Board of Trustees October 23, 2017 1 Agenda Bond Issuance - - PowerPoint PPT Presentation
Board of Trustees October 23, 2017 1 Agenda Bond Issuance Timeline Refunding Bonds Bond Considerations Fiscal Year 2016-17 Fund Balance Transfers Fiscal Year 2017-18 Budget Update New Financial Statements
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Bond
Issuance Timeline Refunding Bonds Bond Considerations
Fiscal Year 2016-17
Fund Balance Transfers
Fiscal Year 2017-18
Budget Update New Financial Statements 2017-18 Considerations
Fiscal Year 2018-19
Budget Calendar 2018-19 Considerations
Next Steps
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Fiscal Year Bond Year Planned Issuance Actual Issuance Date Issued 2016-17 1 84,000,000 $ 84,000,000 $ June-16 2017-18 2 94,055,336 $ 225,000,000 $ May-17 2018-19 3 97,598,764 $
2019-20 4 95,010,800 $ 128,085,000 $ Oct-18 2020-21 5 66,420,100 $
Authorized 437,085,000 $ 437,085,000 $
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2017 Unlimited Tax Refunding Bonds
DSF Fund Balance Used $4,000,000 Amount $85,105,000 Savings $17,802,883 Bond Rating
Moody’s Aaa S&P AA+
Callable February 15, 2020
UTRB Series 2010 UTRB Series 2011 UTRB Series 2012
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Impact of hurricane impact on construction cost and timing
Cost of materials and labor Availability of contractors
Project scope modifications
Scope developed in 2015-16 for project timing 2016-17 through 2020-21 Fire lane Additional classrooms renovated Different and additional furniture
Other sources of Funding
Local Capital Projects (fund 629) - $15 million Permanent School Fund - $18 million Assigned Fund Balance in the General Fund - $10.9 million
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8 Notes: Total fund balance increased $9,862,471 for the fiscal year ended 6/30/2017. Accounting Standards now require that we assign fund balance for any budgeted deficit in the subsequent year. Assignments can be made by the Superintendent or CFO. Assignments for Construction and Equipment total $10,937,655. Unaudited Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Ended Ended Ended Ended Ended Ended 6/30/2012 6/30/2013 6/30/2014 6/30/2015 6/30/2016 6/30/2017 Nonspendable: Inventories 328,503 $ 619,677 $ 509,730 $ 578,764 $ 665,102 $ 458,967 $ Assigned to: Construction 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 Claims and judgements 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Contingency for wireless project 5,000,000 3,582,913 3,582,913 Compensated absences 638,939 648,741 656,156 703,887 759,714 807,983 Encumbrances 1,640,596 1,570,082 1,971,706 1,977,692 1,257,675 1,649,979 Extraordinary repair and replacement 4,000,000 4,000,000 4,000,000 7,582,913 4,000,000 Employee compensation 4,300,000 Equipment acquisition, repair and replacement 6,937,655 2017-18 Budget Deficit 6,330,970 Unassigned 75,234,542 78,152,263 79,738,094 81,159,486 80,050,869 80,410,277 96,142,580 $ 93,573,676 $ 95,458,599 $ 97,002,742 $ 91,733,360 $ 101,595,831 $ % of unassigned fund balance 30.5% 31.1% 29.9% 29.0% 27.4% 26.6% Months of unassigned fund balance 3.7 3.7 3.6 3.5 3.3 3.2
2012 2013 2014 2015 2016 2017 Transfer Out General Fund (19,160,362) $ (16,205,709) $ (15,000,000) $ (14,971,000) $ (23,725,552) $ (9,000,000) $ Transfer In Local Capital Projects 8,000,000 15,000,000 14,000,000 13,971,000 22,725,552 7,905,301 Permanent School Fund 9,971,640 Instructional Enhancement Fund 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Printshop 188,722 205,709
9 Notes: Permanent School Fund Balance at 10/18/2017 is $18.6 million. Local Capital Projects Fund Balance at 10/18/2017 is $14 million
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Notes The column labeled “Tax Bills” is the adopted budget with CY tax revenue updated based on the tax bills mailed on October 2. State revenue was updated for the change in CY tax revenue. It was also updated for estimated ADA, FTE’s and WADA using the first 6 weeks of attendance data. The column labeled “Average Tax Revenue” was updated using an average of the taxable value in the adopted budget and the tax bills. Enrollment is below the demographer projections by approximately 250 students. The loss due to the over 65 levy freeze is a little of $1,000,000 more than budgeted. This is due to the increase in property values. For 2017-18 there are 15,687 frozen accounts. This is a decrease of 218 from a high of 15,905 in 2016-17. The decline in enrollment and increase in property values tend to offset each other. The General fund is still expected to experience a deficit for 2017-18.
Unaudited Adopted Tax Bills Average Tax Revenue FY 16-17 FY 17-18 FY 17-18 FY 17-18 Taxable Value 20,106,983,186 $ 21,499,828,255 $ 21,995,135,418 $ 21,747,481,837 $ Current Tax Rate 1.04005 1.04005 1.04005 1.04005 Levy prior to over 65 209,122,679 $ 223,608,964 $ 228,760,406 $ 226,184,685 $ Loss due to over 65 (9,093,109) $ (10,000,000) $ (11,009,411) $ (11,009,411) $ 200,029,570 $ 213,608,964 $ 217,750,995 $ 215,175,274 $ 99.1% 98.0% 98.0% 98.0% CY Tax Revenue 198,189,898 $ 209,336,784 $ 213,395,975 $ 210,871,768 $ PY Tax Revenue 801,480 $ 1,000,000 $ 1,000,000 $ 1,000,000 $ State Revenue 90,534,957 $ 75,214,524 $ 73,507,139 $ 73,368,122 $ TRS On Behalf 15,368,040 $ 16,236,456 $ 16,236,456 $ 16,236,456 $ Fund 161 3,900,503 $ 4,487,381 $ 4,487,381 $ 4,487,381 $ Other Local Revenue 11,960,105 $ 8,635,000 $ 8,635,000 $ 8,635,000 $ Total Revenue 320,754,983 $ 314,910,145 $ 317,261,951 $ 314,598,727 $ Expenses 199 and 161 (301,932,687) $ (320,241,115) $ (320,241,115) $ (320,241,115) $ Sale of Real and Personal Property 43,626 $
Transfers Out (9,000,000) $ (1,000,000) $ (1,000,000) $ (1,000,000) $ Other Uses (3,451) $
Net Change in Fund Balance 9,862,471 $ (6,330,970) $ (3,979,164) $ (6,642,388) $ Beginning Fund Balance 91,733,360 $ 101,595,831 $ 101,595,831 $ 101,595,831 $ Ending Fund Balance 101,595,831 $ 95,264,861 $ 97,616,667 $ 94,953,443 $ Enrollment 39,268 39,636 39,380 39,380 Actual Demographer 2-Oct-17 2-Oct-17
Richardson ISD Comparative Statement of Revenues Expenditures and Changes in Fund Balance
Executive Summary Payroll Expenditure Analysis
General Fund
Budget vs Actual Current and Prior Year
General Fund Debt Service Fund Child Nutrition
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Date: October 18, 2017 To: Jeannie Stone, Ed.D. Superintendent From: David Pate, CPA Chief Financial Officer Subject: Summary of August 2017 Monthly Financial Statements YEAR TO DATE PAYROLL COSTS EXCLUDING TRS – FUND 199 The year to date payroll costs for the General Fund are slightly less than the amount budgeted at August 31, 2017. Actual payroll costs in the General Fund excluding TRS On-behalf payments are $11,246,382 compared to $11,440,323 at August 31, 2016. SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE General Fund (199) Revenues are consistent with the prior year and budget expectations. As of the end of August, 17% of the year has passed. Expenditures in all functions except one represent 17% or less of the budget. Function 53 – Data Processing Services expenditures represent 22% of the budget. Function 53 expenditures are slightly higher at the start of the year due to the timing of payments for software license and maintenance agreements.
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Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun/Adj Budget By Month $5.09 $7.00 $25.86 $25.88 $25.89 $26.41 $25.51 $25.70 $25.46 $25.61 $25.56 $28.35 Actual By Month $4.50 $6.75 Cumulative Budget $5.09 $12.09 $37.95 $63.84 $89.73 $116.15 $141.65 $167.36 $192.81 $218.42 $243.98 $272.33 Cumulative Actual $4.50 $11.25 $- $50.00 $100.00 $150.00 $200.00 $250.00 $300.00
In Millions
FY 2018 General Fund Payroll Analysis Excluding TRS On-behalf
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RICHARDSON ISD SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET TO ACTUAL GENERAL FUND (199) UNAUDITED % of year passed - 17% Aug-17 Aug-17 Percent of Actual Aug-16 Aug-16 Percent of Actual DESCRIPTION Budget Actual to Budget Budget Actual to Budget REVENUES 5711 Taxes Current Year Levy 209,336,784.00 $ 338.29 $ 0% 187,123,277.00 $
0% 5712 Taxes Prior Years 1,000,000.00 829,786.29 83% 1,000,000.00 699,457.12 70% 5719 Penalties Interest and Other Tax Revenues 900,000.00 200,908.54 22% 900,000.00 136,898.57 15% 5739 Tuition and Fees 5,237,381.00 292,239.99 6% 5,467,571.00 313,964.83 6% 5742 Earnings from Temporary Deposits and Investments 300,000.00 180,820.71 60% 575,000.00 60,336.26 10% 5743 Rent 1,600,000.00 320,908.49 20% 1,846,000.00 262,692.00 14% 5744 Revenue from Foundations, Other Non-Profit Organizations Gifts and Bequests
100% 20,000.00 294.00 1% 5745 Insurance Recovery 10,000.00
5746 Tax Increment Fund
100%
5749 Other Revenues from Local Sources 225,000.00 (8,431.68)
300,000.00 (139,439.83)
5752 Athletic Activities 600,000.00 35,886.50 6% 510,000.00 23,736.00 5% 5754 Quasi External Interfund Transactions
100%
100% 5759 Cocurricular Enterprising Services or Activities 60,000.00
80,000.00
5811 Per Capita Apportionment 7,334,318.00
9,321,482.00 740,444.00 8% 5812 Foundation School Program Act Entitlements 67,880,206.00 224,355.00 0% 77,205,615.00
5829 State Program Revenues Distributed by Texas Education Agency
100%
5831 Teacher Retirement TRS Care On-Behalf Payments 16,236,456.00
15,457,168.00
5929 Federal Revenues Distributed by Texas Education Agency 1,565,000.00 1,059.24 0% 1,065,000.00 1,089.59 0% 5931 School Health and Related Services (SHARS) 2,500,000.00
2,208,315.00
5939 Federal Revenues Distributed by State of Texas Government Agencies (Other than Texas Education Agency) 135,000.00 18,920.69 14%
100% TOTAL REVENUES 314,910,145.00 2,104,862.82 303,089,428.00 2,127,483.06
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RICHARDSON ISD SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET TO ACTUAL GENERAL FUND (199) UNAUDITED % of year passed - 17% Aug-17 Aug-17 Percent of Actual Aug-16 Aug-16 Percent of Actual DESCRIPTION Budget Actual to Budget Budget Actual to Budget EXPENDITURES 11 Instruction 204,897,308.73 3,727,342.94 2% 195,953,141.84 3,874,250.66 2% 12 Instructional Resources and Media Services 5,559,232.73 308,746.07 6% 5,489,634.20 223,749.63 4% 13 Curriculum Development and Instructional Staff Development 5,085,520.33 476,374.50 9% 4,419,475.86 411,499.96 9% 21 Instructional Leadership 5,501,522.30 731,666.98 13% 4,782,447.81 648,801.75 14% 23 School Leadership 22,568,015.61 1,938,281.11 9% 21,427,906.58 1,839,440.01 9% 31 Guidance, Counseling and Evaluation Services 15,358,810.88 756,600.83 5% 14,308,360.64 796,428.22 6% 32 Social Work Services 1,169,324.22 175,684.61 15% 918,388.28 153,260.96 17% 33 Health Services 4,452,616.53 117,208.66 3% 4,317,653.62 138,142.28 3% 34 Student (Pupil) Transportation 6,552,890.00 46,690.36 1% 5,071,853.00 39,031.60 1% 35 Food Service
100% 36 Cocurricular/Extracurricular Activities 6,845,572.29 500,951.58 7% 6,621,931.13 767,582.96 12% 41 General Administration 8,603,331.25 1,274,886.20 15% 7,929,848.94 1,071,064.34 14% 51 Plant Maintenance and Operations 26,892,694.07 3,048,706.35 11% 25,077,629.85 2,901,259.85 12% 52 Security and Monitoring Services 1,653,164.91 67,508.54 4% 1,600,638.00 139,443.28 9% 53 Data Processing Services 5,494,380.56 1,235,268.66 22% 5,352,472.04 1,233,143.61 23% 61 Community Services 197,776.00 21,739.96 11% 193,148.00 20,708.63 11% 71 Debt Service 13,395.00
13,395.00
95 Payments to Juvenile Justice Alternative Education Programs 50,000.00 3,000.00 6% 50,000.00 3,000.00 6% 99 Other Intergovernmental Charges 1,008,172.00
941,106.00
TOTAL EXPENDITURES 321,903,727.41 14,430,657.35 304,469,030.79 14,261,008.97 EXCESS (DEFICIENCY) REVENUES OVER (UNDER) EXPENDITURES (6,993,582.41) (12,325,794.53) (1,379,602.79) (12,133,525.91) OTHER FINANCING SOURCES (USES) 8911 Transfers Out (1,000,000.00) (1,000,000.00) 100%
100% TOTAL OTHER FINANCING SOURCES (USES) (1,000,000.00) (1,000,000.00)
NET CHANGE IN FUND BALANCE (7,993,582.41) (13,325,794.53) (1,379,602.79) (13,133,525.91) FUND BALANCE JULY 1 (BEGINNING) 101,595,831.00 101,595,831.00 91,733,360.00 91,733,360.00 FUND BALANCE AUG 31 93,602,248.59 $ 88,270,036.47 $ 90,353,757.21 $ 78,599,834.09 $
Transportation Monitoring
Enrollment Attendance Revenue Expenditures
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January to May – Meet with Action Plan Team(s), Superintendent’s Advisory Council, Board of Trustees Budget Sub-committee, and Board of Trustees
January – Receive results of salary study
January 26, 2018 – Send out budget worksheets and special request forms to campuses and departments
February 16, 2018 – Budget worksheets and special request forms returned to Finance
February 23, 2018 – Budget worksheets and special request forms sent to appropriate SAC members for review
April 30, 2018 – Last day to receive estimated certified value from Dallas County Appraisal District
May 7, 2018 – Budget Presentation
May 24, 2018 – Publish notice of hearing to adopt budget and tax rate (no less than 10 and no more than 30 days prior to hearing)
June 4, 2018 – Conduct public hearing on budget and tax rate, and adopt budget
July 25, 2018 – Last day to receive certified value from Dallas County Appraisal District
July 29, 2018 – Publish notice of hearing on tax rate (no less than 10 and no more than 30 days prior to hearing) if necessary
August 8, 2018 – Adopt tax rate and order tax ratification election
October 1, 2018 – Mail tax bills with adopted rate, revised bills mailed in November if necessary
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Merge budget and strategic plan Demographic Study Salary study Staffing Transportation
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2017-18
Monitor enrollment and attendance Monitor expenditures New financial statements for the Board Review positions as vacancies occur
2018-19
Demographic Study Strategic Plan Budget
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