Financial Report for the Month of SEPTEMBER

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

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

Statement of Revenue (all funds) General Fund Bond Fund Capital Fund Enterprise Internal Fiduciary Special Revenue Total 1.010 General Property Tax (Real Estate) 0 0 0 0 1.020 Tangible Personal Property Tax 0 0 0 0 1.035 State Funding (unrestricted) 1,028,002 1,028,002 1.040 State Funding (restricted) 5,933 0 0 5,933 1.050 Property Tax Allocation 0 0 0 0 1.060 Other Revenue 222,294 0 313,553 108,884 174,056 33,227 393,267 1,245,281 2.010 2.060 Other Financing Sources 721,636 744,249 289,401 588,189 4,810,421 15,614 1,650,224 8,819,733 2.080 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 5,010,130 0 4,867,457 4,932,982 3,800,504 November 2,246,510 2,246,510 0 3,689,324 3,551,891 6,268,324 December 1,205,990 1,205,990 0 1,361,171 1,271,870 1,498,811 January 1,177,290 1,177,290 0 6,414,736 1,436,553 2,772,402 February 15,136,170 15,136,170 0 11,427,420 13,533,408 13,213,604 March 19,995,260 19,995,260 0 18,810,965 1,216,036 19,393,050 FYTD Actual FYTD Revenue Last 3 Years Actual April 1,637,180 1,637,180 0 3,500,702 18,468,165 1,241,294 FY14 FY13 FY12 FY11 May 2,836,350 2,836,350 0 2,594,141 6,895,763 6,361,206 $ 33,428,765 $ 29,388,473 $ 30,935,621 $ 34,002,357 June 6,314,580 6,314,580 0 6,323,589 2,867,191 1,817,803 % Change from FY14 13.7% 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

Statement of Expenditures (all funds) General Fund Bond Fund Capital Fund Enterprise Internal Fiduciary Special Revenue Total 3.010 Salaries & Wages 3,729,537 98,934 0 0 122,320 3,950,791 3.020 Retirement & Insurance Benefits 880,750 15,518 420,337 0 7,338 1,323,943 3.030 Purchased Services 2,175,429 40,942 1,483 0 0 42,077 2,259,931 3.040 Supplies & Materials 537,783 0 167,594 34,489 1,177 171,100 912,143 3.050 Capital Outlay 137,453 1,370,087 1,035 0 0 49,183 1,557,758 4.010 4.060 Debt Service 0 0 0 4.300 Other Expenditures 59,604 0 0 2,494 0 14,446 9,284 85,828 5.010 5.030 Other Financing Uses 1,739,616 209,691 (795) 4,711,651 1,729 1,413,974 8,075,866 5.050 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 6,866,770 0 7,671,569 7,088,602 7,246,915 FY14 FY13 FY12 FY11 November 6,526,710 6,526,710 0 8,066,046 7,349,314 7,369,155 $ 10,896,039 $ 11,922,850 $ 12,196,724 $ 11,912,819 December 7,417,260 7,417,260 0 9,049,485 7,473,727 7,465,950 % Change from FY14 8.6% 10.7% 8.5% January 7,834,460 7,834,460 0 5,904,142 7,134,363 7,845,485 February 6,926,220 6,926,220 0 9,756,828 7,359,812 7,774,867 FYTD Actual FYTD Retirement & Insurance Last 3 Years Actual March 8,554,610 8,554,610 0 9,455,029 7,082,737 8,163,935 FY14 FY13 FY12 FY11 April 6,767,300 6,767,300 0 8,295,615 7,118,204 7,248,338 $ 2,072,938 $ 5,412,253 $ 5,249,210 $ 4,472,860 May 7,555,630 7,555,630 0 7,297,127 6,756,983 7,354,931 % Change from FY14 61.7% 60.5% 53.7% June 7,879,660 7,879,660 0 7,926,349 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

Annual Budget v Cumulative Actual REVENUE Annual Budget Cumulative Actual Difference 1.010 General Property Tax (Real Estate) 56,773,630 26,165,158 (30,608,472) 1.020 Tangible Personal Property Tax 4,319,020 2,256,189 (2,062,831) 1.035 State Funding (unrestricted) 12,680,260 3,290,492 (9,389,768) 1.040 State Funding (restricted) 71,190 17,799 (53,391) 1.050 Property Tax Allocation 10,116,570 334,421 (9,782,149) 1.060 Other Revenue 2,133,250 416,961 (1,716,289) 2.010 2.060 Other Financing Sources 3,438,030 947,746 (2,490,284) 2.080 Total Revenue $ 89,531,950 $ 33,428,765 $ (56,103,185) EXPENDITURES 3.010 Salaries & Wages 48,025,030 10,896,039 (37,128,991) 3.020 Retirement & Insurance Benefits 12,620,120 2,072,938 (10,547,182) 3.030 Purchased Services 16,886,460 3,980,007 (12,906,453) 3.040 Supplies & Materials 3,435,710 710,970 (2,724,740) 3.050 Capital Outlay 453,830 187,037 (266,793) 4.010 4.060 Debt Service 397,360 0 (397,360) 4.300 Other Expenditures 1,374,600 421,270 (953,330) 5.010 5.030 Other Financing Uses 6,781,930 4,342,003 (2,439,927) 5.050 Total Expenditures $ 89,975,040 $ 22,610,264 $ (67,364,776) Ending Cash Balance 6.010 Rev Over / Under Exp (443,090) 10,818,501 11,261,591 7.010 Beginning Cash Balance 5,789,500 5,789,503 3 7.020 Ending Cash Balance $ 5,346,410 $ 16,608,004 $ 11,261,594

SEPTEMBER Budget v SEPTEMBER Actual REVENUE Budget Actual Difference 1.010 General Property Tax (Real Estate) 0 0 0 1.020 Tangible Personal Property Tax 0 0 0 1.035 State Funding (unrestricted) 1,021,930 1,028,002 6,072 1.040 State Funding (restricted) 5,930 5,933 3 1.050 Property Tax Allocation 0 0 0 1.060 Other Revenue 147,630 222,294 74,664 2.010 2.060 Other Financing Sources 722,600 721,636 (964) 2.080 Total Revenue $ 1,898,090 $ 1,977,865 $ 79,775 EXPENDITURES 3.010 Salaries & Wages 3,804,590 3,729,537 (75,053) 3.020 Retirement & Insurance Benefits 924,780 880,750 (44,030) 3.030 Purchased Services 1,151,080 2,175,429 1,024,349 3.040 Supplies & Materials 444,190 537,783 93,593 3.050 Capital Outlay 138,640 137,453 (1,187) 4.010 4.060 Debt Service 0 0 0 4.300 Other Expenditures 34,540 59,604 25,064 5.010 5.030 Other Financing Uses 1,740,720 1,739,616 (1,104) 5.050 Total Expenditures $ 8,238,540 $ 9,260,172 $ 1,021,632 Ending Cash Balance 6.010 Rev Over / Under Exp (6,340,450) (7,282,308) (941,858) 7.010 Beginning Cash Balance 22,456,020 23,890,312 1,434,292 7.020 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 3,000 0 23,890 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

Statement of Revenue and Expenditures (comparison) Fiscal Year to Date REVENUE SEPTEMBER 2013 SEPTEMBER 2012 Difference % SEPTEMBER 2013 SEPTEMBER 2012 Difference % 1.010 General Property Tax (Real Estat 0 13,660,358 (13,660,358) 100% 26,165,158 23,669,598 2,495,559 11% 1.020 Tangible Personal Property Tax 0 2,079,365 (2,079,365) 100% 2,256,189 2,079,365 176,824 9% 1.035 State Funding (unrestricted) 1,028,002 1,021,928 6,073 1% 3,290,492 3,065,785 224,707 7% 1.040 State Funding (restricted) 5,933 0 5,933 0% 17,799 0 17,799 0% 1.050 Property Tax Allocation 0 20,608 (20,608) 100% 334,421 355,028 (20,608) 6% 1.060 Other Revenue 222,294 83,022 139,272 168% 416,961 198,069 218,892 111% 2.010 2.060 Other Financing Sources 721,636 18,564 703,072 3787% 947,746 20,627 927,118 4495% 2.080 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 % 3.010 Salaries & Wages 3,729,537 3,904,913 (175,376) 4% 10,896,039 11,922,850 (1,026,811) 9% 3.020 Retirement & Insurance Benefit 880,750 1,826,274 (945,523) 52% 2,072,938 5,412,253 (3,339,315) 62% 3.030 Purchased Services 2,175,429 698,153 1,477,276 212% 3,980,007 1,461,900 2,518,107 172% 3.040 Supplies & Materials 537,783 401,271 136,512 34% 710,970 1,007,101 (296,132) 29% 3.050 Capital Outlay 137,453 9,386 128,067 1364% 187,037 24,836 162,201 653% 4.010 4.060 Debt Service 0 0 0 0% 0 0 0 0% 4.300 Other Expenditures 59,604 178,384 (118,780) 67% 421,270 221,451 199,819 90% 5.010 5.030 Other Financing Uses 1,739,616 663,700 1,075,916 162% 4,342,003 1,637,655 2,704,348 165% 5.050 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 % 6.010 Rev Over / Under Exp (7,282,308) 9,201,765 (16,484,073) 179% 10,818,501 7,700,426 3,118,075 40% 7.010 Beginning Cash Balance 23,890,312 10,131,523 13,758,788 136% 5,789,503 11,632,862 (5,843,359) 50% 7.020 Ending Cash Balance $ 16,608,004 $ 19,333,288 $ (2,725,284) 14% $ 16,608,004 $ 19,333,288 $ (2,725,284) 14% Footnotes:

Projected Ending Cash Balance REVENUE Annual Budget Cumulative Actual Remaining Budget Projected Balance Difference % 1.010 General Property Tax (Real Estate) 56,773,630 26,165,158 29,948,090 56,113,250 (660,380) 1% 1.020 Tangible Personal Property Tax 4,319,020 2,256,189 2,181,310 4,437,500 118,480 3% 1.035 State Funding (unrestricted) 12,680,260 3,290,492 9,405,910 12,696,400 16,140 0% 1.040 State Funding (restricted) 71,190 17,799 53,400 71,200 10 0% 1.050 Property Tax Allocation 10,116,570 334,421 9,782,150 10,116,570 0 0% 1.060 Other Revenue 2,133,250 416,961 1,694,420 2,111,380 (21,870) 1% 2.010 2.060 Other Financing Sources 3,438,030 947,746 2,494,180 3,441,930 3,900 0% 2.080 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 % 3.010 Salaries & Wages 48,025,030 10,896,039 36,750,970 47,647,010 (378,020) 1% 3.020 Retirement & Insurance Benefits 12,620,120 2,072,938 10,323,230 12,396,170 (223,950) 2% 3.030 Purchased Services 16,886,460 3,980,007 13,062,720 17,042,730 156,270 1% 3.040 Supplies & Materials 3,435,710 710,970 2,092,110 2,803,080 (632,630) 18% 3.050 Capital Outlay 453,830 187,037 264,680 451,720 (2,110) 0% 4.010 4.060 Debt Service 397,360 0 397,360 397,360 0 0% 4.300 Other Expenditures 1,374,600 421,270 1,000,730 1,422,000 47,400 3% 5.010 5.030 Other Financing Uses 6,781,930 4,342,003 2,436,820 6,778,820 (3,110) 0% 5.050 Total Expenditures $ 89,975,040 $ 22,610,264 $ 66,328,620 $ 88,938,890 $ (1,036,150) 1% note: 5.050 includes $2,387,540 of PY encumbrances ENDING CASH BALANCE Annual Budget Cumulative Actual Remaining Budget Projected Balance Difference % 6.010 Rev Over / Under Exp (443,090) 10,818,501 (10,769,160) 49,340 492,430 ###### 7.010 Beginning Cash Balance 5,789,500 5,789,503 16,608,000 5,789,500 7.020 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

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 $ 30,297,475.38 AUGUST 12,179 3,115,872 35,149,257 98,964 1,605,907 $ 39,982,179.03 SEPTEMBER 12,179 3,119,732 27,333,808 98,965 1,605,936 $ 32,170,621.00 OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE cash accounts security accounts STAR Ohio