PVSD_AnnualReport20-21 - Page 14

B

BU UDGET

The 2020-2021 budget process incorporated a balanced approach to maintain educational excellence and fiscal responsibility for the PVSD community . Approved by the Board of Directors , the $ 112,664,528 spending plan included : Additional staffing for instruction , teaching , security , and administration Expansion of technology resources in support of teaching and learning and general operations Continued funding for facilities upgrades and improvements
The School Board strategically applied a total of $ 2,398,445 ( 2.13 % Revenues of expenditures ) of reserve funds to balance the budget :
76.5 %
Local
Expenditures
22.9 %
State
. 68 %
Federal
4.5 %
Instructional
Support Services
PSERS Reserve = $ 373,000 Debt Service Reserve = $ 225,445 Unreserved General Fund Balance = $ 1,500,000
COVID Reserve Funds = $ 300,000 Overall expenditures increased $ 127,119 or 0.112 % over the
previous year ' s budget . In addition to relying upon reserve funds , the district was able to offset increases in certain areas with reductions in other expenditure accounts . Large reductions in the area of health insurance , copier costs , technology lease agreements , building and department budgets , and attrition of positions were key steps taken to reduce expenditures . Other expenditure areas increased including state mandated PSERS contributions , charter school tuition , payroll , transportation by contract , and debt service .
42.5 %
Salaries
9.4 %
Debt
27.3 %
Benefits
12.3 %
Non-Instructional Services
3.6 %
Equipment & Supplies
0.4 Other
%
The pandemic certainly influenced the budgeting process , impacting both revenues and expenditures . Typical data trends and analysis were upended due to circumstances of the pandemic and subsequent " unknowns ." Given the anticipated economic stress , revenue projections were lower in the areas of collected Earned Income Tax ( EIT ) and Real Estate ( RE ) Taxes . Administration maintained a conservative approach in expenditure predictions to reflect the unknowns of the pandemic ' s overall financial impact . The final budget , approved June 29 , 2020 , included a 2.3 % tax increase .
PAGE 14 PVSD ANNUAL REPORT 20-21