Saugus Union School District Respect Integrity Learning Teamwork Enthusiasm Second Interim Financial Report

Transcription

1 Saugus Union School District Respect Integrity Learning Teamwork Enthusiasm Financial Report Presented March 6, 2018

2 Administration Governing Board Christopher Trunkey, President Paul De La Cerda, Clerk Judy Egan Umeck, Member Julie Olsen, Member Dr. David Powell, Member District Administration Dr. Joan M. Lucid, Superintendent Nick Heinlein, Assistant Superintendent of Business Dr. Isa De Armas, Assistant Superintendent of Education Services Dr. Jennifer Stevenson, Assistant Superintendent of Human Resources School Site Administration Bridgeport Dr. Carin Fractor, Principal Michelle Velikorodnyy, Assistant Principal Cedarcreek Robin Payre, Principal Emblem Academy Jon Baker, Principal Jenny Quan, Assistant Principal James Foster Dr. Deborah Bohn, Principal Helmers Dr. Alina Vehuni, Principal Michelle White, Administrator Intern Highlands Susan Bender, Principal Mountainview Katie Demsher, Principal Misty Covington, Assistant Principal North Park Vicki Kubasak, Principal Jayme Rutter, Administrator Intern Plum Canyon Mary Mann, Principal Rio Vista Gina Nolte, Principal Rosedell Kathy Stendel, Principal Lisa Locos, Assistant Principal Santa Clarita Theophane Korie, Principal Skyblue Mesa Kimberly Humphries, Principal Tesoro Del Valle Paul Martinsen, Principal West Creek Academy Susan Bett, Principal David Stepner, Assistant Principal 2

3 Table of Contents General Information... 4 About the District... 4 District Mission Statement... 4 District Vision... 4 Core Values... 4 Awards... 4 Overview... 5 District Funds... 6 General Fund - Fund Overview... 7 Revenue Summary... 8 Combined Revenue Graph... 9 Expenditures Summary Unrestricted Expenditures Graph Restricted Expenditures - Graph Combined Expenditures - Graph Fund Balance and Reserve Breakdown of Ending Fund Balance Other Funds Multi-Year Projections for General Fund Fund Assumptions Unrestricted Expenditures Restricted Expenditures Combined Expenditures

4 General Information About the District The Saugus Union School District is a preschool to sixth grade school district providing elementary level education under a single Governing Board and centralized administration. The District currently operates 15 Elementary Schools, a Maintenance & Operations and Transportation facility, and a District Office. The District encompasses approximately 94 square miles of land, most of which is on the west side of the Santa Clarita Valley in Los Angeles County. The Governing Board of the District consists of five elected members. Beginning with the November 2016 election, members were elected from designated geographic boundaries. Members of the Board elect a president each year at the organizational meeting in December. The day-to-day affairs of the District are under the direction of the Superintendent. District Mission Statement The Saugus Union School District in partnership with the home and community is committed to excellence in elementary education. District Vision Academic Success for Every Child Core Values Respect Integrity Learning Teamwork Enthusiasm Awards 14 - California Gold Ribbon Schools 2 - California Exemplary Arts Schools 13 - California Distinguished Schools 3 - California Achieving Title I Schools 5 - National Blue Ribbon Schools 1 - National Achieving Title I School 5 - CBEE Honor Roll Schools 4

5 Overview Education Code (EC) Sections 35035(g), and require the Governing Board of each school district to certify at least twice a year to the District s ability to meet its financial obligations for the remainder of that fiscal year and for the subsequent two fiscal years. This is called the Interim Report Process. The Governing Board must certify that the District fits one of the following: Positive - based upon the current projections, the District will meet its financial obligations for the current fiscal year and subsequent two fiscal years. Qualified based upon the current projections, the District may not meet its financial obligations for the current fiscal year or two subsequent fiscal years. Negative based upon the current projections, the District is unable to meet its financial obligations for the remainder of the fiscal year or the subsequent fiscal year(s). It is the District s intent to issue an Executive Summary to help our stakeholders understand the elements of the Standardized Account Code Structure (SACS) Interim Financial Report of the District. 5

6 District Funds A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations (California School Accounting Manual 2016). In the current fiscal year, there were thirteen funds in the District accounting system: General Fund (Fund 01) Special Education Pass-Through Fund (Fund 10) Child Development Fund (Fund 12) Deferred Maintenance Fund (Fund 14) Special Reserve Fund Other Than Capital Outlay Projects (Fund 17) Building Fund (Fund 21) Capital Facilities Fund (Fund 25) County School Facilities Fund (Fund 35-to be closed June 30, 2018) Special Reserve Fund for Capital Outlay Projects (Fund 40-to be closed June 30, 2018) Capital Project Fund Blended Component Units (Fund 49) Debt Services Fund for Blended Component Units (Fund 52) Debt Service Fund (Fund 56-Lease Revenue Bond) Other Enterprise Fund Child Development Programs (Fund 63)

7 General Fund - Fund 01 Overview Revenue The General Fund receives two different types of revenue: Unrestricted funds whose uses are not subject to external or legal constraints and may be used for any purpose not prohibited by law. Restricted funds subject to constraints imposed by external resource providers or by law through constitutional provisions or enabling legislation. Revenues are also classified into the following subcategories; LCFF Sources, Federal Sources, Other State Revenue, Other Local Revenue. Unrestricted Revenue The Local Control Funding Formula (LCFF) is the primary unrestricted revenue source for the District. The LCFF is comprised of the base grant, additional funding for K-3 Class Size Reduction (CSR), supplemental grants for English learners, low-income, foster youth and homeless students, and add-ons for Home-to- School Transportation and a Targeted Instructional Improvement Grant (TIIG). All of these sum to become our Principal Apportionment. The Principal Apportionment is comprised of State Aid, Education Protection Act, and local property taxes monies. The LCFF apportionment amount is derived from a mathematical calculation utilizing the District s current year or prior year average daily attendance (ADA) through the attendance reporting period named P-2 (typically a date in the middle of April), base grant per student value, Cost of Living Allowance (COLA), GAP funding percentage (set by the California Department of Finance), and the percentage of students that are either English learners, low-income, foster youth, or homeless (unduplicated count). Restricted Revenue Restricted revenues are subject to externally imposed and legally enforceable constraints imposed by external providers, or by law through constitutional provisions. [7]

8 Revenue Summary The CBED s total enrollment is 9,960, this is an increase of 60 students from fiscal year The enrollment number accounts for a projected increase of P2 ADA of 81.50, for a projected ADA of 9, The attendance rate projecting is 97.03%. The State approved cost-of-living adjustment (COLA) for the base grant is 1.56%, and the GAP funding percentage is 44.97%. The Districts Local Control Funding Formula is projecting revenue totaling $76,609,750. The State approved a one-time Mandated Block Grant (MBG) reimbursement funding of $147 based on prior year ADA ( ). The District is projecting to receive $1,411,955 for MBG reimbursements. State lottery rate projections estimate unrestricted lottery at $146 per ADA and restricted lottery at $48 per ADA. Prior year adjustments for unrestricted and restricted lottery are a reduction in funds of $15,672 and $4,232, respectively; yielding a combined projected lottery apportionment of $1,920,727. The District is projecting contributions from the unrestricted general fund of: $2,231,858 to the Routine Restricted Maintenance Account (RRMA), or 2.21% of total general fund expenditures (includes transfers out); $9,933,660 to special education (includes preschool), and $1,894,453 to the regional autism program. The District is projecting a decline in Special Education funding of approximately $638,630 due to the regional SELPA (Santa Clarita Valley Special Education Local Plan Area) changing the mathematically formula used to distribute State funds among all participating Districts. Total combined unrestricted and restricted revenue projections, included Transfers In, for is $97,485, General Fund (Fund 01.0 and Fund 01.1) Approved Combined Unrestricted Restricted Combined LCFF Revenue $ 76,533,572 $ 76,609,750 $ - $ 76,609,750 Federal Revenue $ 3,443,183 $ - $ 3,456,329 $ 3,456,329 State Revenue $ 8,427,882 $ 3,220,955 $ 5,194,915 $ 8,415,870 Local Revenue $ 8,561,589 $ 1,752,539 $ 7,000,379 $ 8,752,918 Transfers In $ 250,540 $ 250,540 $ - $ 250,540 Contributions - SPED/Maint $ - $ (14,060,495) $ 14,060,495 $ - Total Revenue $ 97,216,766 $ 67,773,289 $ 29,712,118 $ 97,485,407 [8]

9 Combined Revenue Graph Total combined revenue projections for is $97,485,407. [9]

10 Expenditures Summary Expenditures also fall within the unrestricted and restricted type. However, they are classified into the following categories; Certificated Salaries, Classified Salaries, Employee Benefits, Books and Supplies, Services and Other Operating Expenditures, Capital Outlay, and Other Outgo. Certificated Salaries includes FTE general education teachers and 75 FTE special education teachers. Salaries remain relatively static due to several of the 25 teachers retiring/resigning were at the top of the step and column salary scale and were replaced with mid-range teachers who have not yet earned longevity stipends. Additional staffing added since Adoption are two general education teachers, one psychologist, one behavioral intervention specialist, and one director. The CalSTRS rate is %; an increase of % from Total projected cost to the District is $9,828,818. The CalPERS rate is %, an increase of % from Total projected cost to the District is $2,276,901. The following charts illustrates the historical and projected pension rates and costs: Saugus Actual & Projected STRS* Saugus Percent Increas e STRS State Rates STRS State Percent Increas e STRS Saugus Actual & Projected PERS Saugus Percent Increase PERS State Rates PERS State Percent Increas e PERS Fiscal Year ,203, % 8.250% 0.00% 1,196, % % 0.22% ** 3,556, % 8.880% 7.64% 1,394, % % 2.88% ,413, % % 20.83% 1,456, % % 0.65% *** 5,417, % % 17.24% 1,942, % % 17.23% ,279, % % 14.71% 2,276, % % 11.83% ,033, % % 12.82% 2,621, % % 13.97% ,926, % % 11.36% 3,213, % % 12.99% [10]

11 Books and Supplies account for expenditures related to textbooks, novels, reference materials, and noncapitalized (under $5,000) classroom technology and equipment. Books and supplies increased mainly due to the addition of carryover funds. Services and Other Operation Expenditures account for services, rentals, leases, contracts, membership dues, travel, insurance, utilities, legal, and other basic general and administrative expenditures. The expenditures for services increased mainly due to the addition of carryover. Capital Outlay are expenditures for items such as technology, equipment, and furniture with a purchase price over $5,000. Other Outgo includes excess costs for special education regional programs. Total combined unrestricted and restricted expenditure projections for is $100,973, General Fund (Fund 01.0 and Fund 01.1) Approved Combined Unrestricted Restricted Combined Certificated Salaries $ 44,357,563 $ 36,209,211 $ 8,076,537 $ 44,285,748 Classified Salaries $ 17,567,452 $ 9,792,602 $ 7,717,064 $ 17,509,666 Benefits $ 22,009,987 $ 13,619,371 $ 8,556,379 $ 22,175,750 Books and Supplies $ 3,590,556 $ 1,923,913 $ 1,623,788 $ 3,547,701 Services and Operating Expenses $ 9,583,584 $ 6,817,572 $ 2,728,061 $ 9,545,633 Capital Outlay $ 1,817,085 $ 70,000 $ 1,754,978 $ 1,824,978 Other Outgo-(excludes indirects) $ 2,047,268 $ 657,785 $ 1,452,329 $ 2,110,114 Other Outgo-(indirects) $ (26,292) $ (290,370) $ 264,078 $ (26,292) Total Expenditure $ 100,947,203 $ 68,800,084 $ 32,173,214 $ 100,973,298 [11]

12 Unrestricted Expenditures Graph Total unrestricted expenditure projections for is $68,800, % of Expenditures Pays Employee Salaries and Benefits [12]

13 Restricted Expenditures - Graph Total restricted expenditure projections for is $32,173, % of Expenditures Pays Employee Salaries and Benefits [13]

14 Combined Expenditures - Graph Total restricted expenditure projections for is $100,973, % of Expenditures Pays Employee Salaries and Benefits [14]

15 Fund Balance and Reserve The General Fund 01 combined beginning fund balance as of July 1, 2017 is $14,100,248. The projection for the June 30, 2018 ending fund balance is $10,612,357. The unrestricted beginning fund balance as of July 1, 2017 is $10,719,280. The projection for the June 30, 2018 unrestricted ending fund balance is $9,692,985. The restricted beginning fund balance as of July 1, 2017 is $3,380,968. The projection for the June 30, 2018 restricted ending fund balance is $919,872. The $919,872 is comprised of; $257,548 of restricted lottery funds, $447,692 of SELPA funds, and $214,633 of locally restricted funds. The State requires school districts to maintain a 3% reserve based on total combined expenditures. The % projected reserve requirement is $3,029,199. The District has meet the reserve obligation with a reserve of $12,524,869 or 12.40% of expenditures. The Districts required reserve includes the Special Reserve Fund 17.0 of $2,834,884. Fund 17.0 is used to help fund the increases in CalSTRS and CalPERS rates as they outpace revenues General Fund (Fund 01.0 and Fund 01.1) Approved Combined Unrestricted Restricted Combined Subtotal Surplus/(Deficit) $ (3,730,437) $ (1,026,795) $ (2,461,096) $ (3,487,891) Fund Balance Beginning Fund Balance - July 1 14,100,248 10,719,280 3,380,968 14,100,248 Ending Fund Balance - June 30 10,369,811 9,692, ,872 10,612,357 Nonspendable-Revolving Cash/Stores 37,500 2,500-2,500 Restricted 931, , ,872 Reserve for Economic Uncertainties - Fund 01 9,400,855 9,689,985-9,689,985 Reserve for Economic Uncertainties - Fund 17 3,000,639 2,834,884-2,834,884 Unassigned Ending Fund Balance Total Available Reserves by Amount 12,401,494 12,524,869 Total Available Reserves by Percent 12.29% 12.40% [15]

16 Breakdown of Ending Fund Balance BREAKDOWN OF ENDING FUND BALANCE Lottery: Instruction Materials $ 257,547 SELPA $ 447,692 ASES $ 214,633 Nonspendable - Revolving Cash/Stores $ 2,500 Reserve for Economic Uncertainties $ 9,689,985 Projected Ending Fund Balance at June 30, 2018 $ 10,612,357 Additional Reserve Fund 17.0 $ 2,834,884 [16]

17 Other Funds Other Funds July 1, 2017 Beginning Fund Balance FUND 10: SPECIAL EDUCATION PASS-THROUGH FUND: The Saugus Union School District is the Administrative Unit (AU) for the Hart, Newhall, Sulphur Springs and Castaic school districts. This fund is for the AU to account for Special Education revenue passed through to the other member LEAs. Revenues budgeted in this fund includes State special education apportionments, Federal local assistance under the Individuals with Disabilities Education Act, Federal preschool funding and State mental health funding. The projected Federal and State funding is $8,355,472 and $28,946,536, respectively. The projected ending balance is $10,000 of interest earned. Note: Special Education revenue that is not passed through to the other member LEAs is retained for use by the SELPA AU (Saugus is the administrative unit for the SELPA) in accordance with the local plan and is not accounted for in this fund; it is included in the General Fund Projected Revenue Projected Expenditures FUND 12: CHILD DEVELOPMENT FUND: This fund is to account separately for Federal, State, and local resources to operate Child Development Programs. The program includes three State Preschools located at Cedarcreek, Rio Vista and Santa Clarita. Total projected revenues for the Child Development Programs are $641,187 and total expenditures are $638,309. The ending balance projection is $24,082. FUND 14: DEFERRED MAINTENANCE FUND: This fund is to account separately for State apportionments and District matching contributions for deferred maintenance projects. Expenditures in this fund are for major building repairs such as HVAC, roofing, floor replacement, plumbing or other authorized replacements. The Deferred Maintenance account reflects no restricted revenue from State sources due to the State releasing the funding requirement and declaring those funds unrestricted. With June 30, 2018 Projected Ending Fund Balance SELPA Pass-Through (Fund 10) - 37,312,008 (37,302,008) 10,000 Child Development Program (Fund 12) 24, ,187 (638,309) 26,960 Deferred Maintenance (Fund 14) 1,565, ,651 (857,968) 1,086,548 Special Reserve Other Than Capital Outlay Projects (Fund 17) 2,815, ,975-2,959,859 Building (Fund 21) 12,050,009 85,053 (7,174,292) 4,960,770 Capital Facilities (Fund 25) 10,986,910 1,748,000 (115,399) 12,619,511 Special Reserve for Capital Outlay Projects (Fund 40) Capital Project Blended Component Units (Fund 49) 32,186,071 1,603,375 (12,106,900) 21,682,546 Debt Services for Blended Component Units (Fund 52) 22,852,109 12,918,601 (12,739,290) 23,031,420 Debt Services (Fund 56) 12,244,876 1,237,000 (800,000) 12,681,876 Other Enterprise/Child Development Program (Fund 63) * 8,539,662 6,263,547 (6,183,254) 8,619,955 *Ending Balance includes fixed assets of $4.3MM and cash of approximately $4MM. implementation of the Local Control Funding Formula, funds are included in the base grant in the [17]

18 General Fund. The projected ending fund balance as of June 30, 2018 is $1,086,548. Projected revenues includes interest in the amount of $6,500 and $372,151 transferred into Fund 14 from Fund 01. Expenditures include repairs and maintenance at the school site based on a priority listing maintained by the District Maintenance & Operations department. Total projected expenditures for are $857,968. FUND 17: SPECIAL RESERVE FOR OTHER THAN CAPITAL OUTLAY PROJECTS: This fund is primarily to provide for the accumulation of general fund moneys for general operating purposes other than for capital outlay. Transfers into Fund 17 from Fund 01 include the projected Santa Clarita Food Service revenue of $124,975. As a reserve fund there are no expenditures projected for Interest income projection is $19,000. The June 30, 2018 projected ending fund balance is $2,959,859. FUND 21: BUILDING FUND: Also known as the G.O. Bond Fund. This fund exists primarily to account for proceeds from the sale of bonds and may not be expended for purposes other than those for which the bonds were issued. Current funds includes the Lease Revenue bond, the Measure E bond, and the Measure EE bond. Projected expenditures for are $7,174,292: This includes projected expenditures of $5,619,192 for Measure EE administrative management, and Phase 1 projects designated in the Measure EE Master Plan; projected expenditures of $330,100 from the Lease Revenue bond; and projected expenditures of $1,225,000 from Measure E. The June 30, 2018 projected ending fund balance is $4,960,770; this includes the projected ending fund balance for Measure EE of $2,377,750. FUND 25: CAPITAL FACILITY FUND: Also known the Developer Fee Account, this fund is to account for monies received from fees levied on developers or other agencies as a condition of approving a development. The District currently receives Level II residential fees of $2.52 per square foot of habitable space, Level III residential fees of $5.04 per square foot of habitable space, and $0.25 per square foot of commercial or industrial development. The interest earned in this fund is restricted to this fund. The expenditures in this fund are restricted to the purposes specified in agreements with the developer or specified in Government Code. Level I, Level II, Level III, and Commercial fees for are projected to be $1,748,000. Projected expenditures for , which includes overhead and administrative expenses, consulting fees for SFNA s, fair share mitigation analysis, and other related research and analysis, are $115,399. The balance sheet contains a liability of $662,429 of Level III Developer Fees that will be refunded to developers when the State funds their facilities bonds. The June 30, 2018 projected ending fund balance is $12,619,511. FUND 40: SPECIAL RESERVE FUND FOR CAPITAL OUTLAY PROJECTS: This fund is to account for transfers authorized by the governing board from the General Fund and must be expended for capital outlay purposes. The use of the funds in this account are to support debt service payments for the Lease Revenue Bond. This fund will be closed at June 30, 2017, and fund balances have been transferred to Fund [18]

19 FUND 49: CAPITAL PROJECT FUND FOR BLENDED COMPONENT UNITS: This fund is to account for capital projects financed by Mello-Roos Community Facilities Districts. The Mello-Roos Community Facilities Act of 1982 allows the District to establish a CFD upon approval of 2/3 of the voters in the District. A CFD is for selling tax-exempt bonds to finance public improvements and services. Projected revenues and expenditures of $1,603,375 and $12,06,900, respectively account for a projected June 30, 2018 ending fund balance of $21,682,546 FUND 52: DEBT SERVICE FUND FOR BLENDED COMPONENT UNITS: This fund is to account for the accumulation of resources for the payment of principal and interest on bonds issued by Mello-Roos Community Facility District. Projected revenue of $12, represents tax and interest income. Projected expenditures of $12,739,290 represents debt service payments and administrative expenses. The June 30, 2018 projected ending fund balance is $23, FUND 56: DEBT SERVICE: This fund is to account for transfers authorized by the governing board from the General Fund and must be expended for capital outlay purposes. The use of the funds in this account are to support debt service payments for the Lease Revenue bond. Projected revenue of $1,237,000 represents interest income. Projected expenditures of $800,000 represents debt service payments. The June 30, 2018 projected ending fund balance is $12,681,876. FUND 63 OTHER ENTERPRISE FUND: This fund is to account for any activity for which a fee is charged to external users for goods or services. The Child Development Programs (CDP) have been treated as an Enterprise Fund, because the programs are not subsidized by State or Federal funds and are operated with the intent of recovering the costs of the program through tuition charges and registration and other related fees. The Child Development Programs includes; preschool (1/2 day and full day), before school care, after school care, child-care for winter and spring breaks, and summer fun camp. The projected revenue includes a 5% tuition increase. Total projected revenues for are $6,263,547. Projected expenditures are $6,183,254. The largest projected expenditures are certificated salaries, classified salaries, and employee benefits totaling $4,351,720. The remaining expenditures includes operating fees, material and supplies, services, and other operating expenditures totaling $1,580,994. In addition, $250,540 is projected to be transferred from Fund 63 into Fund 01 for indirect costs, this represents 4% of gross revenue. The June 30, 2018 projected ending net position is $5,866,951, which includes a paper only adjust adjustment to reflect the allocation of GASB 68 CalSTRS and CalPERS net pension liability and related deferred inflows/outflow. The true ending fund balance, excluding GASB 68, is $8,619,955, which includes the value of the buildings and equipment (fixed assets) of $4,366,979. [19]

20 Multi-Year Projections for General Fund Fund 01 Assumptions The multi-year budget projections (MYP) for the Report utilize the recommended assumptions published by the Los Angeles County Office of Education (LACOE). The multi-year revenue budget assumptions illustrates an apportionment of LCFF revenue full funded in ; one-time discretionary funds are projected to be apportioned at an estimated rate of $295 per ADA, and a slight decrease in enrollment. Expenditure projections include a 1% step and column increases for salaries, pension increases per CalSTRS and CalPERS, and CPI increases for non-salary related expenditures. The following are the budget assumptions used for the MYP. MYP Assumptions LCFF GAP Funding % 44.97% % % MBG - One time funding $1,411,955 $2,851,388 $0 Statutory COLA 1.56% 2.51% 2.41% Enrollment (CALPADS) 9,960 9,837 9,837 P2 ADA 9, , , Funded ADA 9, , , Attendance Factor 97.03% 97.03% 97.03% Unduplicated Count % (3-year average) 27.25% 28.49% 29.77% Lottery-Unrestricted; per ADA $146 $146 $146 Lottery-Restricted; per ADA $48 $48 $48 Certificated/Classified Step&Colum Increase 1.00% 1.00% 1.00% General Ed FTEs Special Ed FTEs CalSTRS Employer Rate 14.43% 16.28% 18.13% CalPERS Employer Rate % % % CPI 3.18% 3.22% 3.04% Interest Rate for Ten-Year Treasuries 2.52% 2.90% 3.05% *There is no statutory guaranteed increase in funding in any given year until full implementation is reached. Therefore, LACOE states that if districts budget this increased revenue, they must have a contingency or alternative plan in place should these funds fail to materialize. [20]

21 Unrestricted Expenditures Unrestricted General Fund MYP MYP LCFF Revenue 76,609,750 81,075,797 82,289,672 Federal Revenue State Revenue 3,220,955 4,652,545 1,798,087 Local Revenue 1,752,539 1,694,852 1,697,896 Transfers In 250, , ,540 Contributions - SPED/Maint (14,060,495) (15,026,817) (15,359,179) Total Revenue 67,773,289 72,646,917 70,677,016 Certificated Salaries 36,209,211 36,371,342 36,732,014 Classified Salaries 9,792,602 9,890,528 9,939,980 Benefits 13,619,371 14,415,828 15,386,772 Books and Supplies 1,923,913 3,906,788 2,017,158 Services and Operating Expenses 6,817,572 7,742,497 8,170,595 Capital Outlay 70,000 70,000 70,000 Other Outgo-(excludes indirects) 657, , ,785 Other Outgo-(included indirects) (290,370) (290,546) (290,546) Total Expenditure 68,800,084 72,764,222 72,683,758 Subtotal Surplus/(Deficit) (1,026,795) (117,305) (2,006,742) Fund Balance Beginning Fund Balance - July 1 10,719,280 9,692,485 9,575,180 Ending Fund Balance - June 30 9,692,485 9,575,180 7,568,438 Nonspendable-Revolving Cash/Stor 2,500 2,500 2,500 Restricted - Reserve for Economic Uncertainties 9,689,985 9,572,680 7,565,938 Unassigned Ending Fund Balance [21]

22 Restricted Expenditures Restricted General Fund MYP MYP LCFF Revenue Federal Revenue 3,456,329 3,413,899 3,421,303 State Revenue 5,194,915 4,693,527 4,660,154 Local Revenue 7,000,379 7,187,125 7,327,889 Transfers In Contributions - SPED/Maint 14,060,495 15,026,817 15,359,179 Total Revenue 29,712,118 30,321,368 30,768,525 Certificated Salaries 8,076,537 7,959,709 8,037,337 Classified Salaries 7,717,064 7,789,538 7,828,168 Benefits 8,556,379 8,828,818 9,140,457 Books and Supplies 1,623,788 1,224,395 1,242,657 Services and Operating Expenses 2,728,061 2,707,133 2,743,123 Capital Outlay 1,754,978 95,200 60,200 Other Outgo-(excludes indirects) 1,452,329 1,452,321 1,452,329 Other Outgo-(included indirects) 264, , ,254 Total Expenditure 32,173,214 30,321,368 30,768,525 Subtotal Surplus/(Deficit) (2,461,096) Fund Balance Beginning Fund Balance - July 1 3,380, , ,872 Ending Fund Balance - June , , ,872 Restricted 919, , ,872 Unassigned Ending Fund Balance [22]

23 Combined Expenditures Combined General Fund MYP MYP LCFF Revenue 76,609,750 81,075,797 82,289,672 Federal Revenue 3,456,329 3,413,899 3,421,303 State Revenue 8,415,870 9,346,072 6,458,241 Local Revenue 8,752,918 8,881,977 9,025,785 Transfers In 250, , ,540 Contributions - SPED/Maint Total Revenue 97,485, ,968, ,445,541 Certificated Salaries 44,285,748 44,331,051 44,769,351 Classified Salaries 17,509,666 17,680,066 17,768,148 Benefits 22,175,750 23,244,646 24,527,229 Books and Supplies 3,547,701 5,131,183 3,259,815 Services and Operating Expenses 9,545,633 10,449,630 10,913,718 Capital Outlay 1,824, , ,200 Other Outgo-(excludes indirects) 2,110,114 2,110,106 2,110,114 Other Outgo-(included indirects) (26,292) (26,292) (26,292) Total Expenditure 100,973, ,085, ,452,283 Subtotal Surplus/(Deficit) (3,487,891) (117,305) (2,006,742) Fund Balance Beginning Fund Balance - July 1 14,100,248 10,612,357 10,495,052 Ending Fund Balance - June 30 10,612,357 10,495,052 8,488,310 Nonspendable-Revolving Cash/Stores 2,500 2,500 2,500 Restricted 919, , ,872 Reserve for Economic Uncertainties - Fund 01 9,689,985 9,572,680 7,565,938 Reserve for Economic Uncertainties - Fund 17 2,834,884 2,834,884 2,834,884 Unassigned Ending Fund Balance State Required Reserves - 3% FY : The reserve requirement is met. FY : The reserve requirement is met. FY : The reserve requirement is met. ` [23]