AURORA PUBLIC SCHOOLS Division of Finance E. First Avenue Suite 106 Aurora, Colorado M E M O R A N D U M

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1 Division of Finance E. First Avenue Suite 106 Aurora, Colorado M E M O R A N D U M To: From: Members of the board of education Mr. John Barry, superintendent Mrs. Adrienne Bradshaw, chief financial officer Subject: Comments regarding the June 30, 2012, quarterly financial statements Date: August 21, 2012 Important Note: These financial statements are unaudited and do not include customary, yearend adjustments and accruals. The district s complete, audited financial statements will be published in the comprehensive annual financial report which will be presented to the board in November General Fund Rate The General Fund spending rate for June 30, 2012, is 90.2 percent, compared to 91.2 percent a year ago. Less budgeted reserves, the March 2012 spending rate is 94.6 percent. Interfund Borrowing The General Fund is financing a cash flow shortage of $1,526,853 in the Grants Fund because of pending reimbursements from federal grants. Supplemental Budget As approved by board resolution dated June 19, 2012, the General Fund budget was increased by $4,469,933 in order to appropriately budget for board reserves. June Funding Rescission In June, the district s state funding was decreased by $80,566 to pay for the cost of the administration of Public School Finance. This fee is charged to all school districts in the state and supports the operations of the school finance, audit and preschool offices at the Colorado Department of Education. Override Taxes Thanks to the support of the taxpayers in Aurora Public Schools, the district has collected $21,090,044 in override property taxes revenues authorized by voters in 1990 and Athletic Fund No significant issues or trends. 1

2 Aurora Public Schools Education Foundation No significant issues or trends. Bond Redemption Fund Supplemental Budget As approved by board resolution dated June 19, 2012, the Bond Redemption Fund budget was increased by $191,427,938 to appropriately budget for the recent bond refunding. Building Fund Investments Investment earnings so far this year total $651,836, compared to $495,749 in June Cash Funds Remaining The Consolidated Financial Report on page 11 includes budget and expenditure amounts for the 2006, 2008 and 2010 bond proceeds. A summary of cash available for projects by bond issue follows: Cash Funds Remaining 2006 GO Bonds $ 1,082, GO Bonds 34,942, A GO Bonds 1,922, B BABs 3,824, C GO Bonds 4,413, D BABs 25,009,900 Total $ 71,196,308 Colorado Preschool Program Fund No significant issues or trends. Grants Fund Interfund Borrowing The fund is borrowing $1,526,853 from the General Fund due to pending reimbursements from Title I and Special Education grants. Medicaid Enhanced School Health Fund No significant issues or trends. Nutrition Services Fund Rate Before customary yearend adjustments, total expenses for the fund are $13,673,519, or 86.9 percent. Last year at this time, the fund was at a 100 percent spending rate. The supplies and materials budget was increased to accommodate the ingredients for the fresh vegetable and freshcooked menus. 2

3 Pickens Technical College PostSecondary Fund Positive Fund Balance Before customary yearend adjustments, the Pickens Technical College Fund has increased fund balance by $932,619. Print Services Internal Service Fund No significant issues or trends. Pupil Activity Fund Agency Fund No significant issues or trends. RiskRelated Activity Fund Supplemental Budget As approved by board resolution dated June 19, 2012, the RiskRelated Activity Fund budget was increased by $775,460 to appropriately budget for recent claims activity. Special Programs Fund No significant issues or trends. Health Trust Fund Second Year s Operations At the end of its second year of operations, the Health Trust Fund is maintaining funding levels sufficient for the activities of the selffunded Delta Dental insurance plan and the MedFlex plan. Delta Dental employee and employer contributions totaled $1.6 million. Claims paid exceeded $1.3 million. MedFlex contributions totaled $0.3 million, while payouts totaled $0.2 million so far for this plan year. Claims will continue to be processed during the grace period which will increase payouts. 3

4 Schedule of Cash and Investments for all Funds As of June 30, 2012 Colorado Interest APS Education Bond Preschool Special Print Bank Account Name Rate General Athletic Foundation Redemption Building Program Programs Services Colotrust Prime (1) 0.04% $ 854,730 $ $ $ $ $ $ $ Colotrust Plus (1) 0.27% 39,281, ,751 3,156 15,973, ,347 4,065, ,606 US Bank (2) 0.10% 0.15% 6,351,629 2,765,299 RBC Public Fund Services 0.00% 6.00% 52,307,907 US Bank Custodial (3) 0.19% 27,787,584 Certificates of Deposit 2.02% 150,000 Cash with Fiscal Agent (4) 0.00% 4,805,746 Total Cash and Investments $ 46,487,360 $ 217,751 $ 3,156 $ 32,593,330 $ 71,196,308 $ 362,347 $ 4,065,150 $ 429,606 Interest Nutrition Pupil Activity Pickens Post Bank Account Name Rate Grants Medicaid Services Agency Risk Related Secondary Health Trust Grand Total Colotrust Prime (1) 0.04% $ $ $ $ $ $ $ $ 854,730 Colotrust Plus (1) 0.27% 2,032,540 1,650, , ,266 3,707,126 69,282,490 US Bank (2) 0.10% 0.15% 1,896,580 11,013,508 RBC Public Fund Services 0.00% 6.00% 52,307,907 US Bank Custodial (3) 0.19% 27,787,584 Certificates of Deposit 2.02% 150,000 Cash with Fiscal Agent (4) 0.00% 4,805,746 Total Cash and Investments $ $ 2,032,540 $ 1,650,147 $ 998,298 $ 562,266 $ 3,707,126 $ 1,896,580 $ 166,201,965 Note 1: The district currently has two types of accounts with Colotrust, a prime account and a plus account. Both accounts have a AAAm rate by Standard and Poor's. Note 2: The district holds cash in accounts that are used for daytoday cash needs with US Bank. In addition the district has an investment account used to increase interest earnings. Note 3: Per C.R.S , US Bank acts as the district's third party trustee to administer the Bond Redemption Fund. Note 4: Due to market conditions, the district is earning 0.00% interest on this account. 4

5 Aurora Public Schools Cash Flow Analysis All Available Funds Current and Previous Fiscal Year Fiscal Year Fiscal Year $55,000,000 $49,500,000 $44,000,000 $38,500,000 $33,000,000 $27,500,000 $22,000,000 $16,500,000 $11,000,000 $5,500,000 $ $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Jul11 Aug11 Sep11 Oct11 Nov11 Dec 22, 2011 Jul10 Aug10 Sep10 Oct10 Nov10 Dec 20, 2010 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12 Dec10 Jan11 Feb11 Mar11 Apr11 May11 Jun11 Ending Cash Balance Note: Excludes Building Fund, Bond Fund, Pupil Activity Funds, Heath Trust, and Aurora Public Schools Foundation. These funds must be kept intact, due to bond covenants and state statute. December 2010 ending cash balance includes the $16.8M interest free loan. The loan balance was paid with property taxes on March 11 and March 25, The required 3% emergency TABOR reserve has been deducted from General Fund cash. December 2011 ending cash balance includes the $3.55M interest free loan. The loan balance was paid with property taxes on March 9,

6 Governmental Funds Summary Balance Sheet June 30, 2012 APS Education Bond General Athletic Foundation Redemption Building Subtotal Assets Pooled cash and investments $ 46,487,360 $ 217,751 $ 3,156 $ 27,787,584 $ 71,196,308 $ 145,692,159 Cash with fiscal agent Forward delivery agreement 4,805,746 4,805,746 Accounts receivablegrants Interfund borrowing 1,526,853 1,526,853 Prepaid expenses ,746 27,926 Inventoryfacilities 375, ,537 Deposits 10,000 10,000 Accrued interest receivable 7,576 7,576 Total Assets 48,399, ,497 3,156 32,593,330 71,203, ,445,797 Liabilities, Fund Balances and Reserves Accounts payable $ 3,845,100 $ 7,254 $ $ $ 105,909 $ 3,958,263 Provision for future claims Interfund borrowing: payable Deferred revenuegrants Deferred revenueforward delivery agreement Subtotal Liabilities 3,845,100 7, ,909 3,958,263 Beginning fund balance 41,557, ,094 38,787,680 98,610, ,177,462 Add: Revenue received 254,414, , , ,954, , ,714,318 Less: Expenditures (251,417,474) (570,125) (103,322) (223,148,535) (28,164,790) (503,404,246) Encumbrances (2,416,185) (7,735) (12,196,007) (14,619,927) Subtotal Ending Fund Balance as of Current Period 42,138, ,508 3,156 32,593,330 58,901, ,867,607 Reserve for encumbrances 2,416,185 7,735 12,196,007 14,619,927 Total Liabilities, Fund Balances and Reserves $ 48,399,930 $ 245,497 $ 3,156 $ 32,593,330 $ 71,203,884 $ 152,445,797 6

7 Governmental Funds Summary Balance Sheet June 30, 2012 Colorado Total Preschool Pickens Post RiskRelated Special Governmental Program Grants Medicaid Secondary Activity Programs Funds Assets Pooled cash and investments $ 362,347 $ $ 2,032,540 $ 3,707,126 $ 562,266 $ 4,065,150 $ 156,421,588 Cash with fiscal agent Forward delivery agreement 4,805,746 Accounts receivablegrants 20,232 20,232 Interfund borrowingreceivable 1,526,853 Prepaid expenses 27,926 Inventoryfacilities 375,537 Deposits 10,000 Accrued interest receivable 7,576 Total Assets 362,347 20,232 2,032,540 3,707, ,266 4,065, ,195,458 Liabilities, Fund Balances and Reserves Accounts payable $ $ 84,899 $ 109,380 $ $ 3,321 $ 12,934 $ 4,168,797 Provision for future claims 102, ,909 Interfund borrowingpayable 1,526,853 1,526,853 Deferred revenuegrants 150, ,433 Deferred revenueforward delivery agreement 360, ,652 Subtotal Liabilities 1,762, , , ,586 6,309,644 Beginning fund balance 416,755 (696,097) 1,092,451 2,774, ,296 2,903, ,101,925 Add: Revenue received 4,698,923 28,287,990 1,804,499 3,397,316 2,960,931 5,999, ,863,890 Less: Expenditures (4,753,331) (29,333,846) (973,790) (2,464,697) (2,938,191) (5,211,900) (549,080,001) Encumbrances (67,075) (99,297) (12,151) (164,501) (17,491) (14,980,442) Subtotal Ending Fund Balance as of Current Period 362,347 (1,809,028) 1,823,863 3,694, ,535 3,674, ,905,372 Reserve for encumbrances 67,075 99,297 12, ,501 17,491 14,980,442 Total Liabilities, Fund Balances and Reserves $ 362,347 $ 20,232 $ 2,032,540 $ 3,707,126 $ 562,266 $ 4,065,150 $ 163,195,458 7

8 Proprietary Funds Summary Balance Sheet June 30, 2012 Total Nutrition Print Proprietary Services Services Funds Assets Pooled cash and investments $ 1,650, ,606 $ 2,079,753 Accounts receivablegrants 952, ,140 Inventorywarehouse 1,027,981 1,027,981 Inventory 5,633 5,633 Buildings 4,175,060 4,175,060 Less: Accumulated depreciation (2,014,258) (2,014,258) Equipment 2,047,269 86,555 2,133,824 Less: Accumulated depreciation (1,723,276) (78,537) (1,801,813) Construction in progress 271, ,874 Total Assets $ 6,386, ,257 $ 6,830,194 Liabilities, Net Assets and Reserves Accounts payable $ 4,277 $ 4,277 Deferred revenuegrants 186, ,957 Subtotal Liabilities 191, ,234 Beginning net assets 6,173, ,370 6,594,998 Add: Revenue received 13,695, ,533 14,213,127 Less: Expenditures (13,673,519) (495,646) (14,169,165) Encumbrances (64,830) (64,830) Subtotal Ending Net Assets, as of Current Period 6,130, ,257 6,574,130 Reserve for encumbrances 64,830 64,830 Total Liabilities, Net Assets and Reserves $ 6,386, ,257 $ 6,830,194 8

9 Agency and Trust Funds Statement of Fiduciary Assets and Liabilities June 30, 2012 Pupil Activity Agency Health Care Trust Assets Pooled cash $ 998,298 $ 1,896,580 Total Assets $ 998,298 $ 1,896,580 Liabilities, Net Assets and Reserves Accounts payable $ 88 $ Deferred revenue 137,550 Subtotal Liabilities ,550 Beginning net assets 917,737 1,548,878 Add: Receipts 2,172,472 1,959,278 Less: Disbursements (2,091,999) (1,749,126) Encumbrances (1,042) Subtotal Ending Net Assets, as of Current Period 997,168 1,759,030 Reserve for encumbrances 1,042 Total Liabilities, Net Assets and Reserves $ 998,298 $ 1,896,580 9

10 Consolidated Financial Report (1) Comparing the last two fiscal years As of June 30, 2012 FY FY For period ending June 30, 2011 For period ending June 30, 2012 Budget Actual rate Budget Actual rate Expected year end balance General Fund Beginning fund balance $ 38,319,153 $ 38,319, % $ 41,557,759 $ 41,557, % Revenue 253,957, ,889, % 252,932, ,414, % Expenditures 279,476, ,950, % 91.2% 278,659, ,417, % 90.2% Ending fund balance $ 12,800,378 $ 38,258, % $ 15,831,287 $ 44,554, % $ 15,831,287 Aurora Academy Charter School (2 and 3) Beginning fund balance & net assets $ 1,432,042 $ 1,432, % $ 516,938 $ 1,360, % Revenue 4,660,720 3,846, % 4,016,146 3,736, % Expenditures 5,044,845 3,766, % 81.5% 4,199,635 3,352, % 87.1% Ending fund balance & net assets $ 1,047,917 $ 1,511, % $ 333,449 $ 1,745, % $ 333,449 New America Charter School (2 and 3) Beginning fund balance $ 866,170 $ 882, % $ 523,687 $ 543, % Revenue 3,499,770 3,337, % 3,428,350 3,123, % Expenditures 4,365,940 3,582, % 89.5% 3,952,037 3,187, % 88.0% Ending fund balance $ $ 637,310 $ 479,197 Lotus School for Excellence Charter School (2 and 3) Beginning fund balance & net assets $ $ 434,866 $ 931,624 N/A Revenue 5,343,471 4,669, % 5,846,068 5,355, % Expenditures 5,343,471 4,610, % 94.1% 5,664,782 5,061, % 97.5% Ending fund balance & net assets $ $ 494, ,286 $ 1,225, % $ 181,286 Global Village Academy Charter School (2 and 3) Beginning fund balance $ 217,976 $ 242, % $ 66,737 $ (222,351) 333.2% Revenue 4,865,819 4,659, % 7,386,841 6,450, % Expenditures 4,865,819 4,725, % 105.9% 8,117,307 5,838, % 78.5% Ending fund balance $ 217,976 $ 176, % $ (663,729) $ 389, % $ (663,729) 10

11 Consolidated Financial Report (1) Comparing the last two fiscal years As of June 30, 2012 FY FY For period ending June 30, 2011 For period ending June 30, 2012 Budget Actual rate Budget Actual rate Expected year end balance Vanguard Classical Charter School (2 and 3) Beginning fund balance & net assets $ 277,895 $ 277, % $ 12,895 $ 326, % Revenue 3,900,447 3,570, % 3,815,114 3,387, % Expenditures 4,065,447 3,577, % 96.0% 3,815,114 3,548, % 101.5% Ending fund balance & net assets $ 112,895 $ 271, % $ 12,895 $ 164, % $ 12,895 AXL Charter School (2 and 3) Beginning fund balance & net assets $ 1,129,523 $ (41,425) 3.7% $ $ 64,817 N/A Revenue 3,353,330 3,086, % 3,745,816 2,991, % Expenditures 3,428,497 3,213, % 102.2% 3,924,566 3,016, % 83.8% Ending fund balance & net assets $ 1,054,356 $ (168,659) 16.0% $ (178,750) $ 39, % $ (178,750) Athletic Fund Beginning fund balance $ 165,440 $ 165, % $ 221,094 $ 221, % Revenue 518, , % 533, , % Expenditures 684, , % 75.2% 754, , % 75.6% Ending fund balance $ $ 250,089 $ 238,243 Aurora Public Schools Education Foundation Beginning fund balance $ 11,469 $ (64) 0.6% $ $ N/A Revenue 106, , % 106, , % Expenditures 117, , % 97.8% 106, , % 97.0% Ending fund balance $ $ $ 3,156 Bond Redemption Fund Beginning fund balance $ 45,117,007 $ 45,117, % $ 38,787,680 $ 38,787, % Revenue 26,679,801 25,812, % 217,917, ,954, % Expenditures 53,937,105 32,425, % 60.1% 256,704, ,148, % 86.9% Ending fund balance $ 17,859,703 $ 38,503, % $ $ 32,593,330 Building Fund Beginning fund balance $ 67,499,474 $ 67,499, % $ 98,610,929 $ 98,610, % Revenue 40,752,798 82,991, % 1,000, , % Expenditures 76,441,476 43,951, % 57.5% 62,041,179 28,164, % 45.4% Ending fund balance $ 31,810,796 $ 106,539, % $ 37,569,750 $ 71,097, % $ 37,569,750 11

12 Consolidated Financial Report (1) Comparing the last two fiscal years As of June 30, 2012 FY FY For period ending June 30, 2011 For period ending June 30, 2012 Budget Actual rate Budget Actual rate Expected year end balance Capital Reserve Fund Beginning fund balance $ 495,070 $ 495, % $ $ N/A Revenue 4,626,125 4,644, % N/A Expenditures 5,121,195 3,618, % 70.7% N/A N/A Ending fund balance $ $ 1,521,362 $ Colorado Preschool Fund Beginning fund balance $ 629,345 $ 629, % $ 416,755 $ 416, % Revenue 4,881,750 4,876, % 4,705,928 4,698, % Expenditures 5,511,095 5,093, % 92.4% 5,108,923 4,753, % 93.0% Ending fund balance $ $ 412,608 13,760 $ 362, % $ 13,760 Grants Fund Beginning fund balance $ 2,318,368 $ 2,318, % $ (696,097) $ (696,097) 100.0% Revenue 54,106,126 30,247, % 39,365,199 28,287, % Expenditures 56,420,958 34,276, % 60.8% 38,669,102 29,333, % 75.9% Ending fund balance $ 3,536 $ (1,710,540) % $ $ (1,741,953) Medicaid Fund Beginning fund balance $ $ 1,092,451 $ 1,092, % Revenue 1,830,149 1,723, % 781,024 1,804, % Expenditures 1,830, , % 39.2% 1,873, , % 52.0% Ending fund balance $ $ 1,006,070 $ 1,923,160 Pickens Post Secondary Fund Beginning fund balance $ 4,794,309 $ 4,158, % $ 2,774,506 $ 2,774, % Revenue (781,052) 753, % 2,420,500 3,397, % Expenditures 4,013,257 2,153, % 53.7% 5,195,006 2,464, % 47.4% Ending fund balance $ $ 2,759,354 $ 3,707,126 Pupil Activity Special Revenue Fund Beginning fund balance $ 124,248 $ 124, % $ $ N/A Revenue (124,248) (124,248) 100.0% N/A Expenditures N/A N/A N/A N/A Ending fund balance $ $ $ 12

13 Consolidated Financial Report (1) Comparing the last two fiscal years As of June 30, 2012 FY FY For period ending June 30, 2011 For period ending June 30, 2012 Budget Actual rate Budget Actual rate Expected year end balance RiskRelated Activity Fund Beginning fund balance $ 1,253,764 $ 1,253, % $ 433,296 $ 433, % Revenue 2,869,038 3,087, % 2,958,683 2,960, % Expenditures 4,122,802 3,965, % 96.2% 3,391,979 2,938, % 86.6% Ending fund balance $ $ 375,877 $ 456,036 Special Programs Fund Beginning fund balance $ $ 3,401,593 $ 2,903, % Revenue 8,948,200 7,423, % 6,418,810 5,999, % Expenditures 8,948,200 4,818, % 53.9% 9,820,403 5,211, % 53.1% Ending fund balance $ $ 2,604,862 $ 3,691,564 Nutrition Services Fund Beginning net assets $ 2,169,397 $ 5,651, % $ 3,153,559 $ 6,173, % Revenue 13,184,736 13,250, % 15,441,783 13,695, % Expenses 13,074,053 13,073, % 100.0% 15,730,095 13,673, % 86.9% Ending net assets $ 2,280,080 $ 5,828, % $ 2,865,247 $ 6,195, % $ 2,865,247 Copier Services Fund Beginning net assets $ 380,632 $ 485, % $ $ N/A Revenue 693, , % N/A Expenses 1,074, , % 77.3% N/A N/A Ending net assets $ $ 329,141 $ Print Services Fund Beginning net assets $ 336,186 $ 336, % $ 421,370 $ 421, % Revenue 780, , % 535, , % Expenditures 1,116, , % 68.6% 956, , % 51.8% Ending net assets $ $ 425,028 $ 443,257 Pupil Activity Agency Fund Beginning net assets $ 822,327 $ 822, % $ 917,737 $ 917, % Revenue 2,300,000 2,192, % 2,300,000 2,172, % Expenditures 2,300,000 2,122, % 92.3% 3,217,737 2,091, % 65.0% Ending net assets $ 822,327 $ 891, % $ $ 998,210 Health Trust Fund (Note 4) Note This schedule is prepared from unaudited interim financial statements. Note Charter school financial statements as of February 29, 2012 Note and beginning fund balance information is based on audited financial statements or budgeted amount. Note The district's health trust fund does not require an adopted budget and therefore is not included in this report. 13

14 Charter Schools Revenues, Expenditures and Appropriated Reserves For the Reporting Period Ended May 31, 2012 REVENUES District Adopted Budget May 31, 2012 Statements due to district on June 25, 2012 (1) Budget Reported by Charter School Year to Date Balance Available Received by District Aurora Academy Charter School General Fund $ 3,511,983 $ 3,511,983 $ 3,273,050 $ 238,933 June 25, 2012 Building Fund 504, , ,690 40,473 Total 4,016,146 4,016,146 3,736, ,406 Lotus School for Excellence General Fund 5,227,370 5,227,370 4,804, ,998 June 25, 2012 Building Fund 618, , ,655 68,043 Total 5,846,068 5,846,068 5,355, ,041 New America School General Fund 3,428,350 3,428,350 3,123, ,972 June 27, 2012 Total 3,428,350 3,428,350 3,123, ,972 Global Village Academy General Fund 6,561,441 6,561,441 5,751, ,965 June 25, 2012 Grants Fund 529, , , ,696 Building Fund 296, , ,639 (2,410) Total 7,386,841 7,386,841 6,450, ,251 Vanguard Classical School General Fund 3,690,114 3,690,114 3,243, ,896 June 21, 2012 Nutrition Services Fund 125, , ,975 (18,975) Total 3,815,114 3,815,114 3,387, ,921 AXL Charter School General Fund 3,294,048 2,993,622 2,632, ,335 June 25, 2012 Building Fund 451, , ,701 93,067 Total 3,745,816 3,445,390 2,991, ,402 TOTAL REVENUES $ 28,238,335 $ 27,937,909 $ 25,044,342 $ 3,193,993 14

15 EXPENDITURES AURORA PUBLIC SCHOOLS Charter Schools Revenues, Expenditures and Appropriated Reserves For the Reporting Period Ended May 31, 2012 District Adopted Budget May 31, 2012 Statements due to district on June 25, 2012 (1) Budget Reported by Charter School Year to Date Balance Available Rate Aurora Academy Charter School General Fund $ 3,511,983 $ 3,511,983 $ 3,132,020 $ 379, % Building Fund 687, , , , % Total 4,199,635 4,199,634 3,352, , % Lotus School for Excellence General Fund 5,227,370 5,227,370 4,720, , % Building Fund 437, , ,946 96, % Total 5,664,782 5,664,782 5,061, , % New America School General Fund 3,952,037 3,952,037 3,187, , % Total 3,952,037 3,952,037 3,187, , % Global Village Academy General Fund 6,734,369 6,561,441 5,142,389 1,591, % Grants Fund 529, , , , % Building Fund 853, , , , % Total 8,117,307 7,944,379 5,838,392 2,278, % Vanguard Classical School General Fund 3,690,114 3,690,114 3,418, , % Nutrition Services Fund 125, , ,190 (5,190) 113.6% Total 3,815,114 3,815,114 3,548, , % AXL Charter School General Fund 3,294,048 2,993,622 2,698, , % Building Fund 630, , , , % Total 3,924,566 3,624,140 3,016, , % TOTAL EXPENDITURES $ 29,673,441 $ 29,200,086 $ 24,004,422 $ 5,669,019 Note 1: Charter schools are required to send their monthend financials to the district on or before the 25th day of the following month. 15