Financial Report for the Month of SEPTEMBER

Transcription

1 WILLOUGHBY, OH Financial Report for the Month of SEPTEMBER Month Ended SEPTEMBER 30, 2013 BOARD OF EDUCATION Mrs. Margaret Warner, President SUPERINTENDENT Mr. Steve Thompson Mrs. Sharon Scott, Vice President Mr. Paul Brickner Mr. Dan Hoffman Mrs. Connie Newyear TREASURER Mr. William Parkinson

2 TABLE OF CONTENTS 3 Statement of Revenues All Funds 4 Statement of Expenditures All Funds 5 Annual Budget v Cumulative Actual 6 Budget v Actual 7 Fiscal Year to Date 8 Projected Ending Cash Balance 9 Investment Inventory of Principal Invested

3 Statement of Revenue (all funds) General Fund Bond Fund Capital Fund Enterprise Internal Fiduciary Special Revenue Total General Property Tax (Real Estate) Tangible Personal Property Tax State Funding (unrestricted) 1,028,002 1,028, State Funding (restricted) 5, , Property Tax Allocation Other Revenue 222, , , ,056 33, ,267 1,245, Other Financing Sources 721, , , ,189 4,810,421 15,614 1,650,224 8,819, Total Revenue $ 1,977,865 $ 744,249 $ 602,954 $ 697,073 $ 4,984,477 $ 48,841 $ 2,043,492 $ 11,098,950 The District's property tax and rollback estimates are based on the most recent Schedule A provided by the County Auditor. Any tangible personal property tax dollars received by the District are due to public utility. Under HB153, the tangible reimbursement schedule has been altered such that reimbursements are phased-out at a great rate than previously outlined under HB66. The payment schedule has also been altered to 1/2 payment in November and 1/2 payment in May. State funding based on the latest Bridge formula estimates. The District expects ODE to scrap the current funding formula in favor of a new formula under HB59. The new formula has yet to be implemented. General Fund Current Fiscal Year General Fund Last 3 Years Actual Month Actual Projected Difference FY13 FY12 FY11 July 12,759,877 12,849,650 (89,773) 11,098,566 12,605,315 13,444,294 August 18,691,024 19,224,750 (533,726) 1,406,061 17,200,920 18,180,071 September 1,977,865 1,898,090 79,775 16,883,846 1,129,387 2,377,992 October 5,010,130 5,010, ,867,457 4,932,982 3,800,504 November 2,246,510 2,246, ,689,324 3,551,891 6,268,324 December 1,205,990 1,205, ,361,171 1,271,870 1,498,811 January 1,177,290 1,177, ,414,736 1,436,553 2,772,402 February 15,136,170 15,136, ,427,420 13,533,408 13,213,604 March 19,995,260 19,995, ,810,965 1,216,036 19,393,050 FYTD Actual FYTD Revenue Last 3 Years Actual April 1,637,180 1,637, ,500,702 18,468,165 1,241,294 FY14 FY13 FY12 FY11 May 2,836,350 2,836, ,594,141 6,895,763 6,361,206 $ 33,428,765 $ 29,388,473 $ 30,935,621 $ 34,002,357 June 6,314,580 6,314, ,323,589 2,867,191 1,817,803 % Change from FY % 8.1% 1.7% Total $ 88,988,226 $ 89,531,950 $ (543,724) $ 88,377,979 $ 85,109,482 $ 90,369,355 21,000,000 18,000,000 15,000,000 12,000,000 9,000,000 6,000,000 3,000,000 TOTAL REVENUE by MONTH 0 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN FY14 ACTUAL FY14 PROJECTED FY13 FY12

4 Statement of Expenditures (all funds) General Fund Bond Fund Capital Fund Enterprise Internal Fiduciary Special Revenue Total Salaries & Wages 3,729,537 98, ,320 3,950, Retirement & Insurance Benefits 880,750 15, , ,338 1,323, Purchased Services 2,175,429 40,942 1, ,077 2,259, Supplies & Materials 537, ,594 34,489 1, , , Capital Outlay 137,453 1,370,087 1, ,183 1,557, Debt Service Other Expenditures 59, , ,446 9,284 85, Other Financing Uses 1,739, ,691 (795) 4,711,651 1,729 1,413,974 8,075, Total Expenditures $ 9,260,172 $ $ 1,620,720 $ 286,263 $ 5,166,477 $ 17,351 $ 1,815,276 $ 18,166,259 FYTD Actual FYTD Expenditures Last 3 Years Actual General Fund Current Fiscal Year General Fund Last 3 Years Actual FY14 FY13 FY12 FY11 Month Actual Projected Difference FY13 FY12 FY11 $ 22,610,264 $ 21,688,046 $ 20,962,851 $ 21,122,516 July 4,987,470 5,602,070 (614,600) 6,673,771 6,262,035 6,317,927 % Change from FY14 4.3% 7.9% 7.0% August 8,362,622 9,805,810 (1,443,188) 7,332,194 7,037,073 8,252,618 September 9,260,172 8,238,540 1,021,632 7,682,081 7,663,742 6,551,972 FYTD Actual FYTD Salaries & Wages Last 3 Years Actual October 6,866,770 6,866, ,671,569 7,088,602 7,246,915 FY14 FY13 FY12 FY11 November 6,526,710 6,526, ,066,046 7,349,314 7,369,155 $ 10,896,039 $ 11,922,850 $ 12,196,724 $ 11,912,819 December 7,417,260 7,417, ,049,485 7,473,727 7,465,950 % Change from FY14 8.6% 10.7% 8.5% January 7,834,460 7,834, ,904,142 7,134,363 7,845,485 February 6,926,220 6,926, ,756,828 7,359,812 7,774,867 FYTD Actual FYTD Retirement & Insurance Last 3 Years Actual March 8,554,610 8,554, ,455,029 7,082,737 8,163,935 FY14 FY13 FY12 FY11 April 6,767,300 6,767, ,295,615 7,118,204 7,248,338 $ 2,072,938 $ 5,412,253 $ 5,249,210 $ 4,472,860 May 7,555,630 7,555, ,297,127 6,756,983 7,354,931 % Change from FY % 60.5% 53.7% June 7,879,660 7,879, ,926,349 7,122,270 10,183,267 Total $ 88,938,884 $ 89,975,040 $ (1,036,156) $ 95,110,237 $ 85,448,861 $ 91,775,359 12,500,000 TOTAL EXPENDITURES by MONTH 10,000,000 7,500,000 5,000,000 2,500,000 0 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN FY14 ACTUAL FY14 PROJECTED FY13 FY12

5 Annual Budget v Cumulative Actual REVENUE Annual Budget Cumulative Actual Difference General Property Tax (Real Estate) 56,773,630 26,165,158 (30,608,472) Tangible Personal Property Tax 4,319,020 2,256,189 (2,062,831) State Funding (unrestricted) 12,680,260 3,290,492 (9,389,768) State Funding (restricted) 71,190 17,799 (53,391) Property Tax Allocation 10,116, ,421 (9,782,149) Other Revenue 2,133, ,961 (1,716,289) Other Financing Sources 3,438, ,746 (2,490,284) Total Revenue $ 89,531,950 $ 33,428,765 $ (56,103,185) EXPENDITURES Salaries & Wages 48,025,030 10,896,039 (37,128,991) Retirement & Insurance Benefits 12,620,120 2,072,938 (10,547,182) Purchased Services 16,886,460 3,980,007 (12,906,453) Supplies & Materials 3,435, ,970 (2,724,740) Capital Outlay 453, ,037 (266,793) Debt Service 397,360 0 (397,360) Other Expenditures 1,374, ,270 (953,330) Other Financing Uses 6,781,930 4,342,003 (2,439,927) Total Expenditures $ 89,975,040 $ 22,610,264 $ (67,364,776) Ending Cash Balance Rev Over / Under Exp (443,090) 10,818,501 11,261, Beginning Cash Balance 5,789,500 5,789, Ending Cash Balance $ 5,346,410 $ 16,608,004 $ 11,261,594

6 SEPTEMBER Budget v SEPTEMBER Actual REVENUE Budget Actual Difference General Property Tax (Real Estate) Tangible Personal Property Tax State Funding (unrestricted) 1,021,930 1,028,002 6, State Funding (restricted) 5,930 5, Property Tax Allocation Other Revenue 147, ,294 74, Other Financing Sources 722, ,636 (964) Total Revenue $ 1,898,090 $ 1,977,865 $ 79,775 EXPENDITURES Salaries & Wages 3,804,590 3,729,537 (75,053) Retirement & Insurance Benefits 924, ,750 (44,030) Purchased Services 1,151,080 2,175,429 1,024, Supplies & Materials 444, ,783 93, Capital Outlay 138, ,453 (1,187) Debt Service Other Expenditures 34,540 59,604 25, Other Financing Uses 1,740,720 1,739,616 (1,104) Total Expenditures $ 8,238,540 $ 9,260,172 $ 1,021,632 Ending Cash Balance Rev Over / Under Exp (6,340,450) (7,282,308) (941,858) Beginning Cash Balance 22,456,020 23,890,312 1,434, Ending Cash Balance $ 16,115,570 $ 16,608,004 $ 492,434 Rolling Cash Balance (last 13 calendar months) 27,000 24,000 21,000 18,000 15,000 12,000 9,000 6,000 3, ,890 19,333 16,529 16,111 16,608 12,152 13,562 11,316 4,464 4,975 6,645 6,613 5,790 SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP

7 Statement of Revenue and Expenditures (comparison) Fiscal Year to Date REVENUE SEPTEMBER 2013 SEPTEMBER 2012 Difference % SEPTEMBER 2013 SEPTEMBER 2012 Difference % General Property Tax (Real Estat 0 13,660,358 (13,660,358) 100% 26,165,158 23,669,598 2,495,559 11% Tangible Personal Property Tax 0 2,079,365 (2,079,365) 100% 2,256,189 2,079, ,824 9% State Funding (unrestricted) 1,028,002 1,021,928 6,073 1% 3,290,492 3,065, ,707 7% State Funding (restricted) 5, ,933 0% 17, ,799 0% Property Tax Allocation 0 20,608 (20,608) 100% 334, ,028 (20,608) 6% Other Revenue 222,294 83, , % 416, , , % Other Financing Sources 721,636 18, , % 947,746 20, , % Total Revenue $ 1,977,865 $ 16,883,846 $ (14,905,981) 88% $ 33,428,765 $ 29,388,473 $ 4,040,292 14% Fiscal Year to Date EXPENDITURES SEPTEMBER 2013 SEPTEMBER 2012 Difference % SEPTEMBER 2013 SEPTEMBER 2012 Difference % Salaries & Wages 3,729,537 3,904,913 (175,376) 4% 10,896,039 11,922,850 (1,026,811) 9% Retirement & Insurance Benefit 880,750 1,826,274 (945,523) 52% 2,072,938 5,412,253 (3,339,315) 62% Purchased Services 2,175, ,153 1,477, % 3,980,007 1,461,900 2,518, % Supplies & Materials 537, , ,512 34% 710,970 1,007,101 (296,132) 29% Capital Outlay 137,453 9, , % 187,037 24, , % Debt Service % % Other Expenditures 59, ,384 (118,780) 67% 421, , ,819 90% Other Financing Uses 1,739, ,700 1,075, % 4,342,003 1,637,655 2,704, % Total Expenditures $ 9,260,172 $ 7,682,081 $ 1,578,091 21% $ 22,610,264 $ 21,688,046 $ 922,218 4% Fiscal Year to Date ENDING CASH BALANCE SEPTEMBER 2013 SEPTEMBER 2012 Difference % SEPTEMBER 2013 SEPTEMBER 2012 Difference % Rev Over / Under Exp (7,282,308) 9,201,765 (16,484,073) 179% 10,818,501 7,700,426 3,118,075 40% Beginning Cash Balance 23,890,312 10,131,523 13,758, % 5,789,503 11,632,862 (5,843,359) 50% Ending Cash Balance $ 16,608,004 $ 19,333,288 $ (2,725,284) 14% $ 16,608,004 $ 19,333,288 $ (2,725,284) 14% Footnotes:

8 Projected Ending Cash Balance REVENUE Annual Budget Cumulative Actual Remaining Budget Projected Balance Difference % General Property Tax (Real Estate) 56,773,630 26,165,158 29,948,090 56,113,250 (660,380) 1% Tangible Personal Property Tax 4,319,020 2,256,189 2,181,310 4,437, ,480 3% State Funding (unrestricted) 12,680,260 3,290,492 9,405,910 12,696,400 16,140 0% State Funding (restricted) 71,190 17,799 53,400 71, % Property Tax Allocation 10,116, ,421 9,782,150 10,116, % Other Revenue 2,133, ,961 1,694,420 2,111,380 (21,870) 1% Other Financing Sources 3,438, ,746 2,494,180 3,441,930 3,900 0% Total Revenue $ 89,531,950 $ 33,428,765 $ 55,559,460 $ 88,988,230 $ (543,720) 1% EXPENDITURES Annual Budget Cumulative Actual Remaining Budget Projected Balance Difference % Salaries & Wages 48,025,030 10,896,039 36,750,970 47,647,010 (378,020) 1% Retirement & Insurance Benefits 12,620,120 2,072,938 10,323,230 12,396,170 (223,950) 2% Purchased Services 16,886,460 3,980,007 13,062,720 17,042, ,270 1% Supplies & Materials 3,435, ,970 2,092,110 2,803,080 (632,630) 18% Capital Outlay 453, , , ,720 (2,110) 0% Debt Service 397, , , % Other Expenditures 1,374, ,270 1,000,730 1,422,000 47,400 3% Other Financing Uses 6,781,930 4,342,003 2,436,820 6,778,820 (3,110) 0% Total Expenditures $ 89,975,040 $ 22,610,264 $ 66,328,620 $ 88,938,890 $ (1,036,150) 1% note: includes $2,387,540 of PY encumbrances ENDING CASH BALANCE Annual Budget Cumulative Actual Remaining Budget Projected Balance Difference % Rev Over / Under Exp (443,090) 10,818,501 (10,769,160) 49, ,430 ###### Beginning Cash Balance 5,789,500 5,789,503 16,608,000 5,789, Ending Cash Balance $ 5,346,410 $ 16,608,004 $ 5,838,840 $ 5,838,840 $ 492,430 9% 40,000 30,000 20,000 10,000 0 (10,000) For the Month Ended, Actual & Projected Ending Cash JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN FY14 ACTUAL FY14 PROJECTED FY13 FY12

9 Inventory of Principal Invested Month Petty Cash Charter One US Bank scholarship trust investments Total Invested JULY 12,179 3,090,467 25,489,998 98,961 1,605,870 $ 30,297, AUGUST 12,179 3,115,872 35,149,257 98,964 1,605,907 $ 39,982, SEPTEMBER 12,179 3,119,732 27,333,808 98,965 1,605,936 $ 32,170, OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE cash accounts security accounts STAR Ohio