Spending of $213 million and revenue of $214 million are in 2017-18 preliminary draft budget information presented Thursday to the Columbia Board of Education.

Columbia Public Schools Chief Financial Officer Linda Quinley and Heather McArthur, CPS administrative projects manager, made the presentation to the board. Quinley cautioned board members that some numbers likely would change before the final budget document is presented.

The preliminary budget information projects $1.4 million in revenue over spending in 2017-18.

The projected actual budget for 2016-17 includes spending of $206.9 million and revenue of $211 million, for $4 million in revenue over spending.

The General Assembly this session approved full funding of the state foundation formula after it was reduced last year. Its main component is the state adequacy target of $6,241 per student. Quinley said she didn't want to rely on the state's number, so she built the budget using a state adequacy target of $6,181 per student. The preliminary budget projects about $400,000 in additional state revenue from the foundation formula and the Classroom Trust Fund, which is funded through lottery proceeds. State revenue in the 2017-18 preliminary budget totals $65 million, with $138 million in local revenue.

"We've chosen not to take that state adequacy target all the way up," Quinley said.

"We want to be conservative in our thinking," said Superintendent Peter Stiepleman.

The preliminary budget assumes 3 percent growth in the district's assessed valuation. It also assumes a $1 million reduction in federal programs.

The district estimates $860,600 in new revenue from Proposition C, a 1-cent statewide sales tax for education. About half of the taxes collected locally are given back to the school district and the other half is used to decrease property tax bills. Total Proposition C revenue is estimated at $17.5 million

In the spending category for 2017-18, $125 million is for salaries and $42 million is for employee benefits.

"About 79 or 80 percent of our budget is spent on people," Quinley said.

The nutrition services fund — school meals — in 2017-18 projections include spending of $8.9 million and revenue of $8.85 million, for a potential $37,362 deficit that would require a transfer from the operating fund. Quinley said she thought that might be required this year.

"They're going to squeak through and break even," Quinley said. The 2016-17 projected actual spending is $8.68 million, with revenue of $8.7 million, for a surplus of roughly $26,000.

The projected ending fund balance for 2016-17 is $56.6 million, or 27 percent of annual spending. In the five-year projection, that's expected to drop to $45 million at the end of 2021-22, which is just under 19 percent of annual spending.

The Missouri General Assembly this session didn't pass a bill that would expand charter schools statewide. Charter schools are public schools that are independently owned and operated. Board President Darin Preis said it's realistic to expect charter schools to come to Columbia in the next several years, and Quinley said CPS would lose local and state funding to a charter school.

Board member Jan Mees said CPS would have the option of sponsoring a charter school, if it becomes imminent. School districts have a "right of first refusal" to sponsor a charter school.

"That would still be less impact on us if we were to go that route," Preis said.

The public budget hearing is set for 6 p.m. June 7. The board will consider adopting the budget at its June 12 meeting.

The district has established an email address - Budget@cpsk12.org — where residents can send questions or comments about the budget.