ACADEMY STAFF REPORT RECCOMENDATIONS
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Discussion Regarding the Westlake Academy Fiscal Year 2024-2025 Budget (Director of Finance Cayce Lay Lamas)
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STAFF: Cayce Lay Lamas, Director of Finance
BACKGROUND:
The Board of Trustees will meet in a work session to discuss the Westlake Academy annual budget for the upcoming fiscal year (2024-2025). The Board will provide direction on budgetary and programmatic expectations so that staff can finalize a formal proposed budget. The proposed budget will be presented to the public for inspection, a public hearing held at an upcoming regularly scheduled Board meeting, and the Board must adopt the budget prior to the current fiscal year end (June 30, 2024).
DISCUSSION:
The Board will discuss the base budget and consider service level adjustments; this documentation has been shared in advance and is available as part of the agenda packet.
FISCAL IMPACT:
The current base budget includes expenditures totaling $11,260,433, which includes Blacksmith Donations from the Westlake Academy Foundation and a subsidy from the Town of Westlake, both individually at $1,250,000. The total amount of service level adjustment requests is $392,994.
STAFF RECOMMENDATION:
Staff recommends the base budget be accepted, as presented, and the Board provide direction on each of the service level adjustments.
BOARD OF TRUSTEES ACTION/OPTIONS:
No action will be taken during the work session.