Pursuant to KRS 61.810 (1) the Board may go into executive session.

The Board of Education is required to approve a close estimate Working Budget for all funds by September 30th of each year.  Each of the funds is balanced with anticipated expenditures equaling anticipated revenue.  Special Revenue includes all new projects for FY2019. Building Fund, Capital Outlay Fund, Food Service Fund, Debt Service Fund, and Daycare Fund are also presented in this Working Budget.

     Since the 9/13 informational meeting, the following revisions have been done to the budget:

1. Title 1, Title IIA and Title IV Budgets (fund 2) have been revised to reflect current salaries and non-personnel needs for each program.

2. General fund (fund 1) has been revised to reflect current salaries.  Some general fund staff at the deadline for the 9/13 informational meeting had estimated salaries.  The district has to wait for verifications from other school districts before it is determined how much the person will make within our district.  Some of those verifications have come in and the budget now reflects the correct salary for some employees.

3. General fund and fund 2 budgets have been revised due to page 3 of the salary schedule being approved at the 9/13 board meeting.

                  

• BUDGET TO USE OVER THE SUMMER FY19
• working budget 2019 for 9-27-18 approval board meeting

Budget Narrative for August FY2019 monthly financial statement:

1. General fund (fund 1) – as of 8/31/18, revenue received of 13.9 million with expenses of 3.8 million. 

2. Special revenue (fund 2) – as of 8/31/18, revenue received of $857,000 with expenses of $746,000.  Many grants in fund 2 are on a reimbursement basis.  Money is requested after the expenses have occurred.  There is a delay on receiving fund 2 revenue. 

3. Capital outlay (fund 310) - as of 8/31/18, revenue received of $165,000 with expenses of $0.  The state does not provide all the capital outlay funding until the end of the fiscal year.  This fund is used to pay the district’s bond payments.  Bond payments occur throughout the whole fiscal year under fund 400 (new for FY’13 per KDE).  Money will be transferred out of capital outlay into the debt service fund throughout the fiscal year. 

4. Building fund (fund 320) - as of 8/31/18, revenue received of $270,000 with expenses of $0.  This fund is used to pay the district’s bond payments.  Bond payments occur throughout the whole fiscal year under fund 400 (new for FY’13 per KDE).  Money will be transferred out of building fund into the debt service fund throughout the fiscal year. 

5. Construction fund (fund 360) - as of 8/31/18, revenue received of $0 with expenses of $507,000.  This fund is used to pay for the district’s construction projects. 

6. Debt Service fund (fund 400) – as of 8/31/18, revenue received of $0 with expenses of $97,500.  See detailed explanation under capital outlay and building fund.

7. Daycare fund (originally fund 50 – switched to fund 52 in February per KDE) – as of 8/31/18, revenue received of $740 with expenses of $18,000.  Revenue comes in throughout the fiscal year.

8. Food service fund (fund 51) – as of 8/31/18, revenue received of $1,259,000 with expenses of $134,000. 

• August 2019 financial report
• balance sheet August 2019

• Warrants for September 2018 board meeting

Transportation is requesting to purchase two buses - an 84 passenger conventional bus and a 66 passenger special needs bus.  Approximate cost of these buses is $240,000.00. The two new buses will be replacing bus #8 and bus #11. Bus #8 is a 2004 special needs bus with 65,385 miles and bus #11 is a 2006 conventional bus with 119,302 miles. The body on both buses are rusting in spots. The state department recommends replacing buses in 12 years. The allocation is included in the Working Budget FY2019 that is up for approval at this meeting.

• Bus Quote_ 84 Passenger_COVINGTON INDEPENDENT 84 PASSENGER HDX.pdf
• Bus Quote_Handicap_COVINGTON INDPENDENT C-2 HANDICAP 250HP 3000pts.pdf

Three (3) secondary level students have been determined to require a shortened school day through the special education process.

Student 1940701251 and student 1946016092 have significant health and/or behavioral issues that decrease their ability to endure a full school day.

Student 1947861538 has significant mental health and related behavioral issues which would cause a safety risk on the campus if the student attended full time. The student will attend the first 3 periods of the day in order to complete his needed credits for graduation.