Westlake Academy * 2600 Ottinger Road * Westlake, Texas 76262
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15TH 50TH ANNIVERSARY ANNIVERSARY WESTLAKE INTERNATIONAL ACADEMY BACCALAUREATE Westlake Academy * 2600 Ottinger Road * Westlake, Texas 76262 www.westlakeacademy.org This page is intentionally blank 2 BUDGET GUIDE AND TABLE OF CONTENTS Westlake Academy, IBO Charter School* 2600 Ottinger Road * Tarrant County, Westlake Texas 76262 1. INTRODUCTORY SECTION 5. PERSONNEL SECTION • 07 Mission, Vision, & Values • 79 Personnel & Staffing • 08 ASBO Award for FY 17/18 • 81 Personnel Position Summary • 10 GFOA Best Practices 09/01/2018 • 84 Organizational Chart • 13 Academic Community Profile • 85 Board of Trustees • 86 Leadership Team • 87 Structure - Municipal 2. EXECUTIVE SECTION • 88 Structure – Academic • 17 Executive Summary Letter • 23 Service Level Adjustments • 24 Debt Service and Bond Rating 6. STUDENT DATA SECTION • 93 IBO Overview • 94 IB Learner Profile 3. BUDGET STRUCTURE • 96 Enrollment Boundaries • 27 Budget Overview and Process • 97 Student Enrollment o Long Term Forecast Chart • 98 PYP Programme & Performance o Budget Calendar • 101 MYP Programme & Performance • 33 Balanced Scorecard System • 105 DYP Programme & Performance • 38 Budget Document Structure • 107 Benchmark Data • 39 Financial Budget Structure • 111 TEA Accountability Summary • 40 Fund Balance Components • 112 Achievements Academic • 41 Fund Types and Structure • 115 Achievements Athletic • 44 Account Coding Structure • 116 Parent Survey Results • 45 Revenue Classifications • 46 Expenditure Class by Function • 49 Expenditure Class by Object 7. POLICY SECTION • 50 Fund & Function Relationship • 119 Investment Policies • 124 Fiscal and Budgetary Policies • 134 Future Policies 4. FINANCIAL ANALYSIS SECTION • 53 Financial Forecast Assumptions • 54 Five-Year Financial Forecast 8. APPENDIX SECTION • 55 Governmental Fund Summary • 139 Glossary • 59 Governmental Fund Statements • 147 Acronyms • 62 General Fund Summary • 148 School Calendar • 64 General Fund Statements • 74 Special Revenue Fund Summary i This page is intentionally blank 4 TH 15 50TH ANNIVERSARY ANNIVERSARY WESTLAKE INTERNATIONAL ACADEMY BACCALAUREATE 5 This page is intentionally blank 6 MISSION, VISION & VALUES Founded in 2003 with a vision to achieve academic excellence and develop life-long learners who become well-balanced, responsible global citizens, Westlake Academy is the first and only municipally- owned charter school in the State of Texas. The Academy was the fifth school in the United States, and the only public school, to offer the full IB curriculum for grades K-12. During each year’s budget retreat, great care and consideration is given to review the mission, vision and values of the Academy and the impact these have on both the long-term goals and its day-to-day operation. The vision, mission and value statements represent the outcome of these discussions and confirm the Board’s continued dedication to academic excellence and personal achievement. M ISSION “Westlake Academy is an IB World School whose mission is to provide students with an internationally minded education of the highest quality, so they are well-balanced and respectful life-long learners.” V ISION “Westlake Academy inspires college bound students to achieve their highest individual potential in a nurturing environment that fosters the traits found in the IB learner profile.” ~ Inquirers, Knowledgeable, Thinkers, Communicators, Principled, Open-minded, Caring, Risk-takers, Balanced, and Reflective~ V ALUES Maximizing Personal Development Academic Excellence Respect for Self and Others Personal Responsibility Compassion and Understanding D ESIRED O UTCOMES The following desired outcomes summarize the goals and objectives established by the Board of Trustees and leadership staff at the Academy: High Student Achievement Strong Parent & Community Connections Financial Stewardship & Sustainability Student Engagement-Extracurricular Activities Effective Educators & Staff 7 This Meritorious Budget Award is presented to WESTLAKE ACADEMY INTERNATIONAL BACCALAUREATE WORLD SCHOOL for excellence in the preparation and issuance of its budget for the Fiscal Year 2017-2018. The budget adheres to the principles and standards of ASBO International’s Meritorious Budget Award criteria. Anthony N. Dragona, Ed.D., RSBA John D. Musso, CAE, RSBA President Executive Director 8 MERITORIOUS BUDGET AWARD Westlake Academy has been awarded the Meritorious Budget Award by the Association of School Business Officials (ASBO) for the preparation and issuance of the 2017-2018 annual budget. The award has been received annually since September 1, 2010. This award is the highest form of recognition and a significant achievement that reflects the commitment of the governing body and staff in meeting the highest principles of academic budgeting. The Meritorious Budget Award (MBA) recognizes school districts that demonstrate proficiency in creating clear, sound budgets while enhancing skills in developing, analyzing, and presenting a clear and effective budget. To receive this award, Westlake Academy must publish a budget document that meets program criteria such as • Understanding the importance of presenting an accurate and transparent budget year after year. • Discovering best practices in budgeting that will improve the budget's accuracy and transparency • Developing a reader-friendly document that presents clear budget guidelines. • Promoting communication between departments and the community. • Encouraging short- and long-range budget goals. • Supporting effective use of educational resources. Congratulations to Debbie Piper, Finance Director; Marlene Rutledge, Accounting Technician II; Dr. Mechelle Bryson, Executive Director, and the Instructional Leadership Team for preparing this award-winning budget for Westlake Academy. 9 The above school district has applied for the Award for Best Practices in School Budgeting; however, GFOA has not yet completed the review of its application and has provided this certificate to acknowledge Westlake Academy has made efforts to implement the new budget process guidelines. Budget processes are evaluated based on several criteria focusing on alignment of resources towards student achievement on collaboration, communication and rigorous development, evaluation, and prioritization of strategies to achieve a districts goals and objectives. In addition, the criteria includes recommendations for conveying the results of the budget process through the calendar presentation and utilizing continuous improvement approaches to monitor the outcomes. 10 AWARD FOR BEST PRACTICES IN SCHOOL BUDGETING Westlake Academy received the Distinguished Budget Presentation Award annually since September 1, 2009. The Government Finance Officers Association (GFOA) enhanced the existing award program in 2017 and developed the Award for Best Practices in School Budgeting. While the new budget process guidelines were implemented with the 2017/2018 budget, GFOA has not yet completed the final review. The budgeting process presented in these Best Practices is focused on optimizing student achievement within available resources. It encompasses a complete cycle for long-term financial planning and budgeting, aligning with instructional priorities. GFOA recommends the following steps as part of the planning and budgeting process: PLAN AND PREPARE The planning and budgeting process begins with mobilizing key stakeholders, gathering information on academic performance and cost structure, and establishing principles and policies to guide the budget process. • Establish a partnership between the finance and instructional leaders. A collaborative process increases the likelihood that the decisions made will be supported after the budget process is over. • Develop principles and policies to guide the budget process. Budget principles and policies formalize standards and fundamental values that should govern the budgeting process. • Analyze current levels of student learning. The current state of academic performance must be assessed to determine what course of action to take. • Identify communications strategy. The budget process should include a plan to inform participants, stakeholders, and the general public about how the budget process works, why each decision was made and how to provide input in the process. SET INSTRUCTIONAL PRIORITIES The budget needs to be rooted in the priorities of the district. Intentionally created instructional priorities provide a strong basis for developing a district’s budget and strategic financial plan, as well as presenting a budget document. • Develop goals. Goals should be thoughtfully developed and structured to be specific, measurable, and reasonable to provide a strong foundation for the budget process. • Identify root cause of gap between goal and current state. By finding root causes of problems, a district can identify the most effective solutions to achieving its goals. • Research & develop potential instructional priorities. The district’s instructional priorities should be informed by practices proven by research and be limited in number to focus on items critical to optimizing performance. • Evaluate choices amongst instructional priorities. A district needs to weigh its different options for achieving its goals against one another to focus on those with the greatest potential for student achievement impact. PAY FOR PRIORITIES Current resources and expenditures must be thoroughly analyzed to find capacity to pay for top instructional priorities. • Apply cost analysis to the budget process. A cost