Page 316 - City of Westlake FY20 Budget

Section 8 Academic Funds
Westlake Academy Overview

Founded in 2003, Westlake Academy is an open enrollment charter school that is owned and operated
by the Town of Westlake.

The Academy is the Town’s largest operating department and is required under state law to publish a
separate budget document. The Westlake Academy Fund was incorporated into the Town’s budget
structure in FY2010/11 in order to capture the total cost of municipal programs and services in a single
document. Note that revenues and expenditures are aligned with the school fiscal year, which begins
on September 1 and ends on August 31.

For detailed information concerning Academy revenues and expenditures, see Westlake Academy’s
current year operating budget, available online at www.westlakeacademy.org.

Revenues and Other Sources
• Revenues are budgeted at $9,717,933;
• This represents a 9% increase of $794,620 from prior year estimated.
o $85K increase for student iPad equipment sales
o $715K overall increase in state funding due to changes in HB3 and an increase in
students from the amended count of 869 to the budgeted count of 910 (41 student
increase)
o $17K increase in TRS On-Behalf benefits
o $10K decrease in WAF donations
o $5K decrease in Town contributions to WA
o $6K decrease in Athletic credit card and PayPal fees
o $2K decrease in WAF salary reimbursement

• Other sources are budgeted to remain flat at $90,000

Expenditures and Other Uses
• Expenditures are budgeted at $9,572,502
• This represents a 9% increase of $797,370 from prior year estimated.
o $707K increase in payroll costs due to adding 4.5 instructional staff and specialist
positions, and taking janitorial services in-house (adding 2)
o $14K increase in miscellaneous operating costs due to increases in commercial
insurance, graduation expenses, and post-season athletic tournaments
o $183K increase in debt service due to the addition of a new student iPad lease and
paying off the old lease
o $79K decrease in contracted services due to moving janitorial services in-house
o $28K decrease in supplies & materials

• Other uses are budgeted to remain flat at $90,000

Fund Balance
• Excess revenues over(under) expenditures are budgeted to be $145,431.
• The beginning fund balance is projected to $1,253,786
• The ending fund balance is projected to be $1,399,217
• The unassigned balance of $1,365,217 represents coverage for 52 operating days.

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