ACADEMY STAFF REPORT RECOMMENDATIONS
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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 to be voted upon at the June 17, 2024, meeting. The proposed budget will be presented to the public for inspection; a public hearing will be held on June 17, 2024, to receive public comments. The Board must adopt the budget prior to the current fiscal year end (June 30, 2024).
DISCUSSION:
The Board will discuss the Academy’s base budget and consider service level adjustments from both the Academy and Town.
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 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.