Presentation Transcript

1. General Operating FundAnalysis Report for September, 2013

   Prepared by: Karen Obratil, Treasurer/CFO October 28, 2013
2. Monthly Revenue by the Numbers
3. Monthly Revenue – September FY14 = $2.4M Forecast = $2.7M
4. FYTD Revenue by the Numbers
5. FYTD Revenue (July - September) $16,345,415 95.6% 7.91% 86.25% 89.8% 89.8% 91.3%
6. Monthly Expenditures by the Numbers
7. Monthly Expenditure - September FY14 = $3,380,213 Forecast = $3,371,348
8. FYTD Expenditures by the Numbers
9. FYTD Expenditures(July - September) $9,119,095 73.63% 83%
10. Bottom Line Cash Balances – 9/30
11. Bottom Line - Graphics $9.1M $9M

12. What’s included in theFinancial Forecast?

13. TOTAL REVENUE = $40,726,704(Excludes Other Financing Sources)
14. Line 1.010 – General Property Tax (Real Estate) 66.6% of Total Operating Revenue Real property is divided into two classes: Class I – Residential and Agricultural Class II – Commercial and Industrial Line 1.020 – Tangible Personal Property Tax (Public Utility Taxes) 4.2% of Total Operating Revenue Tax Revenue = 70.8% of Total Operating Revenue
15. Tax Revenue Estimate for FY14 Res/Ag $750,842 x 28.94 = $21,727,720 C/Ind $153,156 x 30.84 = 4,722,922 P/U $25,931 x 61.56 = 1,596,332 Inside Mills x 4.97 = 4,624,378 Tax Revenue estimate = $32,671,352
16. Other Local Revenue = 3.8% of Total Revenue Interest Earnings on Investments Tuition(from other districts and kindergarten) Pay to Participate Fees School Fees Rentals Administrative Fees for Auxiliary Service Payment In Lieu of Taxes (PILOT) Miscellaneous
17. State Revenue = 25.4% of Total Revenue Line 1.035 - Unrestricted Grants-in-Aid 11.5% of Total Revenue School Foundation program Line 1.040 – Restricted Grants-in-Aid Catastrophic Aid for special education students Line 1.050 – Property Tax Allocation 13.8% of Total Revenue Percentage of individual property tax bills paid by the State 12.5% of taxes due on all residential/agricultural property also includes tangible personal property replacement revenue.
18. Other Financing Sources Line 2.040 - Operational Transfers-in Money transferred from other funds into the General Fund. Line 2.050 – Advances-in Money returned to the General Fund for repayment of advances from other funds Line 2.070 – All Other Financing Sources Refunds of prior year expenditures
19. TOTAL EXPENDITURES = $38,887,434(Excludes Other Financing Uses)
20. Personal Services – Line 3.01051.5% of Total Expenditures Employee Salaries Classified Substitutes Supplementals Overtime Termination Payments (Severance) Board Members Student Workers
21. Employees’ Retirement/Insurance Benefits Line 3.020 (20.6% of Total Expenditures) Retirement – 14% of employees’ salaries Medicare – 1.45% of employees’ salaries Workers’ Comp rate – .008421 Insurance Premiums Medical : 94% Single, 88% Family Dental Vision Life – 100% Board paying 80% for Administrators Unemployment Compensation
22. Board Cost for Insurance Benefits Family Medical (SuperMed+) $1,315.86 (renewal 7/14) Dental $146.98 Vision $38.95 Life 4.66 Total Family $1,506.45 ($18,077.40 annual*) *Monthly premium holidays July and August, 2013. Single Medical (SuperMed+) $560.19 Dental $78.21 Vision $15.41 Life 4.66 Total Single $658.47 ($7,901.64 annual*)
23. Annual Insurance Costs $4,070,000
24. Purchased Services – Line 3.03018.9% of Total Expenditures Utility Costs (electricity, natural gas, trash removal, telephones, water & sewer) Transportation Services (Petermann) Teacher Substitutes (Rachel Wixey Associates) Legal Fees Health Services (PSI) Professional Meetings Special Education Transportation Special Education Tuition to Other Districts GAAP Conversion Legal Advertisements Repairs & Maintenance (buildings & vehicles) Data Processing (NEONET) and Technology (Smart Solutions) Fleet and Property Insurances
25. Supplies & Materials – Line 3.0405% of Total Expenditures Core curriculum materials Instructional materials Textbook Replacements Technology supplies and software Custodial supplies Maintenance supplies Fuel Library books Administrative supplies
26. Capital Outlay – Line 3.0501.3% of Total Expenditures New Equipment Replacement Equipment Technology Site Improvements Classroom Furnishings Maintenance vehicles Vans
27. Other Objects – Line 4.3002.7% of Total Expenditures Summit County Auditor and Treasurer Fees Fees are assessed based on approximately 1.5% of the tax collections. Summit County Land Bank fees Summit County ESC fees Fees for services provided by the Summit County Educational Service Center. Election Costs Delinquent Tax Assessment Fees Fees are approximately .2% of tax collections Liability Insurance State Administrative fees Fees are assessed based approximately 1% of rollback and homestead collections. Professional membership fees Bank fees State Auditor fees
28. HB264 Energy Conservation Project $729,743.96 Energy Conservation Improvement Bonds, Series 2013 issued to pay for project on September 11, 2013. Bonds purchased by First Merit Bank at 3.39% interest. Interest and principal payments are considered a transfer in the Forecast since this is a general fund debt obligation. The money from the energy savings will be transferred to the bond retirement fund to pay the interest and principal payments in June and December.
29. Other Financing Uses Line 5.010 – Operational Transfers-Out Money transferred into another fund. Line 5.020 – Advances-Out Money temporarily advanced to other funds
30. What’s changed since the May 2013 Forecast Update?