With a public hearing on its draft budget set for today at 5 p.m., the three schools run by the Crescent City charter management group are projecting a 2014-15 surplus, even as they dip into current-year savings to cover costs for the year ahead.
Akili Academy anticipates a $364,311 deficit on the spending side of the ledger, but has a $1.2 million surplus from the school year just ended.
Paul Habans Charter will outspend its revenues by $51,509, but is carrying almost $527,000 in surplus funds from 2013-14.
Harriet Tubman Charter projects a $1.9 million surplus after carrying forward this year’s $2 million surplus.*
Adding a seventh grade for the 2014-15 year means Akili Academy will receive more in per-pupil funding under the state’s Minimum Foundation Program. Expenses for salaries, employee benefits, purchased professional & technical services, and purchased property services expenses will be little changed, but total supply expenses for 2014-15 are pegged at $435,597, a 33 percent increase from 2013-14.
The other budgeting category where expenses are expected to increase for the 2014-15 school year is “Management Fee and Other Objects,” which includes dues to the management organization that operates the charter, state and local administration fees, and interest on loans. The budgeted $482,525 is 23 percent higher than last year’s figure.
Harriet Tubman forecasts a slight increase in revenue and expenses, from more than $6.3 million in 2013-14 to $6.5 million in 2014-15. Expenses are projected to exceed revenues by about $126,000.*
Paul Habans forecasts slightly lower revenue, having zeroed out the $2 million in donations and contributions that were written into the prior year’s spending plan. Offsetting this decrease is an increase in anticipated public funding. Expenditures for 2014-15 are projected to be almost identical to the past school year.
All three schools pay a fee to the Crescent City charter management group. The fee is projected to increase 20 percent, from $955,500 to $1,149,000 for 2014-15 school year.
Today’s public hearing on the budget is at Akili Academy, 3811 N Galvez St., at 5 p.m. followed by the board’s monthly meeting.*
*Correction: This story had several errors in it. It misstated the location of the public hearing and the meeting, and it incorrectly stated Harriet Tubman’s projected expenses and surplus for the 2014-15 budget year. Those errors have been corrected. The story also incorrectly stated that various expenses at Tubman, including employee benefits, had been drastically cut. That erroneous information has been deleted. (June 19, 2014)