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The Budget

For the 2013-14 fiscal and school year.

June, 2013 Compiled by the Finance Department and Office of Communications


Minneapolis Public Schools
Special School District No. 1

Board of Education
Alberto Monserrate, Chair
Jenny Arneson, Vice Chair
Richard Mammen, Clerk
Rebecca Gagnon, Treasurer
Carla Bates, Director
Kim Ellison, Director
Hussein Samatar, Director
Tracine Asberry, Director
Josh Reimnitz, Director


Superintendent of Schools
Bernadeia H. Johnson, Ed. D.
www.mpls.k12.mn.us

Table of Contents


Letter from the Superintendent ..................................................................................................................3
Letter from Chief Financial Officer ..............................................................................................................4
District Overview .......................................................................................................................................... 5
Our Students .................................................................................................................................................6-8
Our Facilities ..................................................................................................................................................9
Understanding the Budget Cycle .................................................................................................................10
Establishing the 2012-13 Budget ...................................................................................................................10-14
General Fund .................................................................................................................................................15
General Fund Revenue Details ...................................................................................................................16-17
Categorical Summary ....................................................................................................................................18
School Allocation Methodology ...................................................................................................................19
Central Office Allocations .............................................................................................................................20
Relationship of School and Department Budgets .......................................................................................20-21
General Fund Expenditures by Program ......................................................................................................23-24
General Fund: Expenditure Details by Object ..............................................................................................25
Referendum ...................................................................................................................................................26
Integration Plan..............................................................................................................................................27-28
Title I Allocations 2012-2013 ...........................................................................................................................29
Community Services ......................................................................................................................................30
Food Services .................................................................................................................................................31
Capital Projects ..............................................................................................................................................32
Debt Service ...................................................................................................................................................33
Minimum Debt Payment Schedule ...............................................................................................................34


June 2013
Dear Minneapolis Public Schools Community Members,
After months of making difficult decisions and robust budget cuts, we are pleased to present to you a balanced
budget for fiscal year 2014 (FY14). We continue to invest in our core strategies and remain committed to our vision of
ensuring that all MPS students graduate from high school prepared for college, career and life.
Our school district faced a $25 million shortfall. Tough choices were made to meet our goal of adopting a structurally
balanced budget that aligns with our operational strategies while keeping any reductions as far from the classroom
as possible. Additionally, the school district can no longer afford to continue the practice of using reserve funds to
address budget deficits. The FY14 budget is balanced, fiscally responsible and sustainable.
As stewards of public funds, we must make tough choices in the best interests of our students. I would like to thank
all of you for the feedback and passion on this important issue.
Sincerely,




Bernadeia H. Johnson, Ed.D.
Superintendent of Schools


Dear Members of the Minneapolis Public Schools Community:
We began the fiscal year 2014 (FY14) budget process with the goal of adopting a structurally balanced budget that
would align with our operational and strategic priorities and keep reductions as far from the classroom as possible.
The FY14 budget is balanced without drawing from our reserve fund, also known as the fund balance. A structurally
balanced budget, one in which expenses do not exceed revenue, is essential for the long-term health and stability of
our school district.
The primary reductions in the FY14 budget come from cuts to central office departments. Reductions in the central
office had to be examined critically to understand the impact on students, schools and families. Direct allocations to
central office departments decreased by $19.7 million while direct allocations to schools increased by $2.9 million.
Department allocations to schools increased by $5.9 million and department allocations providing direct services to
students and schools increased by $865,000. For comparison, in FY13, 55.95 percent of the budget was in direct
allocations to schools; in FY14, 57.85 percent of the budget is in direct allocations to schools.
Even so, individual schools faced real reductions and had to make hard choices. These reductions are primarily a
result of three variables: funding being spread across more students, resulting in a lower funding amount per pupil;
a $1.2 million decrease in Title I funding, resulting in a lower funding amount per pupil; and shifts in enrollment and
program placement that create a change in the distribution of resources.
While our work to structurally balance the FY14 budget provides us with a strong foundation for future years, our
budget proposal contains some risk. We will be in contract negotiations; as a result, labor cost projections may
change. In addition, we made serious cuts in some central office budgets that will be challenging to implement.
We are already looking ahead to budget planning for next fiscal year even as we present the FY14 budget to the
Minneapolis Board of Education for approval. Achieving a structurally balanced budget, we are better positioned for
the next budget cycle. We have formed a Citizens Budget Advisory to help inform the next cycle and we look
forward to continuing to work with our schools, departments, community members and stakeholders to support
student achievement through stable funding systems.
Respectfully,


Robert Doty
Chief Financial Officer

District Overview
Minneapolis Public Schools promises an inspirational education experience in a safe, welcoming environment for all
diverse learners to acquire the tools and skills necessary to confidently engage in the global community.
Our Mission: To ensure that all students learn. We support their growth into knowledgeable, skilled and confident
citizens capable of succeeding in their work, personal and family lives into the 21st century.
Our Vision: Every child college and career ready.



Our Students
Minneapolis Public Schools (MPS) is a major urban school district with a diverse and complex body of students. Our
diverse community is one of our greatest assets. We work to support over 34,000 students and their families from
around the world who call Minneapolis home. We believe that our urban educational experience prepares students
to become active, continuously learning and contributing global citizens. We are committed to assuring that every
student graduates college and career ready.

The state of Minnesota uses a weighted student formula for enrollment-based revenue streams, providing different
funding for students at different grade levels. The current weights are:
Kindergarten = 0.612
Grades 1-3 = 1.115
Grades 4-6 = 1.06
Grades 7-12 = 1.3

Enrollment-based revenue streams are based on a formula using Weighted Average Daily Membership. The school
district reports how many students at each grade level are enrolled each day. Our revenue is based on the weighted
average. The state uses an adjusted marginal cost pupil unit (AMCPU) formula to soften the impact of declining
enrollment.

MPS enrollment is projected to increase every year for the next ten years, resulting in increased revenue from
enrollment based sources.

Enrollment projections are based on birth rate in the city of Minneapolis and historical MPS enrollment trends. MPS
is currently reviewing its model for developing and using enrollment projections to ensure that the Board of
Education and District leadership have the most accurate information possible for planning.
















Ten Year Enrollment Projections
MINNEAPOLIS

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

Kindergarten

3449

3402

3381

3311

3282

3309

3309

3309

3309

3309

3309

Grade 1

3201

3324

3278

3258

3191

3163

3189

3189

3189

3189

3189

Grade 2

3060

3117

3236

3192

3172

3106

3079

3105

3105

3105

3105

Grade 3

2999

2988

3043

3160

3117

3097

3033

3007

3032

3032

3032

Grade 4

2680

2958

2947

3001

3116

3074

3055

2992

2966

2990

2990

Grade 5

2594

2593

2862

2852

2904

3015

2974

2956

2895

2869

2893

Grade 6

2440

2469

2468

2724

2714

2764

2870

2831

2813

2755

2731

Grade 7

2361

2405

2433

2433

2685

2675

2724

2829

2790

2773

2716

Grade 8

2192

2329

2372

2401

2400

2649

2639

2688

2791

2753

2736

Grade 9

2164

2273

2416

2461

2490

2489

2747

2737

2788

2894

2855

Grade 10

2131

2102

2209

2347

2391

2419

2418

2669

2659

2708

2812

Grade 11

1938

1991

1964

2064

2193

2234

2260

2259

2494

2485

2530

Grade 12

2259

2197

2258

2227

2340

2486

2533

2563

2562

2827

2817

Total-Graph Below

33468

34148

34868

35430

35994

36481

36831

37132

37390

37688

37713

680

719

562

564

487

350

301

258

298

25

2.03%

2.11%

1.61%

1.59%

1.35%

0.96%

0.82%

0.70%

0.80%

0.07%

Change
% Change

Projected Enrollment
39000
38000
37000
36000
35000
34000
33000
32000
31000


MPS has a greater concentration of students eligible for free/reduced priced meals, students receiving Special
Education services and English Learners than the state as a whole. These students generate additional revenue so
that MPS may support them with the additional services they need.
7

Support Services Received by Students


Based on 2012 Data from the Minnesota Department of Education

MPS

Minnesota

Students Eligible for Free/Reduced Priced Meals

65.5%

37.2%

Special Education Students

18.7%

14.9%

7.7%

English Learners

SpecEd

67.0%

25.00%

66.0%

20.00%

65.0%

15.00%

64.0%

10.00%

63.0%

1/1/2012

1/1/2011

1/1/2010

1/1/2009

1/1/2008

1/1/2007

1/1/2006

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

0.00%
2001

61.0%

1/1/2005

5.00%

62.0%

1/1/2004

68.0%

% Students Eligible for Free/ Reduced


Priced Meals in Fall of each year

1/1/2003

69.0%

23%

% MPS Students Eligible for ELL


Services Fall
25%

% ELL

20%
15%
10%

0%

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

5%

16 percent of MPS K-12 students are


eligible for State English Learner
revenues.
32.2 percent of MPS K-12 students speak
a H ome Language Other Than English.

Our Facilities
Resources that support the academic growth of our students and staff include the facilities that foster educational
and professional growth. MPS owns and operates 77 sites comprising 8.4 million square feet in FY14.
50 elementary schools
10 middle schools
7 high schools
2 other academic sites
8 non-academic sites
Thirteen currently closed sites total approximately 1,076,000 square feet.
Howe will reopen in August 2013.
Four sites are leased and generating revenue: Franklin, Hamilton, Tuttle and Lincoln.
Seven sites are closed and vacant: Cooper, Gordon, and ESC at 807, Northrop, Shingle Creek, Webster,
Willard.
MPS has sold four sites in the last four years:

Morris Park: 2/4/2009


Putnam: 6/8/2009
Holland: 6/30/2010
Lehmann: 12/23/2011

Sale Offers have been received/accepted on three


sites:

Northrop
807 Broadway

Understanding the Budget Cycle


The School Districts budget cycle is a continuous, multi-step process that spans multiple years.
The decisions made in each step determine the options available in the following steps.
May

October
December

February

March

June



October-
November

The School District submits a three year Capital Plan to the Minnesota Department of Education.
The Capital plan determines the funds needed for the Capital Services portion of the levy and the
amount of bonds the School District will need to issue.

The School District updates its enrollment, revenue and expense projections for the following year.

The Board certifies the property tax levy. The levy consists of revenue for the General Fund,
Community Services, the Capital Fund and Debt Service. The district must consider the priority
needs in each of these four areas, the impact of decisions on future years; and the property tax
burden on the taxpayers of Minneapolis.

The debt service portion of the levy is determined by the amount of bonds the district has issued.
Most bonds require 15 years of debt service. Debt service issued on bonds sold in the fall typically
begins in the following fiscal year. The needs in these areas must be balanced with the need for
general fund revenue for the core work of schools.

The School District determines its preliminary budget for the following year. In budget years for
State Government, including Spring 2013, the preliminary budget is based on state allocation
projections. Allocations must be made before the State Government has completed its work so
that schools and departments can make program and staffing decisions in a timely manner.

The School District makes allocations to schools and departments. Schools and departments
determine their budgets within the parameters provided by the funding sources and the district.

The School District adjusts its budget to reflect State Government action.

The School Board adopts the final budget.

The School District sells the bonds that were agreed upon as part of the previous Mays Capital
Plan and the levy certification process.

Establishing the 2013-2014 Budget


Enrollment and Revenue Assumptions
In making revenue projections, MPS assumed the following:

Enrollment will increase by 680 students. A detailed description of grade by grade changes can be found on
page 7.
A 5 percent decrease in federal funding.
Basic formula will increase by $78 per pupil, from $5224 to $5302.


10


Expenditure Assumptions

Benefits continue to be budgeted at 31 percent of salary.

The amount budgeted for the average teacher salary remained $66,412. As enrollment stabilizes and
senior teachers retire, the average length of teachers years of service has decreased and the average
salary should remain relatively flat.

Actual salaries were budgeted for positions and Minneapolis Association of Administrators and Consultants
(MAAC), Minneapolis Associations of Confidential Administrators (MACA), and Executive Leadership Team
(ELT) contracts. Average salaries were used for all other positions.

Risks

Retirements and new hires may not be enough to hold the average teacher salary constant.
Labor contracts have not been settled and therefore labor costs are uncertain and likely to increase.
Department budgets are planned based on history and projected changes. Factors outside the school
districts control will impact actual expenditures (i.e. weather and fuel costs impact utility costs).
We have not received our Federal Title allocations and they may differ.
Some department budgets assume restructuring that will require negotiated changes in contracts to
implement.
Utilities are budgeted under projected costs because projections have been higher than actuals for the past
several years.

Priorities Reflected in the 2013-2014 Budget


The budget invests in the school districts strategic priorities.
Investments in the classroom:

Supporting quality teaching by building a robust teacher evaluation system.


Focused instruction, including Response to Intervention.
English as a Second Language teachers and other supports for English Learners.
Reading and math specialists.
Instructional leadership development.
Maintain class size targets.
Integration revenue was redirected to focus more clearly on programs providing the direct service to
students.

Investments in infrastructure and support systems to assure effective and efficient operations:

Data systems.
Building instructional leadership capacity.
Integration will be used to fund evaluation of programs to determine which programs are making the
greatest contribution toward achieving our goals.


11


Contingency and Staff Adjustment
One million dollars is being set aside to make targeted allocations to schools once needs are assessed in the fall.
Two million dollars is reserved to make adjustments to school staffing based on student enrollment in the fall. There
is also $130,000 set aside to address mental health issues at sites in collaboration with Hennepin County.
Fund Balance
The district is pleased to have a balanced budget that does not rely on fund balance for the first time in several
years.

A fund balance allows the school district to manage risk and to respond to unforeseen circumstances without having
to borrow money. We assess risk to determine the fund balance MPS needs. If the fund balance is too large, we
might be unduly restricting services for todays students. If the fund balance is too small, we will not be able to
manage risks.

In general, the more risk a school district faces the larger its fund balance should be. Examples of current risks are:
Cuts in state aid;
State aid funding shifts;
Contract settlements; or
Unusually cold winter with higher than predicted utilities costs.
The fund balance can grow in two ways: 1) The school district may plan to increase the fund balance when it is too
low; 2) the fund balance also grows if revenues exceed expenses. In recent years, MPS budgeted expenditures have
been higher than actual expenditures. Several factors can contribute to this type of variance, including changes in
revenue and expenditure for grants and inaccurate projections for average salaries and benefits.
Some funds are reserved by law in the fund balance and can only be used for specified purposes. The school district
assigns some funds for specific projects or services.
MPS policy states that the general fund unassigned/unreserved fund balance must be at least 8 percent of budgeted
expenses, with an annual review to assess risk and increase the targeted level of fund balance, if appropriate. Using
2009 data, a comparison of 20 districts with risks comparable to MPS showed that the average fund balance was 16
percent and mean was 15 percent. Financial
experts recommend a fund balance between
8 percent and 15 percent depending on the
amount of risk. A fund balance of 12 percent
provides about six weeks of operating
expenses.
The school district projects that it will have a
balance of $63.0 million in the unassigned
General Fund for risk management. This will
be 12 percent of the school districts
budgeted expenses.
12

All Funds Summary Fund Balance


June 30, 2012


Audited Fund
Balance

Forecasted
FY 13
Fund Balance
Change

Transfer

July 1, 2013
Projected
Fund
Balance

FY 2014
Revenues

FY 2014
Expenditures

June 30, 2014,


Projected
Fund Balance

General Fund

$128,696,003

($16,700,000)

($26,104,494)

$85,891,509

$524,944,868

$524,944,868

$85,891,509

Food Service

$4,234,725

($1,533,454)


$2,701,271
$18,570,726
-

$19,225,145

$2,046,852

Community
Service

$2,662,561

$993,258


$3,655,819
$23,793,028
-

$24,524,971

$2,923,876

Capital Projects

$26,787,244

$4,907,192

$26,104,494

$57,798,930

$67,500,000

$55,000,000

$70,298,930

Debt Service

$28,649,043

$5,187,928

$33,836,971

$73,839,927

$95,650,123

$12,026,775

Total All Funds

$191,029,576

($7,145,076)

$183,884,500

$708,648,549

$719,345,107

$173,187,942

2013-14 Budget : All Funds


Debt Service
7%

Capital Projects
40%

Community Service
2%

General Fund
50%

Food Service
1%




13


2013-14 Budget: All Funds Summary

FY 2014
Revenues

FY 2014
Expenditures

General Fund

July 1, 2013,
Projected
Fund Balance
$85,891,509

June 30, 2014,


Projected
Fund Balance
$ 85,891,509

$524,944,868

$524,944,868

Food Service

$2,701,271

$18,570,726

$19,225,145

$2,046,852

Community Service

$3,655,819

$23,793,028

$24,524,971

$2,923,876

Capital Projects

$57,798,930

$67,500,000

$55,000,000

$70,298,930

Debt Service

$ 33,836,971

$73,839,927

$95,650,123

$12,026,775

Total All Funds

$183,884,500

$708,648,549

$719,345,107

$173,187,942

All Funds % of Fund Balance


Debt Service
7%

Capital Projects
40%

Community Service
2%

General Fund
50%

Food Service
1%

14

General Fund
The general fund is the primary operating fund of the school district.
Major sources of revenue include property taxes, miscellaneous local revenues and state aid.
Expenditures include expenses of the school district such as salaries, supplies/materials, contractual services,
utilities, transportation and other operating expenses. Expenditures are accounted for by programs related to
administration, instruction, instructional support, maintenance, student support, transportation and
facility/operating costs.
Grant funds are also included within the general fund. These numbers account for the revenue and expenditure
activities related to specific grants and projects funded through federal and state sources or other outside agencies.
These numbers also include Elementary and Secondary Education Act (ESEA), formerly called No Child Left Behind
(NCLB), as well as federal special education dollars.

General Fund: Summary


Actual
FY 2012


* Beginning Fund Balance

Forecasted
FY 2013

Budgeted
FY 2014

$ 129,022,584

$ 128,696,003

$ 85,891,509

$502,036,712

$518,300,000

$524,944,868

Total Revenue

$ 631,059,296

$ 646,996,003

$ 610,836,377

Annual Expenditures

$ 502,363,293

$535,000,000

$524,944,868

Annual Revenue

FY 13 Projected Fund Balance


Transfers

* Ending Fund Balance

$ 128,696,003

-$26,104,494
$ 85,891,509

-
$ 85,891,509

* Beginning and ending fund balances include unrestricted and restricted dollars.

Restricted Reserves
Unreserved/Unrestricted Fund
Balance

$ 65,175,098

$ 21,691,509

$ 22,891,509

$ 63,520,905

$64,200,000

$ 63,000,000

The transfer moves the general fund balance to capital services (fund 6) to pay for capital improvements as part of
the already approved Planning for Changing Enrollment plan.


15

General Fund: Revenue Details


Below is an explanation of how the school district gets its general fund dollars.

Source
Examples
Local
There are two types of property tax levies:



1. Voter determined.
Referendum


Property
2. Levies set by the school board, within limits Safe schools levy
taxes
set by the state legislature. In some
Alternative facilities
instances, if the school board does not levy Health and Safety
the full amount the legislature allows, the
Integration
district also loses state aid.

Other sources of revenue; see examples.
School-funded projects
Gifts
Misc.
Rent
Grants
State Aid
The basic formula is an amount per pupil. The
amount varies depending on the grade level of
the students:

Basic
Kindergarteners: .612
Formula
Grades 1-3: 1.115
Grades 4-6: 1.06
Grades 7-12: 1.30

Categorical aid is aid for specific purposes and it
comes in three types:

1. Based on the weighted pupil formula.
Gifted and Talented

Alternative Compensation
Categorical
2. Based on student characteristics, such as
Limited English Proficiency
Aid
eligibility for ELL services or free/reduced
Compensatory Education
priced meals.
Integration Aid


3. Partial reimbursement for services.
Special Education

Federal
The federal government provides funding to
ESEA:
school districts that first flows through the
Title I
state. The two largest are funds for the
Title II
Federal
Elementary and Secondary Education Act (ESEA, Title III
currently known as NCLB) and the Individuals

with Disabilities Act (IDEA), which provides
IDEA
funds for Special Education services.

16


General Fund: Revenue Details

Revenue Details
Local
Property Taxes
Misc.
State Aids
Basic Formula
Compensatory
ELL
Special Education
Other
Federal
Transfers
Total Revenue

Actual
FY 2011

Actual
FY 2012

Forecasted
FY 2013

Budgeted
FY 2014

$ 101,983,972
$25,270,000

$ 91,907,674
$ 25,329,569

$ 102,081,427
$23,355,350

$ 100,130,963
$25,893,450

$ 189,128,736
$50,318,035
$4,687,200
$55,359,373
$31,384,633
$ 70,606,258
-
$ 528,738,207

$ 190,091,714
$53,017,925
$ 4,465,000
$ 55,926,044
$29,971,738
$45,871,099
$5,455,949
$ 502,036,712


$ 195,329,539
$53,273,862
$4,465,000
$58,283,075
$31,702,411
$50,209,336
-
$ 518,700,000

$ 207,133,198
$55,187,170
$4,560,000
$60,395,564
$27,435,187
$44,209,336
-
$ 524,944,868

General Fund: Revenue Detail


Other
5%

ELL
1%

Federal
8%

Special
Education
12%
Compensatory
11%

Property Taxes
19%

Misc.
5%

Basic Formula
39%

17

Categorical Revenue: Summary


Almost half of the school districts general fund revenue is categorical aid, meaning that its use is restricted.
Categorical Revenue Summary
Referendum

$66,406,306

Integration Aid

$15,489,240

Compensatory Aid

$55,187,170

LEP

$4,560,000

Special Education

$60,395,564

Federal/Grants

$44,209,336

Extended Time

$10,168,164

Non-Categorical Revenue

$268,529,088

Total Revenue


$524,944,868

Resources committed by the school district to class size,


early literacy, technology, textbooks, science and math.
Programs funded with integration aid must support the
goals of closing the achievement gap and increasing racial
interaction.
State statute identifies 10 uses for compensatory aid funds.
View here.
State Limited English Proficiency (LEP) funds must be used
to support the education of English Learners.
State and federal education dollars may only be used for
special education services.
Federal funds must supplement, not supplant, state and
local dollars. Restrictions on use depend on the specific
grant.
Extended time dollars support credit recovery and
academic support for qualifying students through after-
school and summer school programs.


2013-14 Categorical Revenue: $524.9 million


Referendum
13%
Integration Aid
3%
Compensatory Aid
11%
Non-Categorical
Revenue
51%

Extended Time
2%

LEP
1%
Special Education
11%
Federal/Grants
8%

18

School Allocation Methodology


The school district defines core expectations for each grade configuration and provides each school with a budget
allocation. The principal and site leadership team determine how to use the budget based on core expectations and
specific student needs and program priorities at the individual schools.
View the allocations for each school. (Click on the school allocations tab at the bottom of the spreadsheet.)

Allocations were determined using the process described below.

Per pupil allocations are based on a weighted formula:


o K= 0.7
o Grades 1-8 = 1.0
o Grades 9-12 = 1.1
Class size referendum funds and basic per student allocations are distributed on a per pupil basis.
High school Career and Technical Education (CTE) allocations are taken out of the basic per student
allocation.
Compensatory education is the full amount allocated to each site, based on the state formula. The state
formula is based on students eligible for free/reduced priced meals as of October 1, 2012.
EL allocations are 73 percent of the amount needed to fund the English as a Second Language teachers
needed for the school, based on a ratio established by the Multilingual department. Schools are expected to
use compensatory revenue or their basic allocation to fund the remaining 27 percent.
Special Education Resource Teacher (SERT) allocations are 50 percent of the amount needed to fund the
SERTs needed at the school, based on the contract ratio of 1:23 as determined by the Special Education
Department. Schools are expected to use compensatory revenue or their basic allocation to fund the
remaining 50 percent.
S0me schools were given a minimal program adjustment. The components of a minimal school program
vary depending on grade level, size, and student characteristics. Associate Superintendents work with
school principals to determine what is most critical at their schools. Minimal program adjustments were also
given to some schools with new grade configurations to grow their programs.
Additional funds were allocated for specific programs and services, such as Advancement Via Individual
Determination (AVID) and International Baccalaureate (IB).
The school district has centralized its Technology Support structure. Schools are now being charged for
these services instead of providing them with school staff.
Schools were assigned Instructional Specialists who fall under the budget of Human Resources (HR).
Schools had the option of increasing the time of their Instructional Specialist by adding money to the HR
budget or cashing out the position in which case the funds were transferred to the school budget.






19

Central Office Allocations


In this budget cycle we knew that we could not reach our goal of developing a sustainable budget without
scrutinizing central office budgets.
All central offices develop strategic plans and make budget requests aligned to those plans. Budget decisions were
based on operational and strategic priorities and identification of opportunities to improve the effectiveness and
efficiency of services.
The school district continued the process of right-sizing departments. All departments were asked to reevaluate
priorities and assure that all resources were aligned to the most important priorities.
View department allocations. (Click on the department allocations tab at the bottom of the spreadsheet.)

Relationship of School and Department Budgets


The table on the next page displays the budget in four categories:
1) Direct allocations to schools;
2) Department allocations to schools, which are positions budgeted centrally but assigned to specific schools
(examples include principals and building engineers);
3) Department allocations supporting direct services to schools and students are direct services to schools and
students that are not associated with a specific staff person assigned to a specific school (examples include
family engagement liaisons, extended learning and budget/finance specialists); and
4) Direct allocations to departments are the remaining funds for operational functions that serve the school
district as a whole (examples include Human Resources, the superintendents office and Payroll).









20


Relationship of School and Department Budgets in General Fund
Percent of FY 13
Percent of FY 14
FY 13 Budget
FY 14 Budget
Delta
Budget
Budget






Revenue
518,700,000
524,944,868
6,244,868
General Fund Budgeted Expenses


Direct allocations to
Percent of FY 13
Percent of FY 14
FY 13 Budget
FY 14 Budget
Delta
schools
Budget
Budget
Base costs
271,610,993
274,433,755


2,822,762
Grants
29,143,094
29,256,277



113,183
Total Direct Allocations
300,754,087
303,690,032
2,935,945
55.95%
57.85%
to Schools
Department
Allocations assigned to




specific schools
(preliminary)
-
Base costs
70,672,963
76,569,789


5,896,826
Grants
-
- -


Total Department
Allocations assigned to
specific schools
Department
Allocations with Direct
Service to Schools and
Students:
Base costs
Grants
Total Department
Allocations with Direct
Service to Schools and
Students:
Total Allocation to
Schools
Direct allocations to
departments
Base costs
Grants
MERF
Total Direct Allocations
to Departments
Future Allocations
General Fund Expense
Total
Remaining

70,672,963

76,569,789

5,896,826

13.15%

14.59%

32,032,528

32,897,361

864,833

32,032,528

32,897,361

864,833

5.96%

6.27%

403,459,578

413,157,182

9,697,604

75.05%

78.70%

84,437,340
25,187,075
6,200,000

64,137,234
28,234,630
6,200,000

(20,300,106)
3,047,555
0

115,824,415

98,571,864

(17,252,551)

21.55%

18.78%

18,293,166

13,215,822

(5,077,344)

3.40%

2.52%

537,577,159

524,944,868

(12,632,291)

100.00%

100.00%


(18,877,159) -


assigned to schools

$2,000,000 Staff
Adjustment
Targeted to
$1,000,000
schools
$13,612,731 Engineers
$22,317,794 Transportation
$4,420,000 go to passes
$8,320,000 utilities
$2,100,000 athletics


18,877,159





$201,236 Family engagement liaisons



service to schools

$520,000 CPEO

$22,119,404
$200,000
$688,557
$9,168,164

Special Education support


E&D mini grants

Budget Finance Specialists
extended learning

21


$14,519,668 principals
$2,639,292 Nurses
Teaching &
$1,000,000
Learning
$440,000 college career ctr
$1,518,346 IT techs
$2,000,000 IT equip to schools
$681,958 On-line learning

Departments
$872,820 Legal Office



$10,000,000 Information Technology

$7,000,000 Teaching & Learning


$1,190,193 Research & Evaluation
$10,657,211 Human Resources/Teacher Evaluation
Finance (incl
$3,253,112
payroll)

$1,428,512 Emergency Management

$3,065,377 Youth Engagement/Student Support


$1,632,746
$2,584,816
$2,312,395
$2,665,677
$6,149,243
$6,200,000
$39,559,762

Communications
Superintendent's Office
ELL Department

Associate Superintendent's
Office
Facilities

MERF payment
other departments

22

General Fund Expenditures by Program


Below is an explanation of the program codes that Minnesota school districts are required to use when reporting
their expenditures to the Minnesota Department of Education.
Program

Definition

Administration

School district and school administration and heads of Board of Education


instructional areas
Superintendents office
Associate superintendents
Principals
Directors of Teaching and Learning,
ELL, other instructional areas
Services provided centrally
Human Resources
Finance
Communications
Technology support
Legal services
Research, Evaluation and Assessment
All activities dealing directly with the teaching of
Pre-K-12 classroom teachers
students and the interaction between teachers and
Teacher and principal training and
students
recruiting
English Language Learner services
Gifted and Talented
Student Activities
Athletics
Courses and activities that develop the knowledge,
Career and Technical Education (CTE)
skills, attitudes and behavioral characteristics for

students seeking career exploration and
employability

District Support
Services

Regular Education

Vocational
Education

Special Education

Services for Special Education students

Instructional
Support

Activities for assisting instructional staff with the


content and process of providing learning
experiences for K-12 students

Pupil Support

All services to students that are not classified as


instructional services

Sites and Buildings

Acquisition, operation, maintenance, repair and


remodeling of all facilities and grounds
Costs not recorded above

Fiscal and Other


Fixed Costs

Examples

General Special Education


Speech/language services
Developmental disabilities
Physically impaired
Deaf/Hard of Hearing
Emotional/Behavioral disorders
Learning disabilities
Autism spectrum
Early Childhood Special Education
Assistant principals
Curriculum development
Library/media
Professional development
Counseling and Guidance
Health services
Psychologists and social workers
Transportation
Plant operations

Post-employment benefits
Insurance


23

General Fund Expenditures by Program


Actual FY 2011

Actual FY 2012

Forecasted FY 2013

Budgeted FY 2014

Administration

$11,404,329

$12,457,641

$14,007,864

$13,960,725

Support Services

$14,398,257

$18,641,716

$28,059,766

$28,875,259

$240,484,358

$232,221,437

$241,949,898

$245,873,024

$4,057,541

$4,385,961

$5,558,112

$4,223,905

$108,344,755

$106,454,998

$104,000,492

$105,638,522

Instructional Support

$33,832,924

$38,673,552

$42,343,429

$38,775,275

Pupil Support

$47,387,600

$46,094,732

$60,867,422

$49,484,802

Sites Buildings

$34,269,442

$30,585,183

$34,020,176

$31,394,356

$608,770

$526,232

$6,770,000

$6,719,000

$9,207,385

$12,321,841

$503,995,361

$502,363,293

$537,577,159

$524,944,868

Regular Education
Vocational Education
Special Education

Fiscal & Other Fixed Cost


Capital Outlay
Total

Sites
Buildings
6%

General Fund: Expenditures by Program


Administration
Support Services
3%
6%

Fiscal & Other


Fixed Cost
1%

Instructional
Support
7%

Pupil
Support
9%

Regular Education
47%

Special Education
20%

Vocational
Education
1%


24

General Fund: Expenditure Details by Object


Actual
FY 2012

Forecasted
FY 2013

Budgeted
FY 2014

$410,499,322

$411,262,914

$436,893,156

$426,657,705

Purchase Services

$71,116,037

$66,405,382

$68,877,117

$65,428,380

Supplies & Materials

$11,477,821

$11,905,957

$12,348,038

$11,663,499

Equipment

$9,207,385

$10,323,268

$16,799,928

$15,795,935

Other

$1,694,796

$2,465,772

$2,658,920

$5,399,349

$503,995,361

$502,363,293

$537,577,159

$524,944,868

Salaries & Benefits

Total

Actual
FY 2011

25

Referendum 2013-2014
MPS is committed to using referendum funds to manage class size, support early childhood literacy, math and
science, fund textbooks and technology, and increase rigor, effective instruction and best practices.
Class Size

$43,273,800

Distributed on a per pupil basis.

English Learners Classrooms

$4,623,638

ESL teachers in schools

Minimum Program Adjustments

1,146,848

All-Day Kindergarten

$783,001

International Baccalaureate (IB)


School Allocations

$669,900

International Baccalaureate (IB)


District Allocation

$747,705

Reading Specialists

Provides positions to help meet core requirements


Provides one section of all-day kindergarten at
Bethune, Hale, Hiawatha, Kenny, Kenwood, Lake
Nokomis Wenonah, Lyndale, Northrop and Whittier
Bancroft, Hall, Whittier, Anthony, Anwatin, Northeast,
Edison, Henry, North, Roosevelt, Southwest and
Washburn
Primarily professional development funds for IB
programs
Placed at all schools with middle grades programs
(Note: general aid paid for reading specialists at K-8
schools)

$2,349,000

Secondary Programs

$201,902

Instructional Coach for Contract


Alternative Schools

$87,000

Math Specialists

$1,305,000

Math Specialists

$2,175,000

Literacy Specialists

$174,000

Material Management

$50,000

Science Center/Science Programs

$705,000

Curriculum Materials

$880,000

English Learners (EL)

$502,000

GEMS/GISE/STEM Programs

$179,000

Online Learning

$681,958

Instructional Technology

$2,775,554

Mentors

$3,096,000

Total

$66,406,306

Career Tech Education Internships



Serving elementary students at 20 schools based on
academic needs
Positions in Teaching & Learning Department for
school assignment based on academic needs
Positions in Teaching & Learning Department for
school assignment based on academic needs
Position in Teaching & Learning Department


Professional development to support effective
teaching of English Learners






26

Integration Plan 2013-2014


Programs and services funded with integration funds must support the goals of the school districts state-approved
integration plan and advance the goals of increasing racial interaction and increasing academic achievement for
students of color.
Strategy, Program or Department

Fiscal Year 2014

8th-Grade Outdoor Leadership


Provides district-wide integrated learning camp experience for students transitioning from
8th-grade to 9th-grade. Enables students to earn credit prior to high school while developing
leadership skills and inter-racial relationships.
ACT Preparatory Courses
Supports 11th -grade students who qualify for free/reduced lunch to take an ACT
preparatory course provided by MPS through a contracted partner. When provided similar
opportunities, students who have completed the course have seen an average increase of
4 points increasing their opportunities for college admission and scholarships.
Advancement Via Individual Determination (AVID)
Prepares diverse students for post-secondary education and removes barriers that prevent
protected class students and first generation college students from pursuing four-year
degrees. The program additionally enhances academic skills, content knowledge and social
adaptability of students traditionally underrepresented in four-year colleges and
universities.

$50,000

$103,000

$2,042,040

Behavior Standards Initiative and Office of Civil Rights


Assists in reducing disproportionality of behavior-related suspensions and expulsions.
Successful implementation of this strategy increases academic classroom time for students
who are disproportionately suspended or expelled and leads to increased opportunities for
academic participation for these students.
Check and Connect
Promotes academic engagement, performance and enrichment of at-risk and disengaged
students through cognitive behavioral intervention, mentorship, and family-centered
collaboration. Funding supports positions and district-wide, interracial programming
opportunities.

$1,500,000

$685,482

Communications
Supports efforts to market strengths of racially identifiable schools, improve marketing of
magnet schools and rebrand Minneapolis Public Schools using culturally responsive media
strategies.

$300,000

Community Based Organizations


Provides opportunities for community based organizations to effectively partner with
Minneapolis Public Schools to address mutual equity concerns for historically under-
represented populations, racial consciousness, and community engagement.

$225,000

Diversity Recruiting & Retention for Staff


Increases the development of a diverse workforce by investing in strategic recruiting and
retention strategies. Includes career mapping, retention, and succession planning.

$490,000

Expanded School Choice


Provides students who qualify for free and reduced lunch an opportunity to attend a low
poverty school outside their designated attendance area.

$90,000

Full Day Kindergarten Placement


Provides kindergarten placement in select programs for qualifying low-income families in
order to increase inter-district integration and increase academic achievement.

$261,000

27


Go-To Passes
Provides school accessibility to students who live outside of the walk zone of their school
or live within the walk zone but qualify for free or reduced lunch.
Learning Works at Blake
Offers a challenging academic enrichment program to a representative group of
motivated, high potential middle school students.
Magnet Transportation

Minnesota Urban Debate League
Empowers students to become engaged learners, critical thinkers, and active citizens who
are effective advocates for themselves and their communities.
Office of Equity & Diversity

$320,000

$25,000

$2,600,000

$150,000

Supports inter- and intra-district equity, diversity, and inclusion through program
development, resource support, and community partnerships.
Office of New Schools

$1,113,718

Supports year-long equity training, modeling of best practices, and diverse staff
recruitment by partnering with portfolio schools to grow our own and strengthen
racially identifiable schools with culturally dexterous teaching staff.
Office of Research, Evaluation, & Assessment

$600,000

Supports the evaluation needs of the integration plan through 1.0 FTE position. The
program evaluation position supports accountability for funders and programs by allowing
for data-based decision making in the allocation of resources.
Project Success

$100,000

Assists in the transition of 8th-grade students becoming freshmen by impacting student


acclimation with a direct focus on inter-racial student contact, and offers monthly supports
to middle and high schools emphasizing goal-setting and school orientation experiences.
Science, Technology, Engineering & Mathematics; Girls in Engineering, Mathematics &
Science; & Guys in Science & Technology

$225,000

Facilitates measurable gains for girls and boys in the areas of science and mathematics with
emphasis on underrepresented ethnic groups and free and reduced lunch students.
Family & Community Engagement/ Student Enrollment
Supports efforts to engage families in culturally responsive ways through Connecting
Parents to Educational Opportunities (CPEO) and family- and community-centered
outreach initiatives.
West Metro Education Program Integration Tuition
Provides support for student participation in West Metro Education Program schools and
programming.
West Metro Education Program Professional Development
Provides support for adult participation in West Metro Education Program professional
development and programming.
North High School ISA Contract
TOTAL

$419,000

$595,101

$3,405,099

$14,800
$175,000
$15,489,240



28

Title I Allocations 2013-2014


Title I is a federally funded program through the Elementary & Secondary Act (ESEA) designed to provide support to
students to ensure that they meet high standards. MPS receives these funds to provide educational services and
resources to schools with at least 35 percent of students who qualify to receive free and reduced priced meals.
Title I Allocations
Non-Public School Allocations
Public School Allocations
Research, Evaluation and Assessment (REA)
Family Involvement Funds to Schools
District Family Engagement and CPEO
School Readiness
Neglected and Delinquent Services
Homeless Highly Mobile Services
District Sponsored Services to Students
Administration, Required Mailings
Indirect Costs
Total

$884,636
14,239,976
250,000
215,674
520,000
3,765,162
165,000
800,000
1,500,000
1,521,319
1,188,750
$25,050,517

29

Community Services
The community services fund is used to account for services provided for learning and involvement
opportunities for lifelong learners of all ages, including Minneapolis residents. Community services funds are
intended to provide K-12 students the opportunity to utilize educational facilities and programs during non-
school hours, including the summer months. Fees may be charged for these programs. Community services
revenue may also be used for educational programming serving adults with disabilities, school-age care, Adult
Basic Education (ABE), school readiness and Early Childhood Family Education (ECFE).

The community education grant fund is also part of the community services fund and is used to account for
the revenues and expenditures for activities related to certain grants and projects funded through state or
other local outside agencies. Included within these numbers are the resources designated for non-public
education.

Actual
FY 2011

Actual
FY 2012

Forecasted
FY 2013

Budgeted
FY 2014

Beginning Fund Balance

$4,174,352

$3,365,471

$2,662,561

$3,655,819

Annual Revenue

$24,187,552

$23,734,553

$25,736,743

$23,793,028

Total Revenue

$28,361,904

$27,100,024

$28,399,304

$27,448,847

Annual Expenditures

$24,996,433

$24,437,463

$24,743,485

$24,524,971

Ending Fund Balance

$3,365,471

$2,662,561

$ 3,655,819

$2,923,876


Revenues

Actual
FY 2011

Actual
FY 2012

Forecasted
FY 2013

Budgeted
FY 2014

Local

$14,765,871

$13,437,510

$12,305,539

$12,260,959

State

$7,555,200

$8,848,709

$9,072,655

$9,286,206

Federal

$1,866,481

$1,448,334

4,358,549

2,245,863

Total Revenues

$24,187,552

$23,734,553

$25,736,743

$23,793,028


Expenditures

Actual
FY 2011

Actual
FY 2012

Forecasted
FY 2012

Budgeted
FY 2013

Salaries & Benefits

$19,161,352

$19,421,044

$20,228,583

$19,305,297

Purchase Services

$4,025,662

$3,719,615

3,333,192

$4,190,893

Supplies & Materials

$1,354,015

$1,084,811

1,063,165

$899,610

Equipment

$357,683

$168,402

105,182

$114,552

Other

$97,721

$43,591

13,363

$14,619

Total Expenditures

$24,996,433

$24,437,463

$24,743,485

$24,524,971



30

Food Services
The food service fund is a self-sustaining enterprise in which revenue and expenses are balanced over time.
It is used to record all financial activities of the school districts food service program. Food service includes
all planning, preparation and serving of meals and snacks in connection with school and community service
activities. Eighty-five percent of Food Service Fund revenues primarily come from federal sources. Food
service revenue may only be used for food service programs.

All expenditures related to meal preparation must be recorded in the food service fund. The majority of
expenditures consist of labor and food costs (84 percent). Purchased services, supplies and equipment
account for 16 percent of the funds expenditures. Eligible expenditures include application processing, meal
accountability, food preparation, meal service and kitchen custodial service, according to Minn. Stat.
124D.111, subd. 3.

Capital expenditures may be made from the food service fund only if the funds year-end restricted balance
is greater than the cost of the equipment to be purchased and if prior approval has been obtained from the
Minnesota Department of Educations Nutrition Section, according to Minn Stat. 124D.111, subd. 3.


Beginning Fund Balance

Actual FY 2011

Actual FY 2012

Forecasted FY 2013

Budgeted FY 2014

$4,724,804

$3,701,306

$4,234,725

$2,701,271

Annual Revenue

$14,659,158

$15,670,787

$17,611,767

$18,570,726

Total Revenue

$19,383,962

$19,372,093

$21,846,492

$21,271,997

Annual Expenditures

$15,682,656

$15,137,368

$19,145,221

$19,225,145

Ending Fund Balance

$3,701,306

$4,234,725

$2,701,271

$2,046,852

Actual
FY 2011

Actual
FY 2012


Revenues
Federal (Meal Payments)
State
Federal
Other
Total Revenues

Forecasted
FY 2013

Budgeted
FY 2014

$1,348,056

$1,306,988

$1,516,049

$2,082,699

$660,922

$632,486

$712,394

747,063

$12,609,951

$13,727,212

$15,383,324

15,128,312

$40,229

$4,101

$14,659,158

$15,670,787

$17,611,767

$17,958,074

Actual
FY 2012

Forecasted
FY 2013

Budgeted
FY 2014


Expenditures

Actual
FY 2011

Salaries & Benefits

$5,853,119

$5,838,879

$6,861,637

$6,697,681

Purchase Services

$1,153,195

$908,253

$844,700

1,076,500

Supplies & Materials

$7,145,943

$7,238,771

$9,833,384

8,776,527

Equipment

$1,520,216

$1,136,047

$1,600,000

1,500,000

$10,182

$15,418

$5,500

500

$15,682,655

$15,137,368

$19,145,221

$18,051,208

Other
Total Expenditures



31

Capital Projects
The capital projects fund is used to record all operations of the school districts building construction program,
which is funded by the sale of bonds or the alternative facilities bonding/pay-as-you-go levy program. At Minneapolis
Public Schools, construction is defined as new construction, remodel, capital renewal, capital maintenance,
preventative maintenance and repair.

Revenue sources in the capital fund for fiscal year 2014 are comprised of project funding from:

Active projects funded from fund balance carryover from prior general obligation bond sales
New projects funded from the fall 2013 anticipated general obligation bond sale
Active FY13 projects funded from the December 2012 Alternative Facilities bond sale
FY14 Projects funded by annual pay-as-you-go Alternative Facilities levy proceeds (pay 2013)
New FY14 projects funded from the December 2013 Alternative Facilities bond sale
Fund balance to cover construction completion; included is funding for the reopening of Howe, additions at
Lake Nokomis-Keewaydin and Lake Harriet-Lower and the remodel of Pratt.



View the list of planned capital projects.

Capital/Construction Fund

Actual FY 2011

Actual FY 2012

Forecasted 2013

Budget FY 2014

Beginning Fund Balance


Annual Revenue
Total Revenue
Annual Expenditures
Ending Fund Balance
Revenues
Local
State
Federal
Other
Total Revenue
Expenditures
Salaries & Benefits
Purchased Services
Supplies & Materials
Equipment/Construction
Other
Total Expenditures

$20,084,183
$80,554,323
$100,638,506
$44,378,072
$56,260,434

$56,260,434
$30,781,249
$87,041,683
$60,254,436
$26,787,247

$26,787,247
$113,269,169
$140,056,416
$82,257,486
$57,798,930

$57,798,930
$67,500,000
$125,298,930
$55,000,000
$70,298,930


$14,698,941


$14,233,217


$1,310,593


$4,971,017



$65,855,382
$80,554,323



$16,548,032
$30,781,249



$111,958,576
$113,269,169



$62,528,983
$67,500,000


$11,471,508
$6,884,686
$3,393,767
$22,624,121
$3,990
$44,378,072


$12,011,613
$10,400,870
$3,825,852
$34,012,075
$4,026
$60,254,436


$12,436,277
$17,380,952
$2,928,046
$49,495,111
$17,100
$82,257,486


$13,361,494
$5,803,600
$3,019,000
$32,805,206
$10,700
$55,000,000

32

Debt Service
MPS policy places two limits on school district debt:
1. 70 percent of debt should be repaid within 10 years.
2. Total school district annual debt payment shall not exceed 15 percent of total operating revenue.
Refinancing shall not be included in the 15 percent calculation.
MPS currently owes $413,406,000. The school district will have repaid 69.8 percent by 2019 (seven years) and 74.3
percent by 2020 (eight years).
Debt payments, less refinancing, are 11 percent of total operating revenue.

Beginning Fund Balance
Annual Revenue
Annual Expenditures
Ending Fund Balance
Revenues
Local
State
Federal
Bond Proceeds
Total Revenues
Expenditures
Debt Principal & Interest
Debt Refunding
Other
Total Expenditures

Actual
FY 2011
$29,522,713
$78,509,465
$68,981,561
$39,050,617

Actual
FY 2012
$39,050,617
$64,232,088
$74,633,662
$28,649,043

Forecasted
FY 2013
$28,649,043
$97,213,628
$92,025,700
$33,836,971

Estimated
FY 2014
$33,836,971
$73,839,927
$95,650,123
$12,026,775


$47,111,703
$12,411,346
-
$18,986,416
$78,509,465


$49,451,713
$12,559,484
$2,220,891
-
$64,232,088


$47,796,668
$9,450,182
$1,476,229
$38,490,549
$97,213,628


$62,499,927
$11,340,000
-
-
$73,839,927


$68,803,283
-
$178,278
$68,981,561


$74,633,662
-
-
$74,633,662


$70,480,700
$21,545,000
-
$92,025,700


$68,920,123
$26,630,000
$100,000
$95,650,123

33

Minimum
Debt Payment Schedule

Year Ending

General Obligations

Certificates of Participation

Bonds Payable

Payable

June 30,2013

Principal

Interest

Principal

63,805,000

9,191,325

2015

25,215,000

6,466,074

2016

25,706,000

5,582,060

2017

18,575,000

4,814,813

2018

14,345,000

4,152,335

2019

11,095,000

3,660,750

2020

11,460,000

3,293,247

2021

10,150,000

2,908,050

2022

10,045,000

2,586,454

2023

6,365,000

2,259,170

2024

4,290,000

2,049,435

2025

2,550,000

1,917,280

2026

43,855,000

1,170,076

2027

2,680,000

418,094

2028

1,915,000

347,731

2029

1,895,000

302,250

2030

1,955,000

245,400

2031

2,015,000

186,750

2032

2,075,000

126,300

2033

2,135,000

64,050

2034

2035

2036

2014

2037

Interest

18,000,000
18,645,000
17,900,000
18,540,000
15,445,000
14,790,000
9,020,000
6,340,000
3,470,000
3,595,000
1,605,000
1,660,000
1,720,000
1,785,000
1,850,000
1,920,000
2,000,000
1,975,000
2,050,000
2,120,000
2,200,000
2,280,000
2,365,000

Total Debt Payment Total Debt

6,606,874
6,000,174
5,340,468
4,658,793
3,905,543
3,261,223
2,601,253
2,197,430
1,927,130
1,786,405
1,634,525
1,538,225
1,438,625
1,335,425
1,219,400
1,099,150
974,350
844,350
715,975
582,725
444,925
301,925
153,725

Principal

Interest

81,805,000
43,860,000
43,606,000
37,115,000
29,790,000
25,885,000
20,480,000
16,490,000
13,515,000
9,960,000
5,895,000
4,210,000
45,575,000
4,465,000
3,765,000
3,815,000
3,955,000
3,990,000
4,125,000
4,255,000
2,200,000
2,280,000
2,365,000

Principal &
Interest

15,798,199

9 7,603,199
$15,798,199
12,466,248

56,326,248
13,379,914
10,922,528

54,528,528
11,745,356
9,473,606

46,588,606
10,200,492
8,057,878

37,847,878
8,682,030
6,921,973

7,436,675 32,806,973
5,894,500

26,374,500
6,292,652
5,105,480

5,379,313 21,595,480
4,513,584

18,028,584
4,655,230
4,045,575

14,005,575
4,045,575
3,683,960

3,683,960 9,578,960
3,455,505

7,665,505
3,455,505
2,608,701

2,608,701 48,183,701
1,753,519

6,218,519
1,753,519
1,567,131

1,567,131 5,332,131
1,401,400

5,216,400
1,401,400
1,219,750

1,219,750 5,174,750
1,031,100

5,021,100
1,031,100
842,275

842,275 4,967,275
646,775

646,775
4,901,775
444,925

444,925 2,644,925
301,925

301,925
2,581,925
153,725

153,725 2,518,725

34

35

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