Denver Public Schools
ProComp Trust Board of Directors
April 08, 2015 5:30 p.m.
Emily Griffith Conference Room 0935
1860 Lincoln St, Denver CO 80203
Action Items:
I. Approval of Agenda
II. Approval of January 28, 2015 meeting minutes
III. Approval of March 04, 2015 meeting minutes
IV. Approval of FY16 Budget
Information/Discussion Items:
A. Excused and unexcused absences
a. Discussion on expectations for attendance notification and clarification of
b. Memo from general counsel
B. Should the board give discretionary authority?
a. Arnerich & Messena’s answers to Trust’s questions.
b. Questions to consider from Counsel
c. Proposed Contract with Edits.
d. Redlined DPS Investment Policy
Future Agenda Items:
I. Next ProComp Trust Board meeting. 06/10/15
II. Adjourned
Denver Public Schools
ProComp Trust Board of Directors
Agenda Statement
No. IV
Item: Approval of FY16 Budget
Summary: The Trustees are being asked to approve the FY16 ProComp Budget.
Background:
The Trust is being presented a budget based on the assumptions approved by the transition team.
The majority of the fund’s revenue continues to be carryover from the previous year. Property tax and investments making up 41% of the total revenue.
Total expenditures are estimated to be $41.8M, 96% of those costs relating to teacher incentives.
It is not known yet what the benefit rate will be in FY16. In FY15 it was 17.57%, in FY16 it may be between 15.58% and 19.18%; a $1.2M difference.
The program is anticipated to reduce its fund balance by $7.5M in the next fiscal year. Based on a 6% return on investment, the program may have a positive net gain in school year 2019-20.
Exhibits Attached:
1. FY16 Proposed Summary
2. Cash Flow 6% return on investment with 19.18% Benefits
3. Cash Flow 6% return on investment with 15.58% Benefits
4. Cash Flow 5% return on investment with 15.58% Benefits
5. Traditional and ProComp Total Salary Cost and Projections
6. Micro-View of Traditional and ProComp Teachers
7. Explanation of difference between Traditional and ProComp Models
8. Transition Team Approved Assumptions
9. Memo from general counsel
Recommended Action:
“I move that the ProComp Trust Board of Directors approve a budget of $41,846,489 that assumes a 6% return on investment for fiscal year 2016.”
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