Walnut Valley Unified School District2014 – 2015

Unaudited Actuals

September 16, 2015

Michael R. HodsonAssistant Superintendent, Business Services

Purpose• Discuss changes to the Estimated Actuals submitted with the

15-16 Budget

• Update the Board on current financial forecast

Unaudited Actuals• Represents the official financial activity for the preceding year.

– Reflects changes from Estimated Actuals projected during budget process

– Incorporates changes into the current year’s budget projections

• WVUSD: minimal variation from predictions– Expenditures projected within less than $73k (.07%)

– Local Revenue exceeded expectations

– Community Club / Boosters - $633k

– Reimbursement from prior year - $263k

– Facility use - $118k

Adjustments to 2015-2016• Beginning Balance* $12.3m (9.5%)

– Net Increase $ 3.6m

– One time funds ($8m?) -----

– Salaries -----

– Deficiencies -----

– Unforeseen events -----

• Projected Ending Balance* $15.9m (12.2%)– Reserve for Economic Uncertainties$ 3.8m

– GAP Reserve $10.2m

* Unrestricted, General Fund

Concerns • Future funding is uncertain at best

– Stock market indices all down by 6% in August

– Prop 30 begins to expire this year

– LCFF disfavors WVUSD

• PERS/STRS increases not supported by additional revenue– $6.1m annual, additional cost, at current payroll, by 20/21

• Legislative Environment’s effects on costs and enrollment

• Revenue estimates include inflation, expense estimates do not

Competing Demands for Resources

• Existing Deficiencies:– Site requirements

– Personnel Reinstatements

– Salaries

– Infrastructure

Summary• Actual expenses were accurately projected in estimates

• Near term prospects are good – Bond, one-time revenue, Prop 98 growth

• Long term outlook presents challenges