INDEPENDENCE LOCAL SCHOOLS Board Meeting

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1 Exhibit #2 INDEPENDENCE LOCAL SCHOOLS Board Meeting August 2015 Financial Reports 1

2 Independence Local Schools Fiscal Year 2016 Revenue Collection by Fund Exhibit #2 FY 16 % of Projected % of Fiscal % of Projected % of Fiscal Amount Fiscal Month Available Revenue Year Revenue Year Fund Description Fund Budgeted To date To Date Balance Collected Completed Outstanding Remaining General 001 $ 16,919,945 $ 6,234,664 $ 2,538,549 $ 10,685, % 16.67% 63.15% 83.33% Bond Retirement 002 1,202, , , , % 16.67% 33.96% 83.33% Permanent Improvement , ,509 96, , % 16.67% 62.06% 83.33% Building % 16.67% 0.00% 83.33% Food Service ,000 20,550 20, , % 16.67% 93.15% 83.33% Endowment % 16.67% 0.00% 83.33% Uniform School Supplies % 16.67% 0.00% 83.33% Public Sch. Support ,766 3,217 3,195 53, % 16.67% 94.33% 83.33% Other Grants % 16.67% 0.00% 83.33% District Agency ,000 12, % 16.67% % 83.33% Student Managed Activity ,995 47,686 28, , % 16.67% 79.18% 83.33% District Managed Activity ,000 4,237 4,237 90, % 16.67% 95.54% 83.33% State Grants ,000 73,539 73, , % 16.67% 71.93% 83.33% Federal Grants ,000 84, % 16.67% % 83.33% $ 19,797,466 $ 7,419,306 $ 2,949,670 $ 12,378, % 16.67% 62.52% 83.33% 2

General Fund Revenue Collection Exhibit # 2 GENERAL FUND REVENUE COLLECTION Month End 8 31 2015 Fiscal Year 2016 Actual Budget/Estimate Variance Actual Budget/Estimate Variance Real Estate $

3 General Fund Revenue Collection Exhibit # 2 GENERAL FUND REVENUE COLLECTION Month End Fiscal Year 2016 Actual Budget/Estimate Variance Actual Budget/Estimate Variance Real Estate $ 2,175,879 $ 1,568,000 $ 607,879 $ 5,746,879 $ 5,139,000 $ 607,879 TPP (PUPP only) 228, , , ,272 Foundation Restricted Grants 78,637 57,143 21, , ,286 15,322 Home/Role & TPP Reimb Other/Misc. 55,762 32,615 23, , ,256 24,649 Total Revenue: $ 2,538,550 $ 1,657,758 $ 880,792 $ 6,234,664 $ 5,358,542 $ 876,122 Monthly & Fiscal Year variance is misleading due to Budget/Estimates not including receipt of the district s tax settlement and TIF revenue in August. Actually received both tax settlement and TIF revenue in August. Real Estate & TIF collection are below estimates and approximately $50k less than last year s collections. o Experienced refunds of $385,774. o Collection rate below projections; Class I projection 98.8%, actual 97.8%. Class II projection 91.7%, actual 88.9%. 3

4 Independence Local Schools Fiscal Year 2016 Expenditure Projection by Fund Exhibit #2 Fy 16 w/o Encumb. % of Fiscal % of Fiscal Amount Fiscal Month Current Available % of Projected Year % of Budget Year Fund Description Fund Expendable To date To Date Encumbrances Balance Expended Completed Available Remaining General 001 $ 16,324,000 $ 2,453,923 $ 1,518,130 $ 1,306,831 $ 12,563, % 16.67% 84.97% 83.33% Bond Retirement 002 1,058,640 4,667 4,667 $ 1,053, % 16.67% 99.56% 83.33% Permanent Improvement 003 1,010, , , ,504 $ (96,939) 62.63% 16.67% 37.37% 83.33% Building 004 $ 0.00% 16.67% 0.00% 83.33% Food Service ,405 25,214 8, $ 274, % 16.67% 91.61% 83.33% Endowment 008 7,736 $ 7, % 16.67% % 83.33% Uniform School Supplies 009 3, $ 2, % 16.67% % 83.33% Public Sch. Support ,175 7,719 3,617 8,671 $ 40, % 16.67% 86.50% 83.33% Other Grants 019 5,000 $ 5, % 16.67% % 83.33% District Agency ,150 $ 12, % 16.67% % 83.33% Student Managed Activity ,290 29,287 8,677 40,089 $ 157, % 16.67% 87.11% 83.33% District Managed Activity ,000 12,595 10,192 20,221 $ 63, % 16.67% 86.88% 83.33% State Grants , ,881 $ 251, % 16.67% 99.83% 83.33% Federal Grants ,000 7,388 4, $ 78, % 16.67% 91.41% 83.33% $ 19,442,854 $ 3,174,112 $ 1,960,417 $ 1,854,470 $ 14,414, % 16.67% 83.67% 83.33% 4

General Fund Expenditure Exhibit #2 GENERAL FUND EXPENDITURE Month End 8 31 2015 FYTD 2016 Actual Budget/Estimate Variance Actual Budget/Estimate Variance Personnel/Salaries $ 713,464 $ 713,464 $ $

5 General Fund Expenditure Exhibit #2 GENERAL FUND EXPENDITURE Month End FYTD 2016 Actual Budget/Estimate Variance Actual Budget/Estimate Variance Personnel/Salaries $ 713,464 $ 713,464 $ $ 1,330,953 $ 1,330,953 $ Benefits 291, ,864 44, , ,665 37,216 Purchased Services 238, ,930 88, , ,842 (28,869) Supplies 74,553 53,504 21,049 81,855 95,096 (13,241) Equipment 115,598 60,000 55, ,332 60,000 66,332 Debt Service Other/Misc. 84,719 1,519 83,200 85,929 32,279 53,650 Transfers $ 1,518,129 $ 1,225,281 $ 292,848 $ 2,453,923 $ 2,338,835 $ 115,088 5

6 General Fund Monthly Expense Comparison Fiscal Year 2016 vs. Fiscal Year 2015 Exhibit #2 July 14 August 14 Total FYTD 15 Fiscal Year 2015 Expenses Expenses Expenses Salaries $ 600,918 $ 681,297 $ 1,282,215 Benefits 230, ,609 $ 492,236 Purchase Services 140, ,543 $ 276,370 Supplies 28,350 24,555 $ 52,905 Capital Outlay $ Other Expenses 1,053 26,643 $ 27,696 Total Expenses $ 1,001,775 $ 1,129,647 $ 2,131,422 July 15 August 15 Total FYTD 16 Fiscal Year 2016 Expenses Expenses Expenses Salaries 617, ,464 1,330,953 Benefits 230, , ,881 Purchase Services 68, , ,973 Supplies 7,302 74,553 81,855 Capital Outlay 10, , ,332 Other Expenses 1,209 84,719 85,928 Increased salary & benefits due to payments of retirees Severances. Equipment increase due to network upgrades. Other/Misc. increase due to Auditor/Treasurer fees from real estate settlement posted in August. Total Expenses $ 935,793 $ 1,518,129 $ 2,453,922 Over/(Under) Previous Yr. $ 65,982 $ (388,482) $ 322,500 Over/Under Salaries Benefits Purchase Services Supplies Capital Outlay Other Expenses Previous Yr. 48,738 29,645 30,603 28, ,332 58,232 $ 322,500 6

7 Independence Local Schools Fiscal Year 2016 Cash Flow by Fund Exhibit #2 7/1/2015 Fiscal Fiscal 8/31/2015 Cash Yr. to Date Yr. to Date Cash Fund Description Fund Balance Revenue Expenditures Balance General 001 $8,197,491 $ 6,234,664 $ 2,453,923 $11,978,232 Bond Retirement 002 2,591, ,904 4,667 3,381,195 Permanent Improvement , , , ,660 Building 004 Food Service 006 1,019 20,550 25,214 (3,645) Endowment 008 7,486 7,486 Uniform School Supplies 009 9,759 9,759 Public Sch. Support ,249 3,217 7,719 25,747 Other Grants 019 9,872 9,872 District Agency 022 4,225 4,225 Student Managed Activity ,935 47,686 29, ,334 District Managed Activity 300 1,346 4,237 12,595 (7,012) State Grants , ,113 Federal Grants 500 7,388 (7,388) $11,614,383 $7,419,306 $3,174,112 $15,859,577 7

8 Actual Month-End General Fund Cash Balance Exhibit #2 8

9 Investment/Reconciliation Report Fiscal year 2016 Exhibit #3 CASH RECONCILIATION Monthly Rate Interest cytd Star Oho $ 1,134, % $ $ Star Plus 10,680, % $ 1, $ 10, Charter One Bank 1,305, n/a Charter One Bank 327, n/a Charter One Bank 19, n/a Independence Bk Savings 527, % Independence Bk Checking 325, n/a Independence Bk CD 500, % Independence Bk CD 1,500, % 1, Total Balance Per Bank Statement $ 16,320, $ 1, $ 13, E/Z Pay Dept. not recorded 1, In Trans. Deposits In Transit H/S Café Unposted Receipt ODE: (194,831.80) P/S Café NFS 0.00 Outstanding Checks (248,226.47) Manuscript Debt 0.00 Outstanding Payroll checks (19,300.37) Void Payroll Ck: 0.00 $ Memo Ck. Fed. Tax 0.00 Bank Fee 0.00 Void Check 0.00 Bk Coding Correction 0.00 Adjusted Total Balance Per Bank Statement 15,859, Fund Balances 15,859, Difference $ 9

10 Check Register Informational Item Warrants over $1, to Check Amount Vendor Description Check Amount Vendor Description ,527 SERS Retirement Benefit ,602 STRS Retirement Benefits ,604 Rettig Music, Inc. Band/Music Supplies ,975 Riddell Equip. reconditioning ,620 Employers' HealthSource Driver Physicals ,000 CMP Communication Public Relations ,700 OSBA Capital Conference Registration ,033 EncounterPoint Door key scan ,836 Turnitin, LLC Tech. Instructional Subscription ,160 Rural Truck & Auto Body Fleet Parts ,000 Osysko, Megan Cash Advance (Volleyball) ,617 Houghton Mifflin Instructional Supplies ,000 Skoczen, Tim Cash Advance (Gate) ,920 R.C.U. Architects, Inc. Architect Services ,060 Home Depot Maintenance supplies ,940 Pro Tect Roof Resurfacing MS ,151 Zane Bloser Instructional supplies ,605 Coresource Dental Benefits ,505 Ace Copier Service Agreement ,951 Renaissance Learning Instructional Supplies ,603 ESC Guidance Services ,551 Enviro Chemical Maintenance supplies ,700 Nowak Tour & Travel 7th Grd. Trip ,733 Enviro Chemical Maintenance supplies ,825 SmartSolution Technologies Tech. Instructional Equip ,994 North Coast Council A Site Services ,392 Brindza, McIntyre and Seed Legal Services ,371 SERS Retirement Benefits ,500 Alliance for High Quality Ed. Membership dues ,640 CES HVAC repairs ,500 United Cerebral Palsy Assoc. Spec. Ed. Services ,024 Illuminating Company, The Electric ,521 M.L.G. Construction Co. H/S repair ,371 STRS Retirement Benefits ,775 Vincent Lighting Systems Lighting repair/replacement ,527 STRS Retirement Benefits ,000 Middleburg Early Education Ctr ESY Programs ,351 OSC Property/Fleet Coverage ,000 Todt, Harold Manhole/Sewer repairs ,907 AIG VALIC Teacher Severances ,275 Carsel, Dale Painting ,907 HealthSecure HRA Third Pary Ad Teacher Severances ,333 Simplexgrinnell Security Repair/Services ,678 Orange City Schools Medical Benefits ,341 STRS Retirement Benefit ,868 Quadstar Network Equip/Summer Services ,575 OSC Program Costs ,865 FieldTurf USA, Inc. Track ,685 Medicare Payroll Benefit ,133 Dant Clayton Bleachers ,108 Wilson Language Instructional supplies ,444 PAYROLL TRANSFER Payroll ,372 Medicare Payroll Benefit ,597 PAYROLL TRANSFER Payroll ,388 Infinite Cohesion, Ltd Web Services 10

11 11 Projected General Fund Monthly Cash Flow

INDEPENDENCE LOCAL SCHOOLS Board Meeting

Exhibit #2 INDEPENDENCE LOCAL SCHOOLS Board Meeting 11-17-2015 October 2015 Financial Reports 1 Independence Local Schools Fiscal Year 2016 Revenue Collection by Fund Exhibit #2 FY 16 % of Projected %