General Fund Revenue Year End Projection

Transcription

1 Date: February 18, 2014 To: From: Dr. Duane Yecha, Superintendent Crook County School Board Members Anna Logan, Director of Business and Finance Subject: Fiscal Report for February 2014 Following is the District s unaudited financial report as of January 31, General Fund Revenue The total revenue projection for the year in the General Fund is $28.6 million, which is approximately $262,000 less than budgeted. General Fund Revenue Year End Projection Actual Revenue 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 $ Last Year $ This Year % Budget Last Year % Budget This Year 100% 80% 60% 40% Percent of Budget 5,000,000 20% - Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0% The estimate for property tax revenue is estimated to be 7% higher than budget due to increased assessed values. The PERS UAL Assessment is an internal accounting function with a corresponding expense and is related to the prepayment of PERS expenses that occurred with the 2002 and 2003 PERS bonds. The amount forecasted is equal to the debt service needed for those bonds. The SSF May Adjustment is related to the delayed receipt of State School Funds due to the timing of data collections in for the new online charter school. The Transfers estimate is based on a projected transfer of $75,000 from the Unemployment Reserve. The amount budgeted in Transfer Revenue included a transfer into the General Fund from the PERS Reserve fund, which has not occurred yet pending further discussion. Common School Fund revenue is based on information provided by Oregon Department of Education.

2 Federal Forest Fees revenue was not budgeted for this fiscal year, but based on recently available information the District expects to receive approximately 95% of the amount received in the prior year. These funds are generally received in late January but still have not been received this fiscal year. State School Fund (SSF) revenue is projected to be approximately $1 million under budget due to increased estimated local revenue and a decrease in estimated transportation grant. The projected SSF revenue for the current year is approximately $2.5 million more than the actual SSF revenue from the prior year. Actual revenue at the end of December is approximately $123,000 more than at the same time last year. Even though the beginning fund balance was lower than last year, State School Fund and Property Tax revenue have increased. General Fund Expenses Projection Compared to Budget: Total projected expenses in the General Fund at year end are estimated at $29.3 million. This is approximately $838,000 less than budgeted. Salaries, wages, and benefits expenses are projected to be $777,000 less than budgeted, which is the main reason expenditures are projected to be below the revised budget. PERS rates are projected to be less than budgeted due to legislative action taken after the budget was adopted, but are still higher than in the previous year. General Fund Expenses Year End Projection 100% Actual Expenses 25,000,000 20,000,000 15,000,000 10,000,000 $ Last Year $ This Year % Budget Last Year % Budget This Year 90% 80% 70% 60% 50% 40% Percent of Budget 30% 5,000,000 20% 10% - Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0% Projection Compared to Prior Year: Total expenditures from the General Fund for the current fiscal year are projected to be approximately $1.6 million more than the actual expenses from the previous fiscal year. This increase is due to several factors, including: Salary increases due to 1% COLA, extra pay for committee time outside of the regular work day, and Kindergarten Aides not budgeted Increase in associated payroll costs due to salary increases, PERS rates, increase in insurance benefit cap, and new insurance opt-out stipend

3 Increased costs for charter school pass-through payments Additional staffing costs for high-needs Special Ed students and continued upward trend in the number of these students Fund Balance The beginning fund balance rolled forward from the previous year was $2.1 million. The projected operating deficit for the current year is $649,000, which is $576,000 lower than the budgeted operating deficit of $1.2 million. Based on the revenue and expenditure projections at year end described above, the ending fund balance is projected to be approximately $1.4 million. Statement of Revenue and Expenditures Further details of General Fund financial activity are shown on the Statement of Revenue and Expenditures on the following page. Additionally, summarized year-to-date activity for all funds is shown on the following pages. Business & Financial Updates: Further information regarding the audited financial statements for Insight Online Charter School was provided by the organization s management. K-12 Management issues balanced budget credits to the charter to prevent a negative fund balance, which are eventually reimbursed to K-12 Management. The large Accounts Payable balance is related to amounts owed to vendors and accrued PERS expense. Insight Charter s Director of Finance informed us that they were not aware of the 6% ending fund balance requirement and will make changes to become compliant starting with the school year. Dana Rudy assumed responsibilities this month as the District s new Nutrition Services Supervisor. She generally spends time with the kitchen staff in the mornings to learn their processes and oversee operations, and performs office duties in the afternoons. During the recent snow and ice conditions, the District maintenance crew in partnership with SMAF Construction and the City of Prineville worked over the weekend and performed at high levels to clear the record snow levels. Two new buses were ordered at the beginning of the school year as part of the long-term fleet replacement plan. Both buses have now been received and are in service. The State Board of Education is proposing a change to the way Poverty weightings are calculated in the State School Fund. The current system uses the Decennial Census data, which no longer collects poverty information. For the last 13 years, the poverty calculations have been based on the year 2000 data. The new system would be based on the U.S. Census Bureau s Small Area Income Poverty Estimate (SAIPE), which estimates poverty for specific age ranges from multiple data sets. As shown in a recent estimate provided by ODE, Crook County may receive increased funding starting in because of this change. The District is analyzing the impact and possible uses of those funds to correspond with the higher costs associated with educating students in poverty.

4 Operating Revenue and Expenses Revenue Crook County School District Statement of Revenue and Expenditures General Fund Fiscal Year to date January 31, 2014 UNAUDITED Actuals Estimate Budget Year to Date To Year End Over/(Under) Budget 1 Property Tax 7,155,892 6,548,349 7,679, ,210 7% 2 Interest 45,000 20,214 37,653 (7,347) 16% 3 PERS UAL Assessment 1,958, ,043 1,825,170 (132,936) 7% 4 State School Fund 18,555,586 13,522,351 17,555,052 (1,000,534) 5% 5 SSF May Adjustment (FY 12 13) 300, ,000 6 Common School Fund 253, ,168 34,270 13% 7 Federal Forest Fees 381, ,856 8 Miscellaneous 489, , ,179 14,716 3% 9 Transfers 450,000 75,000 (375,000) 83% 10 Total Revenue 28,907,945 21,146,220 28,646,180 (261,765) 1% Expenses 11 Salaries and Wages 12,441,290 5,611,776 12,380,045 (61,245) 0% 12 Payroll Taxes and Benefits 7,738,232 3,266,995 7,022,203 (716,029) 9% 13 Services 6,339,626 3,342,044 6,278,421 (61,205) 1% 14 Supplies 584, , ,875 (1,643) 0% 15 Capital Outlay 16,039 16,039 16,039 0% 16 Other Expenses 199, , ,503 (13,875) 7% 17 Transfers 2,829,901 2,421,703 2,829,901 0% 18 Total Expenses 30,132,945 15,153,670 29,294,987 (837,957) 3% 19 Operating Surplus/(Deficit) (1,225,000) 5,992,550 (648,808) 576,192 Fund Balance and Reserves 20 Beginning Fund Balance 2,800,000 2,075,227 2,075,227 (724,773) 26% 21 Operating Surplus/(Deficit) (1,225,000) 5,992,550 (648,808) 576,192 Funds Held in Reserve 22 Operating Contingency (675,000) 675, Reserved for Next Year (900,000) 900, Total Reserves & Contingency (1,575,000) 1,575, Ending Fund Balance 8,067,777 1,426,419 1,426,419

5 Crook County School District All Funds Fiscal Report Fiscal Year to date January 31, 2014 UNAUDITED Actual Actual Actual Budget Fund Percent of Fund Name Budget Begin Balance Revenue Expense Balance Balance Budget Spent 100 GENERAL FUND 2,075,227 21,146,220 CROOK COUNTY HIGH SCHOOL 4,561,796 2,022,608 2,539,188 44% CROOK COUNTY MIDDLE SCHOOL 3,443,781 1,547,308 1,896,473 45% CROOKED RIVER ELEM SCHOOL 1,739, , ,539 45% OCHOCO ELEM SCHOOL 1,799, ,700 1,004,379 44% POWELL BUTTE CHARTER SCHOOL 1,213, , ,793 65% PAULINA ELEM SCHOOL 343, , ,936 41% CECIL SLY ELEM SCHOOL 2,291,430 1,063,729 1,227,701 46% SPECIAL PROGRAMS 3,795,588 1,612,419 2,183,168 42% DISTRICT OFFICE 884, , ,694 55% TRANSPORTATION 1,278, , ,138 53% FACILITIES 904, , ,551 50% PRINT SHOP 14,528 (1,127) 15,655 8% CURRICULUM 297, , ,957 49% TECHNOLOGY 352, , ,554 60% BROTHERS 22,197 7,846 14,351 35% PIONEER ALT ED 292, , ,932 43% COIC 156,835 62,864 93,971 40% INSIGHT ALTERNATIVE SCHOOL 831, ,195 0% INSIGHT CHARTER SCHOOL 2,074,000 1,618, ,365 78% ADVANCED DIPLOMA 255,759 78, ,034 31% FISCAL MANAGEMENT 747, , ,505 14% TRANSFERS 2,829,901 2,421, ,198 86% OPERATING CONTINGENCY 675, ,000 0% RESERVED FOR NEXT YEAR 900, ,000 0% Total General Fund 31,707,945 2,075,227 21,146,220 15,153,670 16,554,274 8,067,777 48% 200 SPECIAL REVENUE FUNDS 136 DISTRICT SPONSORED ATHLETICS 399, , , , ,020 49% 201 SPECIAL REVENUES POOL 673, , % 202 CCHS Student Activity Fund 215,000 67, ,634 78, ,193 90,745 37% 203 CCMS Student Activity Fund 45,000 6,718 15,390 7,520 37,480 14,588 17% 204 Elementary Schools Student Activity Fund 86,000 33,204 37,688 29,646 56,354 41,246 34% 205 FOOD SERVICE 1,272,142 30, , , ,926 (102,878) 40% 207 EXTENDED HEALTH BENEFITS 175,000 21, ,000 22,044 0% 208 TEXTBOOK RESERVE 353, , ,000 6, , ,877 2%

6 Crook County School District All Funds Fiscal Report Fiscal Year to date January 31, 2014 UNAUDITED Actual Actual Actual Budget Fund Percent of Fund Name Budget Begin Balance Revenue Expense Balance Balance Budget Spent 209 PERS Reserve 750, , , ,000 0% 210 BUS REPLACEMENT RESERVE 268,000 69, ,000 20, , ,460 8% 212 EARLY RETIREMENT RESERVE 522,950 87, , , , ,386 37% 214 MAINTENANCE RESERVE 198, , , , ,399 16% 215 AUXILIARY SERVICES RESERVE 178, ,223 14,001 6, , ,802 4% 216 UNEMPLOYMENT RESERVE 75,000 75, ,000 75,000 0% 220 Paulina Special Projects 0 1, , CCHS Special Projects 0 1,210 25,869 43,971 (43,971) (16,891) 222 CCMS Special Projects 0 2,201 78,904 9,025 (9,025) 72, CR Special Projects ,334 2,509 (2,509) 18, Ochoco Special Projects 0 4, ,057 (2,057) 2, Cecil Sly Special Projects 0 2,356 3,645 2,419 (2,419) 3, MAINTENANCE REIMBURSED SALARIES 0 4,495 1,351 75,354 (75,354) (69,509) 232 TITLE XIX 148,170 67,280 1,322 34, ,215 33,647 24% 235 DONATIONS 0 4, ,966 29,758 (29,758) 262, ATHLETICS 228,150 18, , , ,824 33,333 52% 241 KINDERGARTEN READINESS GRANT 1, ,568 1,505 (5) 19, % 245 CTE Grant 70, , ,539 40,461 96,323 42% 248 IDEA Sect 619 7, , ,778 1,500 0% 250 E SOUTHWELL AUDITORIUM 90, ,000 11,743 78,257 63,257 13% 252 IDEA Enhancement Formula 4, ,865 1,768 2,268 5,097 44% 253 IDEA EXTENDED ASSESSMENT , ,684 8% 254 IDEA SPR&I 3, ,693 1,720 1,390 (27) 55% 255 IDEA PART B 586, , ,544 (211,246) 36% 256 TITLE III 21, ,542 10,103 11,452 (8,561) 47% 258 RTI 10, ,677 2,677 7, ,999 26% 261 TITLE I A 991, , , ,339 (341,934) 35% 262 TITLE I D 13, ,362 13, (5,112) 98% 264 School Improvement Tier III (132) (132) 266 Title VI RLIS 72, ,232 31,634 41, ,598 44% 267 TIF BONUSES 80, ,837 (232,837) (312,837) 391% 268 TIF Leadership Roles & Responsibilities 53, ,865 18,686 35,178 35,179 35% 269 Teacher Incentive Fund 55, ,845 17,178 38, ,667 31% 270 TIF Principal Cadre 54, ,547 14,829 39,171 (282) 27%

7 Crook County School District All Funds Fiscal Report Fiscal Year to date January 31, 2014 UNAUDITED Actual Actual Actual Budget Fund Percent of Fund Name Budget Begin Balance Revenue Expense Balance Balance Budget Spent 271 TITLE II A 131, ,528 57,682 73,651 (47,154) 44% 274 Natural Resources State Grant 5, , ,990 2,686 0% 276 QZAB 1 PROJECTS 68,000 8,981 9, ,000 18,437 0% 279 Natural Resources Open Campus Grant 78, ,476 29,866 48,767 52,611 38% 288 FACEBOOK Grants 100,000 33,500 80,125 91,011 8,989 22,614 91% 289 MISC GRANTS 83,651 2, , ,530 (52,879) 8, % 292 Outdoor School 67,856 13, , , ,564 0% 297 INSURANCE RESERVE 60, , % 299 TECHNOLOGY RESERVE 253, , , ,616 (36,079) 54% Total Special Revenue Fund 8,553,831 2,014,885 3,525,416 2,874,666 5,679,165 2,665,634 34% 300 DEBT SERVICE FUNDS 320 DEBT SERVICE CAPITAL CONSTRUCTION 2,256,993 1,274, , ,818 1,710, ,694 24% 330 DEBT SERVICE PERS 1,830, , ,585 1,422, ,376 22% 340 DEBT SERVICE QZAB 1 120, ,281 1,486, ,809 1,691,963 0% 341 DEBT SERVICE QZAB 2 70,160 1,536 23, ,160 24,969 0% Total Debt Service Funds 4,278,132 1,481,202 2,654, ,402 3,323,730 3,181,002 22% 400 PROJECT FUNDS 431 CAPITAL PROJECT FUND 33,500, ,946,171 1,023,883 32,476,117 32,922,288 3% Total Project Funds 33,500, ,946,171 1,023,883 32,476,117 32,922,288 3% TOTAL All Funds 78,039,907 5,571,313 61,272,010 20,006,621 58,033,286 46,836,702 26%

8 Summary of Reserve Funds As of January 31, Textbook Reserve PERS Reserve Bus Repl Early Retirement Maintenance Auxiliary Services Unemployment Insurance Technology Total Reserves Beginning Balance 5,519-5,543 14,855 70, , ,150 Transfers In 215, , , , ,000 75,000 10,000 75,000 Transfers Out - Expenditures (94,935) (2,450) (273,578) (42,762) (3,321) (3,745) Other 128 6,849 48,004 3, Ending Balance 125, , ,093 53, ,700 44,683 75,000 10, ,402 1,221, Beginning Balance 125, , ,093 53, ,700 44,683 75,000 10, ,402 1,221,347 Transfers In - 270,851 Transfers Out - Expenditures (10,356) (256,557) (4,000) (56,600) Other 40 52, Ending Balance 115, , ,093 68, ,700 97,598 75,000 10,000 67,802 1,217, Beginning Balance 115, , ,093 68, ,700 97,598 75,000 10,000 67,802 1,217,639 Transfers In 220, , , , ,000 50,000 Transfers Out - Expenditures (110,798) (314,139) (282,493) (25,938) (3,200) (23,480) Other 54 5,775 29,430 (716) 57, Ending Balance 224, , ,728 87, , , ,000 60, ,322 1,667, Beginning Balance 224, ,000 69,728 87, , ,223 75,000 60,000 44,322 1,667,959 Transfers In 133, , ,000 87,521 Transfers Out - Expenditures (6,775) (20,269) (191,053) (33,296) (6,423) (137,457) Other ,450 14, , Ending Balance 350, , , , , ,802 75,000 60, ,670 2,134, Recommended 303, ,000 52, , ,468 75,000-60,000 48,073