TOWN STAFF REPORT RECOMMENDATIONS
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Discussion regarding the Westlake Academy Fiscal Year 2024-2025 Budget, FY 2024-2025 Service Level Adjustment (SLA) requests and Compensation for Westlake Academy and for Town of Westlake (Director of Finance Cayce Lay Lamas and Director of Human Resources Sandy Garza)
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STAFF: Cayce Lay Lamas, Director of Finance
BACKGROUND:
The Board of Trustees must adopt an annual operating budget for Westlake Academy prior to the start of the fiscal year. This discussion will continue the conversation from the May 20, 2024, work session meeting. Staff will provide more details on the Academy’s proposed budget and seek feedback on service level adjustments (SLAs) and compensation for both the Academy and Town to incorporate into the FY 2024-2025 budgets. No action will be taken at this meeting.
FISCAL IMPACT:
The current Academy base budget includes expenditures totaling $11,260,433, which assumes 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 from the Academy is $392,994; the maximum potential expenditure budget would be $11,653,427. Approval of the Academy SLA requests would require additional funding from the Town.
The total amount of service level adjustment requests from the Town is $1,610,280. The base budget details for the Town will be shared ahead of a future meeting for discussion which includes a one-time purchase of $1.3 million to replace a fire engine and $120,000 for needed public works equipment.
Staff seeks direction on compensation and will provide a fiscal impact based on Council/Board direction as part of the proposed budget.
ATTACHMENT(S):
Academy FY2024-2025 Five-Year Forecast
Academy FY2024-2025 Base Budget Line Item Details
Academy Budget to Actual Analysis Narrative
Academy Budget to Actual Analysis
Academy FY2024-2025 Service Level Adjustment List
Academy FY2024-2025 Service Level Adjustment Details
Town FY2024-2025 Service Level Adjustment List
Town FY2024-2025 Service Level Adjustment Details