Finance/Budget Information & Guidance for New

Transcript:Finance/Budget Information & Guidance for New:
Finance/Budget Information & Guidance for New Charter School Applicants Updated March 18, 2025 Agenda Common Mistakes Section 20 - Budget Section 21 - Financial Management & Oversight Federal & State Assistance Additional funding Websites & Resources Application – Section 20 Budget Applicants are required to use the Charter Support Unit Florida Charter School Budget Template Tool and send a copy to the charter school fiscal oversight financial specialist with edit access granted. https://flcharterinstitute.org/document/budget-template-tool/ The Budget should be tailored to your application and Palm Beach County Provide detailed explanations and support when diverting from the tool https://flcharterinstitute.org/document/budget-template-tool/ Application – Section 20 Budget Common Mistakes Overestimating projected enrollment. Average enrollment of recently opened charter schools in Palm Beach County is 105. Current average enrollment of charter schools Palm Beach County is 460. There are only 5 charter schools with enrollments above 1000. There are only 14 charter schools with enrollments above 500. Application – Section 20 Budget Common Mistakes Inadequate budget (salary and non-salary) to meet the needs of special education or other special program students. Palm Beach County ESE population is 21% (not including gifted). Inadequate budget for teacher salary and benefits. New applicants must be competitive with charter schools in Palm Beach County. Current charter school average salary estimate is $55,620 and benefit rate is 25% Inadequate budget for technology needs. DOE recommends 1 to 1 ratio. Inadequate budget for transportation. Inadequate budget for Governing Board training requirements as required by section 1002.33, Florida Statute, and Rule 6A-6.0784, Florida Administrative Code. Application – Section 20 Budget Common Mistakes Not providing a verification and/or commitment letter for additional funds included in the budget (not including FEFP revenue). If an agreement is not from a financial institution, additional support of financial solvency is required (audited financial statement, provide board minutes, tax returns, etc). Using federal or competitive grant funds, food service, transportation, referendum, and/or afterschool revenues to balance the budget Including capital funds in the first year of operations. Most schools will not meet the conditions in 1013.62 F.S. until the third year of operations Budgeting 100% enrollment without incorporating an adequate reserve Application – Section 20 Budget Common Mistakes Inadequate budget for facilities: Additional support should be provided for per square foot lease rates of less than $12, such as lease agreement. Using the per student facility estimate – there is not enough information for the district to determine whether all