Budget Basics for 2012-13:
Budget Estimates. The budget is built on estimates in July for FTE (full time equivalency), assessed values on property, revenues and expenses.
Estimated Full Time Equivalence (FTE). FTE is the number of students enrolled in our district on a full time calculation. This is an estimate until we determine our actual FTE on September 20. Our final budget amount isn't determined until the Kansas State Department of Education audits us by April of each year.
Estimated Assessed Valuation. The County Appraiser determines an appraised value for personal and business property in the Maize district. The appraised value is taken times a factor of 11.5% on personal property and ranging from 12% to 33% on business and other property to determine the district's assessed valuation. Our estimated assessed value is $350.1 million this year and is an increase of about $2 million from last year.
Fund Accounting. The budget is made up of many small budgets (funds) that make up the total budget. Each fund may have different budget rules and regulations.
General Fund. This is the main part of the budget and we can transfer money to other funds from the general fund. The maximum General Fund budget is arrived from our estimated FTE and a process called weighted enrollment on Form 150 (see below). Our maximum budget for 2012-13 is $38.8 million.
Local Option Budget (LOB). This is a supplemental or additional budget to the General Fund. The BOE approved a 30% authority for this year and is estimated at $12.8 million.
Capital Outlay Fund. This fund allows the BOE to levy taxes for equipment, property purchases or facility additions. The BOE approved a 6.0 mill levy for this year.
Special Assessment Fund. There are no mills being assessed to this fund currently. The carryover funds from prior years could be used for a stop light or access road to our schools.
Bond Fund. This is approved by an election to build our schools and the funds are set up to repay the debt. The last bond the voters approved was in 2007 for $58.9 million for construction of Maize South Elementary, Maize South Middle, converting the existing school on the south campus to become Maize South High School and for renovations to Pray-Woodman, Maize Elementary and Vermillion Elementary.
Recreation Fund.The Recreation fund was approved by voters and board resolution for up to one mill per year beginning in 2000. The school district acts as the tax generating revenue source for the Maize Recreation Commission to operate.
Mill Levy. One mill equals one tax dollar for each $1.00 of assessed valuation. One mill will generate about $350,000 for our district from 2012 taxes. our total mill estimate for taxes (including the Maize Recreation Commission) is 59.56 mills and is an increase of 0.72 mills from last year.
If the appraised value remains the same on a $100,000 residential property, the 0.71 mill increase will increase the taxes by about $8.20 per year.