2ND QUARTER

FINANCIAL REPORT

2014/2015

PRESENTED BY:

KATHLEEN ASKELSON

CHIEF FINANCIAL OFFICER

Financial Services

Financial Services

CASH MANAGEMENT PAGES 1–3

$0.0

$25.0

$50.0

$75.0

$100.0

$125.0

$150.0

$175.0

$200.0

$225.0

$250.0

$275.0

$300.0

$325.0

July 2014Actual

August 2014Actual

September 2014Actual

October 2014Actual

November 2014Actual

December 2014Actual

January 2015Forecast

February 2015Forecast

March 2015Forecast

April 2015Forecast

May 2015Forecast

June 2015Forecast

Jeffco Public Schools Ending Cash Balances: July 2014 through June 2015

As of December 31, 2014

Restricted for TABOR Restricted for District & Board of Education Reserve Restricted for Capital Reserve Operating Cash Cash Balance Prior Year

in millions

Revenues

Higher than the prior year due to increased state funding.

Total revenue compared to budget low due to property tax timing.

Expenditures

Higher than the prior year from PERA and compensation increases.

Salary increases for licensed staff happened in the second quarter.

Expenditures at 47% of budget.

GENERAL FUND PAGES 4–11

Financial Services

Increased revenue over prior year from state funding and Specific Ownership Tax.

PERA increased 0.9% in January 2015.

$18M in budget for compensation.

$12.8M in non-compensation, $2M for primary literacy and $4.5M for MDR.

Fund Balance

Use of reserves for cash flow during the year.

Adopted budget – $3M increase to reserves.

GENERAL FUND (CONTINUED) PAGES 4–11

Financial Services

OTHER GOVERNMENTAL FUNDS PAGES 12–15

Debt Service

Principal and interest payments made December 2014.

Property tax revenues received in spring.

Capital Reserve Fund/Building Fund

Expenditures for annual projects and bond projects tracking as anticipated.

Financial Services

SPECIAL REVENUE FUNDS PAGES 16–19

Grants Fund

Revenues and expenditures continue for Rocky Mountain Deaf School’s BEST grant, technology and READ act.

Campus Activity Fund

Trending similar to the prior year.

Financial Services

SPECIAL REVENUE FUNDS (CONTINUED) PAGES 16–19

Transportation Fund

External trip revenue lower than the prior year. State revenue is higher.

Transfer from the general fund higher to cover increased special needs student expenses and funding for bus purchases moved from the capital reserve fund.

Financial Services

ENTERPRISE FUNDS PAGES 20–24

Food Service Fund

YELLOW FLAG

Food service revenues increased.

Purchased food expenses higher than anticipated.

Based on current forecast, the fund will perform better than the prior year.

Further adjustments to the program are being evaluated to make budget.

The program will continue to be monitored in 2014/2015.

Financial Services

ENTERPRISE FUNDS (CONTINUED) PAGES 20–24

Child Care Fund

Fees from preschool, before and after, and all day kindergarten programs.

Increase from additional classroom and program participation.

Property Management

Fees from building use.

Revenue higher from stadium concessions.

Financial Services

INTERNAL SERVICE FUNDS PAGES 25–29

Central Service Fund

Programs include copier, printing, and equipment repair.

Copier demand up slightly for the quarter.

Employee Benefits Fund

Self insurance activities for dental, vision and group life.

Decreased participation in dental and vision programs.

Financial Services

INTERNAL SERVICE FUNDS (CONTINUED) PAGES 25–29

Insurance Reserve Fund

Insurance reserve for self-insurance and premiums.

Lower claims.

Safety and Security move to General Fund.

Technology Fund

District-wide technology.

Expenditures lower than plan due to open positions to be filled.

Financial Services

CHARTER SCHOOLS PAGES 30–32

CHARTER YELLOW FLAGS

Rocky Mountain Deaf School

Borrowing at the end of quarter.

Outstanding receivables of $213,784.

Two Roads HS

Closed loan with district.

Collegiate

Not borrowing at the end of the quarter.

Mountain Phoenix

Not borrowing at the end of the quarter. Financial Services

ON

THE

RADAR

Financial Services

Facilities Update

Technology

Health Care Reform

Special Education

Budget Process

Student based budgeting

Priority based budgeting (departments)