School Finance 101. Independent School District 882 Monticello Public Schools. December 2017

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1 School Finance 101 Independent School District 882 Monticello Public Schools December 2017

2 School Finance 101 General Fund Where does our revenue come from? How is the money spent? Enrollment Fund Balance Food Service Fund Community Service Fund Hockey Fund Building Construction Fund Debt Service Fund OPEB Trust Fund

3 General Fund - 01 The General Fund is used to account for all revenues and expenditures of the school district not accounted for elsewhere. The General Fund is used to account for: K- 12 educational activities, district instructional and student support programs, expenditures for the superintendent, district administration, normal operations and maintenance, pupil transportation, capital expenditures, and legal school district expenditures not specifically designated to be accounted for in any other fund.

4 Special Education Cooperative - 12 The General Fund includes the Special Education Cooperative Fund. This fund is used to account for the revenue and expenditures of the special education cooperative. The cooperative is made up of four districts: Becker, Big Lake, Monticello, and St. Michael- Albertville. Monticello is the host district for the cooperative.

5 General Fund - 01* Budget Overview Projected Fund 6/30/17 $5,364,760 Revenue $45,220,399 Expenditures ($45,635,938) ($415,539) Estimated Fund 6/30/18 $4,949,221 Unassigned Fund Balance projected to be around 6.47%. Fund Balance totals includes all fund balance categories. *Does not include Fund 12 Sp Ed Coop

6 General Fund - 01* Budget Overview General Fund 01 Revenue Assumptions Enrollment projection of 4,166 (ECSE-12) Kindergarten at 281 (13 sections) 2% increase on the General Education Aid - $6,188 State Special Education under new funding laws and new Cooperative formation with growth limits Federal funds remain the same *Does not include Fund 12 Sp Ed Coop

7 General Fund - 01* Budget Overview Revenue Federal Revenue $743, % Other $2,108, % Property Tax Revenue $6,856, % State Revenue $35,512, % *Does not include Fund 12 Sp Ed Coop

8 General Fund 01* Where does our revenue come from? General Education Aid - $27,881,210 $6,188 per Weighted Average Daily Membership (WADM) Student weighting K ½ Day K ½ Day K All Day K All Day Gr Gr Gr Gr Gr Gr Largest source of general fund revenue Mostly state aid *Does not include Fund 12 Sp Ed Coop

9 General Fund 01* General Education Aid History $7,000 $6,000 $5,000 $5,124 $5,174 $5,224 $5,302 $5,831 $5,948 $6,067 $6,188 $4,000 $3,000 $2,000 $1,000 0% 1% 1% 1.5% 1.9% 2% 2% 2% *Does not include Fund 12 Sp Ed Coop

10 General Fund 01* Where does our revenue come from? Extended Time Revenue (Targeted Services) - $153,510 $5,117 per Extended Time WADM Generate an additional 0.2 ADM Revenue can be used for extended day, week or year programs 100% state aid *Does not include Fund 12 Sp Ed Coop

11 General Fund 01* Where does our revenue come from? Gifted & Talented Revenue - $58,196 $13 per WADM Must be used to identify gifted & talented students, provide programming, and provide staff development 100% state aid *Does not include Fund 12 Sp Ed Coop

12 General Fund 01* Where does our revenue come from? Basic Skills Revenue - $856,494 (100% aid) Compensatory Based upon free and reduced lunch counts Must be used to meet the educational needs of pupils who enroll under-prepared to learn and whose progress toward meeting state or local content or performance standards is below the level that is appropriate for learners of their age English Learner (Limited English Proficiency aka LEP) Based upon the number of students with limited proficiency in English for their first six years of enrollment in MN public schools Must be used to meet the educational needs of English learners *Does not include Fund 12 Sp Ed Coop

13 General Fund 01* Where does our revenue come from? Transportation Sparsity Revenue - $248,218 Additional funding based on the number of pupil units per square mile in the school district Revenue is used to offset additional transportation costs 100% state aid *Does not include Fund 12 Sp Ed Coop

14 General Fund 01* Where does our revenue come from? Operating Capital Revenue - $996,569 Formula is based upon average age of facilities and pupil counts Revenue is used to purchase capital items State aid / levy split *Does not include Fund 12 Sp Ed Coop

15 General Fund 01* Where does our revenue come from? Long-Term Facility Maintenance Revenue - $479,535 Formula is based upon average age of facilities and pupil counts Replaced health & safety & deferred maint. revenue Revenue is used for deferred maintenance projects necessary to prevent further erosion of facilities State aid / levy split School districts received $292/pupil for and it will increase to $380/pupil for *Does not include Fund 12 Sp Ed Coop

16 General Fund 01* Where does our revenue come from? Equity Revenue - $555,815 Revenue is intended to reduce the per pupil disparity between the highest and lowest revenue school districts on a regional basis 2 regions 7 county metro and the balance of the state Formula based upon 1-regular component on ranking in their region, 2-referendum amounts below 10% of state average, and 3-fixed amount for all districts $50 per pupil State aid / levy split *Does not include Fund 12 Sp Ed Coop

17 General Fund 01* Where does our revenue come from? Transition Revenue - $29,557 hold school districts harmless Relates to a change in various funding formulas Revenue can be used for general education purposes State aid / levy split *Does not include Fund 12 Sp Ed Coop

18 General Fund 01* Where does our revenue come from? Referendum Revenue - $3,491,910 Must be voter approved Revenue can be used for general education purposes Operating referendum amount per pupil was $974.02, now $ after 2013 and 2014 legislative changes On November 2015, it was increased for $775 per pupil with an inflationary increase State aid / levy split *Does not include Fund 12 Sp Ed Coop

19 General Fund 01* Where does our revenue come from? Local Optional Revenue - $1,910,413 New legislation change that converted $424 of the operating referendum amount per pupil to Local Optional Revenue Revenue can be used for general education purposes State aid / levy split *Does not include Fund 12 Sp Ed Coop

20 General Fund 01* Where does our revenue come from? State Special Education Aid - $3,361,250 + $800,000 adj Additional costs of providing required services to students with a disability New formula in Growth cap limit determined by # of students and a formula allowance Tuition billing and transportation are included in the growth cap amount Special legislation was approved for Monticello to received a one-time adjustment for $800,000 in but has to be paid back in % state aid *Does not include Fund 12 Sp Ed Coop

21 General Fund 01* Where does our revenue come from? Permanent School Fund Revenue - $113,721 Trust fund lands to be managed to generate income Sale proceeds and income generated by the land (through logging and mining activities) are deposited into the fund Revenue is paid twice a year, based on the number of students in the district 100% state aid *Does not include Fund 12 Sp Ed Coop

22 General Fund 01* Where does our revenue come from? Literacy Incentive Aid - $250,000 Additional aid based on how well students in the 3 rd grade read (Proficiency aid) and how much progress is being made between the 3 rd and 4 th grades in reading skills (Growth aid) Revenue can be used for general education purposes 100% state aid *Does not include Fund 12 Sp Ed Coop

23 General Fund 01* Where does our revenue come from? Nonpublic Pupil Transportation Revenue - $5,000 Transportation shall be provided for nonpublic school students the same as it is provided for public school students School Board policy % state aid *Does not include Fund 12 Sp Ed Coop

24 General Fund 01* Where does our revenue come from? Safe Schools Levy - $168,930 $36 per pupil unit May be used for school liaison services, drug prevention programs, gang resistance education programs, suicide prevention tools, school security, school counselors, nurses, social workers, and psychologists 100% levy *Does not include Fund 12 Sp Ed Coop

25 General Fund 01* Budget Overview General Fund 01 Expenditure Assumptions Staffing additions of 18 FTE s (7 are teaching) with the operating levy renewal for the opening of Eastview Education Center Reduction of 7 FTE s with smaller enrollments Contract & benefits based on contracts 18.9% health insurance rate increases Other expenditures (supplies & utilities) 0-5% increase No short-term borrowing needed for cash flow Total expenditures will end up 0.5% under budget *Does not include Fund 12 Sp Ed Coop

26 General Fund 01* Budget Overview Expenditures Purchased Services $5,660, % Supplies & Materials $2,483, % Capital & Other $761, % Employee Benefits $11,100, % Salaries $25,629, % *Does not include Fund 12 Sp Ed Coop

27 General Fund 01* How is the money spent? District & School Administration school board, superintendent, principals, and director of instructional areas District Support Services general and other administrative support, human resources, community relations, elections, census, legal, business support services, and information systems services *Does not include Fund 12 Sp Ed Coop

28 General Fund 01* How is the money spent? Regular Instruction all activities dealing directly with the teaching of students, the interaction between teachers and students in their classrooms, and cocurriculuar activities at the kindergarten, elementary and secondary level Vocational Instruction activities which develop knowledge, skills, aptitudes and behavioral characteristics for students seeking career exploration Special Education Instruction activities providing learning experiences for students of any age who, because of certain atypical characteristics or conditions, have been identified as requiring, or who would benefit by, educational programs differentiated from those provided in regular or vocational instruction (MOE) *Does not include Fund 12 Sp Ed Coop

29 General Fund 01* How is the money spent? Instruction Support Services activities for assisting the instructional staff with the content and process of providing learning experiences for students in kindergarten through 12 th grade Pupil Support Services all services provided to pupils which do not qualify as instructional services *Does not include Fund 12 Sp Ed Coop

30 General Fund 01* How is the money spent? Site, Buildings and Equipment activities related to the acquisition (including leasing), operation, maintenance, repair, and remodeling of all physical plant, facilities, and grounds of the school district Fiscal and Other Fixed Costs costs that are not recorded elsewhere *Does not include Fund 12 Sp Ed Coop

31 General Fund 01* Budget Overview Estimated Fund 6/30/18 $4,949,221 Reserved: Health & Safety 64,732 Reserved: Long-term Facility Maint. 190,058 Reserved: Operating Capital 275,972 Reserved: 3 rd Party Billing 166,931 Committed: Severance 1,267,837 Assigned: Scoreboards 30,382 Unassigned: 6.47% of Fd01 exp. 2,953,309 *Does not include Fund 12 Sp Ed Coop

32 Enrollment - K-12 Enrollment as of Oct. 1 st 4,300 4,200 4,100 4,000 3,900 3,935 3,939 3,941 4,015 4,038 4,031 4,091 4,130 4,106 4,266 4,201 3,800 3,700

33 Enrollment - K-12 Enrollment as of Oct. 1 st The school district s enrollment has seen slow and stable growth for the last ten years. Total enrollment growth for the past five years is 153 students or 3.78%. K-12 enrollment ,034 4,091 4,130 4,106 4,201 Change over prior year % change -0.34% 1.41% 0.95% -0.58% 2.31%

34 Enrollment - Resident Students Enrolled in ISD 882 Monticello s resident population displays similar trends as the school district s enrollment with one year of a slight decrease in as of June 30th Residents served Residents going elsewhere Total Residents Change over prior year 3,668 3,641 3,702 3,642 3, ,087 4,043 4,163 4,207 4, % change 0.26% -1.09% 2.97% 1.06% 0.24%

35 Enrollment - Resident Students Enrolled in ISD As of June 30th

36 Enrollment - Open Enrollment & Tuition Gain/Loss Answers the question where are our open enrollment s biggest gains and losses School Year - As of June 30th District In Out Net Big Lake St. Cloud Annandale Becker Maple Lake Elk River Buffalo-Hanover-Montrose St. Michael-Albertville Other Tuition Swan River Charter -79 Coop -41 WTC -30 Kaleidoscope -31 Spectrum HS -16 Jane Goodall -15 MN Transitions -14 Houston (online) -10

37 Enrollment Fall vs. Spring Historically, the district s K-12 enrollment decreases from October 1 to June 1. The District had an excellent year retaining students during the school year. Oct. 1 st, 2016 May 26 th, 2017 Net K Gr ,625 1, Gr Gr ,242 1,242 0 Total 4,106 4,121 15

38 Enrollment - Historical Fall vs. Spring The district has seen enrollment drops during the school year but has seen upward trends in recent years. K Gr. 1-5 Gr. 6-8 Gr Net

39 Enrollment - Other Projection Data Single Family Building Permits

40 Fund Balance - Why maintain a fund balance? The District spends over $3 million a month in the general fund Sound fiscal management has a long term positive impact on the success of students Validates fiscal credibility with various reporting constituencies Important to the establishment of a good credit rating

41 Fund Balance - Why maintain a fund balance? Necessary for unknown situations Irregular payments of state and local revenues State aid proration, metering of payments, tax shift, and state shut down Mandated but not funded programs Higher utility costs and/or other fixed costs Start up costs for new buildings Greater than expected inflation Changes in enrollment and state funding

42 Fund Balance - Restricted Fund Balances Have legally enforceable constraints placed on their use imposed by the Minnesota Department of Education Restricted (Reserved) Fund Balance Projection 6/30/14 6/30/15 6/30/16 6/30/17 Projected 6/30/18 Staff Development $15,152 $28,788 $0 $0 $0 Deferred Maint. $37,203 $38,568 $74,037 $0 $0 Operating Capital $99,400 $309,420 $198,579 $268,496 $275,972 Health & Safety $23,516 ($175,406) $222,562 $303,186 $64,732 LT Facility Maint. $0 $0 $0 $194,742 $190,058 Teacher Eval. $0 $32,948 $28,602 $2,360 $0 3 rd Party Billing $0 $0 $0 $166,931 $166,931 Total Restricted $175,271 $234,318 $523,780 $935,715 $697,693

43 Fund Balance - Assigned & Committed Fund Balances School Board, by majority vote, may assign fund balances for specific purposes on amounts over $25,000 Assigned (Designated) & Committed Fund Balance Projection 6/30/14 6/30/15 6/30/16 6/30/17 Projected 6/30/18 Special Ed Excess $580,082 $542,166 $542,166 $0 $0 Carryover $137,386 $136,826 $181,476 $90,900 $0 Scoreboards $0 $0 $0 $133,382 $30,382 Committed for Severance $1,816,655 $1,689,771 $1,570,581 $1,417,837 $1,267,837 Total Assigned $2,534,123 $2,368,763 $2,294,223 $1,642,119 $1,298,219

44 Fund Balance - Unassigned Fund Balance School District will strive to maintain a minimum unassigned fund balance of 8-16% Unassigned fund balance includes the nonspendable fund balance Unassigned (Unreserved) Fund Balance Projection 6/30/14 6/30/15 6/30/16 6/30/17 Projected 6/30/18 Unassigned Fund Balance $4,501,786 $4,696,910 $4,206,760 $2,786,926 $2,953,309 Expenditures $38,360,559 $41,212,510 $43,549,176 $44,016,912 $45,635,938 % of Exp % 11.4% 9.66% 6.33% 6.47%

45 SPECIAL REVENUE FUNDS Food Service Fund 02 Community Service Fund 04 Hockey Fund 09

46 Food Service Fund - 02 The Food Service Fund is used to record financial activities of a school district s food service program. Food service includes activities for the purpose of preparation and service of milk, meals, and snacks in connection with school and community service activities. All expenditures relating to meal preparation must be recorded in the Food Service Fund. Eligible expenditures include application processing, meal accountability, food preparation, meal service, and kitchen custodial service.

47 Food Service Fund 02 Budget Overview Projected Fund 6/30/17 $217,845 Revenue $2,099,375 Expenditures ($2,112,522) ($13,147) Estimated Fund 6/30/18 $204,698

48 Food Service Fund 02 Budget Overview Revenue State Revenue $129, % Federal Revenue $847, % Other $1,122, %

49 Food Service Fund 02 Meal Prices & Reimb Rates ISD #882 Free Reduced Paid Breakfast Elementary $0.00 $0.00 $1.50 Secondary $0.00 $0.00 $1.50 State $0.00 $0.30 $0.55 * Federal $1.75 $1.45 $0.30 Lunch Elementary $0.00 $0.00 $2.55 Secondary $0.00 $0.00 $2.70 State $0.125 $0.525 $0.125 Federal $3.29 $2.89 $0.36 *New in , State reimburses $1.30 for paid Kindergarten breakfast meals

50 Food Service Fund 02 Budget Overview Expenditures Supplies & Materials $912, % Capital & Other $35, % Salaries $579, % Purchased Services $281, % Employee Benefits $302, %

51 Food Service Fund 02 Healthy, Hunger-Free Kids Act of 2010 Created new nutrition standards for school meals, ensuring that meals are healthy and well-balanced Schools received an additional 6 cents per meal when their menus comply with the new nutrition standards Requires School Districts to provide the same level of support for lunches served to students who are not eligible for free or reduced price lunches as thy are for lunches served to students eligible for free lunches

52 Community Service Fund - 04 The Community Service Fund is used to record all financial activities of the Community Service program. The Community Service Fund is comprised of five components, each with its own fund balance: Community Education, Community Education - General, Early Childhood Family Education (ECFE), School Readiness, and Adult Basic Education.

53 Community Service Fund 04* Budget Overview Projected Fund 6/30/17 $816,360 Revenue $2,923,881 Expenditures ($2,908,346) $15,535 Estimated Fund 6/30/18 $831,895 *Does not include Fund 09 Hockey

54 Community Service Fund 04* Budget Overview Revenue Other $1,284, % Property Tax Revenue $288, % Federal Revenue $42, % State Revenue $1,308, % *Does not include Fund 09 Hockey

55 Community Service Fund 04* Budget Overview Expenditures Purchased Services $890, % Supplies & Materials $131, % Capital & Other $46, % Salaries $1,333, % Employee Benefits $506, % *Does not include Fund 09 Hockey

56 Hockey Fund - 09 The Hockey Fund is used to account for the revenue and expenditures of the ice arena. The operation of the ice arena is based on agreements made with the Monticello Youth Hockey Association.

57 Hockey Fund 09 Budget Overview Projected Fund 6/30/17 $22,391 Revenue $406,009 Expenditures ($406,009) $0 Estimated Fund 6/30/18 $22,391

58 Hockey Fund 09 Budget Overview Revenue Other $406, %

59 Hockey Fund 09 Budget Overview Expenditures Supplies & Materials $44, % Capital & Other $4, % Salaries $131, % Purchased Services $193, % Employee Benefits $32, %

60 OTHER FUNDS Building Construction Fund 06 Debt Service Fund 07 OPEB Trust Fund 45

61 Building Construction Fund - 06 The Building Construction Fund is used to record all operations of a district s building construction program that are funded by the sale of bonds, capital loans, or the Alternative Bonding Program (including levies). Construction costs for building and additions consist of the following expenditures for general construction: advertisement for contracts; payments on contracts of construction; installations of plumbing, heating, lighting, ventilating, and electrical systems; expenditures for lockers, elevators, and other equipment; architectural and engineering services; travel expenses, paint and decorating expenses; and any other related costs.

62 Building Construction Fund 06 Budget Overview Projected Fund 6/30/17 $20,970,825 Revenue $1,018,000 Expenditures ($19,569,065) ($18,551,065) Estimated Fund 6/30/18 $2,419,760

63 Building Construction Fund 06 Budget Overview Revenue Interest Revenue $75, % Property Taxes $943, %

64 Building Construction Fund 06 Budget Overview Expenditures Salaries & Benefits $0 0.00% Purchased Services $4,724, % Capital & Other $14,844, %

65 Debt Service Fund - 07 The Debt Service Fund is used to record revenues and expenditures for a school district s outstanding bonded indebtedness, whether for building construction or operating capital, and whether for initial or refunding bonds. When a bond issue is sold, the school board must levy a direct general tax upon the property of the district for the payment of principal and interest on such bonds as due. The revenue from such a tax and related state aid must be separately account for in the Debt Service Fund.

66 Debt Service Fund 07 Budget Overview Projected Fund 6/30/17 $720,215 Revenue $3,309,701 Expenditures ($3,375,078) ($65,377) Estimated Fund 6/30/18 $654,838

67 Debt Service Fund 07 Budget Overview Revenue State Revenue $119, % Other $4, % Property Tax Revenue $3,185, %

68 Debt Service Fund 07 Budget Overview Expenditures Other $4, % Principal Payments $1,386, % Interest Payment $1,985, %

69 OPEB Trust Fund - 45 The Other Post-Employment Benefit (OPEB) Trust Fund is used for reporting resources set aside and held in an irrevocable trust arrangement for post-employment benefits. District contributions to this fund must be expensed to an operating fund.

70 OPEB Trust Fund 45 Budget Overview Projected Fund 6/30/17 $1,892,280 Revenue $35,000 Expenditures ($75,700) ($40,700) Estimated Fund 6/30/18 $1,851,580

71 OPEB Trust Fund 45 Budget Overview Revenue Interest $35, %

72 OPEB Trust Fund 45 Budget Overview Expenditures Retiree Insurance $75, %

73 OPEB Trust Fund 45 Funding Options Retiree Obligations Severance & Other Post Employment Benefits Funding Sources: Contracts with Sunset Language GASB 45 Contracts without Sunset Language GASB 45 Severance payouts - GASB 27 HRA contributions for Active Employees OPEB Trust Yes Yes No No Levy Yes No No No Assigned Fund Balance Yes Yes Yes Yes General Fund Yes Yes Yes Yes

74 School Finance 101 Questions?

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