Unaudited Actuals September 16, Presented by: Christopher Schiermeyer Assistant Superintendent, Business Services

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1 Unaudited Actuals September 16, 2015 Presented by: Christopher Schiermeyer Assistant Superintendent, Business Services

2 Unaudited Actuals The District is required to close the financial books and submit the data to the County Office of Education Known as Unaudited Actuals The Unaudited Actuals represent all revenue received and expenditures made in the fiscal year The last data point prior to closing the books was when the budget was adopted in June The Adopted Budget included the District s estimates as to how the fiscal year would end

3 Total Fund 1 At A Glance Unrestricted Restricted Total Fund 01 Total Revenue $18,398,115 $3,896,243 $22,294,358 Total Expenses $16,065,033 $6,284,961 $22,349,994 Transfers In(Out) $(3,761,730) $2,440,318 $(1,321,412) Incr(Decr) to FB $(1,428,648) $51,600 $(1,377,048)* Beg Bal $7,781,403 $1,724,773 $9,506,176 End Bal $6,352,755 $1,776,373 $8,129,128 *Note: $1.7 million was transferred to Fund 17, resulting in the decrease to FB otherwise a $322,952 increase to FB.

4 Estimated vs Unaudited Actuals Unrestricted Revenue Variance LCFF Revenue : Basic Aid Supplemental LCFF Gap Decrease of 1.56% Other State Revenue increase: Lottery / Mandated Cost Increase Other Local Revenue increase: Rentals/Leases, Fees and Other Local Revenue $ 221k $ 34k $ 182k Restricted Revenue Variance $ 738k Special Ed Mental Health Funds Increase State Paid STRS Reduction in Federal Revenue

5 Estimated vs Unaudited Actuals Unrestricted Expense Variance Certificated & Classified Salaries: Benefits: Books & Supplies: Services & Other Operating Exp: Transfers of Indirect Costs: $180k $260k $20k $66k $73k Overall Unrestricted Expenses came in $427K less than Estimated Actuals

6 Estimated vs Unaudited Actuals Restricted Expense Variance Certificated & Classified Salaries: $ 52k Benefits: $702k Books & Supplies: $ 54k Services & Other Operating Exp: $ 32k Overall Restricted Expenses came in $449K more than Estimated Actuals

7 Components of Ending Fund Balance: 3% Reserve for Economic Uncertainties: $ 662,528* Held in Fund 17 Revolving Cash: $ 5,000 Other Assignments: Deferred Maint $ 985,931 Art & Music $ 23,697 JPA Safety $ 33,563 Future Year Contingencies $ 5,304,565

8 Resource Total Expenditures Contributions Percent of Total Expense Special Education $3,530,487 $2,036,449 58% Transportation $670,639 $185,722 28% Cafeteria $472,777 $33,000 7% Routine Maintenance: Revenue: 3% or $670,500 Expenditures were $710,138

9 Other Funds At A Glance Fund 09 Charter Fund 13 Cafeteria Fund 17 Reserve Total Revenue $2,111,102 $427,064 $7,528 Total Expenses $1,423,945 $472,777 $0 Transfers In(Out) $(545,000) $33,000 $1,700,000 Incr(Decr) to FB $142,157 $(12,713) $1,707,528 Beg Bal $506,222 $30,513 $0 End Bal $648,379 $17,800 $1,707,528

10 Other Funds At A Glance Fund 21 Building Fund 25 Capital Fac Fund 40 Special Res Total Revenue $10,383 $33,760 $7 Total Expenses $3,435,200 $75,783 $0 Transfers In(Out) $0 $0 $18,077 Incr(Decr) to FB $(3,424,817) $(42,023) $18,084 Beg Bal $4,457,313 $143,520 $148,879 End Bal $1,032,496 $101,497 $166,963

11 Fund 21 $1,032,496 Fund 25 $101,497 Fund 09 $648,379 Fund 40 $166,963 Fund Balances Fund 17 $1,707,528 Fund 01 Fund 13 Fund 09 Fund 25 Fund 21 Fund 40 Fund 17 Fund 13 $17,800 Fund 01 $8,129,128 Total District: $11,803,791

12 Next Steps The recommendation from staff to the Board is to approve the Unaudited Actuals as submitted District staff will submit the Unaudited Actuals to the County Office of Education for review The County Office of Education will provide the data to the California Department of Education An external audit will be conducted to review the financial statements Once the audit is complete, it will be submitted to the Board

13 Concurrent Activities The budget will be updated to reflect current staffing and updated expenditures Carryover balances will be allocated with expenditures added to the budget The next data point will be the First Interim Report Includes actual revenues and expenditures through October 31 st Projects revenues and expenditures to year end Makes multi-year projections for two subsequent years The First Interim Report will be submitted to the Board for approval on December 9 th

14 We ended with a positive fund balance of $323K, if we consider the transfer we made to Fund 17 Basic Aid Supplemental was received in and not expected in as LCFF Revenue increase faster than property taxes We continue to be a Low LCFF District in terms of supplemental funding Employer pension rates need to be monitored as a possible impact to our overall budget Enrollment will need to be monitored for future years We need to continue to tie our District priorities to the LCAP, addressing the possible expenditures both instructional and operational

15 Special Thanks Director of Fiscal Services Julie McCarthy Accountant Darlene Peterson SLVUSD Business Services Department

16 Questions/Comments