3381 3311 3282 3309 3309 3309 3309 3309 3309
Grade 1 3201 3324 3278 3258 3191 3163 3189 3189 3189 3189 3189
Grade 2 3060 3117 3236 3192 3172 3106 3079 3105 3105 3105 3105
Grade 3 2999 2988 3043 3160 3117 3097 3033 3007 3032 3032 3032
Grade 4 2680 2958 2947 3001 3116 3074 3055 2992 2966 2990 2990
Grade 5 2594 2593 2862 2852 2904 3015 2974 2956 2895 2869 2893
Grade 6 2440 2469 2468 2724 2714 2764 2870 2831 2813 2755 2731
Grade 7 2361 2405 2433 2433 2685 2675 2724 2829 2790 2773 2716
Grade 8 2192 2329 2372 2401 2400 2649 2639 2688 2791 2753 2736
Grade 9 2164 2273 2416 2461 2490 2489 2747 2737 2788 2894 2855
Grade 10 2131 2102 2209 2347 2391 2419 2418 2669 2659 2708 2812
Grade 11 1938 1991 1964 2064 2193 2234 2260 2259 2494 2485 2530
Grade 12 2259 2197 2258 2227 2340 2486 2533 2563 2562 2827 2817
Total-‐Graph Below 33468 34148 34868 35430 35994 36481 36831 37132 37390 37688 37713
Change 680 719 562 564 487 350 301 258 298 25
% Change 2.03% 2.11% 1.61% 1.59% 1.35% 0.96% 0.82% 0.70% 0.80% 0.07%
MPS has a greater concentration of students eligible for free/reduced priced meals, students receiving Special Education services and English Learners than the state as a whole. These students generate additional revenue so that MPS may support them with the additional services they need.
31000
32000
33000
34000
35000
36000
37000
38000
39000
Projected Enrollment
8
Support Services Received by Students Based on 2012 Data from the Minnesota Department of Education
MPS Minnesota
Students Eligible for Free/Reduced Priced Meals 65.5% 37.2%
Special Education Students 18.7% 14.9%
English Learners 23% 7.7%
61.0%
62.0%
63.0%
64.0%
65.0%
66.0%
67.0%
68.0%
69.0%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
% Students Eligible for Free/ Reduced Priced Meals in Fall of each year
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
1/1/200
3
1/1/200
4
1/1/200
5
1/1/200
6
1/1/200
7
1/1/200
8
1/1/200
9
1/1/2010
1/1/2011
1/1/2012
SpecEd
0%
5%
10%
15%
20%
25%
1997
1998
1999
20
00
2001
2002
20
03
2004
20
05
2006
20
07
2008
20
09
2010
2011
2012
% EL
L
% MPS Students Eligible for ELL Services Fall
16 percent of MPS K-‐12 students are eligible for State English Learner revenues. 32.2 percent of MPS K-‐12 students speak a Home Language Other Than English.
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Our Facilities
Resources that support the academic growth of our students and staff include the facilities that foster educational and professional growth. MPS owns and operates 77 sites comprising 8.4 million square feet in FY14.
• 50 elementary schools • 10 middle schools • 7 high schools • 2 other academic sites • 8 non-‐academic sites
Thirteen currently closed sites total approximately 1,076,000 square feet.
• Howe will reopen in August 2013. • Four sites are leased and generating revenue: Franklin, Hamilton, Tuttle and Lincoln. • Seven sites are closed and vacant: Cooper, Gordon, and ESC at 807, Northrop, Shingle Creek, Webster,
Willard.
MPS has sold four sites in the last four years:
• Morris Park: 2/4/2009 • Putnam: 6/8/2009 • Holland: 6/30/2010 • Lehmann: 12/23/2011
Sale Offers have been received/accepted on three sites:
• Northrop • 807 Broadway
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Understanding the Budget Cycle
The School District’s budget cycle is a continuous, multi-‐step process that spans multiple years.
The decisions made in each step determine the options available in the following steps.
May The School District submits a three year Capital Plan to the Minnesota Department of Education. The Capital plan determines the funds needed for the Capital Services portion of the levy and the amount of bonds the School District will need to issue.
October The School District updates its enrollment, revenue and expense projections for the following year.
December The Board certifies the property tax levy. The levy consists of revenue for the General Fund, Community Services, the Capital Fund and Debt Service. The district must consider the priority needs in each of these four areas, the impact of decisions on future years; and the property tax burden on the taxpayers of Minneapolis. The debt service portion of the levy is determined by the amount of bonds the district has issued. Most bonds require 15 years of debt service. Debt service issued on bonds sold in the fall typically begins in the following fiscal year. The needs in these areas must be balanced with the need for general fund revenue for the core work of schools.
February The School District determines its preliminary budget for the following year. In budget years for State Government, including Spring 2013, the preliminary budget is based on state allocation projections. Allocations must be made before the State Government has completed its work so that schools and departments can make program and staffing decisions in a timely manner.
March The School District makes allocations to schools and departments. Schools and departments determine their budgets within the parameters provided by the funding sources and the district.
June
The School District adjusts its budget to reflect State Government action. The School Board adopts the final budget.
October-‐November
The School District sells the bonds that were agreed upon as part of the previous May’s Capital Plan and the levy certification process.
Establishing the 2013-‐2014 Budget Enrollment and Revenue Assumptions
In making revenue projections, MPS assumed the following:
• Enrollment will increase by 680 students. A detailed description of grade by grade changes can be found on page 7.
• A 5 percent decrease in federal funding. • Basic formula will increase by $78 per pupil, from $5224 to $5302.
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Expenditure Assumptions
• Benefits continue to be budgeted at 31 percent of salary.
• The amount budgeted for the average teacher salary remained $66,412. As enrollment stabilizes and senior teachers retire, the average length of teachers’ years of service has decreased and the average salary should remain relatively flat.
• Actual salaries were budgeted for positions and Minneapolis Association of Administrators and Consultants (MAAC), Minneapolis Associations of Confidential Administrators (MACA), and Executive Leadership Team (ELT) contracts. Average salaries were used for all other positions.
Risks
• Retirements and new hires may not be enough to hold the average teacher salary constant. • Labor contracts have not been settled and therefore labor costs are uncertain and likely to increase. • Department budgets are planned based on history and projected changes. Factors outside the school
district’s control will impact actual expenditures (i.e. weather and fuel costs impact utility costs). • We have not received our Federal Title allocations and they may differ. • Some department budgets assume restructuring that will require negotiated changes in contracts to
implement. • Utilities are budgeted under projected costs because projections have been higher than actuals for the past
several years.
Priorities Reflected in the 2013-‐2014 Budget
The budget invests in the school district’s strategic priorities.
Investments in the classroom:
• Supporting quality teaching by building a robust teacher evaluation system. • Focused instruction, including Response to Intervention. • English as a Second Language teachers and other supports for English Learners. • Reading and math specialists. • Instructional leadership development. • Maintain class size targets. • Integration revenue was redirected to focus more clearly on programs providing the direct service to
students.
Investments in infrastructure and support systems to assure effective and efficient operations:
• Data systems. • Building instructional leadership capacity. • Integration will be used to fund evaluation of programs to determine which programs are making the
greatest contribution toward achieving our goals.
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Contingency and Staff Adjustment
One million dollars is being set aside to make targeted allocations to schools once needs are assessed in the fall. Two million dollars is reserved to make adjustments to school staffing based on student enrollment in the fall. There is also $130,000 set aside to address mental health issues at sites in collaboration with Hennepin County.
Fund Balance
The district is pleased to have a balanced budget that does not rely on fund balance for the first time in several years. A fund balance allows the school district to manage risk and to respond to unforeseen circumstances without having to borrow money. We assess risk to determine the fund balance MPS needs. If the fund balance is too large, we might be unduly restricting services for today’s students. If the fund balance is too small, we will not be able to manage risks. In general, the more risk a school district faces the larger its fund balance should be. Examples of current risks are:
• Cuts in state aid; • State aid funding shifts; • Contract settlements; or • Unusually cold winter with higher than predicted utilities costs.
The fund balance can grow in two ways: 1) The school district may plan to increase the fund balance when it is too low; 2) the fund balance also grows if revenues exceed expenses. In recent years, MPS’ budgeted expenditures have been higher than actual expenditures. Several factors can contribute to this type of variance, including changes in revenue and expenditure for grants and inaccurate projections for average salaries and benefits.
Some funds are reserved by law in the fund balance and can only be used for specified purposes. The school district assigns some funds for specific projects or services.
MPS policy states that the general fund unassigned/unreserved fund balance must be at least 8 percent of budgeted expenses, with an annual review to assess risk and increase the targeted level of fund balance, if appropriate. Using 2009 data, a comparison of 20 districts with risks comparable to MPS showed that the average fund balance was 16 percent and mean was 15 percent. Financial experts recommend a fund balance between 8 percent and 15 percent depending on the amount of risk. A fund balance of 12 percent provides about six weeks of operating expenses.
The school district projects that it will have a balance of $63.0 million in the unassigned General Fund for risk management. This will be 12 percent of the school district’s budgeted expenses.
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All Funds Summary Fund Balance
June 30, 2012 Audited Fund
Balance
Forecasted FY 13
Fund Balance Change
Transfer
July 1, 2013 Projected
Fund Balance
FY 2014 Revenues
FY 2014 Expenditures
June 30, 2014, Projected
Fund Balance
General Fund $128,696,003 ($16,700,000) ($26,104,494) $85,891,509 $524,944,868 $524,944,868 $85,891,509
Food Service $4,234,725 ($1,533,454) -‐ $2,701,271 $18,570,726 $19,225,145 $2,046,852
Community Service
$2,662,561 $993,258 -‐
$3,655,819 $23,793,028 $24,524,971 $2,923,876
Capital Projects $26,787,244 $4,907,192 $26,104,494 $57,798,930 $67,500,000 $55,000,000 $70,298,930
Debt Service $28,649,043 $5,187,928 -‐ $33,836,971 $73,839,927 $95,650,123 $12,026,775
Total All Funds $191,029,576 ($7,145,076) 0 $183,884,500 $708,648,549 $719,345,107 $173,187,942
General Fund 50%
Food Service 1%
Community Service 2%
Capital Projects 40%
Debt Service 7%
2013-‐14 Budget : All Funds
14
General Fund 50%
Food Service 1%
Community Service 2%
Capital Projects 40%
Debt Service 7%
All Funds % of Fund Balance
2013-‐14 Budget: All Funds Summary
July 1, 2013,
Projected Fund Balance
FY 2014 Revenues
FY 2014 Expenditures
June 30, 2014, Projected
Fund Balance General Fund $85,891,509 $524,944,868 $524,944,868 $ 85,891,509
Food Service $2,701,271 $18,570,726 $19,225,145 $2,046,852
Community Service $3,655,819 $23,793,028 $24,524,971 $2,923,876
Capital Projects $57,798,930 $67,500,000 $55,000,000 $70,298,930
Debt Service $ 33,836,971 $73,839,927 $95,650,123 $12,026,775
Total All Funds $183,884,500 $708,648,549 $719,345,107 $173,187,942
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General Fund
The general fund is the primary operating fund of the school district.
Major sources of revenue include property taxes, miscellaneous local revenues and state aid.
Expenditures include expenses of the school district such as salaries, supplies/materials, contractual services, utilities, transportation and other operating expenses. Expenditures are accounted for by programs related to administration, instruction, instructional support, maintenance, student support, transportation and facility/operating costs.
Grant funds are also included within the general fund. These numbers account for the revenue and expenditure activities related to specific grants and projects funded through federal and state sources or other outside agencies. These numbers also include Elementary and Secondary Education Act (ESEA), formerly called No Child Left Behind (NCLB), as well as federal special education dollars.
General Fund: Summary
Actual FY 2012
Forecasted FY 2013
Budgeted FY 2014
* Beginning Fund Balance $ 129,022,584 $ 128,696,003 $ 85,891,509
Annual Revenue $502,036,712 $518,300,000 $524,944,868
Total Revenue $ 631,059,296 $ 646,996,003 $ 610,836,377
Annual Expenditures $ 502,363,293 $535,000,000 $524,944,868
FY 13 Projected Fund Balance
Transfers -‐$26,104,494 -‐
* Ending Fund Balance $ 128,696,003 $ 85,891,509 $ 85,891,509
* Beginning and ending fund balances include unrestricted and restricted dollars.
Restricted Reserves $ 65,175,098 $ 21,691,509 $ 22,891,509
Unreserved/Unrestricted Fund Balance
$ 63,520,905 $64,200,000 $ 63,000,000
The transfer moves the general fund balance to capital services (fund 6) to pay for capital improvements as part of the already approved Planning for Changing Enrollment plan.
16
General Fund: Revenue Details Below is an explanation of how the school district gets its general fund dollars. Source Examples Local
Property taxes
There are two types of property tax levies: 1. Voter determined.
2. Levies set by the school board, within limits
set by the state legislature. In some instances, if the school board does not levy the full amount the legislature allows, the district also loses state aid.
Referendum
Safe schools levy Alternative facilities Health and Safety Integration
Misc.
Other sources of revenue; see examples. School-‐funded projects Gifts Rent Grants
State Aid
Basic Formula
The basic formula is an amount per pupil. The amount varies depending on the grade level of the students:
Kindergarteners: .612 Grades 1-‐3: 1.115 Grades 4-‐6: 1.06 Grades 7-‐12: 1.30
Categorical Aid
Categorical aid is aid for specific purposes and it comes in three types: 1. Based on the weighted pupil formula.
2. Based on student characteristics, such as
eligibility for ELL services or free/reduced priced meals.
3. Partial reimbursement for services.
Gifted and Talented Alternative Compensation Limited English Proficiency Compensatory Education Integration Aid
Special Education
Federal
Federal
The federal government provides funding to school districts that first flows through the state. The two largest are funds for the Elementary and Secondary Education Act (ESEA, currently known as NCLB) and the Individuals with Disabilities Act (IDEA), which provides funds for Special Education services.
ESEA: Title I Title II Title III IDEA
17
General Fund: Revenue Details
Revenue Details Actual FY 2011
Actual FY 2012
Forecasted FY 2013
Budgeted FY 2014
Local Property Taxes $ 101,983,972 $ 91,907,674 $ 102,081,427 $ 100,130,963 Misc. $25,270,000 $ 25,329,569 $23,355,350 $25,893,450 State Aids Basic Formula $ 189,128,736 $ 190,091,714 $ 195,329,539 $ 207,133,198 Compensatory $50,318,035 $53,017,925 $53,273,862 $55,187,170 ELL $4,687,200 $ 4,465,000 $4,465,000 $4,560,000 Special Education $55,359,373 $ 55,926,044 $58,283,075 $60,395,564 Other $31,384,633 $29,971,738 $31,702,411 $27,435,187 Federal $ 70,606,258 $45,871,099 $50,209,336 $44,209,336 Transfers -‐ $5,455,949 -‐ -‐ Total Revenue $ 528,738,207 $ 502,036,712 $ 518,700,000 $ 524,944,868
Property Taxes 19%
Misc. 5%
Basic Formula 39%
Compensatory 11%
ELL 1%
Special Education
12%
Other 5% Federal
8%
General Fund: Revenue Detail
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Categorical Revenue: Summary
Almost half of the school district’s general fund revenue is categorical aid, meaning that its use is restricted.
Categorical Revenue Summary
Referendum $66,406,306 Resources committed by the school district to class size, early literacy, technology, textbooks, science and math.
Integration Aid $15,489,240 Programs funded with integration aid must support the goals of closing the achievement gap and increasing racial interaction.
Compensatory Aid $55,187,170 State statute identifies 10 uses for compensatory aid funds. View here.
LEP $4,560,000 State Limited English Proficiency (LEP) funds must be used to support the education of English Learners.
Special Education $60,395,564 State and federal education dollars may only be used for special education services.
Federal/Grants $44,209,336 Federal funds must supplement, not supplant, state and local dollars. Restrictions on use depend on the specific grant.
Extended Time $10,168,164 Extended time dollars support credit recovery and academic support for qualifying students through after-‐school and summer school programs.
Non-‐Categorical Revenue $268,529,088
Total Revenue $524,944,868
Referendum 13%
Integration Aid 3%
Compensatory Aid 11%
LEP 1%
Special Education 11%
Federal/Grants 8%
Extended Time 2%
Non-‐Categorical Revenue
51%
2013-‐14 Categorical Revenue: $524.9 million
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School Allocation Methodology The school district defines core expectations for each grade configuration and provides each school with a budget allocation. The principal and site leadership team determine how to use the budget based on core expectations and specific student needs and program priorities at the individual schools.
View the allocations for each school. (Click on the “school allocations” tab at the bottom of the spreadsheet.) Allocations were determined using the process described below.
• Per pupil allocations are based on a weighted formula: o K= 0.7 o Grades 1-‐8 = 1.0 o Grades 9-‐12 = 1.1
• Class size referendum funds and basic per student allocations are distributed on a per pupil basis. • High school Career and Technical Education (CTE) allocations are taken out of the basic per student
allocation. • Compensatory education is the full amount allocated to each site, based on the state formula. The state
formula is based on students eligible for free/reduced priced meals as of October 1, 2012. • EL allocations are 73 percent of the amount needed to fund the English as a Second Language teachers
needed for the school, based on a ratio established by the Multilingual department. Schools are expected to use compensatory revenue or their basic allocation to fund the remaining 27 percent.
• Special Education Resource Teacher (SERT) allocations are 50 percent of the amount needed to fund the SERTs needed at the school, based on the contract ratio of 1:23 as determined by the Special Education Department. Schools are expected to use compensatory revenue or their basic allocation to fund the remaining 50 percent.
• S0me schools were given a minimal program adjustment. The components of a minimal school program vary depending on grade level, size, and student characteristics. Associate Superintendents work with school principals to determine what is most critical at their schools. Minimal program adjustments were also given to some schools with new grade configurations to grow their programs.
• Additional funds were allocated for specific programs and services, such as Advancement Via Individual Determination (AVID) and International Baccalaureate (IB).
• The school district has centralized its Technology Support structure. Schools are now being charged for these services instead of providing them with school staff.
• Schools were assigned Instructional Specialists who fall under the budget of Human Resources (HR). Schools had the option of increasing the time of their Instructional Specialist by adding money to the HR budget or cashing out the position in which case the funds were transferred to the school budget.
20
Central Office Allocations
In this budget cycle we knew that we could not reach our goal of developing a sustainable budget without scrutinizing central office budgets.
All central offices develop strategic plans and make budget requests aligned to those plans. Budget decisions were based on operational and strategic priorities and identification of opportunities to improve the effectiveness and efficiency of services.
The school district continued the process of right-‐sizing departments. All departments were asked to reevaluate priorities and assure that all resources were aligned to the most important priorities.
View department allocations. (Click on the “department allocations” tab at the bottom of the spreadsheet.)
Relationship of School and Department Budgets The table on the next page displays the budget in four categories:
1) Direct allocations to schools; 2) Department allocations to schools, which are positions budgeted centrally but assigned to specific schools
(examples include principals and building engineers); 3) Department allocations supporting direct services to schools and students are direct services to schools and
students that are not associated with a specific staff person assigned to a specific school (examples include family engagement liaisons, extended learning and budget/finance specialists); and
4) Direct allocations to departments are the remaining funds for operational functions that serve the school district as a whole (examples include Human Resources, the superintendent’s office and Payroll).
21
Relationship of School and Department Budgets in General Fund
FY 13 Budget FY 14 Budget Delta Percent of FY 13
Budget Percent of FY 14
Budget
Revenue
518,700,000
524,944,868
6,244,868
General Fund Budgeted Expenses Direct allocations to schools FY 13 Budget FY 14 Budget Delta Percent of FY 13
Budget Percent of FY 14
Budget Base costs 271,610,993 274,433,755 2,822,762
Grants 29,143,094 29,256,277 113,183 Total Direct Allocations
to Schools 300,754,087 303,690,032 2,935,945 55.95% 57.85%
Department Allocations assigned to specific schools (preliminary)
-‐
Base costs 70,672,963 76,569,789 5,896,826 Grants -‐ -‐ -‐
Total Department Allocations assigned to specific schools
70,672,963 76,569,789 5,896,826 13.15% 14.59%
Department Allocations with Direct Service to Schools and Students:
Base costs 32,032,528 32,897,361 864,833 Grants
Total Department Allocations with Direct Service to Schools and Students:
32,032,528 32,897,361 864,833 5.96% 6.27%
Total Allocation to Schools 403,459,578 413,157,182 9,697,604 75.05% 78.70%
Direct allocations to departments -‐
Base costs 84,437,340 64,137,234 (20,300,106) Grants 25,187,075 28,234,630 3,047,555 MERF 6,200,000 6,200,000 0
Total Direct Allocations to Departments 115,824,415 98,571,864 (17,252,551) 21.55% 18.78%
Future Allocations 18,293,166 13,215,822 (5,077,344) 3.40% 2.52% General Fund Expense Total 537,577,159 524,944,868 (12,632,291) 100.00% 100.00%
Remaining
(18,877,159) -‐
18,877,159
assigned to schools
service to schools
$2,000,000 Staff Adjustment $520,000 CPEO
$1,000,000 Targeted to
schools $201,236 Family engagement liaisons
$13,612,731 Engineers $22,119,404 Special Education support $22,317,794 Transportation $200,000 E&D mini grants
$4,420,000 go to passes $688,557 Budget Finance Specialists $8,320,000 utilities $9,168,164 extended learning $2,100,000 athletics
22
$14,519,668 principals Departments $2,639,292 Nurses $872,820 Legal Office $1,000,000 Teaching &
Learning $10,000,000 Information Technology
$440,000 college career ctr $7,000,000 Teaching & Learning $1,518,346 IT techs $1,190,193 Research & Evaluation $2,000,000 IT equip to schools $10,657,211 Human Resources/Teacher Evaluation
$681,958 On-‐line learning $3,253,112 Finance (incl payroll)
$1,428,512 Emergency Management
$3,065,377 Youth Engagement/Student Support
$1,632,746 Communications
$2,584,816 Superintendent's Office
$2,312,395 ELL Department
$2,665,677 Associate Superintendent's Office
$6,149,243 Facilities
$6,200,000 MERF payment
$39,559,762 other departments
23
General Fund Expenditures by Program Below is an explanation of the program codes that Minnesota school districts are required to use when reporting their expenditures to the Minnesota Department of Education.
Program Definition Examples Administration School district and school administration and heads of
instructional areas − Board of Education − Superintendent’s office − Associate superintendents − Principals − Directors of Teaching and Learning, ELL, other instructional areas
District Support Services
Services provided centrally − Human Resources − Finance − Communications − Technology support − Legal services − Research, Evaluation and Assessment
Regular Education All activities dealing directly with the teaching of students and the interaction between teachers and students
− Pre-‐K-‐12 classroom teachers − Teacher and principal training and
recruiting − English Language Learner services − Gifted and Talented − Student Activities − Athletics
Vocational Education
Courses and activities that develop the knowledge, skills, attitudes and behavioral characteristics for students seeking career exploration and employability
− Career and Technical Education (CTE)
Special Education Services for Special Education students − General Special Education − Speech/language services − Developmental disabilities − Physically impaired − Deaf/Hard of Hearing − Emotional/Behavioral disorders − Learning disabilities − Autism spectrum − Early Childhood Special Education
Instructional Support
Activities for assisting instructional staff with the content and process of providing learning experiences for K-‐12 students
− Assistant principals − Curriculum development − Library/media − Professional development
Pupil Support All services to students that are not classified as instructional services
− Counseling and Guidance − Health services − Psychologists and social workers − Transportation
Sites and Buildings Acquisition, operation, maintenance, repair and remodeling of all facilities and grounds
− Plant operations
Fiscal and Other Fixed Costs
Costs not recorded above − Post-‐employment benefits − Insurance
24
General Fund Expenditures by Program Actual FY 2011 Actual FY 2012 Forecasted FY 2013 Budgeted FY 2014
Administration $11,404,329 $12,457,641 $14,007,864 $13,960,725
Support Services $14,398,257 $18,641,716 $28,059,766 $28,875,259
Regular Education $240,484,358 $232,221,437 $241,949,898 $245,873,024
Vocational Education $4,057,541 $4,385,961 $5,558,112 $4,223,905
Special Education $108,344,755 $106,454,998 $104,000,492 $105,638,522
Instructional Support $33,832,924 $38,673,552 $42,343,429 $38,775,275
Pupil Support $47,387,600 $46,094,732 $60,867,422 $49,484,802
Sites Buildings $34,269,442 $30,585,183 $34,020,176 $31,394,356
Fiscal & Other Fixed Cost $608,770 $526,232 $6,770,000 $6,719,000
Capital Outlay $9,207,385 $12,321,841 0 0
Total $503,995,361 $502,363,293 $537,577,159 $524,944,868
Administration 3% Support Services
6%
Regular Education 47%
Vocational Education
1%
Special Education 20%
Instructional Support
7%
Pupil Support
9%
Sites Buildings
6% Fiscal & Other Fixed Cost
1%
General Fund: Expenditures by Program
25
General Fund: Expenditure Details by Object
Actual FY 2011
Actual FY 2012
Forecasted FY 2013
Budgeted FY 2014
Salaries & Benefits $410,499,322 $411,262,914 $436,893,156 $426,657,705
Purchase Services $71,116,037 $66,405,382 $68,877,117 $65,428,380
Supplies & Materials $11,477,821 $11,905,957 $12,348,038 $11,663,499
Equipment $9,207,385 $10,323,268 $16,799,928 $15,795,935
Other $1,694,796 $2,465,772 $2,658,920 $5,399,349
Total $503,995,361 $502,363,293 $537,577,159 $524,944,868
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Referendum 2013-‐2014 MPS is committed to using referendum funds to manage class size, support early childhood literacy, math and science, fund textbooks and technology, and increase rigor, effective instruction and best practices.
Class Size $43,273,800 Distributed on a per pupil basis.
English Learners Classrooms $4,623,638 ESL teachers in schools
Minimum Program Adjustments 1,146,848 Provides positions to help meet core requirements
All-‐Day Kindergarten $783,001 Provides one section of all-‐day kindergarten at Bethune, Hale, Hiawatha, Kenny, Kenwood, Lake Nokomis – Wenonah, Lyndale, Northrop and Whittier
International Baccalaureate (IB) School Allocations
$669,900 Bancroft, Hall, Whittier, Anthony, Anwatin, Northeast, Edison, Henry, North, Roosevelt, Southwest and Washburn
International Baccalaureate (IB) District Allocation
$747,705 Primarily professional development funds for IB programs
Reading Specialists $2,349,000 Placed at all schools with middle grades programs (Note: general aid paid for reading specialists at K-‐8 schools)
Secondary Programs $201,902 Career Tech Education Internships
Instructional Coach for Contract Alternative Schools
$87,000
Math Specialists $1,305,000 Serving elementary students at 20 schools based on academic needs
Math Specialists $2,175,000 Positions in Teaching & Learning Department for school assignment based on academic needs
Literacy Specialists $174,000 Positions in Teaching & Learning Department for school assignment based on academic needs
Material Management $50,000 Position in Teaching & Learning Department
Science Center/Science Programs $705,000
Curriculum Materials $880,000
English Learners (EL) $502,000 Professional development to support effective teaching of English Learners
GEMS/GISE/STEM Programs $179,000
Online Learning $681,958
Instructional Technology $2,775,554
Mentors $3,096,000
Total $66,406,306
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Integration Plan 2013-‐2014 Programs and services funded with integration funds must support the goals of the school district’s state-‐approved integration plan and advance the goals of increasing racial interaction and increasing academic achievement for students of color.
Strategy, Program or Department Fiscal Year 2014
8th-‐Grade Outdoor Leadership
$50,000 Provides district-‐wide integrated learning camp experience for students transitioning from 8th-‐grade to 9th-‐grade. Enables students to earn credit prior to high school while developing leadership skills and inter-‐racial relationships. ACT Preparatory Courses
$103,000 Supports 11th -‐grade students who qualify for free/reduced lunch to take an ACT preparatory course provided by MPS through a contracted partner. When provided similar opportunities, students who have completed the course have seen an average increase of 4 points increasing their opportunities for college admission and scholarships. Advancement Via Individual Determination (AVID)
$2,042,040
Prepares diverse students for post-‐secondary education and removes barriers that prevent protected class students and first generation college students from pursuing four-‐year degrees. The program additionally enhances academic skills, content knowledge and social adaptability of students traditionally underrepresented in four-‐year colleges and universities.
Behavior Standards Initiative and Office of Civil Rights
$1,500,000 Assists in reducing disproportionality of behavior-‐related suspensions and expulsions. Successful implementation of this strategy increases academic classroom time for students who are disproportionately suspended or expelled and leads to increased opportunities for academic participation for these students. Check and Connect
$685,482 Promotes academic engagement, performance and enrichment of at-‐risk and disengaged students through cognitive behavioral intervention, mentorship, and family-‐centered collaboration. Funding supports positions and district-‐wide, interracial programming opportunities.
Communications
$300,000 Supports efforts to market strengths of racially identifiable schools, improve marketing of magnet schools and rebrand Minneapolis Public Schools using culturally responsive media strategies.
Community Based Organizations
$225,000 Provides opportunities for community based organizations to effectively partner with Minneapolis Public Schools to address mutual equity concerns for historically under-‐represented populations, racial consciousness, and community engagement.
Diversity Recruiting & Retention for Staff $490,000 Increases the development of a diverse workforce by investing in strategic recruiting and
retention strategies. Includes career mapping, retention, and succession planning.
Expanded School Choice $90,000 Provides students who qualify for free and reduced lunch an opportunity to attend a low
poverty school outside their designated attendance area.
Full Day Kindergarten Placement $261,000 Provides kindergarten placement in select programs for qualifying low-‐income families in
order to increase inter-‐district integration and increase academic achievement.
28
Go-‐To Passes $320,000 Provides school accessibility to students who live outside of the walk zone of their school
or live within the walk zone but qualify for free or reduced lunch.
Learning Works at Blake $25,000 Offers a challenging academic enrichment program to a representative group of
motivated, high potential middle school students.
Magnet Transportation $2,600,000
Minnesota Urban Debate League $150,000 Empowers students to become engaged learners, critical thinkers, and active citizens who
are effective advocates for themselves and their communities. Office of Equity & Diversity
$1,113,718 Supports inter-‐ and intra-‐district equity, diversity, and inclusion through program development, resource support, and community partnerships. Office of New Schools
$600,000 Supports year-‐long equity training, modeling of best practices, and diverse staff recruitment by partnering with portfolio schools to “grow our own” and strengthen racially identifiable schools with culturally dexterous teaching staff. Office of Research, Evaluation, & Assessment
$100,000 Supports the evaluation needs of the integration plan through 1.0 FTE position. The program evaluation position supports accountability for funders and programs by allowing for data-‐based decision making in the allocation of resources. Project Success
$225,000 Assists in the transition of 8th-‐grade students becoming freshmen by impacting student acclimation with a direct focus on inter-‐racial student contact, and offers monthly supports to middle and high schools emphasizing goal-‐setting and school orientation experiences. Science, Technology, Engineering & Mathematics; Girls in Engineering, Mathematics & Science; & Guys in Science & Technology
$419,000 Facilitates measurable gains for girls and boys in the areas of science and mathematics with emphasis on underrepresented ethnic groups and free and reduced lunch students.
Family & Community Engagement/ Student Enrollment
$595,101 Supports efforts to engage families in culturally responsive ways through Connecting Parents to Educational Opportunities (CPEO) and family-‐ and community-‐centered outreach initiatives.
West Metro Education Program Integration Tuition $3,405,099 Provides support for student participation in West Metro Education Program schools and
programming.
West Metro Education Program Professional Development $14,800 Provides support for adult participation in West Metro Education Program professional
development and programming.
North High School ISA Contract $175,000
TOTAL $15,489,240
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Title I Allocations 2013-‐2014 Title I is a federally funded program through the Elementary & Secondary Act (ESEA) designed to provide support to students to ensure that they meet high standards. MPS receives these funds to provide educational services and resources to schools with at least 35 percent of students who qualify to receive free and reduced priced meals.
Title I Allocations
Non-‐Public School Allocations $884,636 Public School Allocations 14,239,976 Research, Evaluation and Assessment (REA) 250,000 Family Involvement Funds to Schools 215,674 District Family Engagement and CPEO 520,000 School Readiness 3,765,162 Neglected and Delinquent Services 165,000 Homeless Highly Mobile Services 800,000 District Sponsored Services to Students 1,500,000 Administration, Required Mailings 1,521,319 Indirect Costs 1,188,750 Total $25,050,517
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Community Services The community services fund is used to account for services provided for learning and involvement opportunities for lifelong learners of all ages, including Minneapolis residents. Community services funds are intended to provide K-‐12 students the opportunity to utilize educational facilities and programs during non-‐school hours, including the summer months. Fees may be charged for these programs. Community services revenue may also be used for educational programming serving adults with disabilities, school-‐age care, Adult Basic Education (ABE), school readiness and Early Childhood Family Education (ECFE). The community education grant fund is also part of the community services fund and is used to account for the revenues and expenditures for activities related to certain grants and projects funded through state or other local outside agencies. Included within these numbers are the resources designated for non-‐public education.
Actual FY 2011
Actual FY 2012
Forecasted FY 2013
Budgeted FY 2014
Beginning Fund Balance $4,174,352 $3,365,471 $2,662,561 $3,655,819
Annual Revenue $24,187,552 $23,734,553 $25,736,743 $23,793,028
Total Revenue $28,361,904 $27,100,024 $28,399,304 $27,448,847
Annual Expenditures $24,996,433 $24,437,463 $24,743,485 $24,524,971
Ending Fund Balance $3,365,471 $2,662,561 $ 3,655,819 $2,923,876
Revenues Actual FY 2011
Actual FY 2012
Forecasted FY 2013
Budgeted FY 2014
Local $14,765,871 $13,437,510 $12,305,539 $12,260,959
State $7,555,200 $8,848,709 $9,072,655 $9,286,206
Federal $1,866,481 $1,448,334 4,358,549 2,245,863
Total Revenues $24,187,552 $23,734,553 $25,736,743 $23,793,028
Expenditures Actual FY 2011
Actual FY 2012
Forecasted FY 2012
Budgeted FY 2013
Salaries & Benefits $19,161,352 $19,421,044 $20,228,583 $19,305,297
Purchase Services $4,025,662 $3,719,615 3,333,192 $4,190,893
Supplies & Materials $1,354,015 $1,084,811 1,063,165 $899,610
Equipment $357,683 $168,402 105,182 $114,552
Other $97,721 $43,591 13,363 $14,619
Total Expenditures $24,996,433 $24,437,463 $24,743,485 $24,524,971
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Food Services The food service fund is a self-‐sustaining enterprise in which revenue and expenses are balanced over time. It is used to record all financial activities of the school district’s food service program. Food service includes all planning, preparation and serving of meals and snacks in connection with school and community service activities. Eighty-‐five percent of Food Service Fund revenues primarily come from federal sources. Food service revenue may only be used for food service programs. All expenditures related to meal preparation must be recorded in the food service fund. The majority of expenditures consist of labor and food costs (84 percent). Purchased services, supplies and equipment account for 16 percent of the fund’s expenditures. Eligible expenditures include application processing, meal accountability, food preparation, meal service and kitchen custodial service, according to Minn. Stat. §124D.111, subd. 3. Capital expenditures may be made from the food service fund only if the fund’s year-‐end restricted balance is greater than the cost of the equipment to be purchased and if prior approval has been obtained from the Minnesota Department of Education’s Nutrition Section, according to Minn Stat. § 124D.111, subd. 3.
Actual FY 2011 Actual FY 2012 Forecasted FY 2013 Budgeted FY 2014
Beginning Fund Balance $4,724,804 $3,701,306 $4,234,725 $2,701,271
Annual Revenue $14,659,158 $15,670,787 $17,611,767 $18,570,726
Total Revenue $19,383,962 $19,372,093 $21,846,492 $21,271,997
Annual Expenditures $15,682,656 $15,137,368 $19,145,221 $19,225,145
Ending Fund Balance $3,701,306 $4,234,725 $2,701,271 $2,046,852
Revenues Actual FY 2011
Actual FY 2012
Forecasted FY 2013
Budgeted FY 2014
Federal (Meal Payments) $1,348,056 $1,306,988 $1,516,049 $2,082,699
State $660,922 $632,486 $712,394 747,063
Federal $12,609,951 $13,727,212 $15,383,324 15,128,312
Other $40,229 $4,101 -‐ -‐
Total Revenues $14,659,158 $15,670,787 $17,611,767 $17,958,074
Expenditures Actual FY 2011
Actual FY 2012
Forecasted FY 2013
Budgeted FY 2014
Salaries & Benefits $5,853,119 $5,838,879 $6,861,637 $6,697,681
Purchase Services $1,153,195 $908,253 $844,700 1,076,500
Supplies & Materials $7,145,943 $7,238,771 $9,833,384 8,776,527
Equipment $1,520,216 $1,136,047 $1,600,000 1,500,000
Other $10,182 $15,418 $5,500 500
Total Expenditures $15,682,655 $15,137,368 $19,145,221 $18,051,208
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Capital Projects
The capital projects fund is used to record all operations of the school district’s building construction program, which is funded by the sale of bonds or the alternative facilities bonding/pay-‐as-‐you-‐go levy program. At Minneapolis Public Schools, construction is defined as new construction, remodel, capital renewal, capital maintenance, preventative maintenance and repair. Revenue sources in the capital fund for fiscal year 2014 are comprised of project funding from:
• Active projects funded from fund balance carryover from prior general obligation bond sales • New projects funded from the fall 2013 anticipated general obligation bond sale • Active FY13 projects funded from the December 2012 Alternative Facilities bond sale • FY14 Projects funded by annual pay-‐as-‐you-‐go Alternative Facilities levy proceeds (pay 2013) • New FY14 projects funded from the December 2013 Alternative Facilities bond sale • Fund balance to cover construction completion; included is funding for the reopening of Howe, additions at
Lake Nokomis-‐Keewaydin and Lake Harriet-‐Lower and the remodel of Pratt. View the list of planned capital projects. Capital/Construction Fund
Actual FY 2011 Actual FY 2012 Forecasted 2013 Budget FY 2014
Beginning Fund Balance $20,084,183 $56,260,434 $26,787,247 $57,798,930 Annual Revenue $80,554,323 $30,781,249 $113,269,169 $67,500,000 Total Revenue $100,638,506 $87,041,683 $140,056,416 $125,298,930 Annual Expenditures $44,378,072 $60,254,436 $82,257,486 $55,000,000 Ending Fund Balance $56,260,434 $26,787,247 $57,798,930 $70,298,930 Revenues
Local $14,698,941 $14,233,217 $1,310,593 $4,971,017 State
Federal
Other $65,855,382 $16,548,032 $111,958,576 $62,528,983 Total Revenue $80,554,323 $30,781,249 $113,269,169 $67,500,000 Expenditures
Salaries & Benefits $11,471,508 $12,011,613 $12,436,277 $13,361,494 Purchased Services $6,884,686 $10,400,870 $17,380,952 $5,803,600 Supplies & Materials $3,393,767 $3,825,852 $2,928,046 $3,019,000 Equipment/Construction $22,624,121 $34,012,075 $49,495,111 $32,805,206 Other $3,990 $4,026 $17,100 $10,700 Total Expenditures $44,378,072 $60,254,436 $82,257,486 $55,000,000
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Debt Service
MPS policy places two limits on school district debt:
1. 70 percent of debt should be repaid within 10 years. 2. Total school district annual debt payment shall not exceed 15 percent of total operating revenue.
Refinancing shall not be included in the 15 percent calculation.
MPS currently owes $413,406,000. The school district will have repaid 69.8 percent by 2019 (seven years) and 74.3 percent by 2020 (eight years).
Debt payments, less refinancing, are 11 percent of total operating revenue.
Actual FY 2011
Actual FY 2012
Forecasted FY 2013
Estimated FY 2014
Beginning Fund Balance $29,522,713 $39,050,617 $28,649,043 $33,836,971 Annual Revenue $78,509,465 $64,232,088 $97,213,628 $73,839,927 Annual Expenditures $68,981,561 $74,633,662 $92,025,700 $95,650,123 Ending Fund Balance $39,050,617 $28,649,043 $33,836,971 $12,026,775 Revenues
Local $47,111,703 $49,451,713 $47,796,668 $62,499,927 State $12,411,346 $12,559,484 $9,450,182 $11,340,000 Federal -‐ $2,220,891 $1,476,229 -‐ Bond Proceeds $18,986,416 -‐ $38,490,549 -‐ Total Revenues $78,509,465 $64,232,088 $97,213,628 $73,839,927 Expenditures
Debt Principal & Interest $68,803,283 $74,633,662 $70,480,700 $68,920,123 Debt Refunding -‐ -‐ $21,545,000 $26,630,000 Other $178,278 -‐ -‐ $100,000 Total Expenditures $68,981,561 $74,633,662 $92,025,700 $95,650,123
34
Year Ending General Obligations Certificates of Participation Total Debt Payment Total Debt
Bonds Payable Payable Principal & Interest
June 30,2013 Principal Interest Principal Interest Principal Interest
2014 2015
2016 2017 2018
2019 2020 2021
2022 2023 2024
2025 2026 2027
2028 2029 2030
2031 2032 2033
2034 2035 2036
2037
63,805,000 25,215,000
25,706,000 18,575,000 14,345,000
11,095,000 11,460,000 10,150,000
10,045,000 6,365,000 4,290,000
2,550,000 43,855,000 2,680,000
1,915,000 1,895,000 1,955,000
2,015,000 2,075,000 2,135,000
-‐ -‐ -‐
-‐
9,191,325 6,466,074
5,582,060 4,814,813 4,152,335
3,660,750 3,293,247 2,908,050
2,586,454 2,259,170 2,049,435
1,917,280 1,170,076 418,094
347,731 302,250 245,400
186,750 126,300 64,050
-‐ -‐ -‐
-‐
18,000,000 18,645,000 17,900,000 18,540,000 15,445,000 14,790,000 9,020,000 6,340,000 3,470,000 3,595,000 1,605,000 1,660,000 1,720,000 1,785,000 1,850,000 1,920,000 2,000,000 1,975,000 2,050,000 2,120,000 2,200,000 2,280,000 2,365,000
-‐
6,606,874 6,000,174 5,340,468 4,658,793 3,905,543 3,261,223 2,601,253 2,197,430 1,927,130 1,786,405 1,634,525 1,538,225 1,438,625 1,335,425 1,219,400 1,099,150 974,350 844,350 715,975 582,725 444,925 301,925 153,725
-‐
81,805,000 $15,798,199 43,860,000 13,379,914 43,606,000 11,745,356 37,115,000 10,200,492 29,790,000 8,682,030 25,885,000 7,436,675 20,480,000 6,292,652 16,490,000 5,379,313 13,515,000 4,655,230 9,960,000 4,045,575 5,895,000 3,683,960 4,210,000 3,455,505 45,575,000 2,608,701 4,465,000 1,753,519 3,765,000 1,567,131 3,815,000 1,401,400 3,955,000 1,219,750 3,990,000 1,031,100 4,125,000 842,275 4,255,000 646,775 2,200,000 444,925 2,280,000 301,925 2,365,000 153,725 -‐ -‐
15,798,199 12,466,248 10,922,528 9,473,606 8,057,878 6,921,973 5,894,500 5,105,480 4,513,584 4,045,575 3,683,960 3,455,505 2,608,701 1,753,519 1,567,131 1,401,400 1,219,750 1,031,100 842,275 646,775 444,925 301,925 153,725
-‐
97,603,199 56,326,248 54,528,528 46,588,606 37,847,878 32,806,973 26,374,500 21,595,480 18,028,584 14,005,575 9,578,960 7,665,505 48,183,701 6,218,519 5,332,131 5,216,400 5,174,750 5,021,100 4,967,275 4,901,775 2,644,925 2,581,925 2,518,725
-‐
Minimum Debt Payment Schedule
35