2013-14 Unaudited Actuals September 17, 2014 Presented by: Christopher Schiermeyer Assistant Superintendent, Business Services
Unaudited Actuals The District is required to close the 2013-14 financial books and submit the data to the County Office of Education Known as Unaudited Actuals The Unaudited Actuals represent all revenue received and expenditures made in the 2013-14 fiscal year The last data point prior to closing the books was when the 2014-15 budget was adopted in June The Adopted Budget included the District s estimates as to how the fiscal year would end
Total Fund 1 At A Glance Unrestricted Restricted Total Fund 01 Total Revenue $17,565,906 $3,796,678 $21,362,584 Total Expenses $14,955,664 $6,558,806 $21,514,471 Transfers In(Out) $(2,765,590) $3,147,146 $381,556 Incr(Decr) to FB $(155,348) $385,018 $229,670 Beg Bal $7,936,751 $1,339,755 $9,276,506 End Bal $7,781,403 $1,724,773 $9,506,177
Estimated vs Unaudited Actuals Unrestricted Revenue Variance LCFF Limit increase: Basic Aid Supplemental Prior Year Revenue (RL/Hardship) Special Ed Transfer Eliminated LCFF Gap Increase of 1.5% Other State Revenue increase: Lottery Increase Other Local Revenue increase: Rentals/Leases, Fees and Other Local Revenue $ 996k $ 114k $ 69k Restricted Revenue Variance $(462)k Special Ed Transfer Eliminated Reduction in Title II Reduction in Federal Revenue
Estimated vs Unaudited Actuals Unrestricted Expense Variance Certificated & Classified Salaries: Benefits: Books & Supplies: Services & Other Operating Exp: Transfers of Indirect Costs: $329k $223k $106k $75k $88k Overall Unrestricted Expenses came in $847K less than Estimated Actuals
Estimated vs Unaudited Actuals Restricted Expense Variance Certificated & Classified Salaries: $ 93k Benefits: $ 70k Books & Supplies: $232k Services & Other Operating Exp: $187k
Components of Ending Fund Balance: 3% Reserve for Economic Uncertainties: $ 660,000* Revolving Cash: $ 5,000 Other Assignments: Deferred Maint $ 984,337 Instructional Materials* $ 813,558 Art & Music $ 43,697 JPA Safety $ 24,352 Roof Hardship $ 155,777 Future Year Contingencies $ 5,094,683 *Note: For 2014-2015, $1.8 million will be put into Fund 17 for 3% Reserve, Instructional Materials, and devices.
Resource Total Expenditures Contributions Percent of Total Expense Special Education $3,481,958 $2,037,000 58% Transportation $669,932 $218,000 33% Cafeteria $443,853 $30,000 7% Routine Maintenance: Revenue: 3% or $677,577 Expenditures were $715,908
Other Funds At A Glance Fund 09 Charter Fund 13 Cafeteria Total Revenue $2,087,727 $415,763 Total Expenses $1,303,676 $443,853 Transfers In(Out) $(545,000) $30,000 Incr(Decr) to FB $239,051 $1,910 Beg Bal $418,376 $28,603 End Bal $657,427 $30,513
Other Funds At A Glance Fund 21 Building Fund 25 Capital Fac Fund 40 Special Res Total Revenue $22,920 $21,239 $5 Total Expenses $3,171,532 $864 $0 Transfers In(Out) $(403,582) $0 $18,178 Incr(Decr) to FB $(3,552,193) $20,375 $18,184 Beg Bal $8,009,506 $123,145 $130,694 End Bal $4,457,313 $143,520 $148,879
Fund 25 $143,520 Fund 09 $657,427 Fund 13 $30,513 Fund 21 $4,457,313 Fund Balances Fund 40 $148,879 Fund 01 $9,506,177 Fund 01 Fund 13 Fund 09 Fund 25 Fund 21 Fund 40 Total District: $14,943,829
Next Steps The recommendation from staff to the Board is to approve the Unaudited Actuals as submitted District staff will submit the Unaudited Actuals to the County Office of Education for review The County Office of Education will provide the data to the California Department of Education An external audit will be conducted to review the financial statements Once the audit is complete, it will be submitted to the Board
Concurrent Activities The 2014-15 budget will be updated to reflect current staffing and updated expenditures Carryover balances will be allocated with expenditures added to the budget The next data point will be the First Interim Report Includes actual revenues and expenditures through October 31 st Projects revenues and expenditures to year end Makes multi-year projections for two subsequent years The First Interim Report will be submitted to the Board for approval on December 10 th
Although we ended with a positive fund balance, without the one-time revenue we would have had an estimated $800k in deficit spending Basic Aid Supplemental was received in 2013-2014 and not expected in 2014-2015 unless property tax exceeds $13.7 million We continue to be a Low LCFF District in terms of supplemental funding Employer pension rates need to be monitored as a possible impact to our overall budget We need to continue to tie our District priorities to the LCAP, addressing the possible expenditures both instructional and operational
Special Thanks Director of Fiscal Services, Mike Roske Accountant, Tonya Silvestri SLVUSD Business Services Department
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