FINANCIAL MANAGEMENT AND BUDGET. At all times from the effective date of this Contract until completion of this Contract, the Contractor shall comply with the administrative requirements, cost principles and other requirements set forth in the State's Financial Management Guide and the Financial Management Section of the State CDBG Guidebook. The Contractor may adjust individual budgeted expenditure amounts without approval of the State; provided that no budget transfers to or between administration budget categories are proposed; and provided that cumulative budgetary lien item changes do not exceed twenty thousand dollars ($20,000.00), unless otherwise specified in the "Budget" section of Exhibit A. Any budgetary modifications that exceed these limitations must be ap- proved by the State through a Contract Amendment as set forth in paragraph 16.c).
FINANCIAL MANAGEMENT AND BUDGET. The Twin Lakes Board maintains a standing Budget and Finance Committee which is tasked with ensuring the school’s financial plans are sustainable and target funds to best support desired student outcomes. Twin Lakes’s fiscal year runs from July through June each year, and the final budget is approved no later than the June Board meeting annually. Budgets are designed to yield positive net income each year to strengthen the school’s fund balance. Currently, Twin Lakes projects to have a fund balance in excess of 20% at the end of Fiscal Year 2021. FY21 Revised Budget FY22 Projected FY23 Projected FY24 Projected FY25 Projected FY26 Projected Total State Revenue 2,687,931 2,786,759 3,248,251 3,733,296 4,212,724 4,544,317 Total Federal Revenue 292,228 122,824 133,243 148,683 150,900 153,162 Total Other Local Sources 3,625 3,625 3,625 3,625 3,625 3,625 TOTAL REVENUES 2,983,785 2,913,209 3,385,119 3,885,604 4,367,249 4,701,105 Administration Total Administration 385,892 384,141 408,588 434,674 457,010 481,059 General Education Total General Education 923,019 1,028,515 1,214,756 1,428,470 1,699,463 1,877,831 State - Special Education Total State - Special Education 624,479 633,158 650,140 667,941 675,938 679,910 Federal Funds Total Federal Funds 292,228 122,824 133,243 148,683 150,900 153,162 Student Support Services Total Student Support Services 261,769 295,011 338,359 381,721 425,592 497,144 Total Operations 344,749 378,105 475,556 668,391 739,109 781,175 Total Fiscal and Other Fixed Costs 9,200.00 18,000.00 18,900.00 19,845.00 20,837.25 21,879.11 TOTAL EXPENDITURES 2,841,336 2,859,753 3,239,542 3,749,725 4,168,849 4,492,161 GENERAL FUND 01 - NET INCOME(LOSS) 142,448 53,455 145,577 135,879 198,401 208,944 Debt Service Coverage Ratio 1.54 1.20 1.46 1.29 1.40 1.39 Beginning Fund Balance 486,991 629,439 682,895 828,472 964,351 1,162,751 Ending Fund Balance 629,439 682,895 828,472 964,351 1,162,751 1,371,695 Fund Balance Percentage 22.15% 23.88% 25.57% 25.72% 27.89% 30.54% Cash on Hand 465,154 518,609 664,186 800,065 998,466 1,207,410 Days Calculation 59.8 66.2 74.8 77.9 87.4 98.1 Cash on Hand w/out Receivables 196,361 239,933 339,361 426,736 577,193 752,978 TOTAL EXPENDITURES 132,698 141,843 142,020 142,200 142,385 142,572 FOOD SERVICE FUND 02 - NET INCOME(LOSS) 9,145 - (177) (358) (542) (730) ALL FUNDS - NET INCOME(LOSS) 151,594 53,455 145,400 135,522 197,859 208,214 SCHOOL STATUTORY PURPOSES:
FINANCIAL MANAGEMENT AND BUDGET. The Board will have a standing Budget and Finance Committee which will be tasked with ensuring the school’s financial plans are prepared for launch. The school’s fiscal year will run from July through June each year, and the final budget will be approved no later than the June Board meeting annually (by June 30). Budgets will be designed to yield positive net income each year to strengthen the school’s fund balance. (three-year projected inserted below) Three-Year Budget Projection, FY19 through FY21 ❑ PRIMARY PURPOSE (M.S. 124E.01): The primary purpose of the charter school is to improve all pupil learning and all student achievement. MEASURE: MCA exams PERFORMANCE STANDARDS / EXPECTATIONS: Academic Performance Standards below. REPORTING: Progress meeting these expectations is a required element of the Annual Report and “World’s Best Workforce” Plan. ❑ STATUTORY PURPOSE II (MS 124E.01): Increase learning opportunities for all pupils. PERFORMANCE EXPECTATIONS – XXXX will continue providing a globally-minded education program to students in the Forest Lake area. The program will include the International Baccalaureate element combined with the bi-lingual, Spanish and Mandarin, language immersion element. The school will also explore ways to further collaborate with international students and educators from Spanish and Mandarin language speaking countries as another way to enhance the international learning opportunities of XXXX students.
