QUARTERLY FINANCIAL REPORT FY 2018/2019 Quarter Ended June 30, 2019 - - PowerPoint PPT Presentation

PRESENTED BY: KATHLEEN ASKELSON, CHIEF FINANCIAL OFFICER STEPHANIE CORBO, DIRECTOR OF FINANCE

FY 2018/2019 Quarter Ended June 30, 2019

QUARTERLY FINANCIAL REPORT

Cash Funds Overview – 15 Funds (includes Charters) Funds Status – Monitored and Observed

 Food & Nutrition Services  Building Fund  Central Service

Funds Detail – Operating per Plan On the Radar

HIGHLIGHTS

• Received resolution to spend

down additional fund balance

• Capital Reserve
• Debt Service
• Property Management
• Insurance Reserve
• Information Technology
• Food & Nutrition Services

Fund

• Campus Activity
• Child Care
• Employee Benefits
• Received Supplemental

Appropriation

• General Fund
• Debt Service Fund
• Capital Reserve Fund
• Building Fund
• Property Management
• Campus Activity
• Grants
• Employee Benefits
• Child Care Fund

SUPPLEMENTAL BUDGET APPROPRIATION & FUND BALANCE RESOLUTIONS

Fiscal Year 2019

Includes supplemental appropriation’s thru 6/30/19

TOTAL BUDGET BY FUND TYPE REVENUE EXPENDITURES

General Fund 74%

Debt Service 4% Capital Reserve 3% Special Revenue 12% Enterprise 2% Internal Service 5%

General Fund 72%

Debt Service 5% Capital Reserve 4% Special Revenue 12% Enterprise 2% Internal Service 5%

Total Budget $1,083,826,374

$224 $214 $187 $181 $145 $107 $85 $53 $175 $144 $216 $301

Jul 2018 Actual Aug 2018 Actual Sept 2018 Actual Oct 2018 Actual Nov 2018 Actual Dec 2018 Actual Jan 2019 Actual Feb 2019 Actual Mar 2019 Actual Apr 2019 Actual May 2019 Actual Jun 2019 Actual

Ending Cash Balances: July 2018 through June 2019 As of June 30, 2019

IN MILLIONS OPERATING CASH RESTRICTED RESERVES Capital TABOR District & Board Prior Year Cash

CASH MANAGEMENT

PAGES 1–3

• Cash balances were sufficient to cover operations through March
• No line of credit was needed
• Final property tax receipts were collected in June

FUNDS OVERVIEW

OPERATING PER PLAN MONITORED OBSERVED

General Fund Food Services None Debt Service Central Services Capital Reserve Building Fund Grants Transportation Campus Activity Employee Benefits Insurance Reserve Technology Child Care Property Management All Charters

FUNDS – MONITORED/OBSERVED

• Building Fund
• Net Proceeds for Projects $375 million
• Earned Interest of $4.7 million
• Expended $44.9 million this year
• $19.8 million for charters schools of which

$13.5 million repaid debt obligations for 4 schools

• $7 million on new site for North Transportation that was
• riginally planned to be completed in FY20, this economically

priced site became available late spring and pushed us $5 million higher than budget creating a yellow flag for plan variance

• Remainder on district-wide and school-level projects

BUILDING FUND

PAGES 13–16 (OTHER GOVERNMENTAL FUNDS)

FOOD & NUTRITION SERVICES FUNDS – MONITORED/OBSERVED

Special Revenue Fund (Page 20)

• Unplanned school

closures and less serving days contributed to lower revenue

• Decline in daily federal

reimbursable meals

• Increases in

compensation vs prior year (PY)

• Flagged for greater

spend down of reserves than planned

• Adequate fund balance

$25.3 $25.6 $23.5 $24.1

REVENUE EXPENSES

MILLIONS

Current Prior Current Prior

Budget Budget

$3.5 $3.5 $3.4 $3.5

REVENUE EXPENSES

MILLIONS

• Central Services
• Revenue ↓ due to

decrease in copier program volume from new PaperCut system.

• Expenditures ↑due

compensation increases and purchase of card readers for new PaperCut Print Management system.

• Flag for unplanned

spend down of reserves/lower revenue.

• Adequate Reserves

CENTRAL SERVICE FUND

PAGES 26–30 (INTERNAL SERVICE FUNDS)

Budget Budget

Current Prior Current Prior

FUNDS – OPERATING PER PLAN

GENERAL FUND

PAGES 4–12

$755.6 $748.8 $768.9 $745.8

REVENUE EXPENSES

MILLIONS

Budget Budget

Current Prior Current Prior

• Net gain ↑ than plan
• Revenue is ↑ due to

higher state funding, SOT and 5A Mill Levy

• 5A balance $11.6M
• Expense is ↑ due to

compensation costs, instructional costs for 6th grade transition, 1:1 device and Free Horizon (FHM) transition into the fund.

• Fund Balance $141M

• Revenue increased with the collection of property taxes and

interest revenue for better than planned yields.

• General obligation (GO) interest payments
• Occurred in June including first payment for 2018 GO Series
• Next principal and interest payments occur in December
• 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)

$25.5 $47.1 $26.4 $41.2

REVENUE EXPENSES

MILLIONS

• Revenue/Transfers is ↓

due to middle school additions transfer in prior year

• Expenses/Other

financing sources ended at 92 percent

• f budget. Additions to

MS, payments for work completed prior year, and purchase of 581 Conference Place (FHM).

• Supplemental budget

appropriation was needed for Free Horizon Building.

CAPITAL RESERVE – CAPITAL PROJECTS

PAGES 13–16 (OTHER GOVERNMENTAL FUNDS CONT’D)

Budget

Current Prior Current Prior

Budget

$43.0 $43.5 $43.2 $43.1

REVENUE EXPENSES

MILLIONS

• Revenue is ↑

across multiple grants driven by late awards and ↑annual compensation.

• Strategic shift in

IDEA/Medicaid to shift 70 teachers to IDEA and move 255 PARA’s off IDEA

• nto General Fund

to be claimed by Medicaid and EASI Grants drove increase.

• Page 17 provides grant

level detail for change.

GRANTS FUND

PAGES 17–22 (SPECIAL REVENUE FUNDS)

Budget Budget

Current Prior Current Prior

$29.3 $28.1 $27.7 $27.

REVENUE EXPENSES

MILLIONS

• Increased revenue

mostly due to:

• Free Horizon Montessori

School transition

• Technology device

fee’s/dues

• Athletic supplies
• Donations
• Expenditures are down

slightly based on the timing activities

• Less 1:1 device

purchases from this fund; coverage with 5A funds

CAMPUS ACTIVITY FUND

PAGES 17–22 (SPECIAL REVENUE FUNDS CONTINUED)

Budget Budget

Current Prior Current Prior

$26.9 $26.9 $26.8 $26.8

REVENUE EXPENSES

MILLIONS

 Revenue is higher than budget (timing) and↓ slightly lower to prior year mostly due to less:

 field trips  more external transportation  timing state revenue

• Expense is ↓in budget

mostly due to less buses purchased and higher than prior year due to compensation and fuel rate increases in this fund.

TRANSPORTATION FUND

PAGES 17–22 (SPECIAL REVENUE FUNDS CONTINUED)

Budget Budget

Current Prior Current Prior

$15.5 $16.0 $15.4 $15.8

REVENUE EXPENSES

MILLIONS

• Revenue ↑ for State

Colorado Preschool Program (CPP) per pupil increase, additional classrooms and programs, and Transition

• f Free Horizon (FHM)

before/after school program.

• Expense is ↑ for more

classrooms, programs, compensation, and FHM transition.

• Supplemental

appropriation for parity pay

CHILD CARE FUND

PAGES 23–25 (ENTERPRISE FUNDS)

Budget Budget

Current Prior Current Prior

$3.0 $3.0 $2.8 Budget $2.9

REVENUE EXPENSES

MILLIONS

• Increase in building

rental revenue and interest revenue

• Expense/Transfers ↓

due to less planned transfers out to General Fund

• Adequate fund balance

and planned spend down of reserves

• Adequate Fund

Balance $5,885,128

PROPERTY MANAGEMENT FUND

PAGES 23–25 (ENTERPRISE FUNDS CONTINUED)

Budget

Current Prior Current Prior

$5.6 $7.1 $6.1 $6.5

REVENUE EXPENSES

MILLIONS

 Vision and Dental plans  Revenue ↑due to increased participation  Expense is ↓ fewer retiree life benefit payouts  Planned spend down

• f reserves on self

insurance plans for vision and dental  Operated better than planned  Both programs have adequate reserves $11,224,088

EMPLOYEE BENEFITS FUND

PAGES 26–30 (INTERNAL SERVICE FUNDS CONTINUED)

Budget Budget

Current Prior Current Prior

$7.8 $15.3 $7.5 $12.7

REVENUE EXPENSES

MILLIONS

• Revenues are ↑

compared to prior year due to insurance recoveries mostly for hail damage. All recoveries received.

• Expense is ↑ due to

timing of payments for the hail storm; increase in premiums.

• Total assessed

damage ~$11.9 M (property & fleet)

• Claims and financial

impact are not always in same period

INSURANCE RESERVE FUND

PAGES 26–30 (INTERNAL SERVICE FUNDS CONTINUED)

Budget Budget

Current Prior Current Prior

$27.9 $29.5 $28.1 $27.8

REVENUE EXPENSES

MILLIONS

• Revenue is ↑ due to

receiving funds for Teacher Match, website support and increased compensation

• Spending is less than

plan and ↓ from prior year due to lower depreciation

• Projects: Bridge to

Curriculum, PeopleSoft recruiting, food service software, Jeffco Connect, expansion of Fiber Optic Network

TECHNOLOGY FUND

PAGES 26–30 (INTERNAL SERVICE FUNDS CONTINUED)

Budget Budget

Current Prior Current Prior

$101.4 $107.0 $100.7 $101.9

REVENUE EXPENSES

MILLIONS

CHARTER SCHOOLS FUNDS

• Pages 31-33
• 16 Charter Schools
• Charter Board

approved budgets provided by schools

• All ended Q4 with

positive cash balances

• Free Horizon is no

longer accounted for in Charters and converted to the District General Fund.

• Great Work removed

from yellow flag status

Budget Budget

Current Prior Current Prior

• Facilities

 Creighton, Ken Caryl and Summit Ridge Middle Schools

• Completed and open for FY 2019/2020
• Supports K-5, 6-8 transition

 District sold Hoyt St., Lakewood property $2.2M  Acquisition of 10 acre North transportation site  Bond projects include playground improvements (8); artificial turf and all weather fields (7HS, 1MS); all furnishings (2); and district-wide security and technology projects

• Budget

 2019/2020 budget adopted 6/6/19

• Included 1.5% COLA

 Board & JCEA reached agreement 8/17/19

• Additional 1% COLA = 2.5%
• $3M for longevity pay; eligible JCEA employees

ON THE RADAR

• Appendix B-2 through B-4

in 2019/2019 Adopted Budget  Funding Summary  General Increase Request Mill Levy (5A)

• Appendix C-4 through C-6

in Fourth Quarter Financial Report  Updated Funding Summary  General Increase Request Mill Levy (5A) – same as published in 2019/2020 Adopted Budget

MILL LEVY FUNDS 5A