octorara area school district 2014-2015 budget presentation december 09, 2013

Octorara Area School DistrictOctorara Area School District

2014-2015 Budget Presentation

December 09, 2013


2012-13 Review

2013-14 Update

2014-15 Draft Budget

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2012-13 Review

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2012-13 Budget vs. Actual2012-13 Budget vs. Actual

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Budget Actual Variance %Revenues 45,564,536 46,117,967 553,431 101.21

Expenses 46,664,375 44,276,648 2,387,727 94.88

Net (1,099,839) 1,841,319 2,941,158

Revenue

Total Local 32,449,126 33,130,582 681,456

Earned Income 1,525,000 2,184,113 659,113

Total State 11,897,722 11,744,866 (152,856)

Bond Reimbursement 740,000 687,354 (52,646)

PA Accountability 0 120,294 120,294

Social Security Reimb. 721,000 663,511 (57,489)

Retirement Reimb. 1,168,000 1,133,216 (34,784)

Tuition 70,000 26,179 (43,821)

Total Federal 1,217,688 1,238,489 20,801 Med Assist – ACCESS Reimb. 220,000 268,774 48,774

Title I 847,688 823,853 (23,835)

Major Line Items

2012-13 District Revenue Breakdown2012-13 District Revenue Breakdown

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2012-13 Local Revenue Breakdown2012-13 Local Revenue Breakdown

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Selected Local Revenue HistorySelected Local Revenue History

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State RevenuesState Revenues

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2012-13 Expense Summary2012-13 Expense Summary

Budget ActualVariance

Fav/(Unfav)

Salaries $18,930,094 $18,270,660 $659,434

Outsourced Facilities Supervisor Position, Lower Sub Costs, Less movement on scale

Benefits $7,569,667 $6,802,150 $767,517Lower Health Care Costs, Soc. Sec., Ret.

Outside Services $3,927,349 $4,003,795 ($76,446)

Outsourced Facilities Supervisor Position

Repairs/Maint. Services $934,200 $739,450 $194,750

Repairs/Maint., Lower Elec., Equip. Rental

Trans/Ins/Tuit/Charter $6,829,406 $6,556,208 $273,198

Lower Charter School Enrollments

Supplies $1,432,497 $1,298,515 $133,982

Supplies, Diesel Fuel, Natural Gas,

Capital $340,500 $321,380 $19,120

Dues/Fees/Interest $3,325,063 $2,954,491 $370,572

Budgetary Reserve not used / Refinanced 2008 Bond

Fund Trans/Principle $3,375,600 $3,330,000 $45,600

Refinanced 2008 Bond

$46,664,376 $44,276,648 $2,387,727

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Salary HistorySalary History

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Required Health Care Premium HistoryRequired Health Care Premium History

July Aug Sept Oct Nov Dec Jan Feb Mar Apr May JuneTotal

Claims

2007-08 125,662 155,158 136,697 72,382 314,496 142,374 154,855 156,865 191,785 153,187 105,242 100,415 1,809,118

2008-09 138,017 154,536 179,266 197,349 112,362 171,333 163,946 127,176 130,016 157,056 149,241 249,891 1,930,189

2009-10 210,312 199,979 387,660 269,845 233,779 327,650 173,159 166,326 177,709 173,201 183,685 214,261 2,717,566

2010-11 295,022 207,814 172,910 172,384 177,774 212,662 156,411 240,869 233,482 167,544 216,282 405,977 2,659,130

2011-12 159,715 353,869 173,042 181,337 188,531 185,511 179,597 190,868 202,832 171,487 132,966 240,458 2,360,212

2012-13 163,938 144,581 187,274 129,059 178,849 181,508 267,891 144,066 171,179 207,599 257,640 178,721 2,212,305

2013-14 205,665 179,340 154,368 490,034 188,500 1,217,907

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Does not include Stop Loss Premiums & Admin Fees

Claims HistoryClaims History

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Selected General Fund ExpendituresSelected General Fund Expenditures

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Assigned Fund Balance RollforwardAssigned Fund Balance Rollforward

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Type of Reserve

2010 -11 Designation

2011 -12 Budget

2011 -12 Assignments

2012-13 Budget

2012-13 Assignments

2013-14 Budget

Total Assigned

Fringe Benefit $75,000 ($132,750) $439,991 $0 $331,149 $0 $846,140

PSERS $261,600 ($475,000) $475,000 ($250,000) $450,000 ($250,000) $1,094,800

Extraordinary Building/Grounds Repairs $75,000 $0 $0 $0 $210,330 $0 $312,890

Extraordinary Utility Costs i.e. Electric $0 ($20,000) $20,000 $0 $0 $0 $20,000

Transportation - Fuel $0 $0 $0 $0 $0 $0 $20,000

Improvements in Technology $0 ($40,000) $40,000 $0 $0 ($40,000) $0

Designated Reserve for Interest Expense Bond Issue $0 ($217,280) $217,280 ($304,589) $304,589 ($224,553) $588,036

Designated Reserve for H.S. Project $204,000 ($325,000) $325,000 ($545,250) $545,250 ($325,000) $1,090,500

Current Year Assignments $615,600 ($1,210,030) $1,517,271 ($1,099,839) $1,841,318 ($839,553) $3,972,366

Total Assigned Fund Balance $2,663,360 $1,453,330 $2,970,601 $1,870,762 $4,811,919 $3,972,366

Fund Balance SummaryFund Balance Summary

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Type of Reserve

2010 -11

Designation2011 -12 Budget

2011 -12 Assignments

2012-13 Budget

2012-13 Assignments

2013-14 Budget

Total Assigned

Current Year Assignments $615,600 ($1,210,030) $1,517,271 ($1,099,839) $1,841,318 ($839,553) $3,972,366

Total Assigned Fund Balance $2,663,360 $1,453,330 $2,970,601 $1,870,762 $4,811,919 $3,972,366

Total Unassigned Fund Balance 3,642,161 3,642,161 3,574,717 3,574,717 3,568,060 3,354,417

Y/E Audited Fund Balance $6,305,521 $5,095,491 $6,545,318 $5,445,479 $8,379,978 $7,326,782


2013-14 Outlook

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Projected Variances from Approved BudgetProjected Variances from Approved Budget

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Revenue Budget Estimate Variance

EIT $1,600,000 $1,900,000 $300,000

Expense

Debt Service $6,091,088 $5,959,635 $131,453

Budgetary Reserve $250,000 $0 $250,000


2014-15 Draft Budget

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Items to Consider:1.Act 1 Index2.State Funding3.Retirement Rates4.Affordable Care Act5.Capital Improvements



20Base Index 2.1%

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1,018,358,424 273,736,547

78.81 21.19

PSERS Retirement Rate History & PSERS Retirement Rate History & ProjectionsProjections

Fiscal Year Rate

2008-09 4.76 – Actual

2009-10 4.78 – Actual

2010-11 5.64 – Actual – Original 8.22

2011-12 8.65 –Actual

2012-13 12.36 – Actual

2013-14 16.93 – Actual

2014-152014-15 21.40 – Certified21.40 – Certified

2015-16 25.80 – Projected

2016-17 28.30 – Projected

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Octorara Area School Dist

Projected PSERS Contribution

Fiscal ** Employers Total State Share OASD Net

Year SalariesContrib.

Rate Contrib. (50%) Cost Increase

2007-08 17,699,680 7.13% 1,236,178 605,496 630,682 155,434

2008-09 19,040,645 4.76% 884,286 501,654 382,632 (248,050)

2009-10 19,827,415 4.78% 924,765 475,782 448,983 66,351

2010-11 19,746,819 5.64% 1,093,029 556,276 536,753 87,770

2011-12 18,663,617 8.65% 1,576,968 788,484 788,484 251,731

2012-13 18,270,660 12.36% 2,197,106 1,098,553 1,098,553 310,069

2013-14 19,019,212 16.93% 3,219,953 1,609,976 1,609,976 511,423

2014-15 19,214,930 21.40% 4,111,995 2,055,998 2,055,998 446,021

1.00%2015-16 19,407,079 25.80% 5,007,026 2,503,513 2,503,513 447,516

1.00%2016-17 19,601,150 28.30% 5,547,125 2,773,563 2,773,563 270,050

Octorara Area School DistrictOctorara Area School DistrictOn the Horizon

Affordable Care Act PCORI (Patient-Center Outcomes Reach Institute Fees) Fees to

finance comparative effectiveness research. $1 per covered life in 2014, $2 in 2015. (2014 - $730, 2015 - $1,460)

Reinsurance Fees – Health insurance issuers and self-funded group health plans must pay fees to a transitional reinsurance program for the first three years of health insurance exchange operation (2014-2016). $5.25/month ($63/yr.) x average number of covered lives. ($45,990 / Yr.)

Excise Tax (Cadillac Tax) – 40% excise tax on employers for the value of health insurance benefits exceeding established thresholds. For individual coverage - $10,200, family coverage $27,500.

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2014-15 vs. 2013-14 Expense Summary2014-15 vs. 2013-14 Expense Summary

2014-15 Budget 2013-14 BudgetVariance

Salaries $19,214,930 $19,019,212 $195,717Includes Athletics & Security

Benefits $9,315,198 $8,565,997 $749,200Retirement Rate 21.40% vs. 16.93% $889K

Outside Services $4,250,458 $3,977,803 $272,655

Repairs/Maint. Services $797,375 $851,100 ($53,725)Electric Projection ($73K)

Trans/Ins/Tuit/Charter $6,091,056 $6,281,930 ($190,874)Vocational/Technical ($154K), Charter School Tuition ($150K).

Supplies $1,584,828 $1,542,653 $42,175

Capital $445,175 $448,816 ($3,641)Dues/Fees/Interest $3,110,308 $3,254,680 ($144,372)Bond Interest ($125K)

Fund Trans/Principle $3,425,600 $3,550,600 ($125,000)Fund Transfer Eliminated ($230K), Bond Principal $125K

$48,234,927 $47,492,791 $742,135

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QuestionsQuestions

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octorara area school district 2014-2015 budget presentation december 09, 2013

Documents

local revenue breakdown

district revenue breakdown

district revenues

state revenues

budget presentationdecember

draft budget

retirement reimb

total state11