4. TENTATIVE BUDGET ADOPTION MEETING AT 5:05 P.M. in the Board Room

0 Wednesday, July 31, 2024 4. TENTATIVE BUDGET ADOPTION MEETING AT 5:05 P.M. in the Board Room This meeting is open to the public. Agenda Topic Speakers heard at this meeting. Please call the Board Office at 561-434-8136 to sign up by noon the day of the meeting, send written comments to boardoffice@palmbeachschools.org, or turn in a blue card to the Board Clerk prior to this meeting being called to order. 1. Call To Order & Pledge of Allegiance Subject Start Time - Chairman Opens Meeting - Board Clerk Takes Attendance - Pledge of Allegiance Meeting Jul 31, 2024 - 4. TENTATIVE BUDGET ADOPTION MEETING AT 5:05 P.M. in the Board Room Category 1. Call To Order & Pledge of Allegiance Type Procedural File Attachments 2. Agenda Topic Speakers Subject Budget Advisory Committee Report Meeting Jul 31, 2024 - 4. TENTATIVE BUDGET ADOPTION MEETING AT 5:05 P.M. in the Board Room Category 2. Agenda Topic Speakers Type Information DESCRIPTION: Written report from Budget Advisory Committee Vice-Chairwoman Lori Bonino . Strategic Themes (choose all that apply):  A. Academic Excellence and Growth  B. Student-Focused Culture  C. Mental Health and Wellness  D. Committed and Impactful Employees Priority Outcomes (choose all that apply):  Educate  Affirm  Inspire File Attachments BAC Report-7.31.24-Final.pdf (86 KB) 3. Opening Comments Subject CFO Report Meeting Jul 31, 2024 - 4. TENTATIVE BUDGET ADOPTION MEETING AT 5:05 P.M. in the Board Room Category 3. Opening Comments Type Information DESCRIPTION: Presentation from Chief Financial Officer. Strategic Themes (choose all that apply):  A. Academic Excellence and Growth  B. Student-Focused Culture  C. Mental Health and Wellness  D. Committed and Impactful Employees Priority Outcomes (choose all that apply):  Educate  Affirm  Inspire File Attachments FY25 Budget-Public Hearing Tentative Budget adoption - 7_31_24.pdf (804 KB) 4. ITEM FOR APPROVAL Subject B1 Resolution Adopting Tentative Millage Rates Meeting Jul 31, 2024 - 4. TENTATIVE BUDGET ADOPTION MEETING AT 5:05 P.M. in the Board Room Category 4. ITEM FOR APPROVAL Type Action Recommended Action I recommend the Board adopt the millage levy of 6.314 mills for FY 2025. This total millage levy is made up of 3.054 mills for Required Local Effort, 0.012 mills for Prior Period RLE Adjustment, 0.748 mills for Discretionary Operating Funds, 1.500 mills for Local Capital Improvement, and 1.000 mills for Additional Operating Funds. DESCRIPTION: A breakdown of the proposed millage rate as compared to the rolled back rate is as follows: Proposed Rolled Back % Increase Millage Rate (Decrease) Required Local Effort (RLE) 3.0540 3.0227 1.04% Prior Period RLE Adj 0.0120 0.0076 57.89% Discretionary Operating 0.7480 0.7063 5.90% Local Capital Improvement 1.5000 1.4164 5.90% Additional Operating 1.0000 0.9443 5.90% Total Mills 6.3140 6.0973 3.55% CONTACT: Heather Frederick, CPA, Chief Financial Officer (heather.frederick@palmbeachschools.org) FINANCIAL IMPACT: The proposed millage rates will generate revenues of $2,158,888,421 from local taxes for operating and capital expenditures during FY 2025. Strategic Themes (choose all that apply):  A. Academic Excellence and Growth  B. Student-Focused Culture  C. Mental Health and Wellness  D. Committed and Impactful Employees Priority Outcomes (choose all that apply):  Educate  Affirm  Inspire File Attachments B-1 Resolution Adopting Tentative Millage Rates FY25.pdf (181 KB) Motion & Voting I recommend the Board adopt the millage levy of 6.314 mills for FY 2025. This total millage levy is made up of 3.054 mills for Required Local Effort, 0.012 mills for Prior Period RLE Adjustment, 0.748 mills for Discretionary Operating Funds, 1.500 mills for Local Capital Improvement, and 1.000 mills for Additional Operating Funds. Motion by Marcia Andrews, second by Barbara McQuinn. Final Resolution: Motion Passes Yea: Marcia Andrews, Karen Brill, Barbara McQuinn, Edwin Ferguson Subject B2 Resolution Adopting Tentative Budget Meeting Jul 31, 2024 - 4. TENTATIVE BUDGET ADOPTION MEETING AT 5:05 P.M. in the Board Room Category 4. ITEM FOR APPROVAL Type Action Recommended Action I recommend the Board adopt the tentative District summary budget in the amount of $5,558,195,558 for FY 2025. This includes the District organization chart and School Board's Statement of its Organization and Operation. DESCRIPTION: Resolution Adopting Tentative Budget General Fund $3,079,522,332 Special Revenue-Food Service 177,967,151 Special Revenue-Other 68,822,254 Special Revenue-ESSER 11,836,188 Debt Service 376,225,802 Capital Projects 2,213,330,181 Sub-Total $5,927,703,908 Less Transfers 369,508,350 Total Funds $5,558,195,558 CONTACT: Heather Frederick, CPA, Chief Financial Officer (heather.frederick@palmbeachschools.org) FINANCIAL IMPACT: The financial impact to the School District is a budget of $5,558,195,558 in all funds for FY 2025. Strategic Themes (choose all that apply):  A. Academic Excellence and Growth  B. Student-Focused Culture  C. Mental Health and Wellness  D. Committed and Impactful Employees Priority Outcomes (choose all that apply):  Educate  Affirm  Inspire File Attachments B-2 Resolution Adopting Tentative Budget FY25.pdf (181 KB) Budget Book (Tentative) FINAL (1).pdf (7,358 KB) Motion & Voting I recommend the Board adopt the tentative District summary budget in the amount of $5,558,195,558 for FY 2025. This includes the District organization chart and School Board's Statement of its Organization and Operation. Motion by Edwin Ferguson, second by Marcia Andrews. Final Resolution: Motion Passes Yea: Marcia Andrews, Karen Brill, Barbara McQuinn, Edwin Ferguson 5. ADJOURN Subject END TIME Meeting Jul 31, 2024 - 4. TENTATIVE BUDGET ADOPTION MEETING AT 5:05 P.M. in the Board Room Category 5. ADJOURN Type Action Recommended Action Motion to adjourn the meeting. File Attachments Motion & Voting Motion to adjourn the meeting. Motion by Edwin Ferguson, second by Barbara McQuinn. Final Resolution: Motion Passes Yea: Marcia Andrews, Karen Brill, Barbara McQuinn, Edwin Ferguson