Page 286 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 8
Westlake Academy Fund Overview

The shared services model was an integral part of the state charter application process that helped bolster the Town’s case for
having a community school. This model conserves resources and avoids the duplication of efforts across the municipal and
academic functions.

DEBT SERVICE - As part of the Academy’ s unique financial structure the Town of Westlake is responsible for debt service
payments associated with the Academy’ s capital infrastructure. The Municipal Debt Service Fund is used to manage debt
service payments, and Academy debt is accounted for in the annual municipal budget.

CAPITAL PROJECTS - Note that there are no major capital projects budgeted or planned through FY 18/ 19, and there are no
future Academy capital projects discussed in the Town of Westlake’ s Capital Improvement Plan. However, retaining
professional expertise to update the Academy’ s master facility plan will be discussed with the Council in the near future.

M UNICIPAL A LLOCATIONS

Amended Proposed $ Increase % Increase
FY 2017/ 18 FY 2018/ 19 ( Decrease) ( Decrease)
Municipal- Transfer to WA Operating Budget $ 315, 000 $ 315,000 $ - 0.00%
Annual Debt Service ( Municipal budget) 1,666,337 1,828, 791 162,454 9.75%
Major Maintenance and Replacement 289,667 355,595 65,928 22.76%

In-direct Operating Costs 768,469 854,511 86,042 11.20%
Total Municipal Costs $ 3,039, 473 $ 3,353, 897 $ 314,424 10.34%

IV. FY18 / 19 GENERAL FUND BUDGET

This budget encompasses all teaching and extra-/ co-curricular operating expenditures as well as State public school funding
and private donations used to support the daily operation of Westlake Academy. The FY 18/ 19 General Fund budget totals
8,710, 132, which represents a 3.02% increase from the prior year.

It is important to note that $34,000 is earmarked in the Academy’ s fund balance for Athletic uniform and equipment
replacement and bus maintenance. The FY 18/ 19 projections will increase fund balance by $142,787 for an ending unassigned
fund balance of $1,065, 541 (45 operating days).

As mentioned previously, Westlake Academy’ s enrollment increase has been driven by the growth of residential developments
and housing opportunities within the Town of Westlake. This trend will continue with the addition of other housing
developments and new homes that are currently under construction. With the estimated increase of 20 students, total
enrollment will rise to a projected 876 this school year. This will be the Academy’ s largest student enrollment census to date,
exceeding the projections in the school’ s Facility Master Plan adopted in November of 2012.

With this trend of growth in the Academy’ s resident ( primary boundary) student population, a corresponding trend will likely
be that overall lottery enrollment opportunities for secondary boundary students will decline. Growth will be monitored and
managed until financial resources become available and the Board of Trustees reviews and approves any update to the Facility
Master Plan.

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