First Interim Budget Report Vineland School District ( December 15, 2014 ) Dr. Matthew W . Ross Superintendent Griselda Aceves Supervisor of Business Services
PURPOSE California Education Code Section 42130 requires all public school districts to annually file at least two interim financial reports with their local county superintendent of schools and the California Department of Education. The First Interim Budget Report covers the financial and budgetary status of each school district for the period July 1, 2013 to October 31, 2013. Interim reports serve as “snapshots” of the district’s financial condition at a particular point in time. Multiyear budgets are highly dependent upon projected state funding, which in - turn is dependent upon the health of the state economy and sufficient collection of property, income and sales taxes. As a result, interim budget reports are anchored on projections provided by the county and state as well as local expenditure decisions. The Governing Board of each district must certify whether their budget is able to meet their financial obligations for the remainder of the current fiscal year and two subsequent years. Certifications are positive, qualified, or negative. A positive certification means the district will be able to meet its financial obligations for the current year and two subsequent years. Qualified certification means the district may not meet its financial obligations, while negative certification indicates the district will not meet its fiscal obligations. First Interim Budget Report ( 2014 - 2015 ) 2
DISCLAIMER The following is based on the most recent fiscal information and is subject to change. Any changes will be recast in the Second Interim Budget Report in March. First Interim Budget Report ( 2014 - 2015 ) 3
TOPICS • Apportionment Summary • Budget Assumptions (Revenues) • Cash Flow Summary • Budget Assumptions (Expenditures) • Summary of All Funds • Contributions to Restricted Programs • Multi-Year Projection • Fiscal Health Risk Analysis • Budget Challenges • Certification Recommendation First Interim Budget Report ( 2014 - 2015 ) 4
BUDGET PROCESS and TIMELINES Budget Adoption Audited Actual • Public Hearing- No later than June 30 • Prior year financial reports • Adoption- No later than June 30 • Certification- No later than December 15 • Public Hearing- No later than 45 days of the Governor signing the Budget Act (August) if the District makes First Interim Budget Report any revisions to the budget revenues and expenditures • Period covered: July 1- October 31 • Certification- No later than December 15 Unaudited Actual • Prior year financial reports Second Interim Budget Report • Adoption- No later than September 15 • Period covered: July 1- January 31 • Certification- No later than March 15 Appropriations Limit (Gann Limit) • Adoption- No later than September 30 First Interim Budget Report ( 2014 - 2015 ) 5
Cash Flow Summary
CASH FLOW SUMMARY Jul Aug Sep Oct Nov Dec Jan Beginning Cash $469,682 $1,285,514 $1,313,906 $1,568,057 $1,566,445 $1,197,224 $1,504,411 Receipts $1,360,575 $436,408 $904,054 $548,873 $537,705 $877,392 $449,312 Disbursements $544,743 $408,016 $649,903 $550,485 $906,926 $570,205 $512,391 Net Cash Flow $815,832 $28,392 $254,151 ($1,612) ($369,221) $307,187 ($63,079) Ending Cash $1,285,514 $1,313,906 $1,568,057 $1,566,445 $1,197,224 $1,504,411 $1,441,332 Feb Mar Apr May Jun Accruals Total Beginning Cash $1,441,332 $868,133 $1,108,034 $987,092 $798,468 $1,042,450 $469,682 Receipts $438,620 $817,737 $530,587 $277,426 $1,554,440 $0 $8,733,129 Disbursements $1,011,819 $577,836 $651,529 $466,050 $1,310,458 $0 $8,160,361 Net Cash Flow ($573,199) $239,901 ($120,942) ($188,624) $243,982 $0 $572,768 Ending Cash $868,133 $1,108,034 $987,092 $798,468 $1,042,450 $1,042,450 $1,042,450 Note 1: Actual (July-October) Note 2: Projected (November-June) First Interim Budget Report ( 2014 - 2015 ) 7
Summary of All Funds
SUMMARY OF ALL FUNDS Projected Projected Projected Beginning Revenues/ Expenditures/ Ending Fund Fund Balance Transfers In Transfers Out Balance General Fund $735,162 $7,588,628 $7,896,188 $427,602 $427,602 Fund 01- Unrestricted Fund $407,165 $5,798,837 $5,778,401 $0 Fund 01- Restricted Fund $327,996 $1,789,791 $2,117,787 Capital Funds $1,930,009 $0 $250,000 $1,680,009 $0 $250,000 $160,961 Fund 14 – Deferred Maintenance Fund $410,961 $0 $0 $1,445,560 Fund 21 - Building Fund $1,445,560 $0 $0 $27,408 Fund 25 – Capital Facilities Fund $27,408 $0 $0 $14,752 Fund 35 - County School Facilities Fund $14,752 $0 $0 $31,328 Fund 40 – Special Reserve Fund for Capital Outlay $31,328 Other Funds $1,159,920 $579,065 $677,930 $1,061,055 $661,421 Fund 13 – Cafeteria Fund $661,421 $579,065 $579,065 $0 $0 $315,000 Fund 17- Special Reserve Fund for Other Than Capital Outlay Projects $315,000 $0 $98,865 $84,634 Fund 20 - Special Reserve Fund for Post Employment Benefits $183,499 $0 $0 $0 Fund 77 - Impounds $0 Total Funds $3,825,091 $8,167,693 $8,824,118 $3,168,666 First Interim Budget Report ( 2014 - 2015 ) 9
Multi - Y ear Projection ( Ending Fund Balance )
MULTI - YEAR PROJECTION ( Ending Fund Balance ) Approved Projected Projected Unrestricted/Restricted Funds Adopted Projected Year Operating Budget Budget (Fund 01) Budget Totals Budget (Year 2) (Year 3) Beginning Fund Balance $796,516 $796,516 $735,162 $427,601 $427,601 Audit Adjustments $0 $0 $0 $0 $0 Other Restatements $0 $0 $0 $0 $0 Adjusted Beginning Fund Balance $796,516 $796,516 $735,162 $427,601 $427,601 Revenue/Other Financing Sources $7,540,519 $7,540,519 $7,588,628 $7,963,396 $8,438,905 Expenditures/Other Outgo $7,377,723 $7,377,723 $7,629,699 $7,750,896 $8,099,840 Surplus/Deficit $162,796 $162,796 ($41,071) $212,500 $339,065 $0 ($430,888) ($266,488) ($212,501) ($339,065) Other Financing Sources/Uses Interfund Transfer $0 ($430,888) ($266,488) ($212,501) ($339,065) Other Sources/Uses $0 $0 $0 $0 $0 Contributions $0 $0 $0 $0 $0 Increase/Decrease in Fund Balance $162,796 ($268,092) ($307,559) $0 $0 Ending Fund Balance $959,312 $528,424 $427,603 $427,600 $427,601 First Interim Budget Report ( 2014 - 2015 ) 11
MULTI - YEAR PROJECTION ( Components of the Ending Fund Balance ) Approved Projected Projected Unrestricted/Restricted Funds Adopted Projected Year Operating Budget Budget (Fund 01) Budget Totals Budget (Year 2) (Year 3) $2,000 $2,000 $2,000 $2,000 $2,000 Non-spendable Fund Balance $83,683 $83,683 $0 $0 $0 Restricted Fund Balance $0 $0 $0 $0 $0 Committed Fund Balance $0 $0 $0 $0 $0 Stabilization Arrangements $0 $0 $0 $0 $0 Other Commitments $0 $0 $109,754 $107,066 $88,046 Assigned Fund Balance Unassigned Fund Balance $503,716 $503,755 $315,848 $318,536 $337,556 $503,716 $503,755 $315,848 $318,536 $337,556 Reserve for Economic Uncertainties $0 $0 $0 $0 $0 Unassigned/Unappropriated First Interim Budget Report ( 2014 - 2015 ) 12
MULTI - YEAR PROJECTION ( Ending Fund Balance ) Approved Projected Projected Unrestricted Funds Adopted Projected Year Operating Budget Budget (Fund 01) Budget Totals Budget (Year 2) (Year 3) $407,165 Beginning Fund Balance $407,165 $407,165 $427,602 $427,602 Audit Adjustments $0 $0 $0 $0 $0 Other Restatements $0 $0 $0 $0 $0 Adjusted Beginning Fund Balance $407,165 $407,165 $407,165 $427,602 $427,602 Revenue/Other Financing Sources $6,140,996 $6,140,996 $6,197,276 $6,565,698 $7,034,869 Expenditures/Other Outgo $5,077,869 $5,077,869 $5,511,912 $5,954,758 $6,297,364 Surplus/Deficit $1,063,128 $1,063,128 $685,364 $610,940 $737,504 Other Financing Sources ($594,662) ($1,025,550) ($664,928) ($610,940) ($737,504) Interfund Transfer $0 ($430,888) ($266,488) ($212,501) ($339,065) Other Sources/Uses $0 $0 $0 $0 $0 Contributions ($594,662) ($594,662) ($398,439) ($398,439) ($398,439) Increase/Decrease in Fund Balance $468,466 $37,578 $20,436 $0 $0 Ending Fund Balance $875,631 $444,743 $427,602 $427,602 $427,602 First Interim Budget Report ( 2014 - 2015 ) 13
MULTI - YEAR PROJECTION ( Ending Fund Balance ) Approved Projected Projected Restricted Funds Adopted Projected Year Operating Budget Budget (Fund 01) Budget Totals Budget (Year 2) (Year 3) $389,351 $389,351 $327,996 Beginning Fund Balance $0 $0 Audit Adjustments $0 $0 $0 $0 $0 Other Restatements $0 $0 $0 $0 $0 Adjusted Beginning Fund Balance $389,351 $389,351 $327,996 $0 $0 $1,391,351 Revenue/Other Financing Sources $1,399,523 $1,399,523 $1,397,698 $1,404,037 $2,117,787 Expenditures/Other Outgo $2,299,854 $2,299,854 $1,796,138 $1,802,476 Surplus/Deficit ($900,331) ($900,331) ($726,436) ($398,439) ($398,439) Other Financing Sources $594,662 $594,662 $398,439 $398,439 $398,439 Interfund Transfer $0 $0 $0 $0 $0 Other Sources/Uses $0 $0 $0 $0 $0 Contributions $594,662 $594,662 $398,439 $398,439 $398,439 Increase/Decrease in Fund Balance ($305,669) ($305,669) ($327,997) $0 $0 Ending Fund Balance $83,682 $83,682 $0 $0 $0 First Interim Budget Report ( 2014 - 2015 ) 14
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