TOWN STAFF REPORT RECOMMENDATIONS
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Consider and act to approve WA Resolution 25-16 approving the Westlake Academy Amended Operating Budget for Fiscal Year Ending June 30, 2025 (Cayce Lay Lamas, Finance Director)
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STAFF: Cayce Lay Lamas, Finance Director
BACKGROUND:
The FY 2024-2025 annual operating budget was adopted by the Board of Trustees on June 17, 2024. Due to actual enrollment, subsequent staffing and curriculum needs, and the natural movement of funds occurring as the administrative staff, including a new Head of School, became more involved in the financial activities, changes to the original budget are warranted. Additionally, this amendment formally increases the respective budget lines for items previously approved by the Board during the year.
The changes presented will increase the operating fund balance by $147,287 due to the following amendments:
* Budgeted Revenues will increase by $439,851 (or 4%).
* Budgeted Expenditures will increase $292,564 (or 3%).
Additional details are available in the agenda packet and further discussed below. The major changes are due to:
* The implementation of the Position Control module, which detected instances of over-budgeting of staff salaries & benefits. Overages were reallocated to line items insufficiently budgeted (e.g., utilities, legal fees, janitorial and landscaping costs, building projects).
DISCUSSION:
Revenue Changes by Source
* Transportation: Increased by $800 (4% increase)
o Due to receipts from athletic sport registrations designated for transportation costs.
* Athletics: Increased by $18,400 (14% increase)
o Driven by higher participation and registrations in basketball, cross country, soccer, tennis, and track.
* General Operating (Local): Increased by $298,551 (11% increase)
o Attributable to higher-than-budgeted interest earnings.
o Includes a $40,000 contribution to offset WAF employee salary and benefit costs.
o Increase in the Municipal Operating Transfer from $1.5 million t...
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