2019-20 first interim report€¦ · 2019-20 first interim report martha corona director, fiscal...
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2019-20 FIRST INTERIM REPORT
Martha Corona
Director, Fiscal Services
November 19, 2019
PURPOSE OF INTERIM REPORTS
➢Required by Education Code
➢Provide an update to the governing board of the status of the district’s revenues and expenditures with the most updated information since budget adoption
➢To certify to Ventura County Office of Education that the district is able to meet the state required reserve level for the current and two subsequent years
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GENERAL FUND REVENUES
LCFF $40,083,689
Federal Revenue $3,003,016
Other State Revenue $4,264,610
Other Local Revenue $2,533,691
Total Revenue $49,885,006
LOCAL CONTROL FUNDING FORMULA COMPONENTS
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Our unduplicated pupil count is 78.32%
Supplemental Funding is an additional
20%
Percentage above the 55% threshold
(78.32 - 55) = 23.32%
Concentration Funding is an additional
50%
Component Totals Target Amounts
Base Grant $29,935,286
Grade Span Adjustments $1,171,061 (K3) & (9-12)
Supplemental $4,872,498
Concentration $3,627,000
Transportation $477,844
2019/20 LCFF
Entitlement$40,083,689
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GENERAL FUND EXPENDITURES
Salary and Benefit Expenditures =
$41.1M or 78.4%
General Fund Expenditures Amount
Certificated Salaries $18,522,171
Classified Salaries $7,769,101
Employee Benefits $14,852,418
Books and Supplies $2,810,387
Services, Operating Expenses $6,725,095
Capital Outlay $684,735
Other Outgo/Transfers Out $657,177
Total $52,021,084
GENERAL FUND REVENUE COMPARISONBUDGET- 45 DAY UPDATE TO FIRST INTERIM
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Budget- 45 Day Update 19/20 First Interim DifferenceREVENUES
LCFF $40,140,576 $40,083,689 ($56,887)
Federal Revenues $3,013,175 $3,003,016 ($10,159)
State Revenues $3,080,080 $4,264,610 $1,184,530
Local Revenues $2,201,540 $2,533,691 $332,151
TOTAL REVENUES $48,435,371 $49,885,006 $1,449,635
GENERAL FUND REVENUE COMPARISON DETAIL
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LCFF Revenues
Decrease in Unduplicated Pupil
Count percentage $ (56,887)
$ (56,887)
State RevenuesSTRS on Behalf Pension
Contribution 1,118,793$
CTEIG/CTE/ROP/SWP 63,500$
Other 2,237$
1,184,530$
Local Revenues
Donations 42,665$
Lease/Rent & Other 52,044$
Workers Compensation
dividend distribution 237,442$
332,151$
GENERAL FUND EXPENDITURE COMPARISON
BUDGET- 45 DAY UPDATE TO FIRST INTERIM
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Description
Budget- 45 Day
Update 19/20 First Interim DifferenceEXPENDITURES
Certificated Salaries $18,332,152 $18,522,171 $190,019
Classified Salaries $7,385,499 $7,769,101 $383,602
Employee Benefits $13,225,871 $14,852,418 $1,626,547
Books and Supplies $1,835,188 $2,810,387 $975,199
Service and Operating Expense $6,390,270 $6,725,095 $334,825
Capital Outlay $381,448 $684,735 $303,287
Other Outgo/Transfers Out $539,094 $657,177 $118,083
TOTAL EXPENDITURES $48,089,522 $52,021,084 $3,931,562
GENERAL FUND EXPENDITURE COMPARISON DETAIL
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Books and SuppliesRestricted 114,619$
Unrestricted Site Allocation Carryforward 161,163$
Technology (carryover 1x mandated costs) 81,875$ LCAP Technology budget (carryover- computers for elementary students) 343,967$
Donation Accounts 147,405$
CTE/ROP/CTEIG/SWP 60,995$
Lottery 45,000$
Other 20,175$
Total Books and Supplies 975,199$
Employee Salaries
Certificated Management- 3%
retroactive payment and increase 138,283$
Other- New positions, Hourly &
Vacancies not filled 51,736$
Total Certificated 190,019$
Classified, Confidential and Classified
Management- 3% retroactive payment
and increase 382,245$
Other- Classified new/changes
positions, hourly 1,357$
Total Classified 383,602$
Employee Benefits
STRS on Behalf Pension Contribution 1,118,793$
Health & Welfare 426,450$
Statutory Benefits 81,304$
Total Employee Benefits 1,626,547$
GENERAL FUND EXPENDITURE COMPARISON
DETAIL
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Service and Operating ExpenseTravel/Services- Federal programs 69,505$
Liability Property insurance 66,220$
Special Education contracts 37,000$
College Readiness contracts 19,000$
Farm Fertilizing 37,000$
Utilities, Communications, Dues &
Memberships 44,600$
Technology Contracts 61,500$
Total Service and Operating Exp. 334,825$
Capital OutlayTechnology (carryover LCAP technology budget) 216,033$
Equipment- playground
equipment, site improvements 87,254$
Total Capital Outlay 303,287$
Other Outgo/Transfers OutFund 120- Preschool Contribution3% Retroactive payment and salary
increase 44,281$
Health and Welfare increase 73,802$
Total Other Outgo/Transfers Out 118,083$
COMPONENTS OF ENDING FUND BALANCE: GENERAL FUND
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Beginning Fund Balance $7,304,173
Revenues $49,885,006
Expenditures $52,021,084
Ending Fund Balance $5,168,095
Components of Ending Fund Balance:
Restricted & Assigned $3,458,003Restricted - $697,160; Other Post Employment Benefits -
$275,000; Board Reserve - $2,080,843, TK-5 ELA Adoption -
$405,000
Designated for Economic Uncertainties $1,560,633
(3% of Expenditures and Transfers Out)
Undesignated Ending Fund Balance $149,459
MULTI-YEAR PROJECTION ASSUMPTIONS
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The budget is often referred to as a “living document ” which must be revised whenever
conditions/assumptions change. We reflect those changes in the 1st & 2nd Interim Financial Reports.
2019-20 2020-21 2021-22
LCFF:
COLA 3.26% 3.00% 2.80%
Gap Funding Rate 100.00%
Gap Funding Amount
ADA 3,613.14 3,613.14 3,613.14
Staffing:
Certificated Step & Column 1.50% 1.50% 1.50%
FUTA Salary Cost 209,533$ 212,676$ 215,866$
Classified Step 1.00% 1.00% 1.00%
CSEA Salary Cost 61,014$ 61,624$ 62,240$
MULTI-YEAR PROJECTION ASSUMPTIONS (CONTINUED)
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2019-20 2020-21 2021-22
H&W Increase
Certificated - 1.6%
Classified /
Confidential /
Management - 14.4%
0.00% 0.00%
STRS Increase - Employer
Contribution Rate 17.10% 18.40% 18.10%
Increase in Rate 5.04% 7.60% -1.63%
Estimated Cost 2,767,633$ 3,053,938$ 3,023,489$
Increase in Cost 132,169$ 286,305$ (30,449)$
PERS Increase - Employer
Contribution Rate 19.72% 22.70% 24.60%
Increase in Rate 9.18% 15.11% 8.37%
Estimated Cost 1,618,378$ 1,820,797$ 1,994,377$
Increase in Cost 245,993$ 202,419$ 173,580$
MULTI-YEAR PROJECTION ASSUMPTIONS (CONTINUED)
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2019-20 2020-21 2021-22
Budget Reductions
Staffing: Classified, Confidential
and Management
3% Retroactive Payment (425,102)$
Books, Supplies & Equipment:
One-Time Technology budget for
Instructional materials (fully
expend in 19-20) (20,764)$
One-Time Technology budget for
equipment (fully expend in 19-20) (405,078)$
Unrestricted Carryover Funds (145,673)$
Capital Outlay
One-Time Technology budget
(fully expend in 19-20) (216,033)$
Transfers Out
Fund 120- Preschool Program
contribution
3% Retroactive Payment for Staff (44,281)$
MULTI-YEAR PROJECTION
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FY 19/20 FY 20/21 FY 21/22
Beginning Fund Balance $7,304,173 $5,168,095 $5,306,012
Revenue $49,885,006 $50,443,850 $51,622,971
Expense $52,021,084 $50,305,933 $50,778,796
Ending Fund Balance $5,168,095 $5,306,012 $6,150,187
Less Restricted & Assigned $3,458,003 $3,722,029 $4,430,735.00(Assigned: Other Post Employment Benefits, TK-5 ELA Adoption, Board Reserve 19/20- 4%, 20/21- 5%, 21/22- 7%)
Less Designations $1,560,633 $1,509,178 $1,523,364(3% Reserve Requirement)
Undesignated Balance $149,459 $74,805 $196,088
BUDGET CERTIFICATION
FUSD is requesting a Positive Budget Certification.
This means that based on current projections the district will meet its financial obligations for the current fiscal year and two subsequent fiscal years.
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NEXT STEPS IN THE BUDGET PROCESS
December Submit 2019-20 1st Interim Report to VCOE
Submit 2018-19 Audit Report to State Controller’s Office
January Governor’s Budget Proposal
Audit Presentation
May Governor’s May Revise
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QUESTIONS