Zionsville Community Schools

Transcription

1 2012 YearEnd Financial Report With Projections for 2013 and 2014 Michael A. Shafer, C.P.A. Chief Financial Officer Zionsville Community Schools

2 2012 Annual Year End Financial Report Comparison of 2012 Revenue to Budget and to Prior Year Actual and Budgeted Actual Actual Budgeted 2012 Budgeted Fund Revenues Revenues Revenues Revenues General Fund $ 33,187,576 $ 34,016,724 $ 34,477,106 $ 33,050,883 Debt Service Fund $ 17,303,860 $ 18,162,697 $ 17,400,928 $ 19,399,010 Pension Bond Debt Service Fund $ 697,358 $ 732,118 $ 702,495 $ 783,882 Capital Projects Fund $ 4,311,490 $ 4,047,959 $ 4,049,566 $ 3,884,026 Transportation Fund $ 2,984,845 $ 3,015,086 $ 3,426,001 $ 3,205,665 Bus Replacement Fund $ 128,208 $ 63,931 $ 358,642 $ 400,192 Rainy Day Fund $ 74,316 $ 18,000 $ 5,357 $ 18,000 Job Stimulus Grant Fund $ 253,123 $ 538,705 $ 824,286 $ 538,705 Referendum Fund $ $ $ $ Total Revenues $ 58,940,776 $ 60,595,220 $ 61,244,381 $ 61,280,363 Comparison of 2012 Expenditures to Budget and to Prior Year Actual and Budgeted Actual Actual 3, Budgeted 2012 Budgeted Fund Expenditures Expenditures Expenditures Expenditures General Fund $ 33,533,933 $ 33,775,731 $ 33,934,876 $ 34,860,135 Debt Service Fund $ 18,080,957 $ 18,207,393 $ 17,389,188 $ 18,747,328 Pension Bond Debt Service Fund $ 757,153 $ 757,153 $ 756,685 $ 756,685 Capital Projects Fund $ 3,003,481 $ 4,038,982 $ 3,346,324 $ 5,417,539 Transportation Fund $ 2,646,244 $ 3,893,658 $ 2,620,054 $ 3,891,818 Bus Replacement Fund $ 67,225 $ 210,507 $ 49,591 $ 349,477 Rainy Day Fund $ 451,518 $ 903,886 $ 1,561,081 $ 1,600,000 Job Stimulus Grant Fund $ 500,720 $ 538,705 $ 576,689 $ 538,705 Referendum Fund $ $ $ $ Total Expenditures $ 59,041,231 $ 62,326,015 $ 60,234,488 $ 66,161,687 Page 1

3 2012 Annual Year End Financial Report Summary of 2012 Revenues, Expenditures, and Balances Budgeted and Related Funds Fund Fund Balances Balances Fund 1/1/2012 Revenues Expenditures 12/31/2012 General Fund $ 765,756 $ 34,477,106 $ 33,934,876 $ 1,307,986 Debt Service Fund $ 8,160,760 $ 17,400,928 $ 17,389,188 $ 8,172,500 Pension Bond Debt Service Fund $ 304,932 $ 702,495 $ 756,685 $ 250,742 Capital Projects Fund $ 2,416,215 $ 4,049,566 $ 3,346,324 $ 3,119,457 Transportation Fund $ 1,989,476 $ 3,426,001 $ 2,620,054 $ 2,795,423 Bus Replacement Fund $ 160,983 $ 358,642 $ 49,591 $ 470,034 Rainy Day Fund $ 3,276,668 $ 5,357 $ 1,561,081 $ 1,720,944 Job Stimulus Grant Fund $ (247,597) $ 824,286 $ 576,689 $ Referendum Fund $ $ $ $ Totals $ 16,827,193 $ 61,244,381 $ 60,234,488 $ 17,837,086 Notes: 1 The Budget Revenues and Budget Expenditures as shown are per the DLGF's official budget orders for 2011 and 2012, respectively, for budgeted funds. 2 Actual revenues reflect losses in property taxes due to the circuit breaker of $2.04 million, and $3.31 million, respectively, for 2011 and These losses were partially offset by $587K in 2011 and $189K in 2012 from Payments in Lieu of Taxes (P.I.L.O.T.) received. For 2012, revenues of the Capital Projects and Transportation Funds includes an interfund transfer of Debt Restructuring savings to provide a partial offset (in the aggregate amount of $1.065 million) of the circuit breaker losses. 3 For 2011 and 2012, the General Fund's expenditures were supplemented and supported by $451,518 and $1,561,081, respectively, expended from the Rainy Day Fund (as shown for the Rainy Day Fund on this page) and by $500,720 and $576,689, respectively, expended From the Federal Teacher Jobs Stimulus Grant (also shown on this page). 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. The remaining balance in the Debt Service Fund of $8,172,500 is equal to the total amount of the next upcoming debt service payments to be made from this fund. The total amounts transferred were smaller than the total savings increment, but were reduced to comply with statute to ensure full funding of debt service. Page 2

4 Actual and Projected Revenues Actual Projected Actual Projected Projected Projected General Fund State Aid Basic Grant (Including Categoricals) 1 $ 32,104,357 $ 32,103,916 $ 31,837,403 $ 31,785,265 $ 32,075,878 $ 32,766,609 FullDay Kindergarten 2 $ $ $ 952,800 $ $ 1,087,320 $ 1,128,200 Other State Grants and Funding $ 154,999 $ 120,000 $ 190,385 $ 238,000 $ 238,000 $ 245,000 Misc Local Sources Facilities Rental $ 197,392 $ 208,191 $ 476,866 $ 200,000 $ 325,000 $ 325,000 Interest $ 3,069 $ 10,579 $ 2,109 $ 15,000 $ 5,000 $ 7,500 Fees $ 244,339 $ 375,000 $ 541,081 $ 500,000 $ 400,000 $ 450,000 ECA Reimbursements $ $ 52,000 $ 67,809 $ 75,000 $ 75,000 $ 75,000 Other Misc $ 261,735 $ 105,507 $ 152,459 $ 177,000 $ 197,000 $ 197,000 Interfund Transfers 3 $ 221,685 $ $ 256,195 $ $ 295,500 $ 295,500 Totals General Fund $ 33,187,576 $ 32,975,193 $ 34,477,106 $ 32,990,265 $ 34,698,698 $ 35,489,809 Capital Projects Fund Property Taxes $ 3,683,642 $ 3,715,463 $ 3,173,209 $ 3,465,132 $ 3,520,565 $ 3,608,579 Licenses Excise Tax $ 280,669 $ 255,909 $ 264,748 $ 255,909 $ 183,762 $ 188,356 CVET Tax $ 6,408 $ 6,275 $ 5,519 $ 6,275 $ 4,403 $ 4,513 FIT Tax $ 2,487 $ 2,683 $ 1,877 $ 2,683 $ 1,717 $ 1,760 P.I.L.O.T. 4 $ 94,515 $ $ 26,451 $ $ $ Interest and Misc $ 40,640 $ 10,000 $ 31,741 $ 10,000 $ 4,000 $ 4,100 Interfund Loan Repayments 5 $ 203,129 $ $ $ $ $ Interfund Transfer 6 $ $ $ 546,021 $ $ $ Totals Capital Projects Fund $ 4,311,490 $ 3,990,330 $ 4,049,566 $ 3,739,999 $ 3,714,447 $ 3,807,308 Transportation Fund Property Taxes $ 2,594,164 $ 2,616,574 $ 2,625,754 $ 2,733,320 $ 2,700,307 $ 2,767,815 Licenses Excise Tax $ 197,656 $ 180,221 $ 219,073 $ 180,221 $ 152,059 $ 155,860 CVET Tax $ 6,686 $ 4,419 $ 4,567 $ 4,419 $ 3,643 $ 3,734 FIT Tax $ 2,676 $ 1,890 $ 1,552 $ 1,890 $ 1,421 $ 1,457 P.I.L.O.T. 4 $ 68,073 $ $ 21,888 $ $ $ Interest and Misc $ 115,590 $ 97,073 $ 20,646 $ $ Interfund Transfer 6 $ $ $ 532,521 $ $ $ Totals Transportation Fund $ 2,984,845 $ 2,900,177 $ 3,426,001 $ 2,919,850 $ 2,857,430 $ 2,928,866 Page 3

5 Actual and Projected Revenues Actual Projected Actual Projected Projected Projected Debt Service Funds (Combined) Property Taxes $ 16,256,998 $ 16,397,433 $ 16,528,927 $ 17,612,783 $ 17,307,825 $ 18,099,889 Licenses Excise Tax $ 1,238,664 $ 1,129,404 $ 1,379,286 $ 1,129,404 $ 1,028,800 $ 1,054,520 CVET Tax $ 42,303 $ 27,692 $ 28,753 $ 27,692 $ 24,649 $ 25,265 FIT Tax $ 16,941 $ 11,841 $ 9,776 $ 11,841 $ 12,612 $ 12,927 P.I.L.O.T. 4 $ 422,543 $ $ 137,806 $ $ $ Interest and Misc $ 23,769 $ $ 18,875 $ $ $ State Circuit Breaker Replacement Grant $ $ $ $ $ Totals Debt Service $ 18,001,218 $ 17,566,370 $ 18,103,423 $ 18,781,720 $ 18,373,886 $ 19,192,601 Bus Replacement Fund Property Taxes $ 55,006 $ 55,481 $ 327,797 $ 33,791 $ 502,326 $ 325,600 Licenses Excise Tax $ 4,131 $ 3,821 $ 27,349 $ 3,821 $ 36,950 $ 37,874 CVET Tax $ 138 $ 94 $ 570 $ 94 $ 885 $ 907 FIT Tax $ 55 $ 40 $ 194 $ 40 $ 345 $ 354 P.I.L.O.T. 4 $ 1,653 $ $ 2,732 $ $ $ Interfund Transfer 7 $ 67,225 $ $ $ $ $ Totals Bus Replacement $ 128,208 $ 59,436 $ 358,642 $ 37,746 $ 540,506 $ 364,735 Rainy Day Fund Interest and Misc $ 7,091 $ 18,000 $ 5,357 $ 18,000 $ 10,000 $ 10,000 Interfund Transfer 7 $ 67,225 $ $ $ $ Totals Rainy Day Fund $ 74,316 $ 18,000 $ 5,357 $ 18,000 $ 10,000 $ 10,000 Referendum Fund Property Taxes $ $ $ $ $ 4,819,141 $ 4,819,141 Licenses Excise Tax $ $ $ $ $ 235,000 $ 239,387 CVET Tax $ $ $ $ $ 5,961 $ 5,736 FIT Tax $ $ $ $ $ 2,026 $ 2,237 Interest and Misc $ $ $ $ $ $ Totals Referendum Fund $ $ $ $ $ 5,062,128 $ 5,066,501 Page 4

6 Actual and Projected Revenues Actual Projected Actual Projected Projected Projected Job Stimulus Grant Fund Federal Job Stimulus Grant $ 253,124 $ 538,705 $ 824,286 $ 538,705 $ $ Totals Job Stimulus Grant Fund $ 253,124 $ 538,705 $ 824,286 $ 538,705 $ $ Totals Combined Revenues $ 58,940,777 $ 58,048,211 $ 61,244,381 $ 59,026,285 $ 65,257,095 $ 66,859,820 Notes on Revenues 1 Assumes no material changes in the state's current school funding formula for Assumes no material changes in the state's current funding formula for FullDay Kindergarten in 2013 or 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 2011 and 2012 were an unknown factor not anticipated or included in the budgeted or projected revenues for 2011 or 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 The interfund loan payments received by the Capital Projects Fund in 2011 were repayments of amounts the fund had loaned to various federal grant funds for cash flow purposes in 2010 and 2011 to comply with State Board of Accounts regulations. 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. 7 In 2011, the Bus Replacement Fund received $67,225 for the sale of used school buses as a transfer from the Transportation Fund. This amount was subsequently transferred to the Rainy Day Fund. Page 5

7 Actual and Projected Expenses and Costs Actual Projected 5 Actual Projected 5 Projected 5 Projected 5 General Fund Personnel Costs Teachers Salaries $ 15,588,912 $ 15,906,318 $ 15,832,752 $ 16,484,317 $ 15,372,935 $ 15,875,265 Benefits $ 6,519,680 $ 6,377,064 $ 5,895,882 $ 6,656,797 $ 6,063,291 $ 6,138,201 Administrators Salaries $ 1,863,060 $ 2,132,278 $ 2,139,396 $ 2,057,843 $ 2,526,993 $ 2,564,898 Benefits $ 614,023 $ 589,950 $ 753,958 $ 611,782 $ 951,684 $ 965,960 Support Staff Salaries $ 3,706,956 $ 3,730,591 $ 3,647,092 $ 3,763,336 $ 3,655,171 $ 3,709,999 Benefits $ 580,792 $ 644,644 $ 603,846 $ 685,864 $ 708,951 $ 719,586 Subtotal Personnel Costs $ 28,873,423 $ 29,380,845 $ 28,872,926 $ 30,259,939 $ 29,279,025 $ 29,973,909 NonPersonnel Costs Supplies and Materials $ 704,376 $ 600,599 $ 792,013 $ 600,599 $ 758,500 $ 762,500 Utilities and Insurance 1 $ 1,235,773 $ 1,660,496 $ 874,664 $ 1,035,000 $ 1,040,646 $ 1,061,459 Special Ed Services and CoOp Agreements $ 750,491 $ 904,384 $ 1,094,689 $ 904,384 $ 958,000 $ 967,580 Contracted Services $ 1,878,275 $ 1,636,834 $ 2,201,349 $ 1,636,834 $ 2,471,500 $ 2,510,930 Other and Misc $ 91,595 $ 52,251 $ 99,235 $ 79,588 $ 107,319 $ 108,000 Subtotal NonPersonnel Costs $ 4,660,510 $ 4,854,564 $ 5,061,950 $ 4,256,405 $ 5,335,965 $ 5,410,469 Totals General Fund $ 33,533,933 $ 34,235,409 $ 33,934,876 $ 34,516,344 $ 34,614,990 $ 35,384,378 Page 6

8 Actual and Projected Expenses and Costs Actual Projected 5 Actual Projected 5 Projected 5 Projected 5 Capital Projects Fund Personnel Costs 2 $ 979,602 $ 1,174,579 $ 1,046,595 $ 1,202,699 $ 1,348,088 $ 1,388,531 Purchased Services 3 $ 937,450 $ 1,027,073 $ 543,402 $ 980,355 $ 870,004 $ 870,004 Maint of Buildings & Equip. 3 $ 558,706 $ 834,876 $ 839,452 $ 567,530 $ 1,145,000 $ 970,000 Utilities and Insurance 1 $ 43,923 $ 716,624 $ 915,164 $ 915,000 $ 915,000 $ 915,000 Other $ 753 $ $ 1,711 $ $ 4,500 $ 4,500 Interfund Loan $ 65,824 $ $ $ $ Totals Capital Projects Fund $ 2,586,258 $ 3,753,152 $ 3,346,324 $ 3,665,584 $ 4,282,592 $ 4,148,035 Transportation Fund Personnel Costs $ 2,426,306 $ 2,133,559 $ 2,035,133 $ 2,122,693 $ 2,238,234 $ 2,305,381 Purchased Services $ 99,977 $ 58,730 $ 44,379 $ 35,000 $ 36,500 $ 37,413 Parts, Fuel Supplies & Materials 4 $ 2,823 $ 535,763 $ 467,100 $ 576,000 $ 475,000 $ 484,500 Utilities and Insurance $ 106,622 $ 76,903 $ 71,745 $ 85,500 $ 93,500 $ 93,500 Other $ 2,398 $ $ 1,697 $ $ $ Totals Transportation Fund $ 2,638,127 $ 2,804,955 $ 2,620,054 $ 2,819,193 $ 2,843,234 $ 2,920,794 Bus Replacement Fund Purchase of Buses 0 $ $ 49,591 $ 69,312 $ $ Interfund Transfer $ 67,225 $ $ $ $ 494,886 $ 305,602 Totals Bus Replacement Fund $ 67,225 $ $ 49,591 $ 69,312 $ 494,886 $ 305,602 Debt Service Funds (Combined) Lease Rental (Bond) Payments for Bldgs. $ 18,075,000 $ 18,075,000 $ 16,314,000 $ 16,717,710 $ 17,150,218 $ 18,350,368 Bond Pmts Pension Bonds $ 757,153 $ 757,153 $ 756,685 $ 756,685 $ 755,013 $ 757,137 Interfund Transfers $ $ $ 1,065,042 $ 1,065,042 $ $ Other $ 5,957 $ $ 10,146 $ 1,371 $ $ Totals Debt Service $ 18,838,110 $ 18,832,153 $ 18,145,873 $ 18,540,808 $ 17,905,231 $ 19,107,505 Page 7

9 Actual and Projected Expenses and Costs Actual Projected 5 Actual Projected 5 Projected 5 Projected 5 Rainy Day Fund Personnel Costs $ 449,187 $ 451,943 $ 1,561,081 $ 1,702,367 $ 1,100,000 $ Other $ 2,332 $ $ $ $ $ Totals Rainy Day Fund $ 451,519 $ 451,943 $ 1,561,081 $ 1,702,367 $ 1,100,000 $ Referendum Fund Personnel Costs Teachers Salaries $ $ $ $ $ 1,606,376 $ 3,212,751 Benefits $ $ $ $ $ 776,618 $ 1,553,236 Totals Referendum Fund $ $ $ $ $ 2,382,994 $ 4,765,987 Job Stimulus Grant Fund Personnel Costs Teachers Salaries $ 441,875 $ 430,964 $ 416,644 $ 430,964 $ $ Benefits $ 58,845 $ 107,741 $ 160,045 $ 107,741 $ $ Totals Job Stimulus Grant Fund $ 500,720 $ 538,705 $ 576,689 $ 538,705 $ $ Totals Combined Expenditures $ 58,615,892 $ 60,616,317 $ 60,234,488 $ 61,852,313 $ 63,623,927 $ 66,632,301 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 $1,569,360 and $1,498,452, respectively, for 2011 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 in 2012 and are expected to increase further in 2013 due to major building maintenance needs. 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 2011 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 as shown are expected to be less than the official budget amounts that most likely will be approved by DLGF. Page 8