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QUARTERLY FINANCIAL REPORT FY 2019/2020 Quarter Ended December 31, - - PowerPoint PPT Presentation
QUARTERLY FINANCIAL REPORT FY 2019/2020 Quarter Ended December 31, - - PowerPoint PPT Presentation
QUARTERLY FINANCIAL REPORT FY 2019/2020 Quarter Ended December 31, 2019 PRESENTED BY: KATHLEEN ASKELSON, CHIEF FINANCIAL OFFICER STEPHANIE CORBO, DIRECTOR OF FINANCE HIGHLIGHTS Cash Funds Overview 15 Funds (includes Charters)
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Fiscal Year 2020
Original Adopted Budget
TOTAL BUDGET BY FUND TYPE REVENUE EXPENDITURES
General Fund 73%
Debt Service 7% Capital Reserve 3% Special Revenue 11% Enterprise 2% Internal Service 4%
General Fund 65%
Debt Service 6% Capital Reserve 13% Special Revenue 10% Enterprise 2% Internal Service 4%
Total Budgeted Spend $1,246,054,036
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$267 $246 $235 $194 $159 $121 $98 $76 $192 $162 $236 $324
Jul 2019 Actual Aug 2019 Actual Sept 2019 Actual Oct 2019 Actual Nov 2019 Actual Dec 2019 Actual Jan 2020 Forecast Feb 2020 Forecast Mar 2020 Forecast Apr 2020 Forecast May 2020 Forecast Jun 2020 Forecast
Ending Cash Balances: July 2018 through June 2019 As of December 31, 2019
IN MILLIONS OPERATING CASH RESTRICTED RESERVES Capital TABOR District & Board Prior Year Cash
CASH MANAGEMENT
PAGES 1–3
- Cash balances are sufficient to cover operations through Spring.
- No line of credit or other resource is anticipated
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FUNDS OVERVIEW
OPERATING PER PLAN MONITORED OBSERVED
General Fund Food Services None Debt Service Central Services Building Fund Capital Reserve Grants Transportation Campus Activity Employee Benefits Insurance Reserve Technology Child Care Property Management All Charters
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FUNDS – MONITORED/OBSERVED
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FOOD & NUTRITION SERVICES FUNDS – MONITORED/OBSERVED
Special Revenue Fund (Page 19)
- Higher revenue from
meal price ↑ and 1 extra serving day vs prior year
- Increase in daily federal
reimbursable meals and a la carte sales
- Expenditures are ↑ in
compensation and slightly in purchased food.
- Flagged for monitoring
until self sustainable
- Adequate fund balance
$4,669,506
$24.8 $25.6 $12.7 $13.0
REVENUE EXPENSES
MILLIONS
Current Prior Current Prior
Budget Budget
SLIDE 8
$3.6 $3.7 $1.6 $2.
REVENUE EXPENSES
MILLIONS
- Revenue ↓ due to
decrease in copier program volume from new PaperCut system.
- Expenditures ↑ due to
- ne-time purchases
(copiers & new service agreement) compared to prior year and at 53% of budget.
- Planned spend down
- f reserves, flagged for
monitoring spend
- utside of plan.
- Adequate reserves
CENTRAL SERVICE FUND
PAGES 25–29 (INTERNAL SERVICE FUNDS)
Budget Budget
Current Prior Current Prior
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FUNDS – OPERATING PER PLAN
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GENERAL FUND
PAGES 4–12
$800.9 $805.5 $203. $387.4
REVENUE EXPENSES
MILLIONS
Budget Budget
Current Prior Current Prior
- Revenue is ↑ mostly
due to higher state funding and Exceptional Child Revenue.
- Expense is ↑ primarily
due to compensation costs including steps, lanes, quartile increase (avg 2.9%) additional 2.5% COLA, $3M for longevity pay, 2.67% increase (from 5A funding) and 0.25% employer paid PERA increase.
- Fund Balance $67.5M
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- General obligation (GO) interest payments
- Principal and interest payments occurred in December
- Property taxes will be collected in the spring and the next interest
payments are due in June 2020.
- General obligation debt in this fund:
- Refunding 2010
- Refunding 2012
- Remaining Series 2012 that is not refunded
- Refunding 2017
- Series 2018 Bonds
DEBT SERVICE FUND
PAGES 13–16 (OTHER GOVERNMENTAL FUNDS)
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$25.9 $16.5 $14.4 $14.0
REVENUE EXPENSES
MILLIONS
- Revenue/Transfers ↓
due to higher proceeds last year for 581 Conf. place and slightly
- ffset by the sale of
2001 Hoyt St. property this year.
- Expenses are at 85
percent of budget and ↓compared to prior year due to pay off of 581 debt.
- Fund is anticipated to
- perate within budget
CAPITAL RESERVE – CAPITAL PROJECTS
PAGES 13–16 (OTHER GOVERNMENTAL FUNDS CONT’D)
Budget
Current Prior Current Prior
Budget
SLIDE 13
$6.8 $146.6 $3.2 $36.2
REVENUE EXPENSES
MILLIONS
- Revenue is 47%
- f the $6.8M budget
- Expenses are 25% of
budget and operating per plan. Delays
- ccurred at the
beginning of the year due to weather and shifted the schedule back ~1-2 months. Year end projected spend ~$112M.
- Fund Balance
$303,483,061
BUILDING FUND– CAPITAL PROJECTS
PAGES 13–16 (OTHER GOVERNMENTAL FUNDS CONT’D)
Budget
Current Prior Current Prior
Budget
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BUILDING FUND
PAGES 13–16 (OTHER GOVERNMENTAL FUNDS)
Bond Proceeds $326.5M Bond Premium $50.2M Interest to Date $7.9M* Expenditures $81M* $326.9M* Actual Spend to Date 21.1 percent* Benchmark to Date 36.1 percent* Arbitrage Requirement is 85 percent Spend by December 2021
*Cumulative from issue date 12/2018; will update quarterly
$384.6M*— Total Bond Revenue as of Dec 31, 2019 REVENUES EXPENDITURES
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BUILDING FUND
PAGES 13–16 (OTHER GOVERNMENTAL FUNDS)
Bond Proceeds $326.5M Bond Premium $50.2M Interest Revenue to date $7.9M Expenditures since Issuance $81M
Revenue/Expenditures Since Issuance
- $384.6M Total Revenue since Issuance
- 21.1% spent since issuance
- Arbitrage requires to be 85% spent by December 2021
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$44.9 $44.9 $20.3 $15.7
REVENUE EXPENSES
MILLIONS
- Revenue is ↑ due to
$2M in new grants, state grants typically awarded at beginning
- f year, and higher
compensation reimbursements on existing grants.
- Expenditures are ↑
mostly due to compensation increases.
- Page 17 provides grant
level detail for change.
GRANTS FUND
PAGES 17–21 (SPECIAL REVENUE FUNDS)
Budget Budget
Current Prior Current Prior
SLIDE 17
$27.4 $27.4 $13.0 $12.1
REVENUE EXPENSES
MILLIONS
- Decreased revenue
and expenditures mostly due to less 1:1 device purchases from this fund; a large majority of the cost has shifted to the General Fund to be covered by 5A funds
- Student funded
activities revenue and expenditures can fluctuate based
- n timing of school
activities
CAMPUS ACTIVITY FUND
PAGES 17–22 (SPECIAL REVENUE FUNDS CONT’D)
Budget Budget
Current Prior Current Prior
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$27.6 $27.6 $17.4 $13.8
REVENUE EXPENSES
MILLIONS
Revenue is higher than prior year due to receiving a new Regional Air Quality grant for propane buses Expense operating per budget and ↑ compared to prior year due to purchasing 9 diesel buses. The spend for the grant will
- ccur later this school
year.
TRANSPORTATION FUND
PAGES 17–21 (SPECIAL REVENUE FUNDS CONT’D)
Budget Budget
Current Prior Current Prior
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$20.7 $20.8 $10.1 $8.6
REVENUE EXPENSES
MILLIONS
- Revenue is ↑ overall from
SAE tuition increase (6%). While State Colorado Preschool Program (CPP) per pupil funding increased,
- verall revenue is down
for lower enrollment.
- Expense is ↑ due to more
classrooms, programs, and compensation.
- General Fund Transfer
$2,080,910 to date to cover licenses for teachers, compensation and growth of Pre-k program from 5A.
CHILD CARE FUND
PAGES 23–25 (ENTERPRISE FUNDS)
Budget Budget
Current Prior Current Prior
SLIDE 20
$2.9 $3.0 $1.3 $1.6
REVENUE EXPENSES
MILLIONS
- Revenue and
expenditures are ↓ compared to prior year from 4 high schools each losing one renter.
- Lost 2 church renters,
external drum
- rganization and field
use at one school under construction.
- Overall total hours
booked for space is up with a shift into non billable.
PROPERTY MANAGEMENT FUND
PAGES 22–24 (ENTERPRISE FUNDS CONT’D)
Budget
Current Prior Current Prior
Budget
SLIDE 21
$6.3 $8.0 $3.1 $3.7
REVENUE EXPENSES
MILLIONS
Vision and Dental plans Revenue remains ↑ increased participation and premium increase with added services Expense is 46 percent of budget and higher than prior year due to claim losses Planned spend down
- f reserves on self
insurance plans for vision and dental Both programs have adequate reserves
EMPLOYEE BENEFITS FUND
PAGES 25–29 (INTERNAL SERVICE FUNDS CONT’D)
Budget Budget
Current Prior Current Prior
SLIDE 22
$7.6 $11.1 $3.8 $4.6
REVENUE EXPENSES
MILLIONS
- Revenue and
expenditures are ↓ compared to prior year due to insurance recoveries received in prior year mostly for hail damage.
- Total expense is ↓ due
to prior year hail claims, while premiums are up and will remain up. Expected Increase in WC & auto claims from early storms.
- Claims and financial
impact are not always in same period
INSURANCE RESERVE FUND
PAGES 25–29 (INTERNAL SERVICE FUNDS CONT’D)
Budget Budget
Current Prior Current Prior
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$28.8 $31.4 $15.0 $13.4
REVENUE EXPENSES
MILLIONS
- Revenue is ↑ due to
receiving new E-Rate funds for infrastructure rebate.
- Expense is ↓ over
prior year due to less contracted services this year that was slightly offset by compensation increases.
- Adequate Fund
Balance $13,380,788
TECHNOLOGY FUND
PAGES 25–29 (INTERNAL SERVICE FUNDS CONT’D)
Budget Budget
Current Prior Current Prior
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$91.7 $94.3 $52.1 $47.6
REVENUE EXPENSES
MILLIONS
CHARTER SCHOOLS FUNDS
PAGES 30-32
- All ended with positive
cash balances
- New America used 5B
bond proceeds to purchase building
- Jefferson Academy
entered into additional $6M revenue bonds for campus expansion.
- RMDS daily tuition rate
approval delayed until February by CDE. They do not bill other districts until after the rate is approved.
Budget Budget
Current Prior Current Prior
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- Facilities
Design work:
HS: Alameda, Columbine, Green Mtn, Conifer, Jefferson Warren Tech South MS: Bell, Manning, Wayne Carle ES: Lumburg
Artificial turf/tracks completed: Arvada, Chatfield, Dakota Ridge, Evergreen, Lakewood, and Ralston Valley high schools; West Jeff MS. Conifer has been delayed due to weather. Improvements to 16 ES and Trailblazer; 13 ES scheduled to receive new furnishings in 2020.
- Budget