budgeting and financial oversight for school board … · 2018-07-17 · budgeting and financial...

Resource Guide ISBA 1

BUDGETING and FINANCIAL OVERSIGHT for SCHOOL BOARD MEMBERS

RESOURCE GUIDE


BUDGETING and FINANCIAL OVERSIGHT for SCHOOL BOARD MEMBERS

RESOURCE GUIDE

INDIANA SCHOOL BOARDS ASSOCIATIONOne North Capitol Avenue, Suite 1215

Indianapolis, IN 46204(317) 639-0330 (317)454-0731 Fax

www.isba-ind.org


TABLE of CONTENTS

Foreward ....................................................................................................................................5

Introduction to State Agencies ....................................................................................................6

Key Financial Calendar Dates ......................................................................................................8

DLGF Budget Calendar Memo ......................................................................................................9

DLGF 2018-2019 Budget Calendar ............................................................................................. 10

Revenue Overview .................................................................................................................... 17

State Funding Formula .............................................................................................................. 19

Expenditures Overview .............................................................................................................. 23

HEA 1009-2017 ....................................................................................................................... 24

Internal Financial Reporting ...................................................................................................... 26

Financial Resource Guide Monthly Checklist .............................................................................. 28

Appendix A

Glossary of Terms ............................................................................................................... 32

Appendix B – Chart of Accounts / Funds By Source

IDOE Chart of Accounts....................................................................................................... 36

Layout and Values .............................................................................................................. 37

Table of Funds .................................................................................................................... 38

Funding Source by Fund ...................................................................................................... 51

Appendix C – Sample Internal Reports

Comparative Financial Statement ....................................................................................... 54

Budget Variance Letter ........................................................................................................ 55

Bank and Investment Statement ......................................................................................... 56

Debt Service Worksheet ...................................................................................................... 57

Sample Cashflow Template ................................................................................................. 58

Appendix D – Sample Resolutions

Resolution to Establish Education Fund and Operations Fund ................................................ 63

Resolution to Establish Initial Funding for the Education Fund ............................................... 64

Resolution to Establish Initial Funding for Operations Fund ................................................... 65

Resolution to Transfer Amounts from Education Fund to the Operations Fund ........................ 66

Appendix E

Tax Increment Financing Overview ....................................................................................... 67

Resource Guide4 ISBA


FOREWARD

With the issue of financial oversight of school corporations becoming a consistent statewide discussion topic, the Indiana School Boards Association (ISBA) is working to empower our membership to provide effective leadership in the budget development process. During the 2018 short session of the Indiana General Assembly, House Enrolled Act 1315 (Public Law 213), regarding school corporation financial management, passed into law, and as a result, school corporations will face increasing scrutiny of their financial conditions via a fiscal and qualitative indicators dashboard that will be published annually. The financial oversight and adoption of an annual budget is a core responsibility of school board members. School board members must be accountable to ensure the financial solvency of their school corporation.

To support board members in this role, ISBA commissioned the development of this resource guide, “Introduction to Budgeting and Financial Oversight for School Board Members” and the accompanying calendar checklist. We are fortunate to have partnered with Mr. Dennis Tackitt, a Senior Consultant with Policy Analytics, LLC. Prior to this position, Mr. Tackitt served for 20 years as the Chief Financial Officer of the Metropolitan School District of Wayne Township, where he had responsibility for finance, facilities, transportation, and child nutrition.

This guide is intended to provide board members with a breadth of information, including: an overview of state agency roles and responsibilities, the annual financial calendar, state and local revenues, local expenditures and accounting, internal financial reporting, and provide sample board resolutions and reporting templates for school board members to use on a regular basis. It is envisioned that this resource guide will be updated on biannual basis and continued training and support will be offered to members by ISBA via future webinars, seminars, and conferences.

I hope you find this resource guide as a helpful, user-friendly tool to support you in fulfilling your duties and obligations as a school board member of one of Indiana’s 289 school corporations. Thank you for your valued membership and your service to your school community. Your leadership is to be commended!

Sincerely, Terry Spradlin, Executive Director


INTRODUCTION TO STATE AGENCIES

STATE BUDGET AGENCY (SBA)Facilitates the process of revenue forecasting, budget development and budget implementation. The Budget Agency evaluates and communicates the fiscal and policy impacts of legislative proposals with the objective of assuring the best information is available to decision makers.

OFFICE OF MANAGEMENT AND BUDGET (OMB)Department of Revenue: Administers the tax laws of the State of Indiana in an equitable and courteous manner to promote the highest degree of public trust and voluntary compliance.

Department of Local Government Finance: Protects the interests of all Indiana property tax payers by assuring uniform and equitable assessments and by providing oversight of the budgets of all local governmental units in the state.

Distressed Unit Appeal Board: Reviews petitions from both distressed political subdivisions and school corporations in need of relief.

Government Efficiency and Financial Planning: Develops and manages agency performance metrics, conducts overall agency efficiency reviews and develops cross agency delivery of service initiatives.


Indiana Board of Tax Review: A bipartisan appeals board that reviews determinations by local/county assessment officials concerning the assessed value of tangible property, property tax deductions, or property tax exemptions. Also reviews assessment determinations made by the Department of Local Government Finance. Indiana Finance Authority: Oversees state debt issuance and provides efficient and effective financing solutions for state, local and business investment in Indiana.

Indiana Public Retirement System: Advances the achievement of retirement security for current and future retirees and beneficiaries (for certified and noncertified employees).

State Board of Accounts: Performs audits of state and local governments, prescribes uniform account standards and trains public officials and employees.

State Budget Agency: Serves as fiscal analyst, administrative budget officer, fiscal forecaster and fiscal policy advisor to the Governor.

INDIANA DEPARTMENT OF EDUCATION – DIVISION OF SCHOOL FINANCE (IDOE)A fiscal service department under the direction of the Indiana Superintendent of Public Education, the Division of School Finance is responsible for administering the state’s biennial budget for student tuition support consisting of: Basic Grants, Honors Grants, Special Education Grants, Vocational Education Grants and Complexity Grants.

The Division gathers the Average Daily Membership (ADM) student count on the second Friday of September to determine the tuition support allocation for each school corporation. Additionally, the Division issues reimbursements for textbook costs and summer school expenses.

School corporations use the common financial report known as Form 9 to submit financial data to the Division for the six months ended June 30 and December 31. The Financial Form 9 serves as the basis for audits conducted by the State Board of Accounts.

INDIANA EDUCATION EMPLOYMENT RELATIONS BOARD (IEERB)IEERB promotes cooperative relationships between public school teachers and school corporations. The agency has developed rules and guidelinesto lead school employees and employers through the labor relations process. Should teacher contract negotiations reach impasse, IEERB will provide mandatory mediation and mandatory, binding fact finding.


KEY FINANCIAL CALENDAR DATES

Indiana Department of Education – Division of School Finance (IDOE)• Form 9 for the six months ended June 30th must be submitted by August 1st. • Form 9 for the six months ended December 31st must be submitted by February 1st. • ADM counts are taken on the second Friday of September and February 1st (information

only). • Textbook expenditures must be submitted by October 31st for February reimbursement. • Special Education student count will be taken on December 1st. • Summer School expenses must be submitted by August 15th for reimbursement. • TANF and SNAP counts must be submitted by October 31st.

State Board of AccountsPerform audits every two years (biennial audits) utilizing June 30 Form 9s, DLGF Budget Orders, state tuition support payments, local board resolutions, internal financial reports and bank statements comprise the basis for the audit.

Historically speaking, audits have required 90-120 days, with the final audit report following 30 days later.

Department of Local Government Finance (DLGF)Next is the DLGF’s 2019 Budget Calendar for calendar-year school corporations. DLGF will now issue Budget Orders (1782 Notices) by December 31st, which is six weeks earlier than previously required. DLGF Commission Wesley Bennett is committed to meeting the revised date. In order for this to occur, he and his agency need our assistance by conducting budget hearings and subsequent budget adoptions as early as local calendars will permit.

Local districts must submit to DLGF, via Gateway: approved budgets, additional appropriations, appropriation reductions, excess tax levy appeals, transportation appeals, and revisions to any capital project or bus replacement plans.


STATE OF INDIANAINDIANA GOVERNMENT CENTER NORTH

100 N SENATE AVE N1058 (B)INDIANAPOLIS, IN 46204

PHONE (317) 232-3777FAX (317) 974-1629

DEPARTMENT OF LOCAL GOVERNMENT FINANCE

TO: Local Government Fiscal Officers

FROM: Fred Van Dorp, Director, Budget Division

DATE: March 2, 2018

SUBJECT: 2018 – 2019 Budget Calendar

On-time property tax bills continue to be a top priority for the Department of Local Gov-ernment Finance (“Department”) for 2018 and 2019. To achieve this objective, it is necessary for all involved in the assessment and property tax billing processes to understand that there are sequential deadlines for completing statutory responsibilities. Attached are key deadlines for cal-endar year 2018 and the start of calendar year 2019. The deadlines below have been adjusted to reflect the last possible day on which or by which a particular task must be performed. Failure to meet these deadlines may jeopardize on-time tax billing or may result in penalties being applied to a taxing unit’s Pay 2019 budget.

Contact your Department Field Representative with specific questions about the budget calendar or the budget process. Contact information for field representatives is available at www.in.gov/dlgf/2338.htm#BudgetFld.

This memorandum is simply intended to be informative and does not take the place of Indiana law. The Department and all local units of government are bound to the law. In the event any part of this memorandum conflicts with Indiana law, Indiana law governs.

In addition to the reporting requirements outlined in the attached calendar, a taxing unit must also file a debt issuance report for any new debt issued throughout the year. The requirements for this report can be found in IC 5-1-18-6 and IC 5-1-18-7. The debt issuance report must be filed on Gateway Debt Management (https://gateway.ifionline.org/) within one month of the bond issuance or lease execution. The Department may not approve an appropriation or a property tax levy for a debt that is not reported in Gateway Debt Management. The Department may, for good cause, grant a waiver to this requirement.

Counties, cities, towns, and townships must also adopt an anti-nepotism policy in compliance with IC 36-1-20.2 and a contractual anti-nepotism policy under IC 36-1-21. If the State Board of Accounts (“SBOA”) determines that such policies have not been adopted, the Department will not be able to approve the unit’s budget or additional appropriations for the ensuing year.


DLGF 2018-2019 BUDGET CALENDAR

January 1, 2018 Year-end cash balances and operating results available.

Real Property and Personal Property assessment date for taxes due and payable in 2019. (IC 6-1.1-2-1.5) Also, the mobile home assessment date for taxes due in 2018. (IC 6-1.1-2-1.5)

Date by which annexation must become effective so that a reorganized unit can seek an adjusted max levy for 2019.

Deadline for establishing new taxing units seeking a maximum levy for 2019. IC 6-1.1-18.5-7

January 31 Deadline for units to file the 2017 Annual Salary Report (100R) with SBOA. The 100R must be filed before the Department can approve a 2019 budget or additional appropriation for a county, city, town, or township. IC 5-11-13-1

February 15 Deadline for the Department to certify 2018 budgets, tax rates, and tax levies. IC 6-1.1-17-16

March 1 Deadline for non-school units to file the 2017 Annual Report with SBOA. The Annual Report must be filed before the Department can approve a 2019 budget or additional appropriation for a political subdivision. IC 5-11-1-4

Last possible day for a unit to hold its first public hearing andpresent appropriate information before adopting an ordinance orresolution to enter into or form a fire protection territory.IC 36-8-19-6

Deadline for solid waste district to provide SB 131 annual report to the Department, the legislative council, and

the Department of Environmental Management.IC 13-21-3-13.5

Deadline for political subdivisions to report to the Department information and data on their retiree benefits and expenditures.

IC 36-1-8-17.5

Deadline for each political subdivision to submit annual reportto the Department in Debt Management of any outstandingbonds or leases (as of January 1).IC 5-1-18-9


March 15 Last day for county auditor to prepare and deliver to theAuditor of State and county treasurer a certified copy of anabstract of the property, assessments, taxes, deductions, andexemptions for taxes payable in 2018 in each taxing district ofthe county.IC 6-1.1-22-5

April 2 Deadline for county auditor to deliver the abstract to the county treasurer or the treasurer to issue provisional tax bills is March 31.

IC 6-1.1-22.5-6

Deadline for fiscal year schools (July 1 to June 30) to adopt abudget for the 2019 fiscal budget year.IC 6-1.1-17-5.6

Deadline to adopt an ordinance or resolution creating a fireprotection territory to receive a tax levy in 2019.IC 36-8-19-6

April 13 Last day for the county treasurer to mail 2017 pay 2018 tax bills.Bills must be mailed at least fifteen (15) business days beforethe first installment is due.IC 6-1.1-22-8.1(c)

April 17 Last day for redevelopment commissioners or their designeesto file with the unit’s executive, fiscal body, and the Departmenta report setting out the activities during the preceding calendaryear. The report must also include information concerning taxincrement finance districts.IC 36-7-14-13

April 25 Last day for county auditor to publish first notice of the 2018 tax rates to be collected in the county for each purpose and the total of the rates in each taxing district.

IC 6-1.1-22-4

April 30 Last day for a unit to submit a proposed cumulative fund to the Department for approval.

IC 6-1.1-41-4Note: In the prior year, this due date was August 1.

May 1 Last day for State Budget Agency to provide the amount of the supplemental Local Income Tax distribution for the county to the department of local government finance and to the county auditor.

IC 6-3.6-9-15

Note: See May 31 for additional information aboutSupplemental LIT distribution.


May 9 Last day for county auditor to publish third notice of the 2018 tax rates to be collected in the county for each purpose and the total of the rates in each taxing district.

IC 6-1.1-22-4

May 10 First installment of 2017 pay 2018 property taxes due. IC 6-1.1-22-9

May 15 Last day for library boards to hold a public hearing on a CPF plan, adopt a CPF plan, and submit the plan to the appropriate fiscal body. IC 36-12-12-3

Last day for the Department to provide determinations of theamount and allocation of supplemental distributions to CountyAuditors.IC 6-3.6-9-15

May 31 Last day for County Auditor to distribute to each taxing unit the amount of the supplemental distribution that is allocated to the taxing unit under subdivision IC 6-3.6-9-15

Deadline for the SBA to certify an estimate of the local incometax (“LIT”) distribution for 2019.IC 6-3.6-9-5

June 14 Last day for redevelopment commissions to report on availableTIF excess AV. IC 36-7-14-39(b)(4); IC 36-7-14-48(f); IC 36-7-

14-52(c); IC 36-7-15.1-26(b)(4); IC 36-7-15.1-35(f); IC 36-7-15.1-53(b)(4); IC 36-7-15.1-62(c)

June 30 Property tax distribution of May collection.

July 2 Deadline for State Budget Agency (“SBA”) to provide Assessed Value Growth Quotient (“AVGQ”) to civil taxing units, school corporations, and Department. IC 6-1.1-18.5-2(c)

Department may require taxing units to provide information onproposed debt issuance, excess levy appeals, and proposedestablishment of new funds that may impact the ensuing year’stax levies and tax rates. Deadline may be set no later than June30 of each year.IC 6-1.1-20.6-11.1


Beginning of budget year for schools on a fiscal year budgetpursuant toIC 6-1.1-17-5.6

Last day for the county assessor to deliver the real estate book(i.e., roll and balance 2018 pay 2019 gross assessed values) tothe county auditor.IC 6-1.1-5-14

Last day for county assessor to roll 2018 pay 2019 personalproperty gross assessed values to the county auditor.IC 6-1.1-3-17(b)

July 16 Department provides to each county, city, and town an estimate of the maximum Cumulative Capital Development Fund tax rate for the ensuing year.

IC 6-1.1-18.5-9.8(b)

Department provides each taxing unit an estimate of the maximum permissible property tax levy for the ensuing year and guidance on calculating allowable adjustments to the maximum levy.

IC 6-1.1-18.5-24

Department provides to each county an estimate of the maximum allowable appropriation and maximum amount of property taxes that may be imposed for community mental health centers or community intellectual disability and other developmental disabilities centers that are exempt from property tax levy limits for the ensuing year.

IC 12-29-1-3.5

July 31 Department provides to each taxing unit that levies a property tax an estimate of the amount by which property tax distributions will be reduced in the ensuing year due to circuit breaker credits.

IC 6-1.1-20.6-11.1.

County auditors must provide to the Department and each political subdivision a notice of the assessed value withholding from the ensuing year certified net assessed values.

IC 6-1.1-17-0.5

Last day for appropriate fiscal body (county or municipality) to reject or approve a library’s CPF plan submitted by the library board.

IC 36-12-12-4

August 1 Last day for county auditor to certify net assessed values to the Department. The Department will make values visible to political subdivisions via Gateway.

IC 6-1.1-17-1


The county fiscal body shall review at its first meeting in August the estimated property tax levy limits and the estimated reductions due to circuit breakers for each taxing unit. The county fiscal body will prepare and distribute a written recommendation for the taxing units or the county auditor will distribute the minutes of the meeting to all taxing units after the minutes are approved by the fiscal body.

IC 6-1.1-17-3.6

August 29 Deadline for school units to file the 2017 Annual Report with SBOA. The Annual Report must be filed before the Department can approve a 2019 budget or additional appropriation for a political subdivision.

IC 5-11-1-4

September 3 Last day for units with appointed boards, including certain libraries under IC 6-1.1-17-20.3, to submit proposed 2019 budgets, tax rates, and tax levies to county fiscal body or other appropriate fiscal body for binding adoption, as applicable.

IC 6-1.1-17-20; IC 6-1.1-17-20.3

October 1 Effective date for LIT rate changes adopted by ordinance after December 31 of the prior year and before September 1.

IC 6-3.6-3-3

Deadline for the SBA to certify the actual LIT distributions for 2019. IC 6-3.6-9-5

October 12 Last day to post notice to taxpayers of proposed 2019 budgets and net tax levies and public hearing (Budget Form 3) to Gateway. Notice must be posted at least ten days before the public hearing, which must occur at least ten days before the adoption for most taxing units.

IC 6-1.1-17-3

October 19 Last day for units to file excess levy appeals for school transportation fund, annexation/consolidation/extension of services, three-year growth factor, emergency, and correction of error with the Department.

IC 20-46-4-10; IC 6-1.1-18.5-12; IC 6-1.1-18.5-13(1), (3), (13); IC 6-1.1-18.5-14

October 22 Last possible day for taxing units to hold a public hearing on their 2019 budgets. Public hearing must be held at least ten days before budget is adopted.

IC 6-1.1-17-5

NOTE: THIS DEADLINE IS SUBJECT TO THE SCHEDULING OF THE ADOPTION MEETING.

In Marion County and second class cities, the public hearing may be held any time after introduction of 2019 budget. IC 6-1.1-17-5(a).


October 29 Last possible day ten or more taxpayers may object to a proposed 2019 budget, tax rate, or tax levy of a political subdivision. Objection must be filed not more than seven days after the public hearing. This deadline is subject to the scheduling of the public hearing.

IC 6-1.1-17-5(b)

October 31 Deadline to adopt ordinance modifying LIT effective January 1, 2019. IC 6-3.6-3-3

November 1 Deadline for all taxing units to adopt 2019 budgets, tax rates, and tax levies. IC 6-1.1-17-5(a)

If a taxpayer objection petition is filed, the appropriate fiscal body shall adopt with its budget a finding concerning the objections in the petition and any testimony presented at the adoption hearing.

IC 6-1.1-17-5(c)

Last day for non-fiscal schools to adopt their 2019 CPF Plan and Bus Replacement Plan.

IC 20-46-6-8.1; IC 20-46-5-6.1

Deadline for second and third class cities to adopt salary ordinances for employees other than elected officials.

IC 36-4-7-3

Last day that a library board may submit a CPF plan to the Department.

November 5 Last day for units to submit their 2019 budgets, tax rates, and tax levies to the Department through Gateway as prescribed by the Department.

November 13 Second installment of 2017-pay-2018 taxes due. IC 6-1.1-22-9

December 14 Last day for the Department to accept additional appropriation requests for the 2018 budget year from units as prescribed by the Department.

December 31 Deadline for the Department to certify 2019 budgets, tax rates, and tax levies unless a taxing unit in a county is issuing debt after December 1 in the year preceding the budget year or intends to file a shortfall appeal under IC 6-1.1-18.5-16.

IC 6-1.1-17-16

Note: See January 15, 2019 for additional information.

Deadline for counties other than Marion County to adopt salary ordinance for 2019.

IC 36-2-5-3

Deadline for towns to adopt salary ordinance for 2019. The ordinance must be adopted in the year before it is effective.

IC 36-5-3-2.


January 1, 2019 Deadline for establishing new taxing units seeking a maximum levy for 2020.

IC 6-1.1-18.5-7

Effective date for LIT rate changes adopted by ordinance after August 31 and before November 1, 2018.

IC 6-3.6-3-3

Assessment and valuation date for all tangible property, including annually assessed mobile homes under IC 6-1.1-7 (2019 pay 2020 tax bills for real property; 2019 pay 2019 tax bills for annually assessed mobile homes under IC 6-1.1-7).

IC 6-1.1-1-2; IC 6-1.1-1-19; IC 6-1.1-2-1.5.

Date by which annexation must become effective so that reorganized unit can seek adjusted max levy for 2020.

Jan 15, 2019 Deadline for the Department to certify 2019 budgets, tax rates, and tax levies if a taxing unit in a county is issuing debt after December 1 in the year preceding the budget year or intends to file a shortfall appeal under IC 6-1.1-18.5-16.

IC 6-1.1-17-16


REVENUE OVERVIEW

Three funding sources generate the vast majority of school funding: 1) local property taxes; 2) state funding formula; and 3) federal funds.

LOCAL FUND PROPERTY TAX LEVIESLocal property taxes are levied (billed) to provide income for these school funds: • Operations Fund (former Capital Projects Fund, Transportation Operating Fund and Bus

Replacement Fund). • Debt Service Fund• Pension Debt Service Fund• All Referenda Funds• Steps to levy taxes:

l School board adopts budget for new year and submits to DLGF. l DLGF approves, issuing Budget Notice (1782 Notice) establishing rates to be levied by local officials. l Local assessor completes assessment of properties to establish taxable base know as Gross Assessed Valuation.l Gross Assessed Valuation is reduced by standard, supplemental and mortgage deductions to arrive at Net Assessed Value (NAV). l Approved tax rates are applied to NAV to calculate property taxes. l Property taxes are capped (maximum amounts) at 1% for residential property, 2% for rental properties and agricultural, and 3% for commercial and industrial. The difference between gross tax amounts and capped tax amounts is referred to as “circuit breaker” cap loss and represents lost tax revenue to the school corporation.

• Notes: l Certain properties are exempt from property taxes. Properties exempted by the state, such as government centers, military bases and

public colleges and universities. Other properties are exempt due to inclusion in a Tax Increment Financing area,

usually issued by local economic development committees to attract new businesses to the communities. (See Tax Incentive Funding in the Appendix.)

l Referenda are used to address (reduce) the impact of tax cap loss. Referenda may be considered for operating or capital needs. Voter-approved referenda provide maximum tax rates local districts use to levy taxes for the next eight years. TIF-based properties are not exempt from referenda tax levies.


Example Property Tax Bill

This generic property tax bill illustrates AV, NAV, circuit breaker caps, and calculation of taxes with and without referendum impact.

Homestead Rental OtherAssessed Value Parcel Parcel Parcel

Gross Assessed Value 150,000 150,000 150,000 Standard Deduction 45,000 - - Supplemental Deduction 36,750 - - Mortgage Deduction 3,000 - -

Net Assessed Value 65,250 150,000 150,000 Rate

Non Referendum 2.500 2.500 2.500 Referendum 0.250 0.250 0.250 LIT Homestead Credit 4.000 4.000 4.000 Gross Liability

Non Referendum 1,631.25 3,750.00 3,750.00 Referendum 163.13 375.00 375.00 Credits

Homestead Credit 65.25 - - Circuit Breaker 66.00 750.00 -

Total 131.25 750.00 - Net Liability

Non Referendum 1,500.00 3,000.00 3,750.00 Referendum 163.13 375.00 375.00

Total 1,663.13 3,375.00 4,125.00


STATE FUNDING FORMULAEvery two years, during the “long session”, the state legislature approves the state’s budget for the following fiscal years, effective July 1. A significant part of the budget is the state funding formula for public education.

• The state funding formula provides state tuition support through these categorical grants:l Tuition Supportl Honors Grantl Special Education Grantl Vocational Education Grantl Complexity Grant

• Notes: l Tuition support is an amount per student as determined by the September Average Daily Membership (ADM) count.l Complexity grant is a separate amount per student for qualifying students as determined by the September ADM count. l Vocational Education Grant is comprised of amounts per student that vary with the employment market’s value for types of courses studied. That means higher skilled courses carry higher market values, resulting in high rates of tuition support.

To illustrate, here is the State’s education funding formula and examples of state funding for two Marion County school corporations.


FY 2019

ESTIMATED

FY 2017Actual Actual % Inc. Estimated % Inc.

State TotalsADM 1,059,303 1,066,714 0.7% 1,074,764 0.8%Complexity Index 0.2446 0.2107 0.2112

Foundation 5,351,159,926 5,586,366,215 4.4% 5,706,571,455 2.2%Complexity 887,063,363 768,554,704 -13.4% 774,497,148 0.8%Total Regular 6,238,223,289 6,354,920,919 1.9% 6,481,068,603 2.0% $/ ADM 5,889 5,957 1.2% 6,030 1.2%Special Ed 550,956,483 566,325,364 2.8% 585,463,862 3.4%Career & Tech Ed 109,641,000 113,863,650 3.9% 122,959,790 8.0%Honors 24,711,200 28,673,200 16.0% 29,637,400 3.4%Total 6,923,531,972 7,063,783,133 2.0% 7,219,129,655 2.2% $/ADM 6,536 6,622 1.3% 6,717 1.4%Potential Reductions - 22,783,133 59,129,655Net State 6,923,531,972 7,041,000,000 7,160,000,000

$/ADM 6,536 6,601 6,662

Title 1 238,344,571 236,363,631 -0.8% 239,080,368 1.1% $/ADM 225 222 222

GrantsFoundation $5,088 $5,273 3.6% $5,352 1.5%Complexity Adj $3,539 $3,539 0.0% $3,539 0.0%Honors Tier 1 $1,400 $1,500 7.1% $1,500 0.0%Honors Tier 2 $1,000 $1,100 10.0% $1,100 0.0%Special Education

Severe $8,800 $8,976 2.0% $9,156 2.0%Moderate; DD included in FY 2019 $2,300 $2,300 0.0% $2,300 0.0%Comm $500 $500 0.0% $500 0.0% Preschool $2,750 $2,750 0.0% $2,750 0.0%

Career & Tech Education Categories 4-5 $0 $0 0.0% $680 100.0% Category 3 $0 $0 0.0% $400 100.0% Categories 0-2 $0 $0 0.0% $200 100.0% Intro CTE Course $300 $300 0.0% $300 0.0% CTE Foundation $150 $150 0.0% $150 0.0% CTE Apprenticeship/WBL $300 $300 0.0% $150 -50.0% Area Participation $150 $150 0.0% $150 0.0%

High Demand High Wage $500 $500 0.0% $0 -100.0% High Demand Moderate Wage $450 $450 0.0% $0 -100.0% High Demand Low Wage $300 $300 0.0% $0 -100.0% Moderate Demand High Wage $450 $450 0.0% $0 -100.0% Moderate Demand Moderate Wage $300 $300 0.0% $0 -100.0%

2018 & 2019 School Formula SimulationNew STF Data; Fall Count Only; Virtuals at 90% of Foundation

Complexity Grant Adjust if ELL>18% and CI decrease > 45%; New CTE Formula For FY 2019Development Delay added for FY 2019; Increase in Grant for Honors; Severe Disabilities

FY 2018 FY 2019

FY 2018, FY 2019 Tuition Support reduced in order not to exceed appropriation

Prepared by Legislative Services Agency 2/11/2018 1 School Formula 2018-19_Final FY 2018.xlsx

2018 & 2019 SCHOOL FORMULA SIMULATION

New STF Data; Fall Count Only; Virtuals at 90% of FoundationComplexity Grant Adjust if ELL>18% and CI decrease > 45%; New CTE Formula For FY 2019

Development Delay added for FY 2019; Increase in Grant for Honors; Severe DisabilitiesFY 2018, FY 2019 Tuition Support reduced in order not to exceed appropriation


FY 2019

ESTIMATED

FY 2017Actual Actual % Inc. Estimated % Inc.

2018 & 2019 School Formula SimulationNew STF Data; Fall Count Only; Virtuals at 90% of Foundation

Complexity Grant Adjust if ELL>18% and CI decrease > 45%; New CTE Formula For FY 2019Development Delay added for FY 2019; Increase in Grant for Honors; Severe Disabilities

FY 2018 FY 2019

FY 2018, FY 2019 Tuition Support reduced in order not to exceed appropriation

5385 Indianapolis Public SchoolsADM 30,007 31,212 4.0% 31,500 0.9%Complexity Index 0.5323 0.4695 0.4695

Foundation 152,675,616 164,580,876 7.8% 168,588,000 2.4%Complexity 56,527,487 51,860,610 -8.3% 52,339,140 0.9%Total Regular 209,203,103 216,441,486 3.5% 220,927,140 2.1% $/ ADM 6,972 6,935 -0.5% 7,014 1.1%Special Ed 19,620,550 20,251,014 3.2% 19,648,978 -3.0%Career & Tech Ed 990,350 1,409,450 42.3% 1,554,030 10.3%Honors 216,200 349,100 61.5% 383,800 9.9%Total 230,030,203 238,451,050 3.7% 242,513,948 1.7% $/ADM 7,666 7,640 -0.3% 7,699 0.8%Potential Reductions - 769,087 1,986,357Net State 230,030,203 237,681,963 240,527,591 $/ADM 7,666 7,615 7,636Title 1 23,635,502 26,159,318 10.7% 33,697,112 28.8% $/ADM 788 838 1,070

5400 School Town of SpeedwayADM 1,800 1,855 3.1% 1,861 0.3%Complexity Index 0.2884 0.2570 0.2570

Foundation 9,155,856 9,781,416 6.8% 9,960,072 1.8%Complexity 1,836,660 1,687,160 -8.1% 1,692,616 0.3%Total Regular 10,992,516 11,468,576 4.3% 11,652,688 1.6% $/ ADM 6,109 6,183 1.2% 6,262 1.3%Special Ed 1,010,650 1,066,096 5.5% 1,090,802 2.3%Career & Tech Ed 142,000 152,500 7.4% 145,050 -4.9%Honors 36,400 43,900 20.6% 43,900 0.0%Total 12,181,566 12,731,072 4.5% 12,932,440 1.6% $/ADM 6,769 6,863 1.4% 6,949 1.3%Potential Reductions - 41,062 105,926Net State 12,181,566 12,690,010 12,826,514 $/ADM 6,769 6,841 6,892Title 1 460,386 472,367 2.6% 471,948 -0.1% $/ADM 256 255 254

Prepared by Legislative Services Agency 2/11/2018 90 School Formula 2018-19_Final FY 2018.xlsx

2018 & 2019 SCHOOL FORMULA SIMULATION

New STF Data; Fall Count Only; Virtuals at 90% of FoundationComplexity Grant Adjust if ELL>18% and CI decrease > 45%; New CTE Formula For FY 2019

Development Delay added for FY 2019; Increase in Grant for Honors; Severe DisabilitiesFY 2018, FY 2019 Tuition Support reduced in order not to exceed appropriation


FEDERAL FUNDSThe federal government has consistently provided funding for the following:

• Federal Grants:l Child Nutrition: Provides breakfast and lunch to qualifying students. l Title I: A grant to ensure that all children have a fair, equal and significant opportunity to obtain a highly-quality education.l Title II: Preparing, Training, and Recruiting High Quality Teachers and Principals. l Title III: Limited English Proficiency grant for English as Second Language (ESL) students. l IDEA: Individuals with Disabilities Education Act (IDEA).


EXENDITURES OVERVIEW

HEA 1009 – 2017 accounting changes are effective January 1, 2019. To comply, school corporations must establish an Education Fund to replace the long-standing General Fund. The Education Fund will contain expenses for classroom instruction and instructional support services, also known as Categories 1 and 2, respectively in the State Board of Accounts’ latest Chart of Accounts.

Category 3, non-instructional support, and Category 4, operating overhead, were formerly accounted for in the General Fund. These expenses combined with capital project expenses, transportation expenses and bus replacement costs will comprise the new Operations Fund, which also becomes effective January 1, 2019.

It is worth noting that the objective of the Education Fund is to capture expenses for instruction and instructional support and may serve as a future metric for analysis and comparison with other school corporations.

The Operations Fund therefore represents monies spent for operating expenses not associated with instructional delivery.

Expenditures for other funds remain largely unchanged. Debt service is still expensed through the Debt Service Fund. Similarly, pension debt service remains in the Pension Debt Service Fund.

The referenda-based funds also are unchanged, representing expenditures associated with the tax revenues and intended purposes of the specific referenda, either operating or capital in nature.

Finally, the Rainy Day Fund may be used for both transfers and direct expenditures.


HEA 1009 – 2017Dennis Costerison, Executive Director

Indiana Association of School Business Officials

HEA 1009 - 2017Passed during the 2017 legislative session.Signed by Governor Holcomb April 28, 2017.Overhauls school corporation financial reporting and budgeting.Most of the act is effective January 1, 2019

Major Funds Repealing as of January 1, 2019General Art AssociationTransportation Historical SocietyBus Replacement Public PlaygroundCapital Projects Racial Balance

HEA 1009 Calls for the establishment of the following funds

IC 20-40-2-2Establishment of education fundThe governing body of each school corporation shall establish an education fund for the

payment of expenses that are allocated to student instruction and learning under IC 20-42.5.IC 20-40-18-1School corporation operations fund createdThe governing body of each school corporation shall create an operations fund to be used by

the school corporation after December 31, 2018.

HEA 1009 Major ProvisionsIC 20-42.5

Created in 2006 by HEA 10064 Categories of Expenditures:

1 & 2: Education Expenditures3 & 4: Operation Expenditures65% Solution

Education FundIC 20-40-2-3: Distributions of tuition support shall be received in the education fund.IC 20-40-2-4: Generally speaking, the education fund shall be used only for expenses

allocated to student instruction and learning under IC 20-42.5.Note: The fund may not be used to pay directly any expenses that are not allocated to student instruction and learning under IC 20-42.5 or expenses permitted to be paid from the school corporation’s operation fund.

Education FundTeacher Salaries and Fringe BenefitsPrincipal Salaries and Fringe BenefitsSpecial Programs: CTE; Gifted & Talented; Special Education; Summer School; RemediationGuidance Counseling, Nurses, Speech PathologyClassroom Supplies and EquipmentEducational Media Services


Operations FundGenerally used to pay non-academic expenses and consolidates the following funds and levies: Transportation Historical Society Bus Replacement Public Playground Capital Projects Racial Balance Art Association

Operations FundExpenditures

Transportation Bus Replacement Capital ProjectsGeneral Fund Operational Business Office Human Resources Utilities Custodial & Maintenance Property Insurance

Operations FundSchools must still file the resolutions establishing the following plans with the Department of

Local Government Finance Capital Projects Plan School Bus Replacement Plan

Capital Projects PlanCapital Projects Plan

DLGF prescribes the format. Plan must:include all proposed expenditures that exceed ten thousand dollars ($10,000) and

are for:(1) capital assets; or (2) projects that are considered capital in nature including technology related projects.

Operation Fund ExpendituresExpenses previously reported on the Capital Project Plan will be made from the Operation

Fund, but not listed in the new Plan format.Rental of real estate, buildings, facilities, and equipment.To repair and replace certain buildings and fixtures.Equipment valued under $10,000Site Services contracts

JanitorialCustodialSnow and ice removal

UtilitiesProperty and casualty insurance

HEA’s 1009 & 1167No changes to:

Debt Service Fund Pension Neutrality Federal Funds State Tuition Support & Formula Rainy Day Fund Budget Preparation Protected Taxes Waiver Property Tax Forms


INTERNAL FINANCIAL REPORTING

INTERNAL CONTROLSInternal controls are policies and procedures to ensure continued reliability of accounting systems. Internal controls are designed to prevent fraud and identify errors before they become problems. SBOA requires each school corporation to adopt an internal controls policy supported by an internal controls manual addressing the following:

1. Separation of duties2. Access controls 3. Physical audits4. Standardization of documentation5. Trial balances 6. Periodic reconciliations7. Approval authority

FINANCIAL STATEMENTSFinancial statements should be prepared monthly and reconciled to cash (bank) and investment accounts. Comparative statements should be prepared as well to provide perspective for the current year in relationship to the prior or multiple prior years.


Negative balances should be identified and researched.

Budget variances – the amount actual receipts or expenditures differ from budget – should be reviewed for reasonableness.

The financial statement should be used to determine if revenues are being received as forecast. Do property tax receipts through June approximate half of the annual budget?

Financial statements should be used to determine if appropriations are insufficient or unnecessarily high to meet the needs for the remainder of the fiscal year. Insufficient budget appropriations could lead to the board adopting an additional appropriations resolution for approval by DLGF. Insufficient appropriations could also cause administration to reduce expenditures for a specific account or fund. Unnecessary appropriations may be reduced by the board adopting an appropriations reduction resolution for subsequent approval by DLGF.

EXTRA CURRICULAR ACCOUNTSIndividual school-based accounts present the greatest opportunity for fraud. School boards should require an annual report for all extra-curricular accounts. The report should include the beginning balance, receipts, expenditures and ending balance for each account and school in total. If extra-curricular dollars are significant, boards should consider requesting a financial review by an independent CPA.

TOTAL ASSETSAt least annually the board should be informed of the corporation’s total assets. This can be done as a separate report or in conjunction with a review of assets to be insured during the annual renewal of property and casualty insurance.

TOTAL DEBTDebt should be reviewed with the board during the budget hearing process as well as any discussion regarding Form 9. They should be informed of the corporation’s debt capacity, the various types of outstanding debt as well as total debt, when current debt will be retired, and if there is need or consideration for issuance of new debt.

Debt types include: 1) Tax Anticipation Warrants, 2) Operating leases, 3) Equipment leases, 4) General Obligation Bonds, 5) First Mortgage Bonds, and 6) Revenue Lease Bonds. Bonds may be issued within or with a referendum.

CASH (BANK) ACCOUNTS AND INVESTMENT ACCOUNTSCash and investment accounts should be reconciled monthly. Cash and investment financial reports should be prepared in conjunction with monthly financial reports. Cash and investment financial reports should be discussed during Board of Finance meetings and with the full board either monthly or quarterly.


FINANCIAL RESOURCE GUIDEMONTHLY CHECKLIST

We have prepared a Monthly Checklist to serve as reporting and review guidelines. Since most financial officers are currently using their own internal monitoring and reporting tools and methods, we do not think it is necessary for board members to review monthly financial statements. We do, however, suggest you review quarterly comparative statements with an accompanying budget variance letter so that you are informed of problematic situations or developing trends.

JANUARYhApprove transfer of 12/31/18 General Fund balance to Education Fund. (One-time

transfer.) See Appendix D, p.64.hApprove transfer of 12/31/18 balances of Capital Projects, Transportation Operating and

Bus Replacement Funds to Operations Fund. (One-time transfer.) See Appendix D, p.65.hApprove transfer of a portion of Education Fund balance to Operations Fund to cover

those operating overhead expenses previously expensed through former General Fund. Transfer is one-time only and must be made by 3/1/19.

hApprove recurring transfer of a portion of state tuition from Education Fund to Operations Fund for operating overhead expenses previously expensed through former General Fund. Notes: 1) Board must approve new resolution each time dollar amount changes from original amount; 2) Board should approve new resolution in first month of each new year. See Appendix D, p.68.

hConduct Board of Finance meeting to review fund balances, bank accounts, and investments for calendar year just ended.

hReview DLGF 1782 Notice (Budget Order) for new year. hBoard president, superintendent and financial officer sign Form 9 for submission to IDOE

by February 1. (For six months ended December 31.)

FEBRUARYhSecond ADM count for IDOE on February 1. hFinancial officer confirms corporate debt in DLGF Gateway by March 1. hReview January financial statements and bank accounts. See Appendix C, p.54 & 56.

MARCHhReview February financial statements and bank accounts.

APRILhReview financial statements and Budget Variance Letter for quarter ended March 31. See Appendix C, p.55 & 58.hReview bank accounts and investments as of March 31. hReview capital projects for work in progress and calendar for planned projects for current


MAYhReview April financial statements. hReview capital projects planned for current year.

JUNEhReview May financial statements.hReview capital projects.

JULYhReview financial statements and budget variance letter for quarter ended June 30.hReview bank accounts and investments as of June 30. hApprove budget calendar. hPublish Notice of Hearing and post capital projects plan and bus replacement plan on

district website. hBoard president, superintendent and financial officer sign Form 9 for submission to IDOE

by August 1. (For six months ended June 30.)hReview capital projects.

AUGUST

hReview financial July financial statements.hConduct budget hearing. hReview capital projects.

SEPTEMBERhAdopt budget to approve appropriations, tax rates, three-year capital projects plan and five-

year bus replacement plan. hAdopt additional appropriations or appropriation reductions for current year. hPublish Notice of Adoption. hSubmit budget items to DLGF by either Gateway or hard/electronic copies to DLGF field

agent. hReview August financial statements. hTake ADM count on second Friday.

OCTOBER

hReview financial statement and budget variance letter for quarter ended September 30.hReview bank accounts and investments as of September 30. hSubmit ADM count to IDOE.hSubmit textbook expenses to IDOE by October 31 for February reimbursement.

NOVEMBERhReview October financial statements and bank accounts.

DECEMBERhReview November financial statements and bank accounts.


NOTES

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APPENDIX A

GLOSSARY OF TERMS


GLOSSARY OF TERMS

Average Daily Membership (ADM) is the student count that is taken on the second Friday of September and February 1st. The September count is used by IDOE for basic grant and complexity grant funding. For now, the February count is for information purposes only.

Appropriations, authorized expenditures, are created through the annual budget process and authorized by DLGF.

Assessed Valuation (AV) is the monetary value of properties determined by the local assessor and used as basis for applying approved tax rates to levy property taxes.

Audit is conducted by SBOA every two years. SBOA tests school corporations for internal controls (designed to prevent fraud), compliance with state and federal funds requirements, and accuracy of accounting for expenses and revenues.

Budget Hearing is a legal and public process by which the board of school trustees establishes a budget for the next calendar (or fiscal) year. A Notice of Hearing is posted on DGLF’s Gateway informing the public of the date, time and purpose of the hearing and the subsequent meeting to adopt the budget.


Budget Adoption is a legal and public process at meeting after the budget hearing. During this process the board of school trustees formally adopts the proposed appropriations, the capital projects plan, the bus replacement plan and the proposed tax rates. Once the board adopts the budget a Notice of Adoption is posted to DLGF’s website and all budget forms are uploaded to Gateway for review by DLGF.

Budget Forms are forms prescribed by the DLGF to present anticipated revenues and expenditures for the next 18 months resulting in an annual budget and related tax rates for the next calendar (or fiscal) year. Forms include a three-year capital projects plan and five-year bus replacement plan.

Budget Variance Letter is an accompanying letter to internal financial statements explaining the accounts where actual expenditures vary budgeted expenditures. Often prepared on quarterly basis.

Budget Order (1782 Notice) is issued by DLGF upon their following their review and upon their approval. The Order establishes maximum appropriations and the tax rates necessary to levy local property taxes.

Form 9 is IDOE’s official financial report for public schools. Form 9 is prepared and submitted to the IDOE Division of School Finance for the six months ending June 30 and December 31. Form 9 serves as the basis for SBOA audits and is used by banks, insurance companies and bond rating agencies to determine credit worthiness.

Gateway is DLGF’s website where taxpayers may view budgets, budget order, debt service and other school finance information. Gateway is where all schools submit (or upload) their budgets.

HEA 1009 was passed in 2017 and becomes effective January 1, 2019. HEA 1009 establishes the Education Fund (to replace the General Fund) and the Operations Fund (to replace the Capital Projects, Transportation Operating and Bus Replacement Funds).

Internal Financial Statements are prepared as accounts are closed and bank and investment accounts are reconciled each month. Statements should include revenues, expenditures and beginning and ending balances by account and fund. Total ending fund balances should agree (be reconciled) to combined cash (bank) and investment balances. Comparative statements are recommended whereby data from the previous year are presented side-by-side with the current year.

Report 54 is issued by IDOE to communicate state tuition support amounts to school corporations. The report is revised monthly.

Statement of Cash (Banks) and Investments is a monthly report detailing beginning and ending balances, interest rates, interest earned and maturity date (where applicable) for each bank and investment account.


NOTES

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APPENDIX B

CHART OF ACCOUNTS / FUNDS BY SOURCE


IDOE CHART OF ACCOUNTSJuly-December 2016

SECTION DESCRIPTION

1 ....................................................................Receipts

2 ....................................................................Expenditures

3 ....................................................................Receipt Expenditures (5200, 5210, 5214, 5430, 5450, 6510)

4 ....................................................................Expenditure Exceptions (51200, 60100, 60114, 60200, 60300, 60400, 60500)

5 ....................................................................Corporation Cash Balance (Beginning)

6 ....................................................................Corporation Cash Balance (Ending)

7 ....................................................................Corporation Investment Balance (Beginning)

8 ....................................................................Encumbrances

9 ....................................................................Statement of Obligations *B...................................................................DOE Corporation Cash Balance (Balance Ending Prior 6 Months)

I .....................................................................Statement of Investments (Plus or Minus Adjustment)

S ....................................................................Statement of Obligations (Plus or Minus Adjustment to Beginning)*J ...................................................................DOE Corporation Statement of Investments (Balance Ending Prior 6 Months)*L ...................................................................DOE Corporation Statement of Obligations (Balance Ending Prior 6 Months)

M ...................................................................Beginning Cash Balance Minus Adjustment by Fund

P ...................................................................Beginning Cash Balance Plus Adjustment by Fund* .....................................................................DOE USE ONLY


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el/E

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/Bld

g Fu

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2900

- 29

99

Mis

cella

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3000

- 30

27

Inst

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port

Fund

30

28

Form

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sses

smen

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29

Spec

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Exce

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d 30

30

IN P

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Gra

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Fund

30

31 –

313

9

31

40 -

3149

In

stru

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uppo

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nd

Teac

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prov

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gram

31

50 -

3159

Te

ch P

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3160

- 31

69

Prin

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dem

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70 -

3179

In

stru

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3180

- 31

89

Econ

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catio

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ini G

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31

90 -

3199

C

ompu

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32

00 -

3209

Ad

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32

10 -

3219

St

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32

20 -

3229

D

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Free

Com

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Tabl

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Fun

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July

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Fu

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Fu

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3230

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3239

Ea

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Inte

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3240

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49

Soci

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Gra

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32

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3259

M

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Rei

mbu

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3270

Se

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s Sa

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Gra

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3300

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Extra

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Fun

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3499

R

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Fun

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3599

C

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3600

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Act

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3700

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& A

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3710

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Non

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Spe

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3720

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29

Scho

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3730

- 37

39

Tech

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lan

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3740

– 3

748

3749

Te

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40-1

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Car

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Gra

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3750

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59

Perfo

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37

60 -

3769

IN

Sch

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Impr

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3770

- 37

79

Acce

ss In

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a 37

80 -

3789

Te

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Pla

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37

90 -

3799

21

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3800

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Con

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3950

M

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Pro

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s 39

51

Cha

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39

52

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Set

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53

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39

54

Sena

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For

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Fun

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Exce

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Dis

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3956

Pr

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3957

- 39

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Mis

cella

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rogr

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4100

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PL 1

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1 43

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4399

PL

107

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44

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4499

PL

96-

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Fund

#

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Ti

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4650

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s 47

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4799

Yo

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4899

Su

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Em

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t 49

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4919

M

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Wor

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49

20 -

4929

Lo

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prov

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30 -

4939

M

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49

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4949

Tu

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49

50 -

4999

M

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51

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5109

C

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Con

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5119

St

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51

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5159

Se

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a 52

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5213

PL

101

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5215

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PL 1

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52

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5259

PL

105

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5260

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53

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PL

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5499

PL

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5500

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PL 1

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C

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PL 9

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59

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5939

Ti

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5940

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Tech

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5950

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Oth

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6200

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Voca

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6300

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PL 9

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Tabl

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6410

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6420

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6430

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6440

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6469

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6479

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6480

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6600

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6699

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6719

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Impl

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6729

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6730

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6750

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Cla

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6809

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6819

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6820

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6830

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6849

Im

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6850

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6869

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6870

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68

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6889

Ti

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6890

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6900

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6939

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s 69

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6949

N

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6969

O

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Fund

#

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70 -

6979

R

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6989

Te

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6990

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49

Oth

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7950

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52

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ulus

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55

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56

Educ

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57

McK

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7958

Sc

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men

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7959

H

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7960

Ti

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61

Qua

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7962

Q

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7963

Ti

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64

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7965

Ed

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En

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67-7

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Tabl

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1327

O

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31

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1410

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1421

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1611

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1612

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1613

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16

14

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1621

Ad

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Rec

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#

Rec

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Nam

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22

Seco

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A St

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1623

Al

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1630

Sp

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1650

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1741

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1742

O

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50

Rev

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17

60

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19

20

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41

Text

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Te

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1951

M

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llane

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Rev

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1952

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61

Inte

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Und

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Vo

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Am

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Ref

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s 19

91

Ref

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92

Ref

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men

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93

Ref

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Hol

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Rei

mbu

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O

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Tr

ansp

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- Mig

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96

Ref

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of T

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asol

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1997

In

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21

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Unr

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Gra

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2200

R

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2800

R

even

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2910

Ed

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Tabl

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Rec

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s Ju

ly -

Dece

mbe

r 201

6 R

ecei

pt #

R

ecei

pt N

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2920

C

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essi

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29

30

Riv

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2990

O

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11

Basi

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31

12

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31

13

Com

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31

14

Sum

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3115

Ev

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Ad

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3117

Se

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d Sc

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3118

C

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Scho

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31

20

Cho

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Sav

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Dis

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3121

Tr

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3122

So

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Sec

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Obl

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ions

31

40

Voca

tiona

l Edu

catio

n 31

51

Scho

ol L

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31

90

Oth

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peci

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3198

Fo

rmat

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Ass

essm

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rant

31

99

Rem

edia

tion/

Pre

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Rem

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tion

Pro

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s 32

11

Alte

rnat

ive

Edu

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12

Scho

ol L

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rinte

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32

13

Scho

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Hav

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3214

Ea

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ecov

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3215

AC

CES

S In

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16

Tech

nolo

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lann

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Gra

nts

3217

Te

chno

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Gra

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3218

Te

chno

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Gra

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Budd

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32

19

Scho

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3220

C

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Adv

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3221

Fu

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inde

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Gra

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3230

G

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and

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Rec

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#

Rec

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Nam

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31

Gift

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- Arts

Min

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3240

Te

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Con

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Med

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burs

emen

t - S

tate

32

55

Spec

ial E

duca

tion

Alte

rnat

ive

Ser

vice

s 32

56

IN S

peci

al E

duca

tion

Gra

nts

3260

Te

ch P

rep

Min

i Gra

nts

3270

Pr

inci

pal L

eade

rshi

p A

cade

my

3280

Pr

ofes

sion

al D

evel

opm

ent G

rant

32

81

Chi

ld A

buse

Pre

vent

ion

3282

Be

ginn

ing

Teac

her I

nter

nshi

p P

rogr

am (T

each

er M

ento

r)

3283

C

ompu

ter T

echn

ical

Rep

licat

ion

Ado

ptio

n P

rogr

am

3284

Sp

ecia

l Edu

catio

n P

resc

hool

32

85

3286

Pr

ojec

t RES

PEC

T Ea

rly C

hild

hood

Edu

catio

n 32

91

Non

-Eng

lish

Spe

akin

g Pr

ogra

m

3292

Sp

ecia

l Arts

Gra

nt

3293

Pe

rform

ance

Bas

ed A

war

ds

3294

Ec

onom

ic E

duca

tion

Min

i-Gra

nts

3295

Te

chni

cal A

ssis

tanc

e G

rant

s 32

96

Early

Chi

ldho

od P

resc

hool

Lat

ch K

ey

3297

St

ep A

head

32

98

Dru

g Fr

ee C

omm

uniti

es

3299

Sc

hool

Aca

dem

ic Im

prov

emen

t 33

10

Turn

arou

nd S

uppo

rt

3800

R

even

ue in

Lie

u of

Tax

es

3910

Te

xtbo

ok R

eim

burs

emen

ts

3920

C

ongr

essi

onal

Inte

rest

from

Sta

te

3950

D

eseg

rega

tion

3990

O

ther

41

00

Unr

estri

cted

Gra

nts-

in-A

id fr

om F

eder

al G

over

nmen

t 42

11

Hom

e Ec

onom

ics,

Agr

icul

ture

, Ind

ustri

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Tabl

e of

Rec

eipt

s Ju

ly -

Dece

mbe

r 201

6 R

ecei

pt #

R

ecei

pt N

ame

4212

In

dian

a-Vo

catio

nal T

echn

ical

Col

lege

42

13

Are

a C

aree

r and

Tec

hnic

al S

choo

ls

4214

Pr

e-Vo

catio

nal E

duca

tion

(Han

dica

pped

) 42

15

4216

W

ork

Stud

y Fe

dera

l Mat

h an

d Sc

ienc

e G

rant

s 42

23

Publ

ic L

aw 1

01-4

76 ID

EA

4224

Pu

blic

Law

89-

313

4225

Pu

blic

Law

99-

457

4226

Sl

iver

/Pub

lic L

aw 1

05-1

7 42

29

Oth

er S

peci

al E

duca

tion

4231

Pu

blic

Law

874

42

33

Publ

ic L

aw 1

00-4

85

4234

Fo

od S

tam

ps

4240

Sc

hool

-to-W

ork

Act

4250

Le

arn

Col

lege

Go

(CFD

A 84

.378

A)

4260

Ad

ult E

duca

tion

4270

D

isas

ter G

rant

s 42

80

Jobs

Tra

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g Pa

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ship

Act

42

91

Scho

ol L

unch

Rei

mbu

rsem

ent

4292

Sc

hool

Bre

akfa

st R

eim

burs

emen

t 42

93

Kind

erga

rten

Milk

Rei

mbu

rsem

ent

4294

Su

mm

er F

ood

Serv

ice

Pro

gram

for C

hild

ren

4295

Vo

catio

nal E

duca

tion

Rei

mbu

rsem

ent f

or C

ompu

ter

4296

C

hild

and

Adu

lt C

are

Food

Pro

gram

42

97

Afte

r Sch

ool S

nack

Rei

mbu

rsem

ent

4298

Fr

esh

Frui

ts a

nd V

eget

able

s 42

99

Oth

er

4310

D

isas

ter G

rant

s 43

20

Nat

iona

l Sci

ence

Fou

ndat

ion

4330

Te

chno

logy

43

90

Oth

er (S

peci

fy)

Rec

eipt

#

Rec

eipt

Nam

e 45

14

Title

I 45

15

Title

VI

4516

Ti

tle 1

- M

igra

nt

4517

D

rug

Free

Sch

ools

- Pa

rt II

PL 9

9-57

0 45

18

Title

I - E

ven

Star

t 45

20

Non

-Foo

d As

sist

ance

45

30

Valu

e Aw

aren

ess

PL

101-

610

4540

M

edic

aid

Rei

mbu

rsem

ent -

Fed

eral

45

50

Educ

ate

Amer

ica

PL 1

03-2

27 T

itle

IV

4560

Pr

ojec

t RES

PEC

T 45

70

Cla

ss S

ize

Red

uctio

n PL

105

-277

45

80

Amer

ican

Rec

over

y &

Rei

nves

tmen

t Act

of 2

009

4581

Ed

ucat

ion

Jobs

45

90

Oth

er (S

peci

fy)

4591

C

aree

r Aw

aren

ess

4592

PL

100

-297

Dw

ight

D. E

isen

how

er M

ath

& Sc

ienc

e 45

93

Latc

h K

ey K

ids

Gra

nt

4595

St

ep A

head

45

96

HIV

/AID

S Tr

aini

ng G

rant

s 45

97

Stew

art H

omel

ess

Assi

stan

ce P

L 10

1-64

5 45

98

Enha

nced

Edu

catio

n A

ct

4599

O

ther

47

00

Gra

nts-

in-A

id fr

om th

e Fe

d G

ov't

thro

ugh

Oth

er In

term

. Sou

rces

48

00

Rev

enue

in L

ieu

of T

axes

49

00

Rev

enue

For

/On

Beha

lf of

the

Scho

ol C

orpo

ratio

n 49

90

Oth

er (S

peci

fy)

5110

B

ond

Prin

cipa

l and

Ban

k Lo

an P

rinci

pal

5120

Pr

emiu

m o

r Acc

rued

Inte

rest

on

the

Issu

ance

of B

onds

51

30

Tax

Antic

ipat

ion

War

rant

Pre

miu

ms

5140

Bo

nd A

ntic

ipat

ion

Not

es

5200

Tr

ansf

ers

from

One

Fun

d to

Ano

ther


Tabl

e of

Rec

eipt

s Ju

ly -

Dece

mbe

r 201

6 R

ecei

pt #

R

ecei

pt N

ame

5210

So

cial

Sec

urity

Tra

nsfe

rs -

Co

ops

5214

PL

109

-201

0 Tr

ansf

ers

5310

D

ispo

sal o

f Rea

l Pro

perty

53

20

Dis

posa

l of P

erso

nal P

rope

rty

5390

O

ther

(Spe

cify

) 54

10

Vete

ran'

s M

emor

ial F

unds

Adv

ance

54

20

Com

mon

Sch

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und

Adva

nce

5430

Te

mpo

rary

Loa

n Pr

inci

pal

5440

Em

erge

ncy

Loan

Prin

cipa

l 54

50

Loan

s fro

m O

ne F

und

to A

noth

er

5460

Sc

hool

Bus

Loa

ns

5470

G

rant

Ant

icip

atio

n N

otes

54

80

Ener

gy S

avin

gs

6010

R

etur

n of

Pet

ty C

ash

6020

R

etur

n of

Cas

h C

hang

e 64

10

Insu

ranc

e (C

laim

s fo

r Los

ses)

65

10

Secu

ritie

s 66

00

Oth

er (S

peci

fy)


Tabl

e of

Exp

endi

ture

s Ju

ly –

Dec

embe

r 201

6 Ex

pend

iture

#

Expe

nditu

re N

ame

1102

5 N

on S

peci

al E

duca

tion

Pres

choo

l 11

050

Full

Day

Kin

derg

arte

n 11

100

Elem

enta

ry

1120

0 M

iddl

e/Ju

nior

Hig

h 11

300

Hig

h Sc

hool

11

350

Acad

emic

Hon

ors

Dip

lom

a 11

355

Acad

emic

Hon

ors

Hig

h Ab

ility

Stud

ent P

rogr

ams

1141

0 Ag

ricul

ture

A

1142

0 Ag

ricul

ture

B

1143

0 D

istri

butiv

e Ed

ucat

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1144

0 H

ealth

Occ

upat

ions

11

450

Con

sum

er a

nd H

omem

akin

g 11

460

Occ

upat

iona

l Hom

e Ec

onom

ics

1147

0 Bu

sine

ss E

duca

tion

1148

0 In

dust

rial E

duca

tion

A

1149

0 In

dust

rial E

duca

tion

B

1151

0 C

oope

rativ

e Ed

ucat

ion

1152

0 Ar

ea S

choo

l Par

ticip

atio

n 11

590

Oth

er V

ocat

iona

l Edu

catio

n Pr

ogra

ms

1161

0 El

emen

tary

11

620

Mid

dle/

Juni

or H

igh

1163

0 H

igh

Scho

ol

1191

0 C

ompe

tenc

y Te

stin

g 11

920

Proj

ect 4

R

1211

0 G

ifted

and

Tal

ente

d 12

150

Hig

h Ab

ility

Stud

ent P

rogr

ams

1221

0 M

ild M

enta

l Dis

abilit

ies

1222

0 M

oder

ate

Men

tal D

isab

ilitie

s 12

230

Seve

re M

enta

l Dis

abilit

ies

1231

0 O

rthop

edic

Impa

irmen

t 12

320

Mul

tiple

Dis

abilit

ies

1233

0 Vi

sual

Impa

irmen

t 12

340

Hea

ring

Impa

irmen

t 12

350

Hom

ebou

nd

1241

0 Em

otio

nal D

isab

ilitie

s - F

ull T

ime

1242

0 Em

otio

nal D

isab

ilitie

s - A

ll O

ther

s 12

510

Com

mun

icat

ion

Dis

orde

rs

1252

0 C

ompe

nsat

ory

Expe

nditu

re #

Ex

pend

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Nam

e 12

610

Lear

ning

Dis

abilit

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710

Equa

l Opp

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nity

At R

isk

1281

0 Sp

ecia

l Edu

catio

n Pr

esch

ool

1290

0 O

ther

Spe

cial

Pro

gram

s 13

100

Adul

t Bas

ic E

duca

tion

- Ins

truct

ion

1315

0 Ad

ult B

asic

Edu

catio

n –

Non

-Inst

ruct

ion

1320

0 Ad

vanc

ed A

dult

Educ

atio

n 13

300

Occ

upat

iona

l Pro

gram

s 13

600

Spec

ial I

nter

est P

rogr

ams

1390

0 O

ther

Adu

lt/C

ontin

uing

Edu

catio

n Pr

ogra

m

1410

0 El

emen

tary

Sum

mer

Sch

ool

1420

0 M

iddl

e/Ju

nior

Hig

h Su

mm

er S

choo

l 14

300

Hig

h Sc

hool

Sum

mer

Sch

ool

1510

0 N

on-C

redi

t Enr

ichm

ent P

rogr

am

1610

0 R

emed

iatio

n Te

stin

g 16

200

Prev

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e R

emed

iatio

n 17

100

Tran

sfer

Tui

tion

1730

0 Ar

ea V

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iona

l Sch

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Parti

cipa

ting

Sha

re)

1740

0 Jo

int S

ervi

ces

and

Supp

ly -

Spec

ial E

duca

tion

1750

0 Sp

ecia

l Edu

catio

n - I

nter

loca

l Agr

eem

ents

17

600

Join

t Ser

vice

s an

d Su

pply

- O

ther

17

700

Inte

rloca

l Agr

eem

ents

- O

ther

17

800

Paym

ents

to C

harte

r Sch

ools

17

900

Oth

er

1800

0 Pa

ymen

ts to

Gov

ernm

enta

l Uni

ts O

utsi

de S

tate

21

110

Serv

ice

Area

Dire

ctio

n - A

ttend

ance

/Soc

ial W

ork

2112

0 At

tend

ance

Ser

vice

s 21

130

Soci

al W

ork

Serv

ices

21

140

Pupi

l Acc

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ing

2119

0 O

ther

Atte

ndan

ce a

nd S

ocia

l Wor

k Se

rvic

es

2121

0 Se

rvic

e Ar

ea D

irect

ion

- Gui

danc

e S

ervi

ces

2122

0 C

ouns

elin

g Se

rvic

es

2123

0 Ap

prai

sal S

ervi

ces

2124

0 In

form

atio

n Se

rvic

es

2125

0 R

ecor

ds M

aint

enan

ce

2129

0 O

ther

Gui

danc

e Se

rvic

es

2131

0 Se

rvic

e Ar

ea D

irect

ion

- Hea

lth S

ervi

ces

2132

0 M

edic

al S

ervi

ces


Tabl

e of

Exp

endi

ture

s Ju

ly –

Dec

embe

r 201

6 Ex

pend

iture

#

Expe

nditu

re N

ame

2133

0 D

enta

l Ser

vice

s 21

340

Nur

se S

ervi

ces

2139

0 O

ther

Hea

lth S

ervi

ces

2141

0 Se

rvic

e Ar

ea D

irect

ion

- Psy

chol

ogic

al S

ervi

ces

2142

0 Ps

ycho

logi

cal T

estin

g 21

430

Psyc

holo

gica

l Cou

nsel

ing

2149

0 O

ther

Psy

chol

ogic

al S

ervi

ces

2151

0 Se

rvic

e Ar

ea D

irect

ion

- Spe

ech

Pat

holo

gy

2152

0 Sp

eech

Pat

holo

gy S

ervi

ces

2153

0 Au

diol

ogy

Serv

ices

21

590

Oth

er S

peec

h Pa

thol

ogy

and

Aud

iolo

gy S

ervi

ces

2161

0 Se

rvic

e Ar

ea D

irect

ion

- Occ

upat

iona

l The

rapy

21

620

Occ

upat

iona

l The

rapy

Ser

vice

s 21

710

Serv

ice

Area

Dire

ctio

n - P

hysi

cal T

hera

py

2172

0 Ph

ysic

al T

hera

py S

ervi

ces

2181

0 Se

rvic

e Ar

ea D

irect

ion

- Spe

cial

Ed.

Adm

in.

2189

0 O

ther

Spe

cial

Edu

catio

n A

dmin

istra

tion

2191

0 Se

rvic

e Ar

ea D

irect

ion

- Oth

er S

uppo

rt S

ervi

ces

2199

0 O

ther

Stu

dent

Ser

vice

s 22

110

Serv

ice

Area

Dire

ctio

n - I

mpr

ovem

ent o

f Ins

truct

ion

2212

0 In

stru

ctio

n an

d C

urric

ulum

Dev

elop

men

t 22

130

Inst

ruct

iona

l Sta

ff Tr

aini

ng

2219

0 O

ther

Impr

ovem

ent o

f Ins

truct

iona

l Ser

vice

s 22

210

Serv

ice

Area

Dire

ctio

n - L

ibra

ry/M

edia

Ser

vice

s 22

220

Scho

ol L

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ry

2223

0 Au

diov

isua

l 22

240

Educ

atio

nal T

elev

isio

n 22

250

Com

pute

r Ass

iste

d In

stru

ctio

n S

ervi

ces

2229

0 O

ther

Edu

catio

nal M

edia

Ser

vice

s 22

310

Tech

nolo

gy S

ervi

ce S

uper

visi

on a

nd A

dmin

istra

tion

2232

0 St

uden

t Lea

rnin

g C

ente

rs

2233

0 S

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ms

Anal

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and

Pla

nnin

g 22

340

Sys

tem

s Ap

plic

atio

n D

evel

opm

ent

2235

0 S

yste

ms

Ope

ratio

ns

2236

0 N

etw

ork

Supp

ort

2237

0 H

ardw

are

Mai

nten

ance

and

Sup

port

2238

0 P

rofe

ssio

nal D

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opm

ent f

or In

stru

ctio

n-fo

cuse

d Te

ch. P

erso

nnel

22

400

Acad

emic

Stu

dent

Ass

essm

ent

Expe

nditu

re #

Ex

pend

iture

Nam

e 22

900

Oth

er S

uppo

rt S

ervi

ce -

Inst

ruct

iona

l Sta

ff 23

110

Serv

ice

Area

Dire

ctio

n - B

oard

of E

duca

tion

2312

0 Se

rvic

e Ar

ea A

ssis

tant

s 23

150

Lega

l Ser

vice

s 23

160

Prom

otio

n Ex

pens

es

2319

0 O

ther

Gov

erni

ng B

ody

Serv

ices

23

210

Offi

ce o

f the

Sup

erin

tend

ent

2322

0 C

omm

unity

Rel

atio

ns

2323

0 St

aff R

elat

ions

and

Neg

otia

tions

23

290

Oth

er E

xecu

tive

Adm

inis

tratio

n Se

rvic

es

2410

0 O

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of t

he P

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pal

2490

0 O

ther

Sup

port

Ser

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s - S

choo

l Adm

inis

tratio

n 25

110

Offi

ce o

f the

Bus

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s M

anag

er

2512

0 Se

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e Ar

ea D

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ion

- Fis

cal S

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ces

2513

0 Bu

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ing

2514

0 R

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ving

and

Dis

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ting

Fund

s 25

150

Payr

oll S

ervi

ces

2516

0 Fi

nanc

ial A

ccou

ntin

g 25

170

Inte

rnal

Aud

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25

180

Prop

erty

Acc

ount

ing

2519

1 R

efun

d of

Rev

enue

25

192

Petty

Cas

h 25

193

Prin

ted

Form

s 25

195

Bank

Acc

ount

Ser

vice

Cha

rge

2519

6 C

ash

Cha

nge

2519

9 O

ther

25

210

Ser

vice

Are

a D

irect

ion

- Pur

chas

ing,

War

ehou

sing

, and

Dis

t. S

rvcs

. 25

220

Purc

hasi

ng

2523

0 W

areh

ousi

ng a

nd D

istri

butio

n 25

300

Prin

ting,

Pub

lishi

ng, a

nd D

uplic

atin

g Se

rvic

es

2540

0 Pl

anni

ng, R

esea

rch,

Dev

elop

men

t and

Eva

luat

ion

2551

0 D

irect

ion

of R

enta

l Ser

vice

s - T

extb

ooks

for R

ent o

r Res

ale

2552

0 Te

xtbo

oks,

Wor

kboo

ks, a

nd R

epai

rs

2552

5 C

ompu

ters

in L

ieu

of T

extb

ooks

25

530

Dis

tribu

tion

of T

extb

ook

Rei

mbu

rsem

ent

2554

0 O

ther

Tex

tboo

k R

enta

l Ser

vice

s 25

550

Dire

ctio

n of

Res

ale

Serv

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2556

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Co

nstru

ctio

n Fu

nds

x

x

80

0 Sc

hool

Lun

ch

x

90

0 Te

xtbo

ok R

enta

l Fun

d x

x

x

11

00

Self

Insu

ranc

e x

x

1200

Le

vy E

xces

s

x

1300

s Sp

ec E

d C

oope

rativ

es

x x

x

14

00s

Vo

c Ed

Coo

pera

tives

x

x

1500

s Jo

int S

ervic

es

x

16

00s

Child

Car

e Pr

ogra

m

x

x

19

00s

Cate

goric

al S

tude

nt S

uppo

rt

x

2000

s Do

natio

ns,G

ifts,

Trus

ts

x

21

00s

Inst

ruct

iona

l Sup

port

x

23

00

Extra

Cur

ricul

ar

x

x

x 30

00 -

3249

St

ate

Gran

ts

x

32

50s

Med

icai

d Re

imbu

rsem

ent

x

3710

-371

9 No

n-En

glis

h Sp

eaki

ng

x

37

20

Scho

ol T

echn

olog

y (eR

ate)

x

3730

-390

0s

Stat

e Gr

ants

or C

ateg

oric

al S

pend

ing

x

x

40

00s-

6000

s Fe

dera

l Gra

nts

(incl

udig

Titl

e Gr

ants

)

x

7000

s Fe

dera

l Stim

ulus

Fun

ds

x

FUND

S BY

FUN

DING

SOU

RCE


NOTES

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________

_______________________________________________________________________________________


APPENDIX C

SAMPLE INTERNAL REPORTS


Ba

lanc

e

Ba

lanc

e Ba

lanc

e

Ba

lanc

eFu

nd

Desc

riptio

n 7/

1/20

17

Rece

ipts

Ex

pend

iture

s 3/

31/2

018

7/1/

2016

Re

ceip

ts

Expe

nditu

res

3/31

/201

7

100

Gene

ral F

und

$33

,173

,818

$

196,

510,

195

$

(207

,173

,836

) $

22,5

10,1

77

$52

,879

,784

$

176,

005,

413

$

(174

,716

,802

) $

54,1

68,3

95

200

Debt

Ser

vice

Fund

1

5,56

4,17

2

5,3

16,6

82

(16,

714,

268)

4

,166

,586

21

,760

,663

2

4,64

4,76

4

(19,

627,

867)

2

6,77

7,56

0 35

0 Ca

pita

l Pro

ject

s Fu

nd

23,

288,

999

1

7,95

8,65

1

(29,

090,

727)

1

2,15

6,92

3

24,0

40,4

29

20,

389,

304

(3

1,92

1,26

2)

12,

508,

471

410

Tran

spor

tatio

n Op

erat

ing

55,

311,

083

1

8,53

4,35

9

(22,

010,

537)

5

1,83

4,90

5

4,05

0,21

6

18,

506,

790

(2

6,18

1,73

1)

(3,6

24,7

25)

420

Bus

Repl

acem

ent

87,

670

5

,619

,629

(5

,837

,404

) (1

30,1

05)

4,69

0,47

5

3,4

16,4

75

(7,5

30,7

17)

576

,233

61

0 Ra

iny D

ay F

und

18,

919,

896

-

-

18,9

19,8

96

18,9

19,8

96

-

-

18

,919

,896

80

0 Sc

hool

Lun

ch F

und

25,

945,

809

1

8,18

8,24

0

(18,

973,

839)

2

5,16

0,21

0

29,8

21,1

73

16,

500,

466

(1

9,55

5,46

3)

26,

766,

176

To

tal F

unds

$

172,

291,

447

$

262,

127,

756

$

(299

,800

,611

) $

134,

618,

592

$1

56,1

62,6

36

$25

9,46

3,21

2

$(2

79,5

33,8

42)

$13

6,09

2,00

6

INTE

RNAL

FIN

ANCI

AL R

EPOR

TING

Com

para

tive

Year

-to-D

ate

for M

arch

31,

201

7 an

d M

arch

30,

201

8

Fisc

al Y

ear 2

018

Fisc

al Y

ear 2

017

The

purp

ose

of th

e in

tern

al fi

nanc

ial r

epor

t is

to in

form

by

fund

the

begi

nnin

g ba

lanc

e, th

e re

ceip

ts a

nd e

xpen

ditu

res

for t

he p

erio

d, a

nd th

e cl

osin

g ba

lanc

e.

Addi

tiona

lly, i

t sho

uld

be a

com

para

tive

repo

rt fo

r the

cur

rent

yea

r-to

-dat

e an

d pr

ior y

ear-

to-d

ate

for t

he s

ame

perio

ds o

f tim

e.


GENE

RAL

FUND

Acco

unt N

umbe

r Ac

coun

t Des

crip

tion

Q1 -

2018

20

18 B

udge

t %

of B

udge

t No

tes

110-

240

Sala

ries/

Bene

fits

$30,

407,

855

$1

07,4

49,5

92

28%

Slig

htly

over

targ

et o

f 26.

9% (7

out

of 2

6 pa

yrol

ls fo

r yea

r)

31

1-31

9 Se

rvic

es (S

tude

nt/S

taff)

$3

41,8

45

$1,7

81,2

43

19%

On ta

rget

com

pare

d to

bud

get

561

Tr

ansf

er T

uitio

n $2

24,5

67

$3,1

75,0

00

7%

On ta

rget

; hig

her t

uitio

n pa

ymen

ts la

ter h

alf o

f yea

r

41

1, 4

12, 5

20,

Utili

ties

/ Lia

bilit

y

531,

622

, 625

In

sura

nce

/ Rep

airs

$1

,116

,017

$6

,037

,102

18

% On

targ

et c

ompa

red

to b

udge

t; sl

ight

ly hi

gher

YOY

532-

550,

580

-615

, 640

-899

Su

pplie

s $4

65,9

16

$2,8

99,7

79

16%

On ta

rget

com

pare

d to

bud

get;

slig

htly

lowe

r YOY

83

1

Leas

e Pa

ymen

ts

$183

,353

$-

n/

a No

bud

get f

or o

pera

ting

leas

e pa

ymen

ts; n

eed

to m

ove

mon

ey to

cov

er

TOTA

LS

All A

ccou

nts

$32,

739,

553

$1

21,3

42,7

16

27%

Slig

htly

ahea

d of

targ

et, g

iven

low

expe

nditu

res

in n

on-s

alar

y acc

ount

s

OP

ERAT

ING

REFE

REND

UM F

UND

Acco

unt N

umbe

r Ac

coun

t Des

crip

tion

Q1

- 201

8

201

8 Bu

dget

%

of B

udge

t No

tes

110-

240

Sala

ries/

Bene

fits

$1,

427,

326

$

6,45

5,00

0

22%

On b

udge

t tar

get

430

Re

pairs

/ M

aint

enan

ce

$62

0,92

0

$2,

859,

195

22

% On

bud

get t

arge

t

73

0

Equi

pmen

t / S

uppl

ies

$87

,609

$

993,

000

9%

On

bud

get t

arge

t

TO

TALS

Al

l Acc

ount

s $

2,13

5,85

4

$10

,307

,195

21

% On

bud

get t

arge

t

DEBT

SER

VICE

FUN

D A

ll bo

nd p

aym

ents

will

be

proc

esse

d ac

cord

ing

to th

eir r

epay

men

t sch

edul

e at

the

end

of Q

uarte

r 2, 2

018.

PE

NSIO

N DE

BT S

ERVI

CE F

UND

Pen

sion

Bon

d wa

s re

tired

on

Mar

ch 1

, 201

8.

CAPI

TAL

PROJ

ECTS

FUN

D

Ac

coun

t Num

ber

Acco

unt D

escr

iptio

n Q

1 - 2

018

2

018

Budg

et

% of

Bud

get

Note

s

43

0

Repa

irs

$85

,057

$

1,23

4,21

3

7%

On ta

rget

; exp

endi

ture

s se

t for

sum

mer

/fal

l

73

0

Equi

pmen

t $

158,

797

$

1,23

7,54

9

13%

On ta

rget

; exp

endi

ture

s se

t for

sum

mer

/fal

l

TO

TALS

Al

l Acc

ount

s $

270,

885

$

2,47

1,76

1

11%

On b

udge

t tar

get

TRAN

SPOR

TATI

ON O

PERA

TING

FUN

D

Acco

unt N

umbe

r Ac

coun

t Des

crip

tion

Q1

- 201

8

201

8 Bu

dget

%

of B

udge

t No

tes

110-

240

Sala

ries/

Bene

fits

$91

8,10

9

$1,

169,

500

79

% Pl

anne

d ov

erag

e to

refe

rend

um

319.

411

. 531

. 580

, 611

-662

Se

rvic

es, S

uppl

ies

$29

5,37

5

$1,

409,

500

21

% On

targ

et

430,

665

-668

Re

pairs

/Mai

nten

ance

, Equ

ipm

ent

$13

5,28

4

$83

5,21

9

16%

On ta

rget

TOTA

LS

All A

ccou

nts

$1,

348,

768

$

3,41

4,21

9

40%

On b

udge

t tar

get

BUS

REPL

ACEM

ENT

FUND

Lea

se p

aym

ents

will

be

mad

e ac

cord

ing

to le

ase

paym

ent s

ched

ules

in Q

uarte

r 2, 3

, and

4, 2

018.

BU

DGET

VAR

IANC

E LE

TTER

for t

he Q

uarte

r End

ed M

arch

31,

201

8

The

purp

ose

of th

e (q

uarte

rly) v

aria

nce

lette

r is

to in

form

on

year

-to-d

ate

expe

nditu

res

by fu

nd a

nd b

y ac

coun

t (or

obj

ect c

ode)

by

iden

tifyi

ng m

ater

ial v

aria

nces

fro

m b

udge

t and

exp

lain

ing

the

reas

on(s

) for

the

varia

nce.


Cash

and

Cas

h Eq

uiva

lent

s (B

ank

Acco

unts

)

In

t Ba

lanc

e

Ne

t

Bala

nce

Fina

ncia

l Ins

titut

ion

- Des

crip

tion

Acct

#

Rate

3/

1/20

18

De

posi

ts

Di

sbur

sem

ents

In

com

e

3/31

/201

8

JP M

orga

n Ch

ase

(Ope

ratin

g)

7334

0.

45%

$7,5

64,3

02.0

6

$31,

489,

237.

24

$(32

,548

,466

.10)

$2

63.8

0

$6,5

05,3

37.0

0 JP

Mor

gan

Chas

e (P

ayro

ll)

3782

N/

A

4,

575,

500.

00

(4,5

75,5

00.0

0)

- PN

C Ba

nk (P

ay-C

ards

) 11

89

N/A

276,

378.

70

193,

258.

90

(162

,852

.80)

-

3

06,7

84.8

0 PN

C Ba

nk (T

extb

ook

Rent

al)

2189

N/

A 84

,231

.90

6,

632.

32

-

-

90,8

64.2

2 Pe

tty C

ash

N/

A N/

A 57

5.00

-

-

-

575

.00

Hoos

ier F

und

2130

1.

54%

700,

000.

00

898.

33

700,

898.

33

Trus

t Ind

iana

31

45

1.56

% 1,

402,

500.

00

- (1

50,0

00.0

0)

1,62

5.53

1,

254,

125.

53

Hunt

ingt

on B

ank

Hold

ing

Acco

unt

9615

N/

A

45,

100.

00

-

(4

5,10

0.00

) -

-

$10,

073,

087.

66

$36,

264,

628.

46

$(37

,481

,918

.90)

$2

,787

.66

$8

,858

,584

.88

Inve

stm

ents

(Cer

tifica

tes

of D

epos

it)

Mat

urity

Int

Ba

lanc

e

Ne

t

Bala

nce

Fina

ncia

l Ins

titut

ion

Date

Rate

3/

1/20

18

De

posi

ts

With

draw

als

In

com

e

3/31

/201

8

Lake

City

Ban

k 3/

18/2

015

1.97

% $6

00,0

00.0

0

$-

$(60

0,98

5.00

) $9

85.0

0

$-

Lake

City

Ban

k 6/

30/2

018

2.05

% 50

0,00

0.00

-

- 50

0,00

0.00

Ke

y Ban

k 12

/15/

2018

1.

77%

-

300,

000.

00

-

-

300

,000

.00

Hunt

ingt

on B

ank

6/30

/201

9 1.

87%

-

300,

000.

00

-

-

300

,000

.00

$1,1

00,0

00.0

0

$600

,000

.00

$(

600,

985.

00)

$98

5.00

$1

,100

,000

.00

Tota

l Cas

h an

d In

vest

men

ts

$11,

173,

087.

66

$36,

864,

628.

46

$(38

,082

,903

.90)

$

3,77

2.66

$9

,958

,584

.88

TREA

SURE

R’S

REPO

RT: C

ASH

AND

INVE

STM

ENTS

The

purp

ose

of th

e Tr

easu

rer’s

Cas

h an

d In

vest

men

t Rep

ort i

s to

sta

te c

ash

(ban

k) b

alan

ces

and

inve

stm

ent i

nstru

men

ts b

y ty

pe, b

y ba

nk w

ith re

late

d in

tere

st ra

tes

and

inte

rest

ear

ning

s.


Budg

et

Gene

ral O

blig

atio

n Fi

rst M

ortg

age

Fi

rst M

ortg

age

Fi

rst M

ortg

age

Sc

hool

Bus

To

tal O

utst

andi

ng

Year

Pe

nsio

n Bo

nds

Bond

s, S

erie

s 20

10

Bond

s, S

erie

s 20

15

Bond

s, S

erie

s 20

17

Leas

e, 2

017

Debt

Ser

vice

20

18

$35

0,00

0

$45

0,00

0

$65

0,00

0

$75

,000

$

38,7

50

$1,

563,

750

20

19

350

,000

4

50,0

00

650

,000

7

5,00

0

38,

750

1

,563

,750

2020

-

4

75,0

00

650

,000

3

50,0

00

38,

750

1

,513

,750

2021

-

4

75,0

00

650

,000

3

50,0

00

38,

750

1

,513

,750

2022

-

4

85,0

00

650

,000

3

80,0

00

-

1,5

15,0

00

20

23

-

485

,000

6

50,0

00

380

,000

-

1

,515

,000

2024

-

4

85,0

00

650

,000

3

80,0

00

-

1,5

15,0

00

20

25

-

485

,000

6

50,0

00

380

,000

-

1

,515

,000

2026

-

-

6

50,0

00

380

,000

-

1

,030

,000

2027

-

-

6

50,0

00

380

,000

-

1

,030

,000

2028

-

-

6

50,0

00

380

,000

-

1

,030

,000

2029

-

-

6

50,0

00

380

,000

-

1

,030

,000

2030

-

-

6

50,0

00

380

,000

-

1

,030

,000

2031

-

-

-

3

80,0

00

-

380

,000

2032

-

-

-

3

80,0

00

-

380

,000

$700

,000

$

3,79

0,00

0

$8,

450,

000

$

5,03

0,00

0

$15

5,00

0

$18

,125

,000

DEBT

WOR

KSHE

ET

The

purp

ose

of th

e De

bt W

orks

heet

is to

iden

tify

outs

tand

ing

debt

by

issu

ance

with

rela

ted

debt

ser

vice

pay

men

ts b

y ye

ar.

The

Debt

Wor

kshe

et s

uppo

rts th

e De

bt

Serv

ice

Fund

.


As o

f:

Jan.

1st

Cas

h:Ja

nuar

y 31:

Febr

uary

28:

Mar

ch 3

1:Ap

ril 3

0:

May

31:

June

30:

July

31:

Augu

st 3

1:Se

ptem

ber 3

0:Oc

tobe

r 31:

Nove

mbe

r 30:

Dece

mbe

r 31:

Tota

ls:

CASH

FLO

W W

ORKS

HEET

- AN

Y FU

NDYe

ar:

Blan

k Ca

sh F

low

Wor

kshe

et

Prop

erty

Ta

x

$

Stat

e Ai

dBa

sic

Gran

t

$

All

Othe

r

$

Tota

l Re

ceip

ts

$

100

Sala

ries

$

200

Frin

ges

$

400

Cons

truct

$

700

Equi

pmen

t

$

All

Othe

r

$

Tota

l Di

sbur

sem

ents

$

End

of M

onth

Bala

nce

$

Rece

ipts

Disb

urse

men

ts

--

-- - - - - - - - - - - -

--

--

- - - - - - - - - - - -

- - - - - - - - - - - - -

The

work

shee

t is

a bl

ank

tem

plat

e wi

th w

hich

the

CFO

can

mon

itor r

ecei

pts

and

expe

nses

by

fund

. It

can

be u

sed

to p

roje

ct a

s we

ll as

reco

rd c

ash

flow

and

is a

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APPENDIX D

SAMPLE RESOLUTIONS


1) Create the Education Fund and Operations Fund.

2) Transfer December 31, 2018 balances from expiring funds to the new funds.

3) Establish a recurring amount of transfer from the Education Fund to the Operations Fund.

We have provided sample resolutions tofacilitate your work.

HEA 1009 - 2017 REQUIRES THE BOARD TO TAKE THE

FOLLOWING ACTIONS:


RESOLUTION TO ESTABLISH EDUCATION FUND AND OPERATIONS FUND

AUGUST 1, 2018

WHEREAS, the Board of School Trustees is the governing body of IASBO Community School Corporation, Hendricks County, Indiana, and

WHEREAS, HB 1009 requires the governing body of each school corporation to establish an education fund for the payment of expenses allocated to student instruction and learning under IC 20-42.5, and

WHEREAS, HB 1009 requires the governing body of each school corporation to establish an operations fund for the payment of expenses that are not allocated to student instruction and learning under IC 20-42.5;

THEREFORE BE IT RESOLVED, that the Board of School Trustees authorizes the Treasurer of IASBO Community School Corporation to establish the education fund and the operations fund effective January 1, 2019.

This resolution was duly made, seconded and adopted this 1st day of August, 2018.

_____________________________________ President, Board of School Trustees IASBO Community School Corporation

ATTEST:

_____________________________________ Secretary, Board of School TrusteesIASBO Community School Corporation


RESOLUTION TO ESTABLISH INITIAL FUNDING FOR THE EDUCATION FUND

JANUARY 1, 2019


WHEREAS, HB 1009 required the governing body of each school corporation to establish an education fund for the payment of expenses allocated to student instruction and learning under IC 20-42.5, and

WHEREAS, HB 1009 required the governing body of each school corporation to transfer to the December 31, 2018 general fund balance to the education fund, effective January 1, 2019;

THEREFORE BE IT RESOLVED, that the Board of School Trustees authorizes the Treasurer of IASBO Community School Corporation to transfer the December 31, 2018 general fund balance to the education fund, effective, January 1, 2019.

This resolution was duly made, seconded and adopted this _______day of _______________, 2019.


ATTEST:



RESOLUTION TO ESTABLISH INITIAL FUNDING FOR THE OPERATIONS FUND

JANUARY 1, 2019


WHEREAS, HB 1009 required the governing body of each school corporation to establish an operations fund for the payment of expenses that are not allocated to student instruction and learning under IC 20-42.5, and

WHEREAS, HB 1009 required the transfer of the December 31, 2018 fund balances of the capital projects fund, the transportation operating fund and the bus replacement fund to the operations fund, effective January 1, 2019;

THEREFORE BE IT RESOLVED, that the Board of School Trustees authorizes the Treasurer of IASBO Community School Corporation to transfer the December 31, 2018 fund balances of the capital projects fund, the transportation operating fund and the bus replacement fund to the operations fund, effective, January 1, 2019.



ATTEST:



RESOLUTION TO TRANSFER AMOUNTS FROM EDUCATION FUND

TO THE OPERATIONS FUND

((RECURRING BASIS: MONTHLY, QUARTERLY, ANNUALLY))


WHEREAS, HB 1009 required the governing body of each school corporation to establish an education fund for the payment of expenses allocated to student instruction and learning under IC 20-42.5, and

WHEREAS, HB 1009 required the governing body of each school corporation to establish an operations fund for the payment of expenses that are not allocated to student instruction and learning under IC 20-42.5, and

WHEREAS, HB 1009 requires that distributions of tuition support be received in the education fund.

THEREFORE BE IT RESOLVED, that the Board of School Trustees authorizes the Treasurer of IASBO Community School Corporation to transfer the amount of ______________from the education fund to the operations fund, to reimburse the operations fund for expenses that are not allocated to student instruction and learning under IC 20-42.5 for the period of _____________________.



ATTEST:



APPENDIX E

TAX INCREMENT FINANCING OVERVIEWBy PolicyAnalytics, LLC


TAX INCREMENT FINANCING OVERVIEWPOLICY ANALYTICS

INTRODUCTIONTax increment financing (TIF) is an economic development mechanism used by municipalities and counties throughout Indiana. A combination of changes in State property tax controls and the budgetary pressures faced by local taxing units have motivated state and local officials to closely evaluate TIF policy in recent years. This focus has led to statutory changes regarding TIF reporting limitations on the permissible durations of a TIF and restrictions on TIF assessed value capture.

The potential impact of TIF on local taxing units schools is a common topic in TIF policy debates. However, quantifying the actual fiscal impact of TIF use on these “overlapping” taxing units is a complex endeavor that requires an understanding of both the local economic context and property tax mechanics in Indiana. Because the property tax rate controls enacted in 2008 apply differentially to parcels, a parcel level analysis is required to accurately estimate the impacts of property tax related policies like TIF. Finally, the question about whether impacts should be escribed as negative is predicated on assumptions about the necessity and effectiveness of public sector incentives to attract private sector development which can vary by circumstance.

MECHANICS OF TAX INCREMENT FINANCINGState statute (IC 36-7-4) establishes the policies and regulations governing tax increment financing. TIF operates by “capturing” the property tax revenues produced by new investment within a defined geographic to fund infrastructure and economic development initiatives related to the development. The revenue produced by a TIF property are commonly used to secure debt to improve the physical infrastructure of the redevelopment area. TIF is widely utilized by local government units in Indiana, and in various forms throughout the United States. One reason TIF use is widespread is that it allows civil units to fund economic development based on prospective development without increasing property tax rates for existing taxpayers, as is the case if general property taxes were used.

To be a TIF project, a qualified redevelopment commission first designates an “allocation area,” a defined geographical area within which assessed value will be captured. The existing tax base at the time the allocation area is created is established as the “base.” Any increased assessed value due to the construction of new facilities or other capital investment is captured in the “increment.” The property tax revenues produced by the increment assessed value is allocated to the redevelopment commission for use in economic development related purposes. The property tax revenues produced by the TIF base are not allocated for redevelopment purposes but remain with the local taxing units. At the end of the TIF’s lifespan (25 years after debt service is issued for most Indiana TIF districts), the entire increment reverts back to base taxing units.

ECONOMIC DEVELOPMENT TOOLSTax increment financing is popular in Indiana because it is one of the few economic development financing tools available to local civil units. While property tax abatements are frequently used


to incentivize investment, they do not generate revenue from the new investment and so do not provide a revenue stream to finance infrastructure improvements.

Fiscal structures such as local sales taxes or local food and beverage taxes either are not available in Indiana or cannot be authorized by local taxing units. Other available tools, such as economic improvement districts, community revitalization (CRED) districts and urban enterprise zones are useful in certain situations but are not as flexible in their use or availability as tax increment financing. TIF is frequently used in Indiana because it is a flexible, market tested tool to fund local economic development and redevelopment.

DEFINITIONS:• Allocation Area – A geographically defined area within which assessed value can be captured

for economic development purposes.

• Redevelopment Commission – The governmental entity with the authority to administer TIF allocation areas. Redevelopment commissions are typically comprised of members appointed by a political subdivision.

• Base Assessment Date – The tax year in which a TIF allocation area is first effective.

• Base Assessed Value – The net assessed value within the allocation area as of the Base Assessment Date. The revenue produced from base assessed value is allocated to the taxing units, not the redevelopment commission.

• Increment Assessed Value – The increase in assessed value within the allocation area subsequent to the Base Assessment Date. Revenue produced by increment assessed value is allocated to the Redevelopment Commission for redevelopment or economic purposes.

• TIF Pass Through – Any amount of excess Increment Assessed Value released to base taxing units by decision of the Redevelopment Commission.

INTERACTIONS WITH PROPERTY TAX CONTROLSA common misconception is that the use of TIF simply redirects property tax revenue that would otherwise be available to taking units on a one-to-one basis. However, the interaction between TIF and overlapping taxing units is much more nuanced.

A common property tax levy is determined by a mechanism known in statute as the “assessed value growth quotient” (AVGQ). This metric is the six-year moving average of non-farm person income in Indiana. It is used to determine the allowable year-to-year increase for most non-debt levies. Schedule bond payment determine the certified levy for debt service funds. Aside from a few instances, the process used to establish property tax levies is independent of the TIF policy used by local civil units. Property taxes are then calculated by dividing the established certified levies by the total tax base (certified net assessed value).

If an investment is not captured in a TIF district, its assessed value would otherwise contribute to the tax base of local taxing units – the denominator of the tax rate calculation. Given no change in certified levy, a higher tax base will result in a lower tax rate. This interplay with the property tax rate is where TIF policy interacts with the budgets of other taxing units. A change in tax rate doesn’t typically affect the level of property taxes a taxing unit can charge, or levy, (outside of


cumulative fund levies, which are determined by the tax rate) but can influence the amount of revenue a unit receives due to interactions with Indiana’s property tax rate controls, or “circuit breakers”.

School referendum funds are an important exception to the typical TIF interaction. IC 36-7-14-39 requires that TIF assessed value is included in the tax base of a school referendum fund. Levies approved by referendum for school operations are typically rate controlled. Increases in TIF increment assessed value do contribute to more property tax revenue in school referendum funds.

CIRCUIT BREAKER RATE CAPSIn 2008, the Indiana General Assembly enacted a series of property tax reforms that significantly altered the landscape of local government finance generally, and tax increment finance specifically. One of these reforms was the institution of parcel level, rate-based property tax controls that became known as the “Circuit Breaker Credit.” Once fully established, the circuit breaker limited property taxes to 1% of homestead property assessed value, 2% of rental, residential and farmland assessed value, and 3% of assessed value for all other property classes. The circuit breaker credit is the difference between the full property tax bill charged to the taxpayer and the amount the taxpayer is obligated to pay under the system of rate controls. While the circuit breaker credit made property tax obligations more predictable for taxpayers, it introduced a high degree of uncertainty into local government revenue estimation and budgeting.

Prior to the circuit breaker credit, growth in property tax revenue was determined primarily by levy controls. Taxing units were able to establish their allowable (certified) levy, regardless of fluctuations in the property tax base. If the tax base increased or decreased in value, movements in the property tax rate would offset that change.

The introduction of circuit breaker credit changed the dominant system of property tax control from levy controls to rate controls. The circuit breaker credit caps property tax revenues at a specified percent of assessed value, differentiated by property class. In the post-circuit breaker environment, property tax growth only occurs through growth in the tax base once all parcels reach the rate cap thresholds.

Before circuit breaker credits were effective, TIF capture did not significantly alter the property tax revenues of local taxing units. If the amount of TIF increment capture increased, tax rates adjusted to prevent a revenue shortfall for taxing units. With circuit breakers in effect, an increased tax rate does not necessarily produce a corresponding increase in revenue. TIF can affect taxing units by capturing assessed value that could potentially accrue to the tax base.


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WRITTEN WITHCONTRIBUTIONS FROM:

Author .................... Dennis Tackitt, Senior Consultant, Policy Analytics, LLC Co-Author & Managing Editor ......... Terry Spradlin, ISBA Executive Director


INDIANA SCHOOL BOARDS ASSOCIATIONOne North Capitol Avenue, Suite 1215Indianapolis, IN 46204(317) 639-0330 (317)454-0731 Faxwww.isba-ind.org

budgeting and financial oversight for school board … · 2018-07-17 · budgeting and financial...

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