Division of Finance 15701 E. First Avenue Suite 106 Aurora, Colorado 80011 M E M O R A N D U M To: From: Members of the board of education Mr. John Barry, superintendent Mr. Darryl Foster, chief financial officer Mrs. Adrienne Bradshaw, director, Finance Subject: Comments regarding the December 31, 2011, quarterly financial statements Date: January 24, 2012 The financial statements for the period ending December 31, 2011, have been prepared on the basis of the June 2011 adopted budget. General Fund Spending Rate The General Fund spending rate for December 31, 2011, is 92.3 percent, compared to 89.4 percent a year ago. Less budgeted reserves, the December 2011 spending rate is 96.2 percent. Interfund Borrowing The General Fund is financing a cash flow shortage of $2,166,852 in the Grants Fund because of pending reimbursements from federal grants, and $43,845 in the Nutrition Services Fund because of pending reimbursements from the federal school lunch program. State of Colorado InterestFree Loan Program As approved by the board of education on June 21, 2011, the district participated in the state treasurer s interestfree loan program in December 2011. On December 15, 2011, the district drew cash in the amount of $3,555,108 from its total authorization of $20 million. The loan will be repaid with property tax revenue received in March 2012. No further draw downs will be required this fiscal year, due to sufficient cash estimates for the remainder of the year. State Auditor s Fiscal Health Analysis In our fourth and final report on the results of the state auditor s fiscal health analysis, we are reporting on the Operating Margin Ratio. The OMR indicates the amount added to the school district's reserves for every $1 generated in revenue. This ratio subtracts general fund total expenditures (net of transfers) from general fund total revenue and divides by general fund total revenues. 1
A warning indicator is a loss in reserves for each of the three years. The district s OMR indicates that the district has decreased reserves in 2007 and 2008, but has slightly increased reserves since 2009. The district s OMR for 2010 and 2011 has been added to the state auditor s report to show more recent trends. The chart below compares the OMR for the ten largest school districts, as determined by funded pupil count. The chart indicates that these districts have dipped into reserves in recent years. Six of ten districts experienced negative OMR ratios in 2008. In 2009, only one district, St. Vrain, was able to substantially increase reserves. 0.15 Operating Margin Ratio 0.10 0.05 0.00 0.05 0.10 0.15 0.20 Source: State Auditor's Fiscal Health Analysis OMR The ratio indicates the amount added to the school district's reserves for every $1 generated in revenue. This ratio subracts general fund total expenditures (net of transfers) from general fund total revenue and divides by general fund total revenues. 2007 2008 2009 2010 2011 Athletic Fund Revenue collections Athletic fee revenue collections are slightly higher in December 2011 than last year at the same time. Current collections total $108,426, compared to $102,956 in December 2010. Aurora Public Schools Education Foundation No significant issues or trends. 2
Bond Redemption Fund Confirmed bond payments Bond principal payments of $14,755,000 and bond interest payments of $9,841,219 were transferred on December 1, 2011. Building Fund Investments Investment earnings so far this year total $362,912, compared to $117,609 in December 2010. Cash Funds Remaining The Consolidated Financial Report on page 12 includes budget and expenditure amounts for the 2002, 2006, 2008 and 2010 bond proceeds. A summary of cash available for projects by bond issue follows: Cash Funds Remaining 2006 GO Bonds $ 1,463,689 2008 GO Bonds 38,991,208 2010A GO Bonds 1,916,527 2010B BABs 18,229,147 2010C GO Bonds 4,680,314 2010D BABs 25,171,761 Total $ 90,452,646 Colorado Preschool Program Fund Tuitionbased Preschool The tuitionbased preschool program within the Colorado Preschool Program Fund will service 34 students. Slots in the TBP will be offered to students who do not qualify for CPP or Special Education preschool services. Actual revenue collected in December increased 91 percent over last year, from $18,515 to $35,434. Grants Fund Interfund Borrowing The fund is borrowing $2,166,852 from the General Fund due in large part to pending reimbursements from Title I and Special Education grants. Medicaid Enhanced School Health Fund No significant issues or trends. Nutrition Services Fund Interfund Borrowing The fund is borrowing $43,845 from the General Fund due to pending federal lunch program reimbursements. 3
Pickens Technical College PostSecondary Fund No significant issues or trends. Print Services Internal Service Fund Reduction in General Fund Subsidy Due to budget reductions in the General Fund, the General Fund s subsidy to the Print Services Fund has been reduced by $305,000, from $460,258 to $155,258. The fund s operations appear to be on track to break even during 201112. Pupil Activity Fund Agency Fund No significant issues or trends. RiskRelated Activity Fund No significant issues or trends. Special Programs Fund National Football League Award Paris Elementary School received a $10,000 award in December 2011 from the NFL Play 60 campaign. The campaign encourages youth to get 60 minutes of exercise a day. Health Trust Fund No significant issues or trends. 4
Schedule of Cash and Investments for all Funds As of December 31, 2011 Colorado Interest APS Education Bond Preschool Special Print Bank Account Name Rate General Athletic Foundation Redemption Building Program Programs Services Colotrust Prime (1) 0.05% $ 854,576 $ $ $ $ $ $ $ Colotrust Plus (1) 0.08% 3,295,580 233,893 13,352 17,128,976 382,560 4,149,501 307,932 US Bank (2) 0.10% 0.15% 7,701,554 5,253,772 RBC Public Fund Services 0.00% 6.26% 67,469,886 US Bank Custodial (3) 0.11% 14,799,443 Certificates of Deposit 1.24% 2.96% 600,012 Cash with Fiscal Agent (4) 0.00% 326 Total Cash and Investments $ 11,851,710 $ 233,893 $ 13,352 $ 14,799,769 $ 90,452,646 $ 382,560 $ 4,149,501 $ 307,932 Interest Nutrition Pupil Activity Pickens Post Bank Account Name Rate Grants Medicaid Services Agency Risk Related Secondary Health Trust Grand Total Colotrust Prime (1) 0.05% $ $ $ $ $ $ $ $ 854,576 Colotrust Plus (1) 0.08% 1,118,748 1,101,632 117,519 3,675,778 31,525,471 US Bank (2) 0.10% 0.15% 1,764,603 14,719,929 RBC Public Fund Services 0.00% 6.26% 67,469,886 US Bank Custodial (3) 0.11% 14,799,443 Certificates of Deposit 1.24% 2.96% 600,012 Cash with Fiscal Agent (4) 0.00% 326 Total Cash and Investments $ $ 1,118,748 $ $ 1,101,632 $ 117,519 $ 3,675,778 $ 1,764,603 $ 129,969,643 Note 1: The district currently has two types of accounts with Colotrust, a prime account and a plus account. Both accounts have a AAAm rate by Standard and Poor's. Note 2: The district holds cash in accounts that are used for daytoday cash needs with US Bank. In addition the district has an investment account used to increase interest earnings. Note 3: Per C.R.S. 2241109, US Bank acts as the district's third party trustee to administer the Bond Redemption Fund. Note 4: Due to market conditions, the district is earning 0.00% interest on this account. 5
Aurora Public Schools Cash Flow Analysis All Available Funds Current and Previous Fiscal Year $60,500,000 $55,000,000 $49,500,000 Fiscal Year 201112 $44,000,000 $38,500,000 $33,000,000 $27,500,000 $22,000,000 $16,500,000 $11,000,000 $5,500,000 $ Jul11 Aug11 Sep11 Oct11 Nov11 Dec 22, 2011 Dec11 Jan12 Estimated Feb12 Estimated Mar12 Estimated Apr12 Estimated May12 Estimated Jun12 Estimated $50,000,000 $45,000,000 $40,000,000 Fiscal Year 201011 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $ Jul10 Aug10 Sep10 Oct10 Nov10 Dec 20, 2010 Dec10 Jan11 Feb11 Mar11 Apr11 May11 Jun11 Ending Cash Balance Note: Excludes Building Fund, Bond Fund, and Pupil Activity Funds. These funds must be kept intact, due to bond covenants and state statute. December 2010 ending cash balance includes the $16.8M interest free loan. The loan balance was paid with property taxes on March 11 and March 25, 2011. Cash balances are reported after reserving the required 3% emergency TABOR reserve. December 2011 ending cash balance includes the $3.55M interest free loan. The loan balance will be paid with property taxes in March 2012. 6
Governmental Funds Summary Balance Sheet December 31, 2011 APS Education Bond General Athletic Foundation Redemption Building Subtotal Assets Pooled cash and investments $ 11,851,710 $ 233,893 $ 13,352 $ 14,799,443 $ 90,452,646 $ 117,351,044 Cash with fiscal agent Forward delivery agreement 326 326 Interfund borrowing 2,210,697 2,210,697 Prepaid expenses 41,683 41,683 Inventoryfacilities 373,971 373,971 Deposits 10,000 10,000 Accrued interest receivable 24,830 24,830 Total Assets 14,446,378 275,576 13,352 14,799,769 90,477,476 120,012,551 Liabilities, Fund Balances and Reserves Accounts payable $ 483,841 $ 805 $ $ $ 217,720 $ 702,366 State interest free loan payable 3,555,108 3,555,108 Interfund borrowing: payable Deferred revenuegrants Deferred revenueforward delivery agreement Subtotal Liabilities 4,038,949 805 217,720 4,257,474 Beginning fund balance 41,557,759 221,094 38,787,680 98,610,929 179,177,462 Add: Revenue received 96,191,499 320,608 53,239 608,308 362,912 97,536,566 Less: Expenditures (127,341,829) (266,931) (39,887) (24,596,219) (8,714,085) (160,958,951) Encumbrances (1,256,124) (16,465) (13,795,702) (15,068,291) Subtotal Ending Fund Balance as of Current Period 9,151,305 258,306 13,352 14,799,769 76,464,054 100,686,786 Reserve for encumbrances 1,256,124 16,465 13,795,702 15,068,291 Total Liabilities, Fund Balances and Reserves $ 14,446,378 $ 275,576 $ 13,352 $ 14,799,769 $ 90,477,476 $ 120,012,551 7
Governmental Funds Summary Balance Sheet December 31, 2011 Colorado Total Preschool Pickens Post RiskRelated Special Governmental Program Grants Medicaid Secondary Activity Programs Funds Assets Pooled cash and investments $ 382,560 $ $ 1,118,748 $ 3,675,778 $ 117,519 $ 4,149,501 $ 126,795,150 Cash with fiscal agent Forward delivery agreement 326 Accounts receivablegrants 46,538 46,538 Interfund borrowingreceivable 2,210,697 Prepaid expenses 302,840 344,523 Inventoryfacilities 373,971 Deposits 10,000 20,000 Accrued interest receivable 24,830 Total Assets 382,560 46,538 1,118,748 3,675,778 430,359 4,149,501 129,816,035 Liabilities, Fund Balances and Reserves Accounts payable $ 1,755 $ 45,163 $ 1,432 $ 3,040 $ $ 16,624 $ 770,380 Provision for future claims 102,909 102,909 State interest free loan payable 3,555,108 Interfund borrowingpayable 2,166,852 2,166,852 Deferred revenuegrants 200,954 200,954 Deferred revenueforward delivery agreement 412,174 412,174 Subtotal Liabilities 1,755 2,412,969 1,432 3,040 102,909 428,798 7,208,377 Beginning fund balance 416,755 (696,097) 1,092,451 2,774,507 433,296 2,903,551 186,101,925 Add: Revenue received 2,330,254 11,306,595 412,215 1,983,183 1,060,246 3,339,828 117,968,887 Less: Expenditures (2,366,204) (12,976,929) (387,350) (1,084,952) (1,166,092) (2,522,676) (181,463,154) Encumbrances (69,741) (2,500) (55,919) (41,851) (15,238,302) Subtotal Ending Fund Balance as of Current Period 380,805 (2,436,172) 1,117,316 3,670,238 271,531 3,678,852 107,369,356 Reserve for encumbrances 69,741 2,500 55,919 41,851 15,238,302 Total Liabilities, Fund Balances and Reserves $ 382,560 $ 46,538 $ 1,118,748 $ 3,675,778 $ 430,359 $ 4,149,501 $ 129,816,035 8
Proprietary Funds Summary Balance Sheet December 31, 2011 Total Nutrition Print Proprietary Services Services Funds Assets Pooled cash and investments $ $ 307,932 $ 307,932 Inventorywarehouse 989,522 989,522 Inventoryfacilities 5,633 5,633 Buildings 4,175,060 4,175,060 Less: Accumulated depreciation (1,853,945) (1,853,945) Equipment 2,057,585 77,965 2,135,550 Less: Accumulated depreciation (1,691,992) (77,965) (1,769,957) Construction in progress 271,874 271,874 Total Assets $ 3,948,104 $ 313,565 $ 4,261,669 Liabilities, Net Assets and Reserves Accounts payable $ 290,879 $ $ 290,879 Interfund borrowingpayable 43,845 43,845 Deferred revenuegrants 64,038 64,038 Subtotal Liabilities 398,762 398,762 Beginning net assets 6,173,628 421,370 6,594,998 Add: Revenue received 4,454,059 249,667 4,703,726 Less: Expenditures (7,078,345) (357,472) (7,435,817) Encumbrances (24,595) (23) (24,618) Subtotal Ending Net Assets, as of Current Period 3,524,747 313,542 3,838,289 Reserve for encumbrances 24,595 23 24,618 Total Liabilities, Net Assets and Reserves $ 3,948,104 $ 313,565 $ 4,261,669 9
Agency and Trust Funds Statement of Fiduciary Assets and Liabilities December 31, 2011 Pupil Activity Agency Health Care Trust Assets Pooled cash $ 1,101,632 $ 1,764,603 Total Assets $ 1,101,632 $ 1,764,603 Liabilities, Net Assets and Reserves Accounts payable $ 2,052 $ Subtotal Liabilities 2,052 Beginning net assets 917,737 1,548,878 Add: Receipts 1,101,256 1,120,905 Less: Disbursements (919,413) (905,180) Encumbrances (38,718) Subtotal Ending Net Assets, as of Current Period 1,060,862 1,764,603 Reserve for encumbrances 38,718 Total Liabilities, Net Assets and Reserves $ 1,101,632 $ 1,764,603 10
Consolidated Financial Report (1) Comparing the last two fiscal years As of December 31, 2011 FY201011 For period ending December 31, 2010 Percentage Budget Actual of budget FY201112 For period ending December 31, 2011 Spending rate Budget Actual Percentage of budget Spending rate Expected year end balance General Fund Beginning fund balance $ 38,319,153 $ 38,319,153 100.0% $ 37,587,325 $ 41,557,759 110.6% Revenue 253,957,523 94,971,336 37.4% 253,624,324 96,191,499 37.9% Expenditures 279,476,298 124,897,528 44.7% 89.4% 275,984,788 127,341,829 46.1% 92.3% Ending fund balance $ 12,800,378 $ 8,392,961 65.6% $ 15,226,861 $ 10,407,429 68.3% $ 15,226,861 Aurora Academy Charter School (2 and 3) Beginning fund balance & net asse $ 1,129,523 $ 1,432,042 126.8% $ 516,938 $ 1,360,896 263.3% Revenue 4,660,720 2,435,329 52.3% 4,016,146 1,680,445 41.8% Expenditures 5,044,845 2,358,385 46.7% 93.5% 4,199,635 1,386,245 33.0% 79.2% Ending fund balance & net assets $ 745,398 $ 1,508,986 202.4% $ 333,449 $ 1,655,096 496.4% $ 333,449 New America Charter School (2 and 3) Beginning fund balance $ 866,170 $ 882,062 101.8% $ 295,535 $ 543,460 183.9% Revenue 3,499,770 1,813,759 51.8% 3,446,592 1,436,309 41.7% Expenditures 4,365,940 1,669,900 38.2% 76.5% 3,742,127 1,335,822 35.7% 85.7% Ending fund balance $ $ 1,025,921 $ 643,947 Lotus School for Excellence Charter School (2 and 3) Beginning fund balance & net asse $ $ 434,866 $ 931,624 N/A Revenue 5,343,471 2,777,897 52.0% 6,133,013 2,473,810 40.3% Expenditures 5,343,471 2,733,007 51.1% 102.3% 5,931,727 2,482,644 41.9% 100.4% Ending fund balance & net assets $ $ 479,756 201,286 $ 922,790 458.4% $ 201,286 Global Village Academy Charter School (2 and 3) Beginning fund balance $ 217,976 $ 242,176 111.1% $ 66,737 $ (222,351) 333.2% Revenue 4,865,819 2,635,871 54.2% 7,386,841 2,871,847 38.9% Expenditures 4,865,820 2,771,692 57.0% 113.9% 8,117,307 2,383,029 29.4% 70.5% Ending fund balance $ 217,975 $ 106,355 48.8% $ (663,729) $ 266,467 40.1% $ (663,729) 11
Consolidated Financial Report (1) Comparing the last two fiscal years As of December 31, 2011 FY201011 FY201112 For period ending December 31, 2010 For period ending December 31, 2011 Budget Actual Percentage of budget Spending rate Budget Actual Percentage of budget Spending rate Expected year end balance Vanguard Classical Charter School (2 and 3) Beginning fund balance & net asse $ 277,895 $ 277,895 100.0% $ 12,895 $ 326,057 2528.6% Revenue 3,900,447 1,985,148 50.9% 3,905,822 1,551,515 39.7% Expenditures 4,065,447 1,934,943 47.6% 95.2% 3,905,823 1,630,095 41.7% 100.2% Ending fund balance & net assets $ 112,895 $ 328,100 290.6% $ 12,894 $ 247,477 1919.3% $ 12,894 AXL Charter School (2 and 3) Beginning fund balance & net asse $ $ (41,425) $ 64,817 N/A Revenue 3,353,330 1,669,926 49.8% 3,745,816 1,333,743 35.6% Expenditures 3,428,497 1,553,465 45.3% 90.6% 3,924,566 1,310,053 33.4% 80.1% Ending fund balance & net assets $ (75,167) $ 75,036 99.8% $ (178,750) $ 88,507 49.5% $ (178,750) Athletic Fund Beginning fund balance $ 165,440 $ 165,440 100.0% $ 151,440 $ 221,094 146.0% Revenue 518,977 351,517 67.7% 533,203 320,608 60.1% Expenditures 684,417 233,263 34.1% 68.2% 684,643 266,931 39.0% 78.0% Ending fund balance $ $ 283,694 $ 274,771 Aurora Public Schools Education Foundation Beginning fund balance $ 11,469 $ (64) 0.6% $ $ N/A Revenue 106,478 62,112 58.3% 106,478 53,239 50.0% Expenditures 117,947 58,311 49.4% 98.9% 106,478 39,887 37.5% 74.9% Ending fund balance $ $ 3,737 $ 13,352 Bond Redemption Fund Beginning fund balance $ 45,117,007 $ 45,117,007 100.0% $ 38,648,308 $ 38,787,680 100.4% Revenue 26,679,801 728,954 2.7% 26,489,113 608,308 2.3% Expenditures 53,937,105 22,329,002 41.4% 82.8% 65,137,421 24,596,219 37.8% 75.5% Ending fund balance $ 17,859,703 $ 23,516,959 131.7% $ $ 14,799,769 Building Fund Beginning fund balance $ 67,499,474 $ 67,499,474 100.0% $ 74,553,373 $ 98,610,929 132.3% Revenue 40,752,798 82,612,984 202.7% 1,000,000 362,912 36.3% Expenditures 76,441,476 18,675,618 24.4% 48.9% 62,041,179 8,714,085 14.0% 28.1% Ending fund balance $ 31,810,796 $ 131,436,840 413.2% $ 13,512,194 $ 90,259,756 668.0% $ 13,512,194 12
Consolidated Financial Report (1) Comparing the last two fiscal years As of December 31, 2011 FY201011 For period ending December 31, 2010 Percentage Budget Actual of budget FY201112 For period ending December 31, 2011 Spending rate Budget Actual Percentage of budget Spending rate Expected year end balance Capital Reserve Fund Beginning fund balance $ 495,070 $ 495,070 100.0% $ $ N/A Revenue 4,626,125 2,708,494 58.5% N/A Expenditures 5,121,195 2,378,061 46.4% 92.9% N/A N/A Ending fund balance $ $ 825,503 $ Colorado Preschool Fund Beginning fund balance $ 629,345 $ 629,345 100.0% $ 400,000 $ 416,755 104.2% Revenue 4,881,750 2,447,741 50.1% 4,695,130 2,330,254 49.6% Expenditures 5,511,095 2,543,823 46.2% 92.3% 5,095,130 2,366,204 46.4% 92.9% Ending fund balance $ $ 533,263 $ 380,805 Grants Fund Beginning fund balance $ 2,318,368 $ 2,318,368 100.0% $ 752,265 $ (696,097) 92.5% Revenue 43,959,285 10,239,742 23.3% 36,490,243 11,306,595 31.0% Expenditures 46,274,117 15,949,720 34.5% 68.9% 37,242,508 12,976,929 34.8% 69.7% Ending fund balance $ 3,536 $ (3,391,610) 95916.6% $ $ (2,366,431) Medicaid Fund Beginning fund balance $ $ 1,000,000 $ 1,092,451 109.2% Revenue 1,830,149 1,334,372 72.9% 781,024 412,215 52.8% Expenditures 1,830,149 254,804 13.9% 27.8% 1,781,024 387,350 21.7% 43.5% Ending fund balance $ $ 1,079,568 $ 1,117,316 Pickens Post Secondary Fund Beginning fund balance $ 4,794,309 $ 4,158,875 86.7% $ 1,662,086 $ 2,774,507 166.9% Revenue (781,052) (453,816) 58.1% 2,190,000 1,983,183 90.6% Expenditures 4,013,257 1,067,657 26.6% 53.2% 3,852,086 1,084,952 28.2% 56.3% Ending fund balance $ $ 2,637,402 $ 3,672,738 Pupil Activity Special Revenue Fund Beginning fund balance $ 124,248 $ 124,248 100.0% $ $ N/A Revenue (124,248) (124,248) 100.0% N/A Expenditures N/A N/A N/A N/A Ending fund balance $ $ $ 13
Consolidated Financial Report (1) Comparing the last two fiscal years As of December 31, 2011 FY201011 For period ending December 31, 2010 Percentage Budget Actual of budget FY201112 For period ending December 31, 2011 Spending rate Budget Actual Percentage of budget Spending rate 14 Expected year end balance RiskRelated Activity Fund Beginning fund balance $ 1,253,764 $ 1,253,764 100.0% $ 357,215 $ 433,296 121.3% Revenue 2,869,038 2,042,381 71.2% 2,183,223 1,060,246 48.6% Expenditures 4,122,802 2,381,253 57.8% 115.5% 2,540,438 1,166,092 45.9% 91.8% Ending fund balance $ $ 914,892 $ 327,450 Special Programs Fund Beginning fund balance $ $ 2,657,080 $ 2,903,551 109.3% Revenue N/A 6,397,410 3,339,828 52.2% Expenditures N/A N/A 9,054,490 2,522,676 27.9% 55.7% Ending fund balance $ $ $ 3,720,703 Nutrition Services Fund Beginning net assets $ 2,169,397 $ 5,651,457 260.5% $ 2,280,080 $ 6,173,628 270.8% Revenue 13,184,736 6,022,940 45.7% 15,462,720 4,454,059 28.8% Expenses 13,074,053 6,231,233 47.7% 95.3% 15,637,644 7,078,345 45.3% 90.5% Ending net assets $ 2,280,080 $ 5,443,164 238.7% $ 2,105,156 $ 3,549,342 168.6% $ 2,105,156 Copier Services Fund Beginning net assets $ 380,632 $ 485,249 127.5% $ $ N/A Revenue 693,800 359,636 51.8% N/A Expenses 1,074,432 312,590 29.1% 58.2% N/A N/A Ending net assets $ $ 532,295 $ Print Services Fund Beginning net assets $ 336,186 $ 336,186 100.0% $ 348,186 $ 421,370 121.0% Revenue 780,258 456,868 58.6% 535,258 249,667 46.6% Expenditures 1,116,444 404,214 36.2% 72.4% 883,444 357,472 40.5% 80.9% Ending net assets $ $ 388,840 $ 313,565 Pupil Activity Agency Fund Beginning net assets $ 822,327 $ 822,327 100.0% $ 822,327 $ 917,737 111.6% Revenue 2,300,000 1,076,550 46.8% 2,300,000 1,101,256 47.9% Expenditures 2,300,000 901,821 39.2% 78.4% 3,122,327 919,413 29.4% 58.9% Ending net assets $ 822,327 $ 997,056 121.2% $ $ 1,099,580 Health Trust Fund (Note 4) Note 1: This schedule is prepared from unaudited interim financial statements. Note 2: Charter school financial statements as of November 30, 2011 Note 3: 201011 and 201112 beginning fund balance information is based on audited financial statements or budgeted amount. Note 4: The district's health trust fund does not require an adopted budget and therefore is not included in this report.
Charter Schools Revenues, Expenditures and Appropriated Reserves For the Reporting Period Ended November 30, 2011 REVENUES District Adopted Budget November 30, 2011 Statements due to district on December 25, 2011 (1) Budget Reported by Charter School Year to Date Balance Available Received by District Aurora Academy Charter School General Fund $ 3,511,983 $ 3,511,983 $ 1,491,575 $ 2,020,408 December 26, 2011 Building Fund 504,163 504,163 188,870 315,293 Total 4,016,146 4,016,146 1,680,445 2,335,701 Lotus School for Excellence General Fund 5,514,315 5,514,315 2,227,860 3,286,455 December 19, 2011 Building Fund 618,698 618,698 245,950 372,748 Total 6,133,013 6,133,013 2,473,810 3,659,203 New America School General Fund 3,446,592 3,742,127 1,436,309 2,010,283 January 10, 2012 Total 3,446,592 3,742,127 1,436,309 2,010,283 Global Village Academy General Fund 6,561,441 6,561,441 2,748,188 3,813,253 December 26, 2011 Grants Fund 529,171 529,171 112,374 416,797 Building Fund 296,229 296,229 11,285 284,944 Total 7,386,841 7,386,841 2,871,847 4,514,994 Vanguard Classical School General Fund 3,780,822 3,780,822 1,495,395 2,285,427 December 19, 2011 Nutrition Services Fund 125,000 125,000 56,120 68,880 Total 3,905,822 3,905,822 1,551,515 2,354,307 AXL Charter School General Fund 3,294,048 2,993,622 1,185,540 2,108,508 December 26, 2011 Building Fund 451,768 451,768 148,203 303,565 Total 3,745,816 3,445,390 1,333,743 2,412,073 TOTAL REVENUES $ 28,634,230 $ 28,629,339 $ 11,347,669 $ 17,286,561 15
EXPENDITURES AURORA PUBLIC SCHOOLS Charter Schools Revenues, Expenditures and Appropriated Reserves For the Reporting Period Ended November 30, 2011 District Adopted Budget November 30, 2011 Statements due to district on December 25, 2011 (1) Budget Reported by Charter School Year to Date Balance Available Spending Rate Aurora Academy Charter School General Fund $ 3,511,983 $ 3,511,983 $ 1,333,373 $ 2,178,610 91.1% Building Fund 687,652 687,651 52,872 634,780 18.5% Total 4,199,635 4,199,634 1,386,245 2,813,390 79.2% Lotus School for Excellence General Fund 5,514,315 5,514,315 2,322,414 3,191,901 101.1% Building Fund 417,412 417,412 160,230 257,182 92.1% Total 5,931,727 5,931,727 2,482,644 3,449,083 100.4% New America School General Fund 3,742,127 3,742,127 1,335,822 2,406,305 85.7% Total 3,742,127 3,742,127 1,335,822 2,406,305 85.7% Global Village Academy General Fund 6,734,369 6,561,441 2,270,653 4,463,716 80.9% Grants Fund 529,171 529,171 112,374 416,797 51.0% Building Fund 853,767 853,767 2 853,765 0.0% Total 8,117,307 7,944,379 2,383,029 5,734,278 70.5% Vanguard Classical School General Fund 3,780,823 3,780,823 1,591,568 2,189,255 101.0% Nutrition Services Fund 125,000 125,000 38,527 86,473 74.0% Total 3,905,823 3,905,823 1,630,095 2,275,728 100.2% AXL Charter School General Fund 3,294,048 2,993,622 1,166,890 2,127,158 85.0% Building Fund 630,518 630,518 143,163 487,355 54.5% Total 3,924,566 3,624,140 1,310,053 2,614,513 80.1% TOTAL EXPENDITURES $ 29,821,185 $ 29,347,830 $ 10,527,888 $ 19,293,297 Note 1: Charter schools are required to send their monthend financials to the district on or before the 25th day of the following month. 16