Zionsville Community Schools

Transcription

1 2011 Year-End Financial Report With Projections for 2012 and the and School Years Michael A. Shafer, C.P.A. Chief Financial Officer Zionsville Community Schools

2 Comparison of 2011 Revenue to Budget and to Prior Years Budgeted Funds Actual Actual Actual Budget 2011 Budget Fund Revenues Revenues Revenues Revenues Revenues General Fund $ 32,612,898 $ 32,022,696 $ 34,177,651 $ 33,187,576 $ 34,016,724 Debt Service Fund $ 17,121,297 $ 18,377,454 $ 18,872,216 $ 17,303,860 $ 18,162,697 Pension Bond Debt Service Fund $ 794,263 $ 754,752 $ 792,722 $ 697,358 $ 732,118 Capital Projects Fund $ 4,648,011 $ 4,186,903 $ 4,515,689 $ 4,311,490 $ 4,047,959 Transportation Fund $ 3,542,747 $ 2,931,854 $ 3,047,153 $ 2,984,845 $ 3,015,086 Bus Replacement Fund $ 86,947 $ 55,783 $ 58,720 $ 128,208 $ 63,931 Rainy Day Fund $ 2,544 $ 651,326 $ 67,500 $ 74,316 $ - Total Revenues $ 58,808,707 $ 58,980,768 $ 61,531,651 $ 58,687,653 $ 60,038,515 Comparison of 2011 Expenditures to Budget and to Prior Years Budgeted Funds Actual Actual Actual Budgeted 2011 Budgeted Fund Expenditures Expenditures Expenditures Expenditures Expenditures General Fund $ 33,602,250 $ 33,203,473 $ 35,100,611 $ 33,533,933 $ 33,775,731 Debt Service Fund $ 17,265,953 $ 18,061,917 $ 18,574,140 $ 18,080,957 $ 18,207,393 Pension Bond Debt Service Fund $ 754,699 $ 756,416 $ 756,417 $ 757,153 $ 757,153 Capital Projects Fund $ 5,128,064 $ 5,304,561 $ 6,890,249 $ 3,003,481 $ 4,038,982 Transportation Fund $ 2,551,563 $ 3,244,042 $ 3,139,012 $ 2,646,244 $ 3,893,658 Bus Replacement Fund $ 183,714 $ 643,796 $ 381,349 $ 67,225 $ 210,507 Rainy Day Fund $ - $ - $ 75,000 $ 451,518 $ 903,886 Total Expenditures $ 59,486,243 $ 61,214,205 $ 64,916,778 $ 58,540,511 $ 61,787,310 Summary of 2011 Revenues, Expenditures, and Balances Budgeted Funds Fund Fund Balances Balances Fund 1/1/2011 Revenues Expenditures 12/31/2011 General Fund $ 1,112,113 $ 33,187,576 $ 33,533,933 $ 765,756 Debt Service Fund $ 8,937,857 $ 17,303,860 $ 18,080,957 $ 8,160,760 Pension Bond Debt Service Fund $ 364,727 $ 697,358 $ 757,153 $ 304,932 Capital Projects Fund $ 1,108,205 $ 4,311,490 $ 3,003,481 $ 2,416,214 Transportation Fund $ 1,650,875 $ 2,984,845 $ 2,646,244 $ 1,989,476 Bus Replacement Fund $ 100,000 $ 128,208 $ 67,225 $ 160,983 Rainy Day Fund $ 3,653,870 $ 74,316 $ 451,518 $ 3,276,668 Totals $ 16,927,647 $ 58,687,653 $ 58,540,511 $ 17,074, Notes: 1 The Budget Revenues and Budget Expenditures as shown are per the DLGF's official budget orders for 2010 and 2011, respectively. 2 Actual revenues reflect a loss of $2.04 million in property taxes due to the circuit breaker. This was partially offset by $586,784 in Payments in Lieu of Taxes (P.I.L.O.T.) received in For 2011, the General Fund's expenditures were supplemented and supported by the $451,518 expended from the Rainy Day Fund (as shown for the Rainy Day Fund on this page) and by $500,720 expended From the Federal Teacher Jobs Stimulus Grant (which is not shown on this page). 4 The Debt Service and Pension Bond Debt Service Funds have a combined cash balance of $8,456,692; however, the next debt service payments required from these funds as of 6/30/2012 will total $9,629,976. No year-end transfers have been made to fund this $1.2 difference pending the results of the debt restructuring. 1

3 Actual and Projected Revenues for the Periods Shown Actual Actual Projected Projected Projected Projected Projected Calendar Calendar Calendar Calendar Calendar School School Year Year Year Year Year Year Year General Fund State Aid - Basic Grant (Including Categoricals) $ 31,263,167 $ 32,104,357 $ 32,103,916 $ 31,785,265 $ 31,921,467 $ 31,943,722 $ 31,853,366 Other State Grants and Funding $ 122,853 $ 154,999 $ 120,000 $ 238,000 $ 238,000 $ 238,000 $ 238,000 Misc Local Sources Facilities Rental $ 150,180 $ 197,392 $ 208,191 $ 200,000 $ 200,000 $ 200,000 $ 200,000 Interest $ 12,248 $ 3,069 $ 10,579 $ 15,000 $ 15,000 $ 12,790 $ 15,000 Fees $ 5,629 $ 244,339 $ 375,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 ECA Reimbursements $ 33,072 $ 52,000 $ 75,000 $ 75,000 $ 63,500 $ 75,000 Other Misc $ 278,637 $ 261,735 $ 105,507 $ 177,000 $ 177,000 $ 141,254 $ 177,000 Interfund Transfers 1 $ 156,910 $ 221,685 $ - $ - $ - $ - $ - Subtotals - General Fund $ 32,022,696 $ 33,187,576 $ 32,975,193 $ 32,990,265 $ 33,126,467 $ 33,099,266 $ 33,058,366 Federal Teacher Job Stimulus $ 500,720 $ 520,240 $ 540,240 $ - $ 1,040,960 $ - Rainy Day Fund (support for General Fund) $ 451,519 $ 451,943 $ 1,702,367 $ 1,600,000 $ 903,886 $ 1,250,000 Totals - General Fund with Supports $ 32,022,696 $ 34,139,815 $ 33,947,376 $ 35,232,872 $ 34,726,467 $ 35,044,112 $ 34,308,366 Capital Projects Fund Property Taxes $ 3,816,443 $ 3,683,642 $ 3,715,463 $ 3,465,132 $ 3,597,645 $ 3,590,298 $ 3,531,389 Licenses Excise Tax $ 301,622 $ 280,669 $ 255,909 $ 255,909 $ 255,909 $ 255,909 $ 255,909 CVET Tax $ 5,610 $ 6,408 $ 6,275 $ 6,275 $ 6,275 $ 6,275 $ 6,275 FIT Tax $ 2,756 $ 2,487 $ 2,683 $ 2,683 $ 2,683 $ 2,683 $ 2,683 P.I.L.O.T. 2 $ - $ 94,515 $ - Interest and Misc $ 60,472 $ 40,640 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 Interfund Loan Repayments 3 $ - $ 203,129 $ - $ - $ - $ - $ - Totals - Capital Projects Fund $ 4,186,903 $ 4,311,490 $ 3,990,330 $ 3,739,999 $ 3,872,512 $ 3,865,165 $ 3,806,256 Transportation Fund Property Taxes $ 2,679,819 $ 2,594,164 $ 2,616,574 $ 2,733,320 $ 2,768,794 $ 2,674,947 $ 2,751,055 Licenses Excise Tax $ 211,616 $ 197,656 $ 180,221 $ 180,221 $ 180,221 $ 180,221 $ 180,221 CVET Tax $ 4,077 $ 6,686 $ 4,419 $ 4,419 $ 4,419 $ 4,419 $ 4,419 FIT Tax $ 2,015 $ 2,676 $ 1,890 $ 1,890 $ 1,890 $ 1,890 $ 1,890 P.I.L.O.T. 2 $ - $ 68,073 $ - $ - $ - Interest and Misc $ 34,327 $ 115,590 $ 97,073 $ - $ - $ - $ - Totals - Transportation Fund $ 2,931,854 $ 2,984,845 $ 2,900,177 $ 2,919,850 $ 2,955,324 $ 2,861,477 $ 2,937,585 Debt Service Funds (Combined) Property Taxes $ 17,298,225 $ 16,256,998 $ 16,397,433 $ 17,612,783 $ 17,698,650 $ 17,005,108 $ 17,655,717 Licenses Excise Tax $ 1,365,673 $ 1,238,664 $ 1,129,404 $ 1,129,404 $ 1,129,404 $ 1,129,404 $ 1,129,404 CVET Tax $ 25,257 $ 42,303 $ 27,692 $ 27,692 $ 27,692 $ 27,692 $ 27,692 FIT Tax $ 12,397 $ 16,941 $ 11,841 $ 11,841 $ 11,841 $ 11,841 $ 11,841 P.I.L.O.T. $ 422,543 $ - $ - $ - Interest and Misc $ 22,981 $ 23,769 $ - $ - $ - $ - $ - State Circuit Breaker Replacement Grant $ 407,673 $ - $ - $ - $ - $ - Totals - Debt Service $ 19,132,206 $ 18,001,218 $ 17,566,370 $ 18,781,720 $ 18,867,587 $ 18,174,045 $ 18,824,654 Bus Replacement Fund Property Taxes $ 51,547 $ 55,006 $ 55,481 $ 33,791 $ 35,261 $ 44,636 $ 34,526 Licenses Excise Tax $ 4,078 $ 4,131 $ 3,821 $ 3,821 $ 3,821 $ 3,821 $ 3,821 CVET Tax $ 104 $ 138 $ 94 $ 94 $ 94 $ 94 $ 94 FIT Tax $ 54 $ 55 $ 40 $ 40 $ 40 $ 40 $ 40 P.I.L.O.T. 2 $ 1,653 $ - $ - $ - Interest and Misc 4 $ - $ 67,225 $ - $ - $ - $ - $ - Totals - Bus Replacement $ 55,783 $ 128,208 $ 59,436 $ 37,746 $ 39,216 $ 48,591 $ 38,481 2

4 Actual and Projected Revenues for the Periods Shown Actual Actual Projected Projected Projected Projected Projected Calendar Calendar Calendar Calendar Calendar School School Year Year Year Year Year Year Year Rainy Day Fund Interest and Misc $ 7,570 $ 7,091 $ 18,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000 Interfund Transfers 4 $ 643,756 $ 67,225 $ - $ - $ - $ - $ - Totals - Rainy Day Fund $ 651,326 $ 74,316 $ 18,000 $ 18,000 $ 18,000 $ 18,000 $ 18,000 Totals - Combined Revenues $ 58,980,768 $ 59,639,892 $ 58,481,689 $ 60,730,187 $ 60,479,106 $ 60,011,390 $ 59,933,342 Notes: 1 The General Fund's Interfund Transfers for 2011 are primarily payments to the General Fund of indirect costs from the self-supporting program funds. 2 Payments in Lieu of Taxes (P.I.L.O.T.) received in 2011 was an unknown factor not anticipated or included in the budgeted or projected revenues for The Indiana Department of Local Government Finance (DLGF) has informed us that they do not expect that such payments will occur or be available to us in the future. 3 The interfund loan payments received by the Capital Projects Fund in 2011 were repayments of amounts the fund had loaned to various federal grant funds for cash flow purposes in 2010 and 2011 to comply with State Board of Accounts regulations. 4 In 2011, the Bus Replacement Fund received $67,225 for the sale of used school buses. This amount was subsequently transferred to the Rainy Day Fund. 3

5 Actual and Projected Expenses and Costs for the Periods Shown Actual Projected Projected 6 Projected 6 Projected 6 Projected 6 Calendar Calendar Calendar Calendar School School Year Year Year Year Year Year General Fund Personnel Costs Teachers Salaries $ 15,588,912 $ 15,906,318 $ 16,484,317 $ 17,086,393 $ 16,080,261 $ 16,910,781 Benefits $ 6,519,680 $ 6,377,064 $ 6,656,797 $ 6,875,700 $ 6,439,927 $ 6,732,571 Administrators Salaries $ 1,863,060 $ 2,132,278 $ 2,057,843 $ 2,088,711 $ 2,095,061 $ 2,073,277 Benefits $ 614,023 $ 589,950 $ 611,782 $ 620,959 $ 600,866 $ 616,370 Support Staff Salaries $ 3,706,956 $ 3,730,591 $ 3,763,336 $ 3,819,786 $ 3,746,964 $ 3,791,561 Benefits $ 580,792 $ 644,644 $ 685,864 $ 696,152 $ 665,254 $ 691,008 Subtotal - Personnel Costs $ 28,873,423 $ 29,380,845 $ 30,259,939 $ 31,187,701 $ 29,628,333 $ 30,815,568 Non-Personnel Costs Supplies and Materials $ 704,376 $ 600,599 $ 600,599 $ 696,007 $ 641,480 $ 539,184 Utilities and Insurance 1 $ 1,235,773 $ 1,660,496 $ 1,035,000 $ 1,020,092 $ 1,330,293 $ 860,091 Special Ed Services and Co-Op Agreements $ 750,491 $ 904,384 $ 904,384 $ 976,650 $ 930,942 $ 967,075 Contracted Services $ 1,878,275 $ 1,636,834 $ 1,636,834 $ 2,280,750 $ 1,936,432 $ 2,258,390 Other and Misc $ 91,595 $ 52,251 $ 79,588 $ 112,144 $ 60,499 $ 111,045 Subtotal - Non-Personnel Costs $ 4,660,510 $ 4,854,564 $ 4,256,405 $ 5,085,643 $ 4,899,646 $ 4,735,785 Totals - General Fund $ 33,533,933 $ 34,235,409 $ 34,516,344 $ 36,273,344 $ 34,527,979 $ 35,551,353 Capital Projects Fund Personnel Costs 2 $ 979,602 $ 1,174,579 $ 1,202,699 $ 1,238,780 $ 1,188,639 $ 1,220,740 Purchased Services 3 $ 937,450 $ 1,027,073 $ 980,355 $ 1,009,766 $ 1,003,714 $ 995,061 Maint of Buildings & Equip. 3 $ 558,706 $ 834,876 $ 567,530 $ 650,000 $ 701,203 $ 608,765 Utilities and Insurance 4 $ 43,923 $ 716,624 $ 915,000 $ 915,000 $ 815,812 $ 915,000 Other $ 753 $ - $ - $ - Interfund Loan $ 65,824 $ - $ - $ - $ - $ - Totals - Capital Projects Fund $ 2,586,258 $ 3,753,152 $ 3,665,584 $ 3,813,546 $ 3,709,368 $ 3,739,566 Transportation Fund Personnel Costs 5 $ 2,426,306 $ 2,133,559 $ 2,122,693 $ 2,186,374 $ 2,128,126 $ 2,154,534 Purchased Services $ 99,977 $ 58,730 $ 35,000 $ 36,050 $ 46,865 $ 35,525 Parts, Fuel Supplies & Materials $ 2,823 $ 535,763 $ 576,000 $ 593,280 $ 555,882 $ 584,640 Utilities and Insurance $ 106,622 $ 76,903 $ 85,500 $ 88,065 $ 81,202 $ 86,783 Other $ 2,398 $ - $ - $ - $ - $ - Totals - Transportation Fund $ 2,638,127 $ 2,804,955 $ 2,819,193 $ 2,903,769 $ 2,812,075 $ 2,861,482 Bus Replacement Fund Interfund Transfer $ 67,225 $ - $ 69,312 $ - $ 69,312 $ - Totals - Bus Replacement Fund $ 67,225 $ - $ 69,312 $ 69,312 $ - Debt Service Funds (Combined) Lease Rental (Bond) Payments for Bldgs. $ 18,075,000 $ 18,075,000 $ 18,503,000 $ 19,908,000 $ 18,289,000 $ 19,205,500 Bond Pmts - Pension Bonds $ 757,153 $ 757,153 $ 756,685 $ 755,013 $ 756,685 $ 755,013 Other $ 5,957 $ - $ 1,371 $ - $ 385 $ 987 Totals - Debt Service $ 18,838,110 $ 18,832,153 $ 19,261,056 $ 20,663,013 $ 19,046,069 $ 19,961,499 4

6 Actual and Projected Expenses and Costs for the Periods Shown Actual Projected Projected 6 Projected 6 Projected 6 Projected 6 Calendar Calendar Calendar Calendar School School Year Year Year Year Year Year Rainy Day Fund Personnel Costs $ 449,187 $ 451,943 $ 1,702,367 $ 1,600,000 $ 903,886 $ 1,250,000 Other $ 2,332 $ - $ - $ - $ - $ - Totals - Rainy Day Fund $ 451,519 $ 451,943 $ 1,702,367 $ 1,600,000 $ 903,886 $ 1,250,000 Totals - Combined Expenses $ 58,115,172 $ 60,077,612 $ 62,033,856 $ 65,253,672 $ 61,068,689 $ 63,363,900 Notes: 1 General Fund - Utilities were approximately $400,000 less than projected in The 2012 projections have been adjusted slightly based on this information. 2 Capital Projects Fund - Personnel costs were less than projections by $194,977. The technology department was understaffed most of the year and had significant turnover. However, the variance indicates an adjustment in 2012's projected costs is warranted and will be made. 3 Capital Projects Fund - Purchased Services and Maintenance of Buildings were below projected amounts due to concentrated efforts to avoid spending in these areas. The projected amounts for 2012 will be retained as shown pending the outcome of the debt restructuring. 4 Capital Projects Fund - Utility costs were approximately $100,000 less than projected reflecting ongoing cost savings measures and favorable weather experiences. 5 Transportation Fund - Fuel costs were less than projected. However, the extremely uncertain situation in petroleum pricing in the future supports leaving the projected amount for 2012 at the levels shown without reductions. 6 All projections for 2012, 2013, and the and school years assume the pending debt restructuring will offset losses from the property tax circuit breaker. It is also assumed that no transfers from the CPF, Transportation, or Bus Replacement Funds to the debt services funds will be required during these periods shown. 5

7 Projection of General Fund Deficits School School Year Year Notes July 1 Fund Balance $ 560,184 $ 1,076,317 1 Projected Revenues $ 33,099,266 $ 33,058,366 2 Projected Expenditures $ 34,527,979 $ 35,551,353 3 Projected June 30 Fund Balance with no use of RDF, Stimulus, or RIF $ (868,529) $ (1,416,670) Gross Deficit for the Year with no use of RDF, Stimulus, or RIF $ (1,428,713) $ (2,492,987) Coverage of the Deficit: Stimulus Grant $ 1,040,960 $ - 4 Authorized RDF Use $ 903,886? 5 Expenditure Reductions from New RIF and/or RIF Mitigations $ -? 6 Final Projected June 30, 2012 Fund Balance With RDF/Stimulus Use $ 1,076,317? Notes: 1 Actual beginning Cash Balance is shown for the school year as of July 1, The Projected June 30, 2012 cash balance is shown as the beginning balance for Revenues projected as per current and IBRC projected enrollment, assuming no change in current state funding formula and misc. local revenues as projected. 3 Expenditures projected assuming same staff and staffing levels as were present at the beginning of the school year, with pay increases for bargaining unit employees for as per existing contract, pay increases of 3% for non-bargaining unit employees to be effective July 1, 2012 for the school year, and incremental cost increases in non-personnel items. 4 The Federal Teacher Job Stimulus Grant funds must be used in the school. No funding from this source will be available for the school year 5 Use of $903,886 in Rainy Day Funds in to support the General Fund was authorized by the Board on April 11, This authorization expires at the end of the school year. Administration is recommending to the Board that $1,250,000 of Rainy Day Funds be used for the support of the General Fund in the school year. This is approximately 50% of the projected deficit as shown. 6 The remaining portion of the projected deficit, approximately $1,250,000, would be covered by RIF either alone or in combination with a number of cost reduction/rif mitigation measures. 6

8 Comparison of Projected Revenues to Projected Expenditures for Tax-Supported Operating Funds School Year Capital Bus Total Projects Transportation Replacement Operating Fund Fund Fund Funds July 1 Fund Balance $ 1,820,186 $ 1,875,734 $ 131,817 $ 3,827,737 Projected Revenues $ 3,865,165 $ 2,861,477 $ 48,591 $ 6,775,233 Projected Expenditures $ 3,709,368 $ 2,812,075 $ 69,312 $ 6,590,755 Assumed Net Circuit Breaker Loss vs. Debt Restructure Offset $ - $ - $ - $ - Projected June 30 Fund Balance $ 1,975,983 $ 1,925,136 $ 111,096 $ 4,012,215 Surplus (Deficit) for the Year $ 155,797 $ 49,402 $ (20,721) $ 184, School Year Capital Bus Total Projects Transportation Replacement Operating Fund Fund Fund Funds July 1 Fund Balance $ 1,975,983 $ 1,925,136 $ 111,096 $ 4,012,215 Projected Revenues $ 3,806,256 $ 2,937,585 $ 38,481 $ 6,782,322 Projected Expenditures $ 3,739,566 $ 2,861,482 $ - $ 6,601,048 Assumed Net Circuit Breaker Loss vs. Debt Restructure Offset $ - $ - $ - $ - Projected June 30 Fund Balance $ 2,042,673 $ 2,001,239 $ 149,577 $ 4,193,489 Surplus (Deficit) for the Year $ 66,690 $ 76,103 $ 38,481 $ 181,274 7