FY 18 Budget Preparation

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1 75 Reference 8.8 December 14, 2016 FY 18 Budget Preparation Background: At the present time period, very minimal information is available from the Missouri Department of Elementary and Secondary Education or the Missouri State Legislature regarding potential funding for FY 18. After the most recent School Foundation Formula revision, area legislator s indicated that the Legislature as a whole preferred to fully fund the revised, reduced formula. The following information reviews current operating revenues and expenditures. Operating Revenue-All Sources provides a comparative look at revenue by source. Of note is the stable state revenue with other sources fluctuating in a similar pattern to prior years. Fund 001 & 002 Expenses by Month-Operating expenditures by month are detailed since the FY 08 Year. Of note is that our current operating expenditures are $34,692 higher than last year, which is expected. Operating Cash Flow-Operating revenues and expenses are compared. The monthly net position provides an indication of cash position by month. Obviously, the red negative numbers simply reflect monthly expenditures are paid via cash reserves. Projections Through FY 20-This spreadsheet demonstrates expected future revenues and expenditures. 1. FY 17-ending cash reserves expected at 31.03%. 2. FY 18-revenue held the same as expected in FY 17; expenses increased 3.5% over FY 17. Ending cash reserves expected at 25.36%. 3. FY 19-revenue increased 0.5% over FY 18, expenses increased 3.5% over FY 18. Ending cash reserves projected at 17.13%. 4. FY 20- revenue increased 0.5% over FY 19, expenses increased 3.5% over FY 19. Ending cash reserves projected at 6.49%. Obviously, an Operating tax levy adjustment should happen in the Spring of 2018 for future years. Recommendation: No action required. Jacque A. Cowherd, Ed.D. Superintendent 75

2 Operating Revenue-All Sources Local $258,934 $289,611 $261,856 $275,103 $327,022 County $0 $0 $2,402 $0 $0 State $657,993 $677,971 $676,109 $667,960 $776,825 Federal $18,809 $38,737 $65,634 $474,369 $85,792 Misc $1,848 $10,159 $1,425 $1,575 $1,005 Month Total $937,584 $1,016,479 $1,007,427 $1,419,007 $1,190,643 YTD $937,584 $1,954,063 $2,961,489 $4,380,497 $5,571, Local $255,157 $246,971 $381,311 $298,777 $299,567 $1,204,854 $4,202,571 $1,032,471 $415,662 $511,960 $332,447 $263,047 $9,444,795 County $21,587 $0 $1,365 $0 $0 $2,511 $0 $281,679 $4,659 $0 $0 $0 $311,801 State $636,069 $679,665 $657,899 $658,302 $661,191 $798,664 $712,381 $731,179 $723,740 $682,673 $670,400 $759,723 $8,371,886 Federal $143,054 $34,198 $2,876 $235,885 $110,582 $485,972 $67,751 $80,766 $432,168 $120,379 $314,360 $58,005 $2,085,997 Misc $10,092 $0 $0 $0 $5,021 $4,845 $720 $645 $3,660 $732 $1,351 $7,420 $34,486 Month Total $1,065,959 $960,834 $1,043,451 $1,192,964 $1,076,360 $2,496,846 $4,983,423 $2,126,740 $1,579,889 $1,315,744 $1,318,559 $1,088,195 $20,248,964 YTD $1,065,959 $2,026,792 $3,070,244 $4,263,207 $5,339,568 $7,836,414 $12,819,837 $14,946,578 $16,526,466 $17,842,210 $19,160,769 $20,248,964 ($567,055) $19,681, Local $268,651 $221,136 $292,000 $291,791 $277,521 $937,995 $4,601,733 $812,706 $423,025 $296,297 $296,900 $275,654 $8,726,759 County $0 $0 $328 $0 $0 $0 $265,666 $3,912 $0 $0 $0 $127,215 $397,121 State $583,108 $608,493 $647,678 $700,560 $639,419 $720,711 $642,012 $631,806 $698,124 $703,933 $700,907 $747,465 $8,024,216 Federal $171,704 $696,673 $72,677 $45,103 $282,887 $86,621 $71,752 $56,180 $100,407 $65,944 $580,284 $266,378 $2,496,609 Misc $6,603 $0 $0 $0 $0 $0 $0 $8,078 $3,594 $0 $5,010 $18,274 Month Total $1,030,065 $1,526,302 $1,012,683 $1,037,454 $1,199,826 $1,745,326 $5,581,163 $1,504,605 $1,229,634 $1,069,768 $1,578,091 $1,421,722 $19,936,640 YTD $1,030,065 $2,556,367 $3,569,050 $4,606,504 $5,806,330 $7,551,657 $13,132,820 $14,637,425 $15,867,059 $16,936,827 $18,514,918 $19,936,640 ($455,238) $19,481, Local $209,094 $236,875 $424,776 $251,507 $322,535 $1,135,919 $4,461,604 $947,026 $384,835 $281,842 $396,160 $226,045 $9,278,218 County $0 $0 $2,112 $0 $0 $0 $276,959 $0 $0 $5,398 $0 $151,329 $435,798 State $603,772 $585,597 $643,082 $621,787 $700,324 $608,207 $646,768 $627,730 $681,512 $667,484 $663,767 $621,973 $7,672,004 Federal $484,948 $37,562 $50,674 $53,050 $79,253 $94,994 $63,566 $278,353 $92,769 $58,540 $60,326 $246,795 $1,600,830 Misc $945 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $945 Month Total $1,298,760 $860,034 $1,120,644 $926,344 $1,102,111 $1,839,120 $5,448,897 $1,853,109 $1,159,116 $1,013,265 $1,120,254 $1,246,141 $18,987,795 YTD $1,298,760 $2,158,794 $1,980,678 $4,205,783 $5,307,894 $7,147,014 $12,595,911 $14,449,019 $15,608,136 $16,621,400 $17,741,654 $18,987,795 ($325,000) $18,662, Local $8,858,471 County $408,696 State $7,664,147 Federal $1,589,204 Misc $4,014 Month Total $18,524,532 YTD $18,524,532 ($539,366) $17,985, / :09 PM

3 Fund Expenses by month. A B C D E F G H I J K L M N July Activity August Activity September Activity October Activity November Activity December Activity January Activity February Activity March Activity April Activity May Activity June Activity Annual FY 07/08 $ 387, $ 487, $ 1,564, $ 1,636, $ 1,815, $ 2,142, $ 1,285, $ 1,575, $ 1,489, $ 1,439, $ 1,643, $ 3,309, $ 18,778, FY 08/09 $ 438, $ 583, $ 1,740, $ 1,658, $ 2,499, $ 1,896, $ 1,137, $ 1,509, $ 1,392, $ 1,435, $ 1,617, $ 3,402, $ 19,312, FY 09/10 $ 310, $ 883, $ 1,594, $ 1,733, $ 1,632, $ 1,689, $ 1,532, $ 1,554, $ 1,463, $ 1,479, $ 1,610, $ 3,122, $ 18,607, FY 10/11 $ 307, $ 654, $ 1,564, $ 1,517, $ 1,675, $ 1,640, $ 1,381, $ 1,373, $ 1,391, $ 1,458, $ 1,446, $ 2,950, $ 17,361, FY 11/12 $ 408, $ 606, $ 1,582, $ 1,480, $ 1,487, $ 1,637, $ 1,372, $ 1,453, $ 1,461, $ 1,390, $ 1,477, $ 2,991, $ 17,349, FY 12/13 $ 440, $ 672, $ 1,558, $ 1,528, $ 1,582, $ 1,628, $ 1,370, $ 1,535, $ 1,393, $ 1,399, $ 1,561, $ 3,072, $ 17,743, FY 13/14 $ 429, $ 937, $ 1,545, $ 1,604, $ 1,666, $ 1,744, $ 1,397, $ 1,479, $ 1,551, $ 1,475, $ 1,734, $ 3,073, $ 18,638, FY 14/15 $ 508, $ 682, $ 1,641, $ 1,697, $ 1,687, $ 1,801, $ 1,543, $ 1,604, $ 1,620, $ 1,539, $ 1,712, $ 3,146, $ 19,186, FY 15/16 $ 559, $ 810, $ 1,672, $ 1,824, $ 1,610, $ 1,836, $ 1,556, $ 1,598, $ 1,634, $ 1,594, $ 1,722, $ 3,267, $ 19,687, FY 16/17 $ 526, $ 889, $ 1,682, $ 1,728, $ 1,684, $ 6,511, Variance 16 to 17 Variance 15 to 16 Variance 14 to 15 Variance 13 to 14 Variance 12 to 13 Variance 11 to 12 Variance 10 to 11 $ 32, $ (79,719.36) $ (9,528.97) $ 96, $ (74,080.67) $ (50,511.04) $ (127,463.23) $ (31,413.24) $ (127,330.70) $ 76, $ (34,591.98) $ (12,907.63) $ 6, $ (13,852.18) $ (55,165.43) $ (10,213.72) $ (121,031.82) $ (501,092.59) $ (78,968.45) $ 255, $ (96,040.27) $ (93,071.46) $ (21,348.43) $ (56,948.45) $ (146,734.31) $ (125,588.95) $ (69,340.85) $ (63,785.26) $ 22, $ (73,322.49) $ (547,789.32) $ 11, $ (264,628.72) $ 13, $ (75,953.23) $ (83,438.29) $ (115,837.93) $ (26,830.55) $ 56, $ (158,001.22) $ (76,703.09) $ (173,341.90) $ (694.71) $ (894,874.04) $ (32,843.96) $ (66,537.86) $ 23, $ (47,858.36) $ (95,146.37) $ 8, $ 2, $ (81,413.06) $ 68, $ (8,173.91) $ (84,073.07) $ (81,426.94) $ (394,215.38) $ (100,033.79) $ 47, $ (17,666.76) $ 36, $ 188, $ 3, $ 9, $ (79,909.35) $ (70,120.32) $ 67, $ (31,036.72) $ (40,869.88) $ 12, $ 2, $ 229, $ 29, $ 216, $ (43,135.02) $ 48, $ 151, $ 181, $ 71, $ 21, $ 164, $ 172, $ 1,245, st Quarter YTD 2nd quarter YTD 3rd quarter YTD 4th Quarter YTD FY 07/08 $ 2,439, $ 8,033, $ 12,384, $ 18,778, YTD $ 6,511, FY 08/09 $ 2,762, $ 8,817, $ 12,856, $ 19,312, Remainder $ 13,210, FY 09/10 $ 2,788, $ 7,844, $ 12,395, $ 18,607, FY 10/11 $ 2,526, $ 7,360, $ 11,507, $ 17,361, Estimate $ 19,721, FY 11/12 $ 2,596, $ 7,202, $ 11,490, $ 17,349, FY 12/13 $ 2,672, $ 7,411, $ 11,710, $ 17,743, Budget $20,709,418 FY 13/14 $ 2,912, $ 7,927, $ 12,354, $ 18,638, FY 14/15 $ 2,832, $ 8,018, $ 12,787, $ 19,186, Variance $ 987, FY 15/16 $ 3,041, $ 8,312, $ 13,102, $ 19,687, FY 16/17 $ 3,098, $ (34,691.53) 12/13/2016 1:42 PM Monthly Operating ExpensesOperating Expense 77

4 OPERATING (Teachers Incidental Funds) FUNDS CASH FLOW Operating Revenue $937,584 $1,016,479 $1,007,427 $1,419,007 $1,190,643 Operating Expense $526,644 $889,725 $1,682,102 $1,728,600 $1,684,493 Monthly Net Position $410,940 $126,754 ($674,675) ($309,593) ($493,850) Operating Revenue $1,069,424 $957,369 $1,043,451 $1,192,964 $1,076,360 $2,496,846 $4,983,423 $2,126,740 $1,579,889 $1,315,734 $1,318,559 $1,513,812 $20,674,571 Revenue Operating Expense $559,183 $810,006 $1,672,573 $1,824,699 $1,610,410 $1,836,121 $1,556,798 $1,598,312 $1,634,353 $1,593,665 $1,722,381 $3,396,600 $567,055 $20,382,156 Expense Monthly Net Position $510,241 $147,363 ($629,122) ($631,735) ($534,050) $660,725 $3,426,625 $528,428 ($54,464) ($277,931) ($403,822) ($1,882,788) $292,415 Net Operations $19,815,101 Expense before Operating Revenue $1,048,065 $1,526,302 $1,012,683 $1,037,454 $1,201,000 $1,745,326 $5,581,163 $1,504,605 $1,237,305 $1,069,768 $1,578,091 $1,411,722 $19,953,484 Revenue Operating Expense $508,672 $682,543 $1,641,159 $1,697,368 $1,687,382 $1,801,529 $1,543,890 $1,604,730 $1,620,501 $1,539,648 $1,712,168 $3,146,510 $455,238 $19,641,338 Expense Monthly Net Position $539,393 $843,759 ($628,476) ($659,914) ($486,382) ($56,203) $4,037,273 ($100,125) ($383,196) ($469,880) ($134,077) ($1,734,788) $312,146 Net Operations $19,186,100 Expense before Operating Revenue $1,298,760 $860,034 $1,120,644 $926,344 $1,102,111 $1,839,120 $5,448,788 $1,853,109 $1,174,206 $1,013,265 $1,120,254 $1,246,141 $19,002,776 Revenue Operating Expense $429,704 $937,555 $1,545,119 $1,604,297 $1,666,034 $1,744,581 $1,397,156 $1,479,141 $1,551,160 $1,475,862 $1,734,515 $3,072,212 $325,000 $18,962,336 Expense Monthly Net Position $869,056 ($77,521) ($424,475) ($677,953) ($563,923) $94,539 $4,051,632 $373,968 ($376,954) ($462,597) ($614,261) ($1,826,071) $40,440 Net Operations $18,637,336 Expense before Operating Revenue $889,650 $880,742 $929,489 $1,190,658 $939,228 $1,963,784 $5,064,721 $1,681,198 $1,060,052 $1,571,566 $1,064,139 $1,342,639 $18,577,866 Revenue Operating Expense $440,850 $672,926 $1,558,500 $1,528,343 $1,582,595 $1,628,743 $1,370,325 $1,535,170 $1,393,159 $1,399,159 $1,561,173 $3,072,493 $539,366 $18,282,802 Expense Monthly Net Position $448,800 $207,816 ($629,011) ($337,685) ($643,367) $335,041 $3,694,396 $146,028 ($333,107) $172,407 ($497,034) ($1,729,854) $295,064 $17,743,436 Expense before Operating Revenue $1,123,013 $958,919 $976,799 $1,001,625 $994,430 $1,941,689 $4,955,979 $1,553,214 $1,255,751 $1,022,028 $1,063,280 $2,264,364 $19,111,091 Revenue Operating Expense $408,006 $606,388 $1,582,393 $1,480,485 $1,487,449 $1,637,473 $1,372,373 $1,453,757 $1,461,746 $1,390,985 $1,477,100 $2,991,066 $396,774 $17,745,995 Expense Monthly Net Position $715,007 $352,531 ($605,594) ($478,860) ($493,019) $304,216 $3,583,606 $99,457 ($205,995) ($368,957) ($413,820) ($726,702) $1,365,096 Net Operations $17,349,221 Expense before Minimum Cash Flow Needed for Unrestricted Operations. July-Dec Cash Jan-June Cash Annual Cash % Annual Cash needed before % Beginning of Year Minimal Cash ($1,794,907) ($2,619,005) ($4,413,912) % -8.81% ($1,830,975) ($2,822,066) ($4,653,041) % -9.32% ($1,743,872) ($3,279,883) ($5,023,755) % -9.20% ($1,610,063) ($2,559,995) ($4,170,058) % -8.81% ($1,577,473) ($1,715,474) ($3,292,947) % -8.89% 3yr average % -9.11% 12/13/2016 3:08 PM 78

5 PROJECTIONS THROUGH FY OPERATING FUNDS DISCUSSION Estimates based on known facts as of this date Actual Results Projections % Revenue increase 4 year average 0.5% {FY 18 Revenue held steady to FY 17 expected} % Expense increase 4 year average 3.5% FY 11 ACTUAL FY 12 ACTUAL FY 13 ACTUAL FY 14 ACTUAL FY 15 ACTUAL FY 16 ACTUAL FY 17 FY 18 FY 19 FY 20 Beginning Cash $4,540,854 $5,905,992 $6,201,054 $6,240,519 $6,552,665 $6,688,729 $6,425,128 $5,436,697 $3,800,297 Revenue $19,111,134 $18,577,865 $19,002,776 $19,953,484 $20,390,311 $20,445,817 $20,445,817 $20,548,046 $20,650,786 Expense $17,349,222 $17,743,437 $18,638,311 $19,186,100 $19,687,192 $20,709,418 $21,434,248 $22,184,446 $22,960,902 to Capital $396,774 $539,366 $325,000 $455,238 $567,055 $0 $0 $0 $0 Ending Cash $5,905,992 $6,201,054 $6,240,519 $6,552,665 $6,688,729 $6,425,128 $5,436,697 $3,800,297 $1,490,181 % Reserve 34.04% 34.95% 33.48% 34.15% 33.98% 31.03% 25.36% 17.13% 6.49% CAPITAL FUND DISCUSSION Actual Results Projections Beginning Cash $4,926,223 $2,561,365 $1,822,990 $1,295,716 $1,085,927 $1,189,122 $858,595 $87,848 $0 Expenditures $2,805,058 $1,297,460 $894,263 $707,822 $478,937 $344,460 $87,848 $0 Revenue $15,077 $13,933 In $567,055 Ending Total cash $2,561,365 $1,822,990 $1,295,716 $1,085,927 $1,189,122 $858,595 $187,848 $0 $0 Restricted Cash $1,643,748 $808,703 $304,347 $0 $0 $0 $0 $0 $0 Net Discretionary $917,617 $1,014,287 $991,369 $1,085,927 $1,189,122 $858,595 $87,848 $0 $0 12/13/2016 1:49 PM 79