Budget Proposal

2022 - 2023 SY

Through rigorous academics, character development, and strong supports for every learner, Libertas Academy Charter School prepares all sixth through twelfth grade students to succeed within the college of their choice and to be positive, engaged members of their communities.

Our Mission

FY23 Budget Review

• Goals
• Assumptions
• Revenues
• Expenses
• Q&A

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• End FY23 with a surplus (projecting for ~0.5 – 1% of total revenue = appx. $40,000 - $85,000) as program needs allow.

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• Personnel expenses are within reasonable range as a fraction of tuition revenue (70 – 75%).

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• An overall calculated, well-informed budget that meets the needs our growing academic program in our 6^th year of operation.

Key FY23 Goals

• FY23 Tuition Rates to increase to 17,500 per pupil.
• Tuition rates increase from FY22 was 15,678.
• This is a conservative number, if governor budget approved, would be $17,783.

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• One-time COVID Relief Grant to be carried over into FY23.
• FY23 COVID Relief Grant = $462,868.
• FY24 = still have appx. $145,000 remaining if needed for FY24.

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• Adding 10^th Grade: High School.
• Projecting 450 enrollment across 6 grades (6-10)

Key Assumptions

FY23 Budget Review

• Goals
• Key Assumptions
• Revenues
• Expenses
• Q&A

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FY23 Budget

• 450 Enrolled
• $17,500 per pupil
• $1 million + in annual government grants
• Donor Fundraising
• Note: Decrease in grants next year due to some phasing out.

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Overview

[Revenue]

FY23 Budget

• Current Headcount = 85
• Personnel salaries = 71.7% of tuition revenue (within range).
• Other expenses are estimated formulas based on total Personnel salaries.

Personnel

[Expenses]

FY23 Budget

• Less technology summer work due to increased ops team.
• Last minute cabling needs.
• Shift in line item with “reserves”.

Administrative

[Expenses]

FY23 Budget

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• Contract Services – Other Teaching and Guidance & Testing…
• Increase contract servicing needs
• Increase in curriculum purchases/consulting
• Decrease in Instructional Equipment - Majority of FY23 furniture purchases made in FY22.
• Decrease in Classroom Instructional Tech due to purchasing FY23 chromebooks through FY22 ECF Grant

Instructional

[Expenses]

FY23 Budget

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• Contract Services – Other Teaching and Guidance & Testing…
• Increase contract servicing
• Increase in curriculum purchases/consulting
• Decrease in Instructional Equipment - Majority of FY23 furniture purchases made in FY22.
• Decrease in Classroom Instructional Tech due to purchasing FY23 chromebooks through FY22 ECF Grant

Instructional

[Expenses]

FY23 Budget

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• Increase in Athletic Dept. budget/other student activities
• Decrease in transportation; however we are proposing to lease 2 buses (different line item)

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Other Student Services

[Expenses]

FY23 Budget

• Increase in Rent
• Property taxes from 2020 to 2021 (10% buffer)
• Increase in Maintenance / Networking - standard 5% buffer.
• Increase in Rental / Lease - due to proposed lease of 2 buses

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Facility & Other Fixed Costs

[Expenses]

CAP Lease

• This new accounting rule creates a lease liability and works much like a mortgage.

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• The base rent should be $610,157, not $531,102 for FY23

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• This is due to the new lease requirements and is subject to change based on the auditor's feedback once you decide who that will be.

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• Your payment is split between interest and principal now and the asset has to be amortized over the life of the lease.

FY23 Budget Review

• Goals
• Key Assumptions
• Revenues
• Expenses
• Q&A

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Q & A