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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