Zionsville Community Schools

Transcription

1 2013 YearEnd Financial Report Michael A. Shafer, C.P.A. Chief Financial Officer Zionsville Community Schools

2 2013 Annual Year End Financial Report Comparison of 2013 Revenue to Budget and to Prior Year Actual and Budgeted Actual Actual Budgeted 2013 Budgeted Fund Revenues Revenues Revenues Revenues General Fund $ 34,477,106 $ 33,050,883 $ 34,886,446 $ 33,906,374 Debt Service Fund $ 17,400,928 $ 19,399,010 $ 17,564,630 $ 19,734,843 Pension Bond Debt Service Fund $ 702,495 $ 783,882 $ 739,963 $ 797,430 Capital Projects Fund $ 4,049,566 $ 3,884,026 $ 3,769,073 $ 4,016,006 Transportation Fund $ 3,426,001 $ 3,205,665 $ 2,915,938 $ 3,249,787 Bus Replacement Fund $ 358,642 $ 400,192 $ 537,406 $ 604,804 Rainy Day Fund $ 5,357 $ 18,000 $ 2,239 $ 6,000 Referendum Fund $ $ $ 5,376,814 $ 5,062,128 Total Revenues $ 60,420,095 $ 60,741,658 $ 65,792,509 $ 67,377,372 Comparison of 2013 Expenditures to Budget and to Prior Year Actual and Budgeted Actual 3, Actual 3, Budgeted 2013 Budgeted Fund Expenditures Expenditures Expenditures Expenditures General Fund $ 33,934,876 $ 34,860,135 $ 34,242,223 $ 34,247,760 Debt Service Fund $ 17,389,188 $ 18,747,328 $ 16,914,773 $ 17,150,218 Pension Bond Debt Service Fund $ 756,685 $ 756,685 $ 749,829 $ 755,013 Capital Projects Fund $ 3,346,324 $ 5,417,539 $ 4,300,972 $ 4,918,074 Transportation Fund $ 2,620,054 $ 3,891,818 $ 2,722,247 $ 4,166,755 Bus Replacement Fund $ 49,591 $ 349,477 $ 532,690 $ 768,852 Rainy Day Fund $ 1,561,081 $ 1,600,000 $ 1,100,000 $ 1,100,000 Referendum Fund $ $ $ 2,875,967 $ 5,062,128 Total Expenditures $ 59,657,799 $ 65,622,982 $ 63,438,701 $ 68,168,800 Page 1

3 2013 Annual Year End Financial Report Summary of 2013 Revenues, Expenditures, and Balances Budgeted and Related Funds Fund Fund Balances Balances Fund 1/1/2013 Revenues Expenditures 12/31/2013 General Fund $ 1,307,986 $ 34,886,446 $ 34,242,223 $ 1,952,209 Debt Service Fund $ 8,172,500 $ 17,564,630 $ 16,914,773 $ 8,822,357 Pension Bond Debt Service Fund $ 250,742 $ 739,963 $ 749,829 $ 240,876 Capital Projects Fund $ 3,119,457 $ 3,769,073 $ 4,300,972 $ 2,587,558 Transportation Fund $ 2,795,423 $ 2,915,938 $ 2,722,247 $ 2,989,114 Bus Replacement Fund $ 470,034 $ 537,406 $ 532,690 $ 474,750 Rainy Day Fund $ 1,720,944 $ 2,239 $ 1,100,000 $ 623,183 Referendum Fund $ $ 5,376,814 $ 2,875,967 $ 2,500,847 Totals $ 17,837,086 $ 65,792,509 $ 63,438,701 $ 20,190,894 Notes: 1 The Budget Revenues and Budget Expenditures as shown are per the DLGF's official budget orders for 2012 and 2013, respectively, for budgeted funds. 2 Actual revenues reflect losses in property taxes due to the circuit breaker of $3.31 million, and $3.61 million, respectively, for 2012 and For 2012 and 2013, the General Fund's expenditures were supplemented and supported by $1,561,081 and $1,100,000, respectively, expended from the Rainy Day Fund (as shown for the Rainy Day Fund on this page) and by $576,689 expended from the Federal Teacher Jobs Stimulus Grant in 2012 (no similar federal grant funds were received in 2013). 4 Transfers from the Debt Service fund in the aggregate amount of $1,065,042 were made in 2012 to the Capital Projects Fund and the Transportation Fund ( $532,521 for each of these funds) from the "increment" or savings from the 2012 Debt Restructuring. This amount is reflected in the expenditures shown for 2012 for the Debt Service Fund. However, the remaining balance in the Debt Service Fund at 12/31/2013 was only $8,822,357 with $8,539,000 required for the next upcoming debt service payments to be made. The balance of the fund will be reevaluated at 6/30/2014 to determine the feasibility of transfers at that time. Page 2

4 Actual and Projected Revenues Actual Projected Actual Projected Projected General Fund State Aid Basic Grant (Including Categoricals) 1 $ 32,790,203 $ 31,785,265 $ 32,878,136 $ 33,163,198 $ 33,703,055 Other State Grants and Funding $ 190,385 $ 238,000 $ 220,228 $ 238,000 $ 250,000 Misc Local Sources Facilities Rental 2 $ 476,866 $ 200,000 $ 597,415 $ 325,000 $ 325,000 Interest $ 2,109 $ 15,000 $ 4,119 $ 5,000 $ 4,000 Fees $ 541,081 $ 500,000 $ 538,963 $ 400,000 $ 400,000 ECA Reimbursements $ 67,809 $ 75,000 $ 67,351 $ 75,000 $ 75,000 Other Misc $ 152,459 $ 177,000 $ 272,552 $ 197,000 $ 217,500 Interfund Transfers 3 $ 256,195 $ $ 307,682 $ 295,500 $ 325,000 Totals General Fund $ 34,477,106 $ 32,990,265 $ 34,886,446 $ 34,698,698 $ 35,299,555 Capital Projects Fund Property Taxes $ 3,173,209 $ 3,465,132 $ 3,308,556 $ 3,520,565 $ 3,296,071 Licenses Excise Tax $ 264,748 $ 255,909 $ 252,402 $ 183,762 $ 173,305 CVET Tax $ 5,519 $ 6,275 $ 2,377 $ 4,403 $ 4,628 FIT Tax $ 1,877 $ 2,683 $ 1,582 $ 1,717 $ 2,649 P.I.L.O.T. 4 $ 26,451 $ $ $ $ Interest and Misc 5 $ 31,741 $ 10,000 $ 204,156 $ 4,000 $ 3,000 Interfund Transfer 6 $ 546,021 $ $ $ $ Totals Capital Projects Fund $ 4,049,566 $ 3,739,999 $ 3,769,073 $ 3,714,447 $ 3,479,653 Page 3

5 Actual and Projected Revenues Actual Projected Actual Projected Projected Transportation Fund Property Taxes $ 2,625,754 $ 2,733,320 $ 2,679,982 $ 2,700,307 $ 2,737,950 Licenses Excise Tax $ 219,073 $ 180,221 $ 204,450 $ 152,059 $ 143,959 CVET Tax $ 4,567 $ 4,419 $ 1,925 $ 3,643 $ 3,844 FIT Tax $ 1,552 $ 1,890 $ 1,281 $ 1,421 $ 2,201 P.I.L.O.T. 4 $ 21,888 $ $ $ $ Interest and Misc $ 20,646 $ $ 28,300 $ $ Interfund Transfer 6 $ 532,521 $ $ $ $ Totals Transportation Fund $ 3,426,001 $ 2,919,850 $ 2,915,938 $ 2,857,430 $ 2,887,954 Debt Service Funds (Combined) Property Taxes $ 16,528,927 $ 17,612,783 $ 16,932,223 $ 17,307,825 $ 17,433,369 Licenses Excise Tax $ 1,379,286 $ 1,129,404 $ 1,291,721 $ 1,028,800 $ 916,632 CVET Tax $ 28,753 $ 27,692 $ 12,164 $ 24,649 $ 24,476 FIT Tax $ 9,776 $ 11,841 $ 8,097 $ 12,612 $ 14,012 P.I.L.O.T. 4 $ 137,806 $ $ $ $ Interest and Misc $ 18,875 $ $ 60,388 $ $ Totals Debt Service $ 18,103,423 $ 18,781,720 $ 18,304,593 $ 18,373,886 $ 18,388,489 Bus Replacement Fund Property Taxes $ 327,797 $ 337,910 $ 498,760 $ 502,326 $ 352,774 Licenses Excise Tax $ 27,349 $ 28,077 $ 38,049 $ 36,950 $ 18,549 CVET Tax $ 570 $ 712 $ 358 $ 885 $ 495 FIT Tax $ 194 $ 242 $ 239 $ 345 $ 284 P.I.L.O.T. 4 $ 2,732 $ $ $ $ Totals Bus Replacement $ 358,642 $ 366,941 $ 537,406 $ 540,506 $ 372,102 Page 4

6 Actual and Projected Revenues Actual Projected Actual Projected Projected Rainy Day Fund Interest and Misc $ 5,357 $ 18,000 $ 2,239 $ 10,000 $ 3,000 Totals Rainy Day Fund $ 5,357 $ 18,000 $ 2,239 $ 10,000 $ 3,000 Referendum Fund Property Taxes $ $ $ 5,060,214 $ 4,819,141 $ 5,197,569 Licenses Excise Tax $ $ $ 309,476 $ 235,000 $ 223,250 CVET Tax $ $ $ 2,915 $ 5,961 $ 5,961 FIT Tax $ $ $ 1,940 $ 2,026 $ 3,316 Interest and Misc $ $ $ 2,269 $ $ Totals Referendum Fund $ $ $ 5,376,814 $ 5,062,128 $ 5,430,096 Totals Combined Revenues $ 60,420,095 $ 58,816,775 $ 65,792,509 $ 65,257,095 $ 65,860,849 Notes on Revenues: 1 Assumes no material changes in the state's current school funding formula for Includes gross rentals from various earned income activities. 3 The General Fund's Interfund Transfers are primarily payments to the General Fund of indirect costs from the selfsupporting program funds. 4 Payments in Lieu of Taxes (P.I.L.O.T.) received in 2012 were an unknown factor not anticipated or included in the budgeted or projected revenues for The Indiana Department of Local Government Finance (DLGF) has informed us that they do not expect that such payments will occur or be available to us in the future. 5 Misc CPF income includes insurance proceeds of $182, from claim for fire damage. 6 The Capital Projects and Transportation Fund's Interfund Transfers in 2012 were transfers from the Debt Service Fund of incremental savings as authorized by state statute of amounts saved by the 2012 debt restructuring (see note 4 on page 1 of this report). Page 5

7 Actual and Projected Expenses and Costs Actual Projected 5 Actual Projected 5 Projected 5 General Fund Personnel Costs Salaries $ 21,619,240 $ 22,305,496 $ 21,106,553 $ 21,555,099 $ 21,690,829 Benefits $ 7,253,686 $ 7,954,443 $ 7,907,902 $ 7,723,926 $ 8,006,999 Subtotal Personnel Costs $ 28,872,926 $ 30,259,939 $ 29,014,455 $ 29,279,025 $ 29,697,828 NonPersonnel Costs Supplies and Materials $ 792,013 $ 600,599 $ 664,355 $ 758,500 $ 734,500 Utilities and Insurance 1 $ 874,664 $ 1,035,000 $ 956,669 $ 1,040,646 $ 935,929 Special Ed Services and CoOp Agreements $ 1,094,689 $ 904,384 $ 1,125,733 $ 958,000 $ 1,306,500 Contracted Services $ 2,201,349 $ 1,636,834 $ 2,440,671 $ 2,471,500 $ 2,518,236 Other and Misc $ 99,235 $ 79,588 $ 40,340 $ 107,319 $ 100,000 Subtotal NonPersonnel Costs $ 5,061,950 $ 4,256,405 $ 5,227,768 $ 5,335,965 $ 5,595,165 Totals General Fund $ 33,934,876 $ 34,516,344 $ 34,242,223 $ 34,614,990 $ 35,292,993 Capital Projects Fund Personnel Costs 2 $ 1,046,595 $ 1,202,699 $ 1,144,602 $ 1,348,088 $ 1,355,000 Purchased Services 3 $ 543,402 $ 980,355 $ 545,631 $ 870,004 $ 928,094 Maint of Buildings & Equip. 3 $ 839,452 $ 567,530 $ 1,710,274 $ 1,145,000 $ 1,020,000 Utilities and Insurance 1 $ 915,164 $ 915,000 $ 898,062 $ 915,000 $ 915,598 Other $ 1,711 $ $ 2,403 $ 4,500 $ 3,000 Interfund Loan $ $ $ $ $ Totals Capital Projects Fund $ 3,346,324 $ 3,665,584 $ 4,300,972 $ 4,282,592 $ 4,221,692 Page 6

8 Actual and Projected Expenses and Costs Actual Projected 5 Actual Projected 5 Projected 5 Transportation Fund Personnel Costs $ 2,035,133 $ 2,122,693 $ 2,171,943 $ 2,238,234 $ 2,339,622 Purchased Services $ 44,379 $ 35,000 $ 35,173 $ 36,500 $ 34,438 Parts, Fuel Supplies & Materials 4 $ 467,100 $ 576,000 $ 445,285 $ 475,000 $ 565,456 Utilities and Insurance $ 71,745 $ 85,500 $ 66,975 $ 93,500 $ 69,500 Other $ 1,697 $ $ 2,871 $ $ 2,060 Totals Transportation Fund $ 2,620,054 $ 2,819,193 $ 2,722,247 $ 2,843,234 $ 3,011,076 Bus Replacement Fund Purchase of Buses $ 49,591 $ 69,312 $ 532,690 $ 494,886 $ 557,818 Interfund Transfer $ $ $ $ $ Totals Bus Replacement Fund $ 49,591 $ 69,312 $ 532,690 $ 494,886 $ 557,818 Debt Service Funds (Combined) Lease Rental (Bond) Payments for Bldgs. $ 16,314,000 $ 16,717,710 $ 16,903,000 $ 17,150,218 $ 17,647,473 Bond Pmts Pension Bonds $ 756,685 $ 756,685 $ 749,829 $ 755,013 $ 752,580 Interfund Transfers $ 1,065,042 $ 1,065,042 $ $ $ Other $ 10,146 $ 1,371 $ 11,773 $ $ Totals Debt Service $ 18,145,873 $ 18,540,808 $ 17,664,602 $ 17,905,231 $ 18,400,053 Rainy Day Fund Personnel Costs $ 1,561,081 $ 1,702,367 $ 1,100,000 $ 1,100,000 $ 2,500 Other $ $ $ $ $ Totals Rainy Day Fund $ 1,561,081 $ 1,702,367 $ 1,100,000 $ 1,100,000 $ 2,500 Page 7

9 Actual and Projected Expenses and Costs Actual Projected 5 Actual Projected 5 Projected 5 Referendum Fund Personnel Costs (Teachers) $ $ $ 2,875,967 $ 2,382,994 $ 5,035,516 Totals Referendum Fund $ $ $ 2,875,967 $ 2,382,994 $ 5,035,516 Totals Combined Expenditures $ 59,657,799 $ 61,313,608 $ 63,438,701 $ 63,623,927 $ 66,521,648 Notes: 1 Utilities were paid from a combination of the General Fund and the Capital Projects Fund as allowed by statute. The combined utilities costs paid from both funds were $1,498,452 and $1,529,238, respectively, for 2012 and Both years were below projections for actual utilities costs. 2 Capital Projects Fund Personnel costs were less than projections. The technology department was understaffed most of both years. 3 Capital Projects Fund Purchased Services were below projected amounts due to concentrated efforts to avoid spending in this area. Maintenance expenditures increased substantially in 2013 due to major building maintenance, notably including the ZCHS roof project. 4 Transportation Fund Fuel costs were less than projected. However, the situation remains extremely uncertain regarding petroleum pricing in the future. 5 All projected amounts shown for 2012 through 2013 are based on the actual spending plans in use for those years which are less than the official budgeted amounts approved by DLGF in the budget orders for those respective years. For 2014, projected expenditure amounts shown are as expected per projections described in detail in the 2014 budget book. Page 8