Page 13 - TownofWestlakeFY25BudgetOrd1005

EXPENDITURES
Budgeted to be $4.3M, which is an increase of $807K from prior year due higher payments for sales tax-paid
debt, as scheduled in the original issuances.

FUND BALANCE
The combined ending fund balance is projected to be $72K for all funds.

WESTLAKE ACADEMY

The Westlake Academy Fund encompasses all teaching and extra-/ co-curricular operating expenditures as well as
State public school funding, local funds, and private donations used to support and enhance the daily operations
of Westlake Academy. Westlake Academy operates under a shared services model whereby the municipal
operations team provides human resources, communications, financial, facilities, information technology, and
administrative support services to the school. Capital maintenance and replacement of infrastructure and
equipment for the school is expensed to the municipal budget.

Due to the hiring of a new Head of School and Board members elected to serve in May, the Academy adopted a
budget of $11.5M in June. As part of the Town’s budget approval, that amount was increased to $11.8M for staff
additions and service level adjustments. These changes are noted separately from the adopted budget
information provided below.

REVENUES
Revenues are budgeted at $11.5M, which is an increase of $374K from prior year.
Enrollment is projected at 880 students
The proposed allotment is flat at $5.4M
Municipal contributions have been increased to $1.5M; this was increased $ 1.7M during the Town’s budget
process to subsidize the additional Academy requests
Westlake Academy Foundation support remains flat at $1.25M

EXPENDITURES
Expenditures are budgeted at $11.5M, which is an increase of $374K from prior year. This increase in expenditures
is due mainly to Board-approved service level adjustments, including staff additions.
The adopted budget included only the required step increases for contracted employees. In July, the Board of
Trustees approved a raise of 2% of the mid-range for contracted employees and a flat 2% increase for all other
staff (approximately $ 180K).
FTEs totaled 119.51, an increase of 1.75 from FY24; this was increased to 120.01, an increase of 2.25.
Maintenance & Operations were held generally flat due to the work by Academy leadership to begin budgeting
at the line item level. This was increased slightly in July ($21K).

FUND BALANCE
The FY25 budget projects an ending fund balance of $511,603, which represents coverage for 16 operating days.
The FY24 amended budget used $613K of unassigned fund balance.

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