2008-09 SECOND INTERIM FINANCIAL REPORT Review of the 2008-09 09 Projected Revenue and Expenditures. Projections are generated from updated information and entered into the 2008-09 09 Budget as Board Budget Revisions. Board Approval of the 2008-09 09 SECOND Interim Report with the acknowledgment that it was prepared using the most current financial information. Included in the Second Interim Report are Multi-Year Projections. Board approval of this Interim Report also confirms the District will be: solvent and meet its financial obligations for the current fiscal year and next fiscal year, but will be classified as QUALIFIED for 2010-11. 11. The Cash Balances will be positive at the end of this fiscal year. 1
October 2008 CBEDS 3977 Enrollment as of Jan 2009 3983 RL ADA estimated for the Second Interim Report is 3874.31 (based on 2007-08 08 ADA) P-1 ADA will be the accumulated attendance from July 1, 2008 to December 20, 2008 and will be reported in Jan 2009. P-2 ADA will be the accumulated attendance from July 1, 2008 to March 31, 2009. ADA historically has been between 95% and 96% of CBEDS 2
2008-09 REVENUE COMPARISON TO ADOPTED BUDGET Description Object 08-09 ADOPTED BUDGET 08-09 as of Feb 2009 INCREASE (DECREASE) Revenues Revenue Limit Sources 8000 22,472,207 21,848,463 (623,744) Federal Revenues 8100/8200 1,193,147 1,254,055 60,908 Other State Revenues 8300/400/500 3,731,563 3,528,873 (202,690) Local Revenues 8600/8700 1,923,877 2,045,434 121,557 Total Revenues 29,320,794 28,676,825 (643,969) 3
2008-09 EXPENDITURE COMPARISON TO ADOPTED BUDGET Description Expenditures Object 08-09 ADOPTED BUDGET 08-09 as of Feb 2009 INCREASE (DECREASE) Certificated Salaries 1000 15,579,190 15,696,542 117,352 Classified Salaries 2000 3,688,074 3,660,897 (27,177) Employee Benefits 3000 6,563,998 6,529,119 (34,879) Books & Supplies 4000 979,500 1,144,066 164,566 Other Operating Expenses 5000 2,539,927 2,892,994 353,067 Capital Outlay 6000 5,000 5,000 - Other Outgo 7200 272,060 282,060 10,000 Indirect Cost to Cafeteria 7300 (245,600) (245,600) - Total Expenditures 29,382,149 29,965,078 582,929 4
2008-09 FUND BALANCE COMPARISON TO ADOPTED BUDGET Description 08-09 ADOPTED BUDGET BEGINNING FUND BALANCE 4,140,383 $ 4,140,383 08-09 as of Feb 2009 INCREASE (DECREASE) $ $ - CHANGE IN FUND BALANCE $ (102,492) $ (1,305,628) $ (1,203,136) ENDING FUND BALANCE $ 4,037,891 $ 2,834,755 $ (1,203,136) 5
Increases (Decreases) from Budget Adoption ADA in Budget Adoption was 3874.31, which is based on 2007-08 ADA. Revenue Limit & Tax Revenue decrease $ (623,744) Federal Revenue $ 60,908 Other State Revenue $ (202,690) Local Revenue $ 121,557 TOTAL Increase in All Revenue $ (643,969) 6
Increase in CERTIFICATED SALARIES is $ 117,352 Decrease in CLASSIFIED SALARIES is $ (27,177) Decrease in EMPLOYEE BENEFITS is $ (34,879) Total Increase/(Decrease) $ 55,296 7
Teachers Salary $76,898 Pupil Support ($26,913) Supervisor & Administration $70,367 TOTAL CHANGES $ 117,352 8
Classified Salary Differences from Adopted Budget Decrease Instructional Aides ($ 26,545) (SDC & Resource Specialist) Increase in Support Salaries $ 106,713 Decrease Supervisors & Admin ($ 82,223) (CBO position) Decrease Clerical ($ 28,989) Increase in other Classified $ 3,867 TOTAL CHANGES ($27,177) 9
Books and Supplies $ 164,566 Services and Other Operating $ 353,067 Capital Outlay-Tech/Improvements$ -0- Other Outgo $ 10,000 TOTAL Increase in Operational Expenditures $ 527,633 10
Other Expense Differences from Adopted Budget Books and Supplies $ 90k Martinez Education Foundation $ 8k Other Books $ 11k Maintenance, Custodial & Grounds $ 48k Reimbursable Insurance Claims $ 7k General & Classroom Supplies $164K TOTAL INCREASE Services and Other Operation $ 250k Non-Public School Costs $ 22k Copiers $ 33k Professional Learning Communities $ 40k Utilities $ 8k Other $353k TOTAL INCREASE 11
Total Projected Revenue $28,676,825 Total Projected Expense $29,965,078 Net transfers (out) $ 17,375 Expense over Revenue Deficit Spending $(1,305,628) 12
Revolving Fund $ 10,742 Economic Uncertainties $ 905,586 Mandated Cost Reserve $ 457,397 MAA Reserves $ 102,088 Sprint/Metro AHS $ 50,858 Categorical $ 595,086 Designated (see next slide) $ 600,000 Other Restricted $ 86,595 Undesignated $ 26,403 TOTAL ENDING FUND BAL $2,834,755 13
Legal/Special Ed $150,000 Retiree Health Benefits $150,000 Lottery $150,000 Declining Enrollment $150,000 Reserves are expected to decrease in 2009-10 to offset decrease in state revenue. 14
MUTLI-YEAR PROJECTION ASSUMPTIONS @ SECOND INTERIM 2008-09 2009-10 2010-11 COLA- State 5.66% 5.02% 0.70% DEFICIT 7.839% 13.360% 13.360% FUNDED ADA /ENROLLMENT SALARY INCRnegotiating 3874 /3977 3794 /3960 3794 /3960 STEP/COL CERTIFICATED 1.2% 1.3% STEP/COL CLASSIFIED 1.1% 1.1% 15
2008-09 SECOND INTERIM END OF GENERAL FUND INFORMATION 16
Adult Education Fund 2008-09 SECOND INTERIM Beginning Balance $ 723,985 Revenue $ 4,451,454 Expenditures $ 4,131,332 Net Incr (Decr) in Fund Balance $ 320,122 ENDING FUND BALANCE $1,044,107 17
CAFETERIA FUND 2008-09 SECOND INTERIM Beginning Balance $ (73,873) Revenue $ 1,020,091 Expenditures $ 1,020,028 Net Incr (Decr) in Fund Balance $ 63 ENDING FUND BALANCE $ ($73,810) Price per meal was increased by $0.25 in 2006-07. 18
Deferred Maintenance Fund 2008-09 SECOND INTERIM Beginning Balance $ 928,608 Revenue: Revenue- Interest $ 10,000 Transfer from General Fund $ 221,137 Expenditures: Salaries and Benefits $ 74,299 Other Expense $ 242,698 Net Incr (Decr) in Fund Balance $ ( 85,860) Ending Fund Balance $ 842,748 19
Postemployment Benefits Fund 2008-09 SECOND INTERIM Beginning Balance $ 615,477 Revenue: Revenue Interest $ 20,000 Ending Fund Balance $ 635,477 20
Building Fund 2008-09 SECOND INTERIM Beginning Balance $ 14,764 Revenue: $ 1,100 Revenue: Ending Fund Balance $ 15,864 21
Capital Facilities Fund 2008-09 SECOND INTERIM Beginning Balance $ 401,553 Revenue $ 220,000 Expense $ 377,685 Net Incr (Decr) in Fund Balance $ (157,685) Ending Fund Balance $ 243,868 22
Capital Outlay Projects Fund 2008-09 SECOND INTERIM Beginning Balance $7,671,156 Earned Interest $ 200,000 Capital Outlay $ 408,470 Other Expenses $ 36,010 Net Incr (Decr) in Fund Balance $ (244,480) Ending Fund Balance $7,426,676 23
Bond Interest & Redemption Fund 2008-09 SECOND INTERIM Beginning Balance $5,368,846 Ending Fund Balance $5,368,846 24
Scholarship Fund 2008-09 SECOND INTERIM Beginning Balance $ 132,257 Earned Interest $ 8,729 Awarded Scholarships $ 23,976 Net Incr (Decr) in Fund Balance $ (15,247) ENDING FUND BALANCE $ 117,011 25
2008-09 SECOND INTERIM QUESTIONS??? 26