| Consultants' updated budget - March 4, 2009| KBCHS - Draft Budget Summary | | | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | 5 Years | | Students | 125 | 200 | 300 | 350 | 375 | | | Revenue | $794,783 | $1,303,444 | $2,004,045 | $2,396,504 | $2,631,875 | $9,130,652 | | Total Expenses (excl. facil.) | $880,139 | $1,368,613 | $2,007,847 | $2,298,085 | $2,529,521 | $9,084,205 | | P&L Operations | -$85,356 | -$65,169 | -$3,802 | $98,420 | $102,354 | $46,446 | | | | | | | | | | Grants | $250,000 | $75,000 | $0 | $300,000 | $0 | $625,000 | | | | | | | | | | P&L Operations & Grants | $164,644 | $9,831 | -$3,802 | $398,420 | $102,354 | $671,446 | | | | | | | | | | Other Potential revenue | | | | | | | | PTSA | $0 | $0 | $0 | $0 | $0 | $0 | | Private Contributions | | | | | | | | After school programs | | | | | | | | Naming rights | | | | | | | | Other | | | | | | | | Total Other potential revenue | $0 | $0 | $0 | $0 | $0 | | | | | | | | | |
Notes: 1.- Consultants' budget does not include expected contributions from parents or after-school programing. 2.- A very conservative 5% property appreciation on the first 5 years of the school would increase Village's revenue by an estimated $9.5M, more than offsetting capitalization payments. See details here. Notes on budget: Draft Operational budget has been revised based on feedback from workshop. All potential contributions, such as parents, private, naming rights, after school programs, etc. have been removed from the budget. Any of these potential revenues would enhance school's programming. Facilities costs are for the recommended 25,000 sq. ft. facility and its maintenance have been included as a place holder as these numbers may vary substantially. Estimated construction cost of a new facility at $250 per square foot would total approximately $6,250,000. Total capitalization of $6,950,000 includes construction costs, school planning ($300,000) and start-up expenses ($400,000) IB certification fee, teachers training for all teachers and exam fees have been included. Estimate is for 50% of students to pursue the IB diploma.
IB program coordinator / counselor has been added. Faculty has been updated to incorporate a more traditional curriculum. ESE teachers have been adjusted to reflect 10% allocation of ESE students in revenue calculator. One administrator has been added for a total of 2.
Books have been adjusted and included in capital equipment depreciation (3 years life span)
Janitorial services have been included (9 months per school year)
Funding for sports programs have not been included in the budget. Students interested in joining competitive sport can participate in the Coral Gables Senior High sports programs. It would be expected that students would continue to participate in the Village’s sport programs as they do today. Detailed budget: | Key Biscayne Charter High School - DRAFT Budget | | | KBHS enrollment targets: | | | | | | | | | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Notes | | Grade | 2009 - 2010 | 2010 - 2011 | 2011 - 2012 | 2012 - 2013 | 2013 - 2014 | | | 9 | 75 | 75 | 100 | 100 | 100 | | | 10 | 50 | 75 | 75 | 100 | 100 | | | 11 | | 50 | 75 | 75 | 100 | | | 12 | | | 50 | 75 | 75 | $ / student | | Total | 125 | 200 | 300 | 350 | 375 | $ 6,358 | | | | | | | | | | Principal | 1 | 1 | 1 | 1 | 1 | | | Teachers | 6 | 10 | 15 | 17 | 19 | | | ESE Teachers | 1 | 1 | 2 | 2 | 2 | | | Total teachers | 7 | 11 | 17 | 19 | 21 | | | ESE Assistants | 1 | 1 | 2 | 2 | 2 | | | Teacher Assistants | 2 | 3 | 4 | 4 | 4 | | | IB Program coordinator | 0 | 1 | 1 | 1 | 1 | | | Total faculty | 11 | 17 | 25 | 27 | 29 | | | | | | | | | | | Students/Faculty ratio | 11 | 12 | 12 | 13 | 13 | | | Students / Cert. Teach | 18 | 18 | 18 | 18 | 18 | | | | | | | | | | | | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 1 - 5 | | FTE Revenue | $794,783 | $1,303,444 | $2,004,045 | $2,396,504 | $2,631,875 | $9,130,652 | | | | | | | | | | Expenses | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | 2.5% | | M-DCPS Admin. Fee | $39,739 | $65,172 | $100,202 | $119,825 | $131,594 | 5% | | Teachers | $282,000 | $481,750 | $740,691 | $860,436 | $985,705 | $47,000 | | ESE Teachers | $52,000 | $53,300 | $109,265 | $111,997 | $114,797 | $52,000 | | ESE Teacher Assistants | $25,000 | $25,625 | $52,531 | $53,845 | $55,191 | $25,000 | | Principal | $95,000 | $97,375 | $99,809 | $102,305 | $104,862 | $95,000 | | Admin. Assistant (2) | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | $60,000 | | Teacher Assistants | $50,000 | $76,875 | $105,063 | $107,689 | $110,381 | $25,000 | | IB coordinator / Counselor | $0 | $51,250 | $52,531 | $53,845 | $55,191 | $50,000 | | Fringe Benefits | $141,000 | $211,919 | $305,732 | $338,682 | $373,089 | 25% | | Professional Develp. | $4,800 | $8,000 | $12,000 | $13,600 | $15,200 | $ 800 | | Contract Serv. Counselor | $12,500 | $20,000 | $30,000 | $35,000 | $37,500 | $ 100 | | Subst. Teachers | $14,100 | $24,088 | $37,035 | $43,022 | $49,285 | 5% | | Capital / Tech /Books. Amort. | $0 | $48,510 | $116,820 | $170,445 | $194,370 | 33% | | Class & Office Supplies | $14,000 | $22,000 | $34,000 | $38,000 | $42,000 | $2,000 | | IB annual fee | | | $9,100 | $9,100 | $9,100 | | | IB Diploma test | | | | $23,438 | $23,438 | $625 | | IB Teacher Cert. | | $12,000 | $6,000 | $2,400 | $2,400 | $1,200 | | Janitorial Svcs | $27,000 | $27,675 | $28,367 | $29,076 | $29,803 | $3,000 | | Payroll, Accounting | $18,000 | $18,450 | $18,911 | $19,384 | $19,869 | $2,000 | | Phone / Comm. | $5,000 | $6,000 | $7,500 | $10,000 | $11,000 | | | Utilities | $12,500 | $20,000 | $30,000 | $35,000 | $37,500 | $100 | | Insurance (prop. & Liab.) | $10,000 | $12,000 | $14,000 | $16,000 | $18,000 | | | Ind. Fin. Audit | $5,000 | $5,125 | $5,253 | $5,384 | $5,519 | $5,000 | | Other | $12,500 | $20,000 | $30,000 | $35,000 | $37,500 | $100 | | Total Expenses | $880,139 | $1,368,613 | $2,007,847 | $2,298,085 | $2,529,521 | $9,084,205 | | | | | | | | | | P&L Operations | -$85,356 | -$65,169 | -$3,802 | $98,420 | $102,354 | $46,446 | | | | | | | | | | Grants | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 1 - 5 | | Plan. & Prog. Design | $25,000 | | | | | $25,000 | | 1st year impl. Grant | $225,000 | | | | | $225,000 | | 2nd year impl. Grant | | $75,000 | | | | $75,000 | | Construction Grant | | | | $300,000 | | $300,000 | | Total Grants | $250,000 | $75,000 | $0 | $300,000 | $0 | $625,000 | | | | | | | | | | P&L Operations and grants | $164,644 | $9,831 | -$3,802 | $398,420 | $102,354 | $671,446 | | | | | | | | | | Accumulated P&L Operations and Grants | $164,644 | $174,475 | $170,672 | $569,092 | $671,446 | | | | | | | | | | | Other potential revenue (not included in P&L) | | | | | | | | PTSA & KBEF | $0 | $0 | $0 | $0 | $0 | $ - | | After School Programs | $0 | $0 | $0 | $0 | $0 | $ - | | | | | | | | | Capital equipment | | | | | | | | Startup | $0 | | | | | | | Class equip. / technol. | $0 | $112,500 | $150,000 | $75,000 | $37,500 | $1,500 | | Science labs | $0 | $10,000 | $25,000 | $25,000 | | | | Books | | $22,500 | $30,000 | $52,500 | $30,000 | $300 | | Office Equipment | $0 | $2,000 | $2,000 | $10,000 | $5,000 | | | New Capital equipment | $0 | $147,000 | $207,000 | $162,500 | $72,500 | | | Value of Capital equipment | $0 | $147,000 | $354,000 | $516,500 | $589,000 | | | Accumulated - Deprec. | $0 | $48,510 | $165,330 | $335,775 | $530,145 | | | | | | | | | | Budget assumptions: | | | | | | | | Start up expenses: | | | | | | | | Pre-opening operating | | | | | | | | Start up coordinator 6 months | $26,664.00 | Feb - July | | | | | | Principal - 6 months | $57,950.00 | Feb - July | | | | | | Teachers - 1 month | $33,956.67 | | | | | | | Recruitment / Advertisement | $15,000.00 | | | | | | | Office supplies | $5,000.00 | | | | | | | Sub-Total operating | $138,570.67 | | | | | | | | | | | | | | Capital equipment | | | | | | | | Class equip. / technol. | $187,500.00 | $1,500.00 | | | | | | Science labs | $15,000.00 | $15,000.00 | | | | | | Office Equipment | $20,000.00 | | | | | | | Books | $37,500.00 | $300.00 | Per set of grade books | | | | Sub-Total Cap. Equip. | $260,000.00 | | | | | | | | | | | | | | Total start up expenses | $398,570.67 | | | | | |
Conclusions on budget:
We feel confident that school operations (excluding facilities) can be self-funded while providing a high-quality education worthy of Key Biscayne’s expectations. However, and as stated in page 9 of our Feasibility Report, “we assume the debt service coverage for construction will be picked up by the Village, using a similar model as was used for the Community Center.” Furthermore, we are also confident that property appreciation would produce incremental revenue to more than offset loan amortization and maintenance of facilities. In addition, we would expect parent and private contributions, fundraising and naming rights would produce additional revenue to continue enhancing the quality of the school. Per student funding to charter schools is expected to increase under the new administration, with some special funding, such as construction and modernization, going to schools already in operation. Back to summary of updated report. |
