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2023 - 0815 Budget 101 - An Overview of The Ithaca City School District Budget Process

The document provides an overview of the Ithaca City School District budget process including that the budget represents needs and priorities, is developed from December to April, and is voted on in May. It also summarizes where the district's revenue comes from, how funds are expended, and factors that influence the budget.

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21 views7 pages

2023 - 0815 Budget 101 - An Overview of The Ithaca City School District Budget Process

The document provides an overview of the Ithaca City School District budget process including that the budget represents needs and priorities, is developed from December to April, and is voted on in May. It also summarizes where the district's revenue comes from, how funds are expended, and factors that influence the budget.

Uploaded by

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Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Budget 101

An overview of the Ithaca City School District


budget process
WHAT IS A SCHOOL
BUDGET?
Statement of needs and priorities
Representation of our past, present, and future thinking
Estimation of funding needed to support expenses

ICSD Fiscal Year is July 1st - June 30th


Budgets are developed December - April of the preceding year
Final budgets are adopted by the BOE in April

Voters approve or
disapprove the adopted
budget each May during
the Statewide Budget Vote
and School District
Elections
Other Misc Fund
Where does the ICSD school budget revenue come from? Revenue Balance/
3.62% Includes Reserves
Tax Levy State Aid PILOTs, BOCES
refund, rentals, $8.7M to
71.88% of total revenue 24.49% or total revenue support
interest,
$107,714,290 total tax levy for FY24 $36,705,901 total anticipated aid reimbursements, expenditures
etc
How does ICSD expend funds?

SALARIES

BENEFITS

BOCES

DEBT SERVICE
CONTRACTUAL/SUPPLIES/MATERIALS

TRANSFERS

UTILITIES

TUITION

EQUIPMENT
BUDGET INFLUENCERS
Contractual
Obligations
Health Care Costs

Retirement System
ates
Tech to support
teaching & learning
Mandated Inclusion Social and Emotional
Practices (Special Wellbeing
Education) Extracurricular
Professional Opportunities
Development
Opportunities Transportation
Essential Building
Services
Maintenance
School District Budgets
Include the following
components:
FUND - FUNCTION - OBJECT - LOCATION - PROGRAM

A - General Fund: The fund approved by the voters serving as the primary fund of the school district

C - School Lunch Fund: The transactions of the school nutrition program


F - Special Aid Fund: Special projects or programs supported by federal and/or state grants
H - Capital Project Funds: Account for capital improvements and acquisitions
TE - Expendable Trust Funds: Assets held in a trustee capacity and/or as an agent for individuals, private organizations, etc.
V - Debt Services Funds: Payments of interest and principal on long term debt
Where can
someone find
information about
the budget?

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