FY RD QUARTER FINANCIALS

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1 FY RD QUARTER FINANCIALS AND FY PROPOSED BUDGET BOARD OF EDUCATION MEETING Tuesday, May 6, 14 Douglas County School District

2 3 rd Quarter Financial Highlights 2

General Fund YTD Results OperaRng, $32,857,575, 13% FY 2012-2013 Actual

Benefits, $50,271,240, 21% Salaries, $160,482,241, 66% Benefits,

3 General Fund YTD Results OperaRng, $32,857,575, 13% FY Actual Expenditures OperaRng, $36,559,280, 14% FY Actual Expenditures Benefits, $50,271,240, 21% Salaries, $160,482,241, 66% Benefits, $57,290,021, 22% Salaries, $167,361,273, 64% 87% Salaries & Benefits 86% Salaries & Benefits 3

56% Local revenue includes property and specific ownership taxes State

4 FY Revenue Sources State Vs. Local Revenue 165,188,351 44% Local Revenue State Revenue 212,102,301 56% Local revenue includes property and specific ownership taxes State revenue includes state equalizakon and categorical revenue *Values are based on Q3 year end projeckons 4

5 ProjecRng Revenues Property Taxes 70,000, ,000, Douglas County School District Property Tax CollecRons - General Fund Fiscal Year 2012/2013 Fiscal Year 2011/2012 Fiscal Year 2010/2011 Linear (Fiscal Year 2012/2013) 50,000, ,000, ,000, ,000, ,000, On average $1.1M collected in the last 2 months - 5

6 ProjecRng Revenues - SOT Fiscal Year 2012/2013 Fiscal Year 2011/2012 1,800,000 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 - Fiscal Year 2010/2011 Linear (Fiscal Year 2012/2013) 18,500,000 18,000,000 17,500,000 17,000,000 16,500,000 16,000,000 15,500,000 15,000,000 14,500,000 14,000,000 Actual Budgeted Fiscal Year 2012/2013 Fiscal Year 2011/2012 Fiscal Year 2010/2011 6

7 PROJECTING END OF YEAR SPEND COMMITMENTS 1. Unspent school & department carry- over amounts to be assigned to schools and departments in FY Unspent urlity dollars to be assigned to Capital Projects Fund for Energy Performance Contract lease payments in FY Unspent conrngency dollars to be assigned to technology and/or facility projects 4. Unspent Pay for Performance assigned to Pay for Performance in FY

8 FY Proposed Budget 8

9 Colorado State Budget Development Process State confirms projected enrollments and equalization payments to districts begin July 25 th Governor proposes next FY budget based upon September 20 th forecast December 20 th revenue forecast from OSPB and Legislative Council CDE & OSPB may request CY supplemental Legislature and Governor approve next FY State budget no later than May 7 th July August September October November December January February March April May June September 20 th revenue forecast from OSPB and Legislative Council Council predicts CY and NY available State revenues. Legislative session opens Jan 5 th CY State budget revised reflecting Oct counts and AVs March 20 th revenue forecast rom OSPB and Legislative Council June 20 th revenue forecast from OSPB and Legislative Council State verifies October enrollments and reports to districts 9

10 Douglas County School District Final PY property taxes posted and PY closed Aug 31 st October Count submitted finalized by CDE Oct 31 st CY Mill Levy certified by BOE on or before Dec 15 th SBB and Department budget sheets available to budget holders CY 2 nd quarter financials presented to BOE New FY preliminary budget presented to BOE based on Governor s proposed budget and pending legislation BOE adopts new FY budget and approves request for State Interest Free Loan no later than June 30 th July August September October November December January February March April May June State Equalization payments begin July 25 th PY 4 th quarter financials presented to BOE PY audit and CAFR development begins Carry over calculated and loaded into school and departments budgets CY school budgets adjusted for October count CY 1 st quarter financials presented to BOE Projected new FY enrollments for schools finalized by Planning and confirmed by principals DCSD budget assumptions developed establishing range of SBB dollars to schools School & Department Budget Sheets back to Budget Department Academic teams review highly impacted & innovation/choice requests. Final approvals by April 30 th Proposed budget goes to the Board of Education for review budget posted for community review for no less than 10 days CY 3 rd quarter financials presented to BOE 10

11 HR Staffing Timeline March 21 st DCSD guideline to notify probationary nonrenewals verbally May 15 th requisitions posted internally/externally simultaneously March 3 rd school staff worksheets due July August September October November December January February March April May June March 1 st requests for retirement received March 10 th -23 rd Stage 1 recruiting March 24 th -May 14 th Stage 2 recruiting Internal June Requisitions Separations Includes 1 st transfers/requisitions displaced State from posted law schools and for deadline 7 involuntary days = ongoing open internally transfers to as internal they first, that happen then candidates are opened known only externally up-front May 15 th last day to apply for a voluntary transfer June 1 st State deadline for notification for probationary non-renewals 11

12 Final PY property taxes posted and PY closed Aug 31 st State confirms projected enrollments and equalization payments to districts begin July 25 th Budget & Staffing Timeline Governor proposes next FY budget based upon September 20 th forecast October Count submitted finalized by CDE Oct 31 st CY Mill Levy certified by BOE on or before Dec 15 th SBB and Department budget sheets available to budget holders CY 2 nd quarter financials presented to December 20 th revenue BOE CDE & OSPB may forecast from OSPB and request CY Legislative Council supplemental March 21 st DCSD guideline to notify probationary nonrenewals verbally March 3 rd school staff worksheets due New FY preliminary budget presented to BOE based on Governor s proposed budget and pending legislation May 15 th requisitions posted internally/externally simultaneously Legislature and Governor approve next FY State budget no later than May 7 th BOE adopts new FY budget and approves request for State Interest Free Loan no later than June 30 th July August September October November December January February March April May June State Equalization payments begin July 25 th CY school budgets September 20 th revenue forecast adjusted for October from OSPB and Legislative count Council Council predicts CY and NY available State revenues. PY 4 th quarter financials presented to BOE PY audit and CAFR development begins Carry over calculated and loaded into school and departments budgets CY 1 st quarter financials presented to BOE State verifies October enrollments and reports to districts Legislative session opens Jan 5 th CY State budget revised reflecting Oct counts and AVs Projected new FY enrollments for schools finalized by Planning and confirmed by principals DCSD budget assumptions developed establishing range of SBB dollars to schools March 20 th revenue forecast rom OSPB and Legislative Council March 1 st requests for retirement received March 10 th -23 rd Stage 1 recruiting Proposed budget goes to the Board of Education for review budget posted for community review for no less than 10 days March 24 th -May 14 th CY 3 rd quarter financials Stage 2 recruiting School & Department Budget Sheets back to Budget Department Academic teams review highly impacted & innovation/choice requests. Final approvals by April 30 th June 20 th revenue forecast from OSPB and Legislative Council presented to BOE May 15 th last day to apply for a voluntary transfer June 1 st State deadline for notification for probationary non-renewals 12

13 FY State EducaKon Revenue (SKll AwaiKng LegislaKve & Gubernatorial Approval) Funding DescripKon Total State Average PPR Total State Wide Proposed Program Funding Inclusive of Student Success Act $ 5.94 B $ 7,021/FPC State- Wide NegaKve Factor down to (13.3%) from (15.5%) $ (894.3 M) $ 1,070/FPC DCSD Total Program Funding (Increase of $30.3 M or $357.23/FPC) $ M $ 6,753/FPC DCSD NegaKve Factor $ (65.5 M) $ 1,026/FPC 13

14 FY Colorado State General Fund Proposed Budget DistribuRon* From March 20, 2014 Revenue Forecast Gov. Hickenlooper s Budget Request 14

15 FY DCSD PROPOSED INCREASES IN ONGOING SPEND *Note that this spending plan includes the use of ongoing savings and budget reallocarons.

16 Next Steps Approvals in June A. Approve and Adopt for FY Budget All Funds Budget ResoluRon AppropriaRon ResoluRon Use of Beginning Fund Balance ResoluRon Inter- Fund Borrowing B. Approve and Adopt Final FY : Revised #2 Budget All Funds Revised #2 Budget ResoluRon Revised #2 AppropriaRon ResoluRon 16

School Finance 101. Jeffco U September 29, 2018 Kathleen Askelson, Chief Financial Officer Nicole Stewart, Director-Budget and Treasury

School Finance 101. Jeffco U September 29, 2018 Kathleen Askelson, Chief Financial Officer Nicole Stewart, Director-Budget and Treasury School Finance 101 Jeffco U September 29, 2018 Kathleen Askelson, Chief Financial Officer Nicole Stewart, Director-Budget and Treasury AGENDA Colorado School Finance Individual District Finance Two-Part