2016/2017 SECOND INTERIM REPORT

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Maximilian Matthews
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1 2016/2017 SECOND INTERIM REPORT Golden Valley Unified School District March 14, 2017

2 What is 2 nd Interim Reporting? The Second Interim Budget report is a snapshot in time of the local educational agency s (LEA) revenue and expenditure forecasts for the current fiscal year as well as a projection of the two subsequent fiscal years. It is a time to adjust the budget based upon the proposed State Budget and subsequent trailer bills, discuss changes from the First Interim Budget report, adjust revenues and expenditures, and begin projecting the ending balances for the LEA s funds and resources. The Second Interim report covers actual receipts and expenditures for the period of time from July 1 through January 31 and must be submitted to the county office of education no later than March 17.

3 Second Interim Key Guidance The District uses a variety of sources to determine current and future revenues: School Services of California (SSC Dartboard) Common Message developed by County Offices in the State, Business and Administration Steering Committee (BASC) State Budget and the Governor s January Budget Proposal Actual current year enrollment (CBEDS)/P-1 reported ADA Local Control Funding Formula/Allocation

4 Enrollment Assumptions P1 Enrollment reported at 1,875. Current Enrollment as of January 20, 2017 after P1, 1,909 First Interim was projected at 1,881 (prior year). FY Enrollment Reported P2 2015/16 1,881 Reported P1 2016/17 1,875 As of 1/20/ /17 1,909 Projected 2017/18 1,928 Projected 2018/19 2,030

5 ADA Assumptions Due to current declining enrollment and P1 submittal, the District will receive State Aid funding based on last year s ADA as Certified by CDE February 17 th We will receive current year funding if P2 comes in more than Prior Year ADA. CDE provisions allow the district to be funded on the greater of the current or prior year ADA. *We are projecting growth in the subsequent years do to the new developments in our district. FY ADA P2 2015/16 1,820 P1 2016/17 1,814 As of 1/20/ /17 1,832 Projected 97% 2017/18 *1870 Projected 97% 2018/19 *1970

6 Planning Factors for and MYPs Key planning factors for LEAs to incorporate into the budget and MYPs are listed below and are based on the latest information available. Planning Factor COLA (Department of Finance - DOF) 0.00% 1.48% 2.40% LCFF Gap Funding Percentage (DOF) 55.28% 23.67% 53.85% LCFF Gap Funding (in millions) $2,942 $744 $1,904 STRS Employer Statutory Rates 12.58% 14.43% 16.28% PERS Employer Projected Rates % 15.80% 18.7% Lottery Unrestricted per ADA $144 $144 $144 Lottery Prop. 20 per ADA $45 $45 $45 Mandated Cost per ADA for One-Time Allocations $214 $48 $0 Mandate Block Grant for Districts K-8 per ADA $28.42 $29.87 $29.87 Mandate Block Grant for Districts 9-12 per ADA $56 $57.36 $57.36 Mandate Block Grant for Charters K-8 per ADA $14.21 $15.66 $15.66 Mandate Block Grant for Charters 9-12 per ADA $42 $43.36 $43.36 Routine Restricted Maintenance Account (Note: For LEA receiving SFB funds, the RRMA requirement reverts to 3% the year following receipt of funds.) Lesser of: 3% or amount Greater of: Lesser of 3% or amount or 2% At Least: 3%

7 LCFF BASE GRANT ENTITLEMENTS The target base grants by grad span for are increased over by 1.48% to reflect the estimated statutory COLA. Projected grade spans are increased by 2.40% over ND INTERIM Grade Level Target Base Grant Target GSA Target Base Grant = +1.48% Target GSA Target Base Grant = +2.40% Target GSA Grades TK-3 $7,083 $737 $7,188 $748 $7,361 $766 Grades 4-6 $7,189 $7,295 $7,470 Grades 7-8 $7,403 $7,513 $7,693 Grades 9-12 $8,578 $223 $8,705 $226 $8,914 $232 1 ST INTERIM Grade Level Target Base Grant Target GSA Target Base Grant = +1.11% Target GSA Target Base Grant = +2.42% Target GSA Grades TK-3 $7,083 $737 $7,162 $745 $7,335 $763 Grades 4-6 $7,189 $7,269 $7,445 Grades 7-8 $7,403 $7,485 $7,666 Grades 9-12 $8,578 $223 $8,673 $225 $8,883 $231

8 Updated COLA and GAP Funding While the annual gap-closure percentage estimates may seem large, the remaining gap to fill has shrunk significantly. This means that gap-closure percentages will increase, yet result in smaller actual funding increases for school districts. SECOND INTERIM Estimate Estimate Estimate LCFF Gap Funding Percentage 55.28% 23.67% 53.85% Annual COLA 0.00% 1.48% 2.4% FIRST INTERIM Estimate Estimate Estimate LCFF Gap Funding Percentage 54.18% 72.99% 40.36% Annual COLA 0.00% 1.11% 2.42%

9 LCFF Revenue Changes LCFF at First Interim 2016/2017 $15,999, /2018 $16,704, /2019 $17,250,176 LCFF at Second Interim 2016/2017 $15,963, /2018 $16,581, /2019 $17,920, /2017 ($35,834) Variance 2017/2018 ($122,340) (GAP was 72.99% at 1 st Interim now 54.47%, with 25 more ADA, and COLA) 2018/2019 $670,307 (ADA Projected 87 higher than 1 st Interim) LCFF at Budget Adoption 2016/2017 $16,203, /2018 $16,709, /2019 $16,958,498

10 2016/17 Current Revenue -Updates Property Tax Local Funding higher than projected LCFF State Funding will be Adj down. (no impact on total LCFF revenues received, just different funding buckets). STRS on Behalf budget updated (phantom entry) MAA Funds received CTEIG Funds received

11 2016/17 Current Expense - Updates Salaries: Certificated Staff 2% increase on salary schedule: $145,609 Classified Staff 2% increase on salary schedule: $55,525 Total Benefits net: $35,906 STRS ON Behalf phantom entry Other Staffing Adjustments

12 MYP Revenue & Expense Assumptions 2017/2018 LCFF revenue assumptions from the BASC/FCMAT LCFF Calculator Gap funding: 23.67% (DOF) COLA: 1.48% One-Time Funding Mandated Cost per ADA $48 Possible Federal Funding to be decreased 2017/2018 Salaries Based of 1.20% Step and Column PER s increase 15.80% STR s increase 14.43% Deferred Maintenance remains status quo contribution $100,000 Routine Restricted Maintenance (RRM) contribution: Greater of: Lesser of 3% or amount or 2%

13 MYP Revenue & Expense Assumptions 2018/2019 LCFF revenue assumptions from the BASC/FCMAT LCFF Calculator Gap funding: 53.85% (DOF) COLA: 2.40% Possible Federal Funding to be decreased 2018/2019 Salaries Based of 1.20% Step and Column PER s increase: 18.70% STR s increase: 16.28% Deferred Maintenance remains status quo contribution $100,000 Routine Restricted Maintenance (RRM) contribution: At Least 3% of general fund expenditures. TBD

14 ALL OTHER FUNDS SUMMARY ADULT EDUCATION FUND 11 CAFETERIA FUND 13 SPECIAL DEFERRED RESERVE FUND 17 MAINTENANCE FUND 14 - Other than Capital Outlay BUILDING RESERVE FUND 21 CAPITAL FACILITIES FUND 25 STATE SCHOOL BUILD LEASE FUND 30 COUNTY SCHOOLS FACILITIES FUND FUND 35 SPECIAL RESERVE Capital Outlay FUND 40 DEBT SERVICE FUND 56 BEGINNING FUND BALANCE $ 40,283 $ 7,234 $ 61,229 $ 140,819 $ 2 $ 277,746 $ 77 $ 13 $ 293,921 $ 1,149 INCOME Federal Revenue $ - $ 358,014 $ - $ - $ - $ - $ - $ - $ - $ - Other State Revenue - 31, Other Local Revenue , , ,618 Transfers In and Other Sources 40, ,000-6, ,093 TOTAL INCOME $ 40,042 $ 699,217 $ 100,150 $ - $ 6,362 $ 521,544 $ 2 $ 1 $ 300 $ 767,711 EXPENSES Certificated $ 16,642 $ - $ - $ - $ - $ - $ - $ - $ - $ - Classified Salaries $ 1,100 $ 260,074 Employee Benefits 4,726 82, Books and Supplies 15, ,511 1, , Service, Operating Expenses 25,326 17, ,800-6, , ,800 - Capital Outlay - 16,057 11, , Other Outgo - 17, Direct Support/Indirect Costs Transfers Out and Other Uses ,830 TOTAL EXPENSES $ 62,794 $ 704,551 $ 150,796 $ - $ 6,361 $ 211,125 $ - $ - $ 30,800 $ 745,830 TOTAL REVENUE OVR EXPENSES $ (22,752) $ (5,334) $ (50,646) $ - $ 2 $ 310,419 $ 1 $ 1 $ (30,500) $ 21,881 ENDING FUND BALANCE $ 17,531 $ 1,900 $ 10,583 $ 140,819 $ 4 $ 588,166 $ 78 $ 14 $ 263,421 $ 23,030

15 Refinancing of 2012 COP s & Other Changes Contributions to Debt Service Fund (56) decreased by $73,000 for 16/17 Contributions to Debt Service Fund (56) will decrease in 17/18 by $25,000 Purchase of automotive shop completed. Contribution to Ag Incentive Grant increased $4,591. Final award allocation increased February 26 and grant requires a District match, dollar for dollar.

16 Looking Forward P2 Attendance due to COE, April 21, 2017 Governors Revised Budget, May 2017 Budget Development for Budget and LCAP Public Hearing May 2017 Budget and LCAP Adoption June 2017 THANK YOU QUESTIONS?

17 Golden Valley Unified School District - Multi-Year Projection /17 2nd Interim Unrest /Res.Combined 3/7/ / / / / / /2019 Adopted UA 1ST Interim 2nd Interim Projected Projected ActuaBudget Update Budget Update Budget Update Budget Budget ADA Beginning Balance ## $2,328,274 $2,328,274 $2,328,274 $1,573,233 $978,162 Revenues LCFF ## $16,203,085 $15,999,578 $15,963,745 $16,581,864 $17,920,483 Federal ## $400,406 $400,406 $402,132 $400,332 $400,332 Other State ## $1,866,535 $2,021,377 $2,286,255 $1,299,916 $1,215,955 Local ## $650,725 $649,707 $742,079 $680,262 $682,262 CONTRIB $0 $0 $0 $0 $0 Total Revenues ## $19,120,751 $19,071,068 $19,394,211 $18,962,374 $20,219,032 Expenditures Certificated Salaries ## $7,958,439 $7,876,478 $7,976,875 $8,122,600 $8,320,080 Classified Salaries ## $3,136,573 $3,065,444 $3,002,896 $3,038,932 $3,075,402 Employee Benefits ## $4,303,524 $4,285,721 $4,566,277 $4,774,650 $5,022,109 Books & Supplies $993,935 $1,105,479 $1,188,235 $1,080,000 $1,080,000 Services/Operating ## $1,790,398 $1,872,899 $1,936,192 $1,790,500 $1,857,800 Capital Outlay ## $719,872 $729,866 $738,003 $35,000 $35,000 Other Outgo ## $67,321 $67,321 $67,321 $67,310 $67,311 Inter Fund Transfers ## $824,343 $783,156 $673,453 $648,453 $648,453 Total Expenditures ## $19,794,405 $19,786,364 $20,149,252 $19,557,445 $20,106,155 Ending Balance: ## $1,654,620 $1,612,978 $1,573,233 $978,162 $1,091,039 Categorical Restricted ## $95,967 $44,582 $48 Economic Reserve ## $593,832 $600,611 $605,000 $700,000 $800,000 ## 8.36% 8.15% 7.81% 5.00% 5.43% Assigned Balance ## $1,060,788 $1,012,367 $872,266 $233,580 $290,991 Net Increase (Decrease) in Fd Bal ## $ (673,654) $ (715,295) $ (755,041) $ (595,071) $ 112,877 G:\GERI\MYP 2nd Interim nd Interim MYP3/9/20171:07 PM

2016/2017 2016/2017 2016/2017 2017/2018 2018/2019 Adopted UA 1st Interim 2nd Interim Projected Projected Budget Update Budget Updated Budget Updated Budget Budget ADA 1820.03 1820.

18 2016/ / / / /2019 Adopted UA 1st Interim 2nd Interim Projected Projected Budget Update Budget Updated Budget Updated Budget Budget ADA Beginning Balance 1,932, $1,932,537 $1,932,537 $1,477,266 $933,579 Obj. Revenues Golden Valley Unified School District - Multi-Year Projection /17 2nd Interim UNRESTRICTED LCFF $16,203,085 $15,999,578 $15,963,745 $16,581,864 $17,920, Federal $1,800 $1,800 $1,800 $0 $ Other State $699,986 $699,986 $718,464 $432,125 $348, Local $71,973 $71,973 $138,455 $76,638 $78,638 CONTRIB -$1,688,752 -$1,688,752 -$1,677,859 -$1,677,859 -$1,677,859 Total Revenues $15,288,092 $15,084,585 $15,144,605 $15,412,768 $16,669,426 Expenditures Certificated Salaries $7,150,616 $7,064,578 $7,178,769 $7,314,914 $7,502,694 Classified Salaries $2,410,505 $2,343,375 $2,276,738 $2,304,059 $2,331,709 Employee Benefits $3,420,049 $3,412,438 $3,437,752 $3,617,132 $3,827,554 Books & Supplies $600,041 $578,099 $630,251 $650,000 $680,000 Services/Operating $1,185,556 $1,239,680 $1,327,654 $1,350,000 $1,450,000 Capital Outlay $14,048 $21,048 $28,143 $25,000 $25,000 Other Outgo $57,765 $57,765 $47,116 $46,897 $46,604 Inter Fund Transfers $824,343 $783,156 $673,453 $648,453 $648,453 Total Expenditures $15,662,923 $15,500,140 $15,599,876 $15,956,455 $16,512,014 revolving cash - Ending Balance: $1,557, $1,516,982 $1,477,266 $933,579 $1,090,991 EFB $0 $0 Economic Reserve $593,832 $600,611 $605,000 $700,000 $800,000 Assigned Balance $963,874 $916,371 $872,266 $233,579 $290,991 Net Increase (Decrease) in Fd Bal $ (374,831) $ (415,555) $ (455,271) $ (543,687) $ 157,412 G:\GERI\MYP 2nd Interim nd Interim MYP3/9/20171:07 PM

19 Obj. 2016/ / / / /2019 Adopted UA 1st 2nd Projected Projected Budget Update Interim Interim Budget Budget Beginning Balance $395,737 $395,737 $395,737 $95,967 $44,583 Revenues LCFF $0 $0 $0 $0 $ Federal $398,606 $398,606 $400,332 $400,332 $400, Other State $1,166,549 $1,321,391 $1,567,791 $867,791 $867, Local $578,752 $577,734 $603,624 $603,624 $603,624 CONTRIB $1,688,752 $1,688,752 $1,677,859 $1,677,859 $1,677,859 Total Revenues $3,832,659 $3,986,483 $4,249,606 $3,549,606 $3,549,606 Expenditures Certificated Salaries $807,823 $811,899 $798,106 $807,686 $817,386 Classified Salaries $726,068 $722,069 $726,158 $734,873 $743,693 Employee Benefits $883,475 $873,283 $1,128,525 $1,157,518 $1,194,555 Books & Supplies $393,894 $527,380 $557,984 $430,000 $400,000 Services/Operating $604,842 $633,219 $608,538 $440,500 $407,800 Capital Outlay $705,824 $708,818 $709,860 $10,000 $10,000 Other Outgo $9,556 $9,556 $20,205 $20,413 $20,707 Inter Fund Transfers $0 $0 $0 $0 $0 Total Expenditures $4,131,482 $4,286,224 $4,549,376 $3,600,990 $3,594,141 Ending Balance: $96,914 $95,996 $95,967 $44,583 $48 Economic Reserve Golden Valley Unified School District - Multi-Year Projection /17 2nd Interim RESTRICTED Restricted Ending Balance $ 96,914 $ 95,996 $ 95,967 $ 44,583 $ 48 Net Increase (Decrease) in Fd Bal $ (298,823) $ (299,741) $ (299,770) $ (51,384) $ (44,535) G:\GERI\MYP 2nd Interim nd Interim MYP3/9/20171:07 PM

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State Budget Message

1 2016-17 State Budget Message Governor Brown Advises caution and to be prepared for the next recession. LCFF (Local Control Funding Formula) is projected to be at 95.7% of target or full funding. At full