Text Box:               Text Box:   7 Text Box: ST. FRANCIS SCHOOL DISTRICT 2007-2008 Budget Highlights   Budget Changes   The following changes represent the difference between the 2006-07 budget and the preliminary 2007-08 budget.  These changes were made to create a balanced budget. ·        There were two teacher retirements and only one was replaced. ·        The District incurred savings within the Special Education program. ·        There was a reduction of two aide positions in the District.  These were eliminated because the positions were one-on-one with a specific student.  Both of those students will not be returning to the District.  ·        The District’s insurance rates for liability insurance went down.  Unemployment costs decreased as well. ·        The District is anticipating an increase in the number of open enrollment students, which results in more revenue for the District.     Moody’s Rating Report   Last year, the St. Francis School District refinanced their variable rate unfunded liability into a fixed rate investment.  Before this refinance, the District did not have a credit rating.  Moody’s Rating Committee reviewed the District’s information and assigned a rating of A2 to St. Francis School District, WI’s Taxable General Obligation Refunding Bonds.  This is a high rating for school districts and will help to get good rates on loans in the future.     General Fund Revenues   The graph below summarizes the District’s sources of revenue.                                      

State

5,715,659

   43.3%

Local

4,566,181

   34.5%

Open Enrollment/Tuition

2,345,910

   17.8%

Federal

  537,737

     4.1%

Other Revenue

    42,500

       .3%

Totals

13.207,987

100.0%