august 2008 executive summary saint louis public schools august 2008 monthly financial report

August 2008EXECUTIVE SUMMARY

Saint Louis Public SchoolsAugust 2008 Monthly Financial

Report


Saint Louis Public SchoolsAugust 2008 Monthly Financial Report

FISCAL YEAR 2008-2009Financial Report

August 2008 Year To Date



Report

August 2008 Beginning Fund Balance (Unaudited) ($ 10,509)

APPROVED REVENUE BUDGET $324,973YTD REVENUES $ 23,851

APPROVED EXPENDITURE BUDGET $346,067YTD EXPENDITURES $ 23,855

JUNE 30, 2009 Projected Ending Fund Balance ($ 31,603)



Report

• $346.1M - GOB Budget $476.3M - District Total Budget

• Total District Cash - $175.3M

• GOB Revenues in line with budget

• GOB Expenditure Variance AnalysisSalaries & Benefits – fewer FTEs (classroom teachers & administrators), delay in allocation of retirement expenses. Non-Payroll Expenditures – variances due to timing, additional expenditures for Early Retirement, Acuity Benchmark, and Long Range Plan.

YEAR-TO-DATE SUMMARY



Report

CONCERNS AND RISKS

• State Tax Commission protested tax rulings

• Equitable distribution of funds to charter schools

• Charter School Enrollment

• Unanticipated expenditures

• Unforeseen expenditures/impact of using 07/08 actuals as 08/09 budget base


* 08/09 Year End Projections assume no corrective action taken. Options are currently under review to mitigate potential deficit of $20M.

*


* * 08/09 Year End

Projections assume no corrective

action taken to mitigate potential

deficit.

August 2008Second Budget Amendment




*

SLPS

Tax Increment Financing (TIF)

SLPSRS Worst Case Scenario

*Source: PSRS Investment “Flash” Report, dated 6/30/08 and PSN.

Past performance is not indicative of future performance.

A DEEPER LOOK AT EVALUATING INVESTMENT PERFORMANCE

Top performing money managers typically beat not only their comparative style index but also exhibit above median performance in their peer group for longer periods (i.e. 5 years+).

Active managers should not be expected to outperform in every month, quarter, or year. However, persistent underperformance (i.e. 5 years+) should warrant concern and a re-investigation of the manager’s process, philosophy and people.

As of 6/30/08, SLPSRS engaged 6 traditional managers with below-median peer returns for the trailing 5 years. These managers oversee a combined $197 million under management.* Three of the six underperformed more than 70% of their peers in that timeframe.

Six of the equity managers (totaling $197 million in assets) have below median performance for the 5 years ending 6/30/08.

Using only those manager’s returns and calculating the difference between their returns and the return of the median of each manager’s peer group, the dollar return differential was $9 million over 5 years.

WORST CASE SCENARIOS

*Source: PSRS Investment “Flash” Report, dated 6/30/08 and PSN.

Past performance is not indicative of future performance.

Buford, Dickson, Harper, Sparrow $21,256,989 Return amount below the median manager: ($1,000,932)

Monetary Management $61,125,673 Return amount below the median manager: ($487,443)

New Amsterdam Partners $33,350,246 Return amount below the median manager: ($825,460)

Edgar Lomax $30,415,669 Return amount below the median manager: ($2,527,300)

Systematic Financial $28,258,552 Return amount below the median manager: ($2,935,843)

Dimensional Fund Advisors $22,571,984 Return amount below the median manager: ($1,579,047)

Total Assets for Worst Case Managers $196,979,113 Combined amount below the median manager: ($9,356,025)

Quartile Report Slides

QUARTILE RANKING BAR

PSN LARGE CAP GROWTH

JUNE 30, 2003 TO JUNE 30, 2008

-20

-15

-10

-5

0

5

10

15

20

RA

TE

OF

RE

TU

RN

1 Year 3 Years 5 Years

HIGH (0.05) 6.74 13.04 14.79

FIRST QUARTILE -1.16 8.68 10.43

MEDIAN -4.64 6.58 8.76

THIRD QUARTILE -8.20 4.81 7.33

LOW (0.95) -13.00 2.10 5.24

MEAN -4.31 6.78 8.98

VALID COUNT 397 370 340

Buford Dickson Core Momentum Gr

Monetary Mgmt. LCG

INTECH Large Cap Growth


VALUE RANK VALUE RANK VALUE RANK

-0.01 18 7.11 44 7.86 63

-2.20 33 5.62 64 8.63 52

-3.47 40 5.30 66 9.18 42


PSN MID CAP GROWTH

JUNE 30, 2003 TO JUNE 30, 2008

-25

-20

-15

-10

-5

0

5

10

15

20

25

RA

TE O

F R

ETU

RN


HIGH (0.05) 7.14 16.54 18.14

FIRST QUARTILE 0.16 12.43 14.56

MEDIAN -4.94 10.05 13.18


LOW (0.95) -15.27 3.83 7.54

MEAN -4.46 9.84 13.01


New Amsterdam Mid Cap Grow Act



0.16 25 8.11 70 12.69 59


PSN LARGE CAP VALUE

JUNE 30, 2003 TO JUNE 30, 2008

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

20

RA

TE

OF

RE

TU

RN


HIGH (0.05) -3.57 10.76 14.85


MEDIAN -15.14 5.00 9.61


LOW (0.95) -27.24 -0.87 5.10

MEAN -15.03 5.05 9.57


Edgar Lomax Large Cap Value

Chicago Equity LgCap Value Xtnd



-18.74 77 3.62 70 7.94 76

-17.06 62 4.64 53 9.98 42


PSN SMALL CAP VALUE

JUNE 30, 2003 TO JUNE 30, 2008

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

20

25

RA

TE O

F R

ETU

RN


HIGH (0.05) -5.01 12.20 18.45


MEDIAN -18.28 4.20 12.09


LOW (0.95) -29.44 -2.38 7.00

MEAN -17.67 4.38 12.24


Systematic Fin. SCV



-18.35 50 6.30 33 9.92 80


PSN SMALL CAP CORE

JUNE 30, 2003 TO JUNE 30, 2008

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

20

25

RA

TE O

F R

ETU

RN


HIGH (0.05) -2.91 12.21 16.65


MEDIAN -16.49 4.15 11.46


LOW (0.95) -26.44 -1.29 7.56

MEAN -15.93 4.68 11.69


Russell 2000



-16.19 45 3.79 60 10.29 74

NON GOB Financial SummaryAugust 2008 Monthly Financial

Report


Report

CAPITAL FUNDS

A/C Fund Balance = $ 19,008,577 MDESEG Fund Balance = $ 99,600,771 M


Report

DEBT SERVICE


Report

FEDERAL FUNDS


Report

FOOD SERVICE


Report

TRUST & AGENCY

august 2008 executive summary saint louis public schools august 2008 monthly financial report

Documents

executive summary slide

yeartodate summary slide

date slide

budget base slide

budget amendment slide

tif projects

public hearing

gob budget