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Berea City School District
December 2014 General Fund
Financial Statements
Superintendent—Michael Sheppard Treasurer/CFO—Ryan Ghizzoni
ComparisonofFiscalYear‐to‐DateRevenue&Expenditures BereaCitySchoolDistrict
FiscalYeartoDateThroughMonthof: December
FYTDActualRecievedJuly‐December FYRemainingCashFlowEstimateJanuary‐June andPercentageofAnnual 2013 2014 2015 2013 2014 2015
RealEstateTaxes 21,997,769 23,646,457 23,259,845 RealEstateTaxes 27,724,150 26,656,486 27,551,502PublicUtilityPPTaxes 1,076,294 1,203,550 1,238,117 PublicUtilityPPTaxes 1,154,483 1,237,541 1,360,351
IncomeTax ‐ ‐ ‐ IncomeTax ‐ ‐ ‐
State‐Aid 3,576,151 4,495,248 4,589,536 State‐Aid 3,811,870 4,146,639 4,628,503RestrictedStateAid 12,933 154,404 676,374 RestrictedStateAid 170,274 (14,638) 580,762
StateTaxReimb. 7,179,526 7,481,224 7,494,594 StateTaxReimb. 7,468,323 7,474,107 7,483,510OtherRevenue 1,548,787 1,819,484 1,787,066 OtherRevenue 2,487,230 1,484,035 2,298,762
OtherSources 299,533 208,834 560,261 OtherSources ‐ ‐ 19,953TotalRevenue 35,690,994 39,009,201 39,605,793 TotalRevenue 42,816,329 40,984,171 43,923,343
RealEstateTaxesPublicUtilityPPTIncomeTax State‐Aid RestrictedStateAStateTaxReimb. OtherRevenue OtherSources
RealEstate 21,997,769 27,724,150 23,646,457 26,656,486 23,259,845 27,551,502PublicUtilityPPT 1,076,294 1,154,483 1,203,550 1,237,541 1,238,117 1,360,351
‐ ‐ ‐ ‐ ‐ ‐
3,576,151 3,811,870 4,495,248 4,146,639 4,589,536 4,628,50312,933 170,274 154,404 (14,638) 676,374 580,762
7,179,526 7,468,323 7,481,224 7,474,107 7,494,594 7,483,5101,548,787 2,487,230 1,819,484 1,484,035 1,787,066 2,298,762
299,533 ‐ 208,834 ‐ 560,261 19,95335,690,994 42,816,329 39,009,201 40,984,171 39,605,793 43,923,343
Real Estate Taxes Public Utility PP Taxes State‐Aid Restricted State Aid State Tax Reimb. Other Revenue Other Sources
‐
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
‐ 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000
2013
2014
2015
Total Revenue Comparison
FYTD Actual Recieved July ‐December
FY Remaining Cash FlowEstimate January ‐ June
Berea City School District December 2014
General Fund Financial Report
Page 2
ComparisonofMonthlyRevenue&Expenditures BereaCitySchoolDistrict
MonthlyRevenueandExpendituresforMonthof: December
FYTDActualExpendedJuly‐December FYRemainingCashFlowEstimateJanuary‐June 2013 2014 2015 2013 2014 2015
Salaries $22,580,627 22,000,508 21,001,129 Salaries $23,886,262 $22,738,542 $21,975,000Benefits $12,784,916 11,148,970 10,267,988 Benefits $13,361,767 $10,266,930 $10,045,000
PurchasedServices $4,086,386 4,389,174 4,716,036 PurchasedServices $3,718,692 $4,538,794 $5,365,000
Supplies $1,204,090 1,116,238 932,432 Supplies $760,746 $708,385 $796,000CapitalOutlay $115,010 158,539 251,378 CapitalOutlay $261,851 $121,816 $199,000
Debt&Interest $1,818,635 1,110,915 1,029,083 Debt&Interest $734,998 $570,341 $519,026OtherObjects $543,058 81,943 547,640 OtherObjects $564,966 $609,555 $626,000
OtherFinancingUses $0 ‐ ‐ OtherFinancingUses $165,112 $346,279 $150,000TotalExpenditures $43,132,722 40,006,287 38,745,686 TotalExpenditures $43,454,394 $39,900,642 $39,675,026
Salaries Benefits PurchasedServic Supplies CapitalOutlay Debt&Interest OtherObjects OtherFinancingUses
22,580,627 23,886,262 22,000,508 22,738,542 21,001,129 21,975,00012,784,916 13,361,767 11,148,970 10,266,930 10,267,988 10,045,0004,086,386 3,718,692 4,389,174 4,538,794 4,716,036 5,365,000
1,204,090 760,746 1,116,238 708,385 932,432 796,000115,010 261,851 158,539 121,816 251,378 199,000
1,818,635 734,998 1,110,915 570,341 1,029,083 519,026543,058 564,966 81,943 609,555 547,640 626,000
‐ 165,112 ‐ 346,279 ‐ 150,00043,132,722 43,454,394 40,006,287 39,900,642 38,745,686 39,675,026
Salaries Benefits Purchased Services Supplies Capital Outlay Debt & Interest Other Objects Other Financing Uses
‐
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
50,000,000
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
$0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 $90,000,000
2013
2014
2015
Total Expenditure Comparison
FYTD Actual ExpendedJuly ‐ December
FY Remaining Cash FlowEstimate January ‐ June
Berea City School District December 2014
General Fund Financial Report
Page 3
CashFlowGraphs BereaCitySchoolDistrict
DollarVariance: (423,162) DollarVariance: (1,256,878)PercentVariance: ‐0.50% PercentVariance: ‐1.58%
DollarVariance: 833,717PercentVariance: 12.66%
ProjectedMonthlyCashFlow CashBalanceOperatingStabilizationLevel 8,000,000$
JunJulAugSepOctNovDecJanFebMarAprMayJunJulAugSepOctNovDec
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
Oct‐14 PlusRemaining
TotalRevenue
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
Oct‐14 PlusRemaining
TotalExpenditures
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
Oct‐14 PlusRemaining
CashBalance
3,168,280
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
7.020 ‐ Ending Cash Balance Cash Balance Operating Stabilization Level
2015 2016
Berea City School District December 2014
General Fund Financial Report
Page 4
ComparisonofCurrentMonth'sCashFlowEstimatevs.Actual BereaCitySchoolDistrict
FortheMonthDecember5yearforecastRevenueCashFlowFreezeExpenditureCashFlowFreeze
Actual EstimatedDifference fortheMonth fortheMonth
Revenue:1.010‐GeneralPropertyTax(RealEstate) ‐ ‐ ‐1.020‐PublicUtilityPersonalProperty ‐ ‐ ‐
1.030‐IncomeTax ‐ ‐ ‐1.035‐UnrestrictedGrants‐in‐Aid 6,071 741,071 735,000
1.040‐1.045‐RestrictedGrants‐in‐Aid (273) 12,977 13,250
1.050‐PropertyTaxAllocation ‐ ‐ ‐1.060‐AllOtherOperatingRevenues (4,059) 36,341 40,400
1.070‐TotalRevenue 1,739 790,389 788,650
OtherFinancingSources:2.070‐TotalOtherFinancingSources ‐ ‐ ‐
2.080‐TotalRevenuesandOtherFinancingSources 1,739 790,389 788,650
Expenditures:3.010‐PersonnelServices 69,072 3,544,072 3,475,000
3.020‐Employees'Retirement/InsuranceBenefits (83,779) 1,631,221 1,715,0003.030‐PurchasedServices (9,115) 685,885 695,000
3.040‐SuppliesandMaterials (54,403) 70,597 125,000
3.050‐CapitalOutlay (36,708) 173,292 210,0003.060‐4.060‐Intergovernmental,Debt&Interest ‐ ‐ ‐
4.300‐OtherObjects 5,951 17,951 12,0004.500‐TotalExpenditures (108,982) 6,123,018 6,232,000
OtherFinancingUses:5.040‐TotalOtherFinancingUses ‐ ‐ ‐
5.050‐TotalExpendituresandOtherFinancingUses (108,982) 6,123,018 6,232,000
ExcessofRev&OtherFinancingUsesOver(Under)6.010‐ExpendituresandOtherFinancingUses 110,721 (5,332,629) (5,443,350)
BeginningofMonthCashBalance 82,035 8,500,909 8,418,874
EndofMonthCashBalance 192,756 3,168,280 2,975,524
ProjectedDifferencesfromActualCurrentMonthCashFlowtoEstimatedCurrentMonthCashFlow
DollarVariance: 1,739 DollarVariance: (108,982) DollarVariance: 192,756PercentVariance: ‐0.22% PercentVariance: 1.78% PercentVariance: ‐6.08%
‐
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Actual Estimated
TotalRevenue
‐
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
Actual Estimated
TotalExpenditures
‐
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
Actual Estimated
CashBalance
Analysis:Revenue:The GeneralFundactualrevenueforthemonthwasconsistentwiththeestimatedrevenueprojections.
Exenditures:Salaries‐ Thedistrict‐wideovertimeincreasedforthemonthofDecemberincomparisiontothepreviousmonth'slevels.However,itisstillunderthepreviousyear'samount.Furthermore,classifiedsalariesforthemonthofDecemberwerehigherthantheprojectedlevel.
Berea City School DistrictDecember 2014
General Fund Financial Report
Page 5
BereaCitySchoolDistrict
FiveYearForecastComparisontoActualRevenueCashFlow
FYTDThrough:. December FYTDActual Estimatedfor Proj.from Proj.from CurrentThrough Remaining Actual/Est. BoardApproved CashFlowMonthOf: Months CashFlow Oct‐14 Difference
Revenue: July‐December 2015 5yearforecast fromForecast1.010‐GeneralPropertyTax(RealEstate) 23,259,845 27,551,502 50,811,347 51,560,657 (749,310)
1.020‐TangiblePersonalPropertyTax 1,238,117 1,360,351 2,598,468 2,551,807 46,6611.030‐IncomeTax ‐ ‐ ‐ ‐ ‐
1.035‐UnrestrictedGrants‐in‐Aid 4,589,536 4,628,503 9,218,039 9,203,817 14,2221.040‐1.045‐RestrictedGrants‐in‐Aid 676,374 580,762 1,257,136 1,264,689 (7,553)
1.050‐PropertyTaxAllocation 7,494,594 7,483,510 14,978,104 14,918,097 60,0071.060‐AllOtherOperatingRevenues 1,787,066 2,298,762 4,085,828 3,873,018 212,810
1.070‐TotalRevenue 39,045,532 43,903,390 82,948,921 83,372,085 (423,164)
OtherFinancingSources:2.070‐TotalOtherFinancingSources 560,261 19,953 580,214 580,214 ‐
2.080‐TotalRev.andOtherFinancingSources 39,605,793 43,923,343 83,529,135 83,952,299 (423,164)‐0.504%
FiveYearForecastComparisontoActualExpenditureCashFlow
FYTDThrough: December FYTDActual Estimatedfor Proj.from Proj.from CurrentThrough Remaining Actual/Est. BoardApproved CashFlowMonthOf: Months CashFlow Oct‐14 Difference
Expenditures: July‐December 2015 5yearforecast fromForecast
3.010‐PersonnelServices 21,001,129 21,975,000 42,976,129 42,993,158 (17,029)3.020‐Employees'Retirement/Ins.Benefits 10,267,988 10,045,000 20,312,988 21,194,374 (881,386)
3.030‐PurchasedServices 4,716,036 5,365,000 10,081,036 10,387,608 (306,572)3.040‐SuppliesandMaterials 932,432 796,000 1,728,432 1,779,605 (51,173)
3.050‐CapitalOutlay 251,378 199,000 450,378 450,694 (316)3.060‐4.060‐Intergov.,Debt&Interest 1,029,083 519,026 1,548,109 1,548,109 (0)
4.300‐OtherObjects 547,640 626,000 1,173,640 1,174,043 (403)4.500‐TotalExpenditures 38,745,686 39,525,026 78,270,712 79,527,591 (1,256,879)
OtherFinancingUses:5.040‐TotalOtherFinancingUses ‐ 150,000 150,000 150,000 ‐
5.050‐TotalExp.andOtherFinancingUses 38,745,686 39,675,026 78,420,712 79,677,591 (1,256,879)‐1.577%
ExcessofRev&OtherFin.UsesOver(Under)6.010‐ExpendituresandOtherFinancingUses 860,107 4,248,317 5,108,424 4,274,707 (833,717)
Berea City School DistrictDecember 2014
General Fund Financial Report
Page 6
ComparisonofYear‐to‐DateRevenue&Expenditures BereaCitySchoolDistrict
FiscalYeartoDateThroughMonth(s)of: December
Revenue 2014 2015 2014 20152014ActualYTD 2014ActualYTD2015ActualYTD 2015ActualYTD 2014RemainingY2014RemainingY2015RemainingYRemainingYTD%2015EstYTD%
TotalRevenue 39,009,201 0 39,605,793 47.42% 40,984,171 1 43,923,343 52.58% 47.41%RealEstat 23,646,457 47.01% 23,259,845 45.78% 26,656,486 52.99% 27,551,502 54.22% 45.78%PublicUti 1,203,550 49.30% 1,238,117 47.65% 1,237,541 50.70% 1,360,351 52.35% 47.65%IncomeTa ‐ 0.00% ‐ 0.00% ‐ 0.00% ‐ 0.00% 0.00%State‐Aid 4,495,248 52.02% 4,589,536 49.79% 4,146,639 47.98% 4,628,503 50.21% 49.71%Restricted 154,404 110.47% 676,374 53.80% (14,638) ‐10.47% 580,762 46.20% 54.08%StateTax 7,481,224 50.02% 7,494,594 50.04% 7,474,107 49.98% 7,483,510 49.96% 50.02%OtherRev 1,819,484 55.08% 1,787,066 43.74% 1,484,035 44.92% 2,298,762 56.26% 43.73%OtherSou 208,834 100.00% 560,261 96.56% ‐ 0.00% 19,953 3.44% 96.56%
Expenditures 2014 2015 2014 20152014ActualYTD 2014ActualYTD2015ActualYTD 2015ActualYTD 2014RemainingY2014RemainingY2015RemainingYRemainingYTD%2015EstYTD%
TotalExpendi 40,006,287 1 38,745,686 49.41% 39,900,642 0 39,675,026 50.59% 49.70%Salaries 22,000,508 49.18% 21,001,129 48.87% 22,738,542 50.82% 21,975,000 51.13% 48.89%Benefits 11,148,970 52.06% 10,267,988 50.55% 10,266,930 47.94% 10,045,000 49.45% 50.73%Purchased 4,389,174 49.16% 4,716,036 46.78% 4,538,794 50.84% 5,365,000 53.22% 48.35%Supplies 1,116,238 61.18% 932,432 53.95% 708,385 38.82% 796,000 46.05% 55.27%CapitalOu 158,539 56.55% 251,378 55.81% 121,816 43.45% 199,000 44.19% 55.85%Debt&Int 1,110,915 66.08% 1,029,083 66.47% 570,341 33.92% 519,026 33.53% 66.47%OtherObj 81,943 11.85% 547,640 46.66% 609,555 88.15% 626,000 53.34% 46.68%OtherFin ‐ 0.00% ‐ 0.00% 346,279 100.00% 150,000 100.00% 0.00%
Revenue 2013ForecastedAmt
2.080‐TotalRevenuesandOtherF 83,515,8581.010‐GeneralPropertyTax(Real 50,811,3471.020‐TangiblePersonalProperty 2,598,4681.030‐IncomeTax ‐1.035‐UnrestrictedGrants‐in‐Aid 9,203,8231.040‐1.045‐RestrictedGrants‐in 1,264,7841.050‐PropertyTaxAllocation 14,971,7861.060‐AllOtherOperatingRevenu 4,085,4352.070‐TotalOtherFinancingSourc 580,214
Expenditures 2013ForecastedAmt
5.050‐TotalExpendituresandOth 78,869,8073.010‐PersonnelServices 42,993,1583.020‐Employees'Retirement/Ins 20,386,5913.030‐PurchasedServices 10,387,6083.040‐SuppliesandMaterials 1,779,6053.050‐CapitalOutlay 450,6943.060‐4.060‐Intergovernmental, 1,548,1094.300‐OtherObjects 1,174,0435.040‐TotalOtherFinancingUses 150,000
48.77%
47.01%
49.30%
0.00%
52.02%
50.02%
55.08%
100.00%
47.42%
45.78%
47.65%
0.00%
49.79%
53.80%
50.04%
43.74%
96.56%
47.41%
45.78%
47.65%
0.00%
49.71%
54.08%
50.02%
43.73%
96.56%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Total Revenue
Real Estate Taxes
Public Utility PP Taxes
Income Tax
State‐Aid
Restricted Aid
State Tax Reimb.
Other Revenue
Other Sources
Year‐to‐Date Revenue Percentage of Annual Total
2014 Actual YTD % 2015 Actual YTD 2015 Est YTD %
50.07%
49.18%
52.06%
49.16%
61.18%
56.55%
66.08%
11.85%
0.00%
49.41%
48.87%
50.55%
46.78%
53.95%
55.81%
66.47%
46.66%
0.00%
49.70%
48.89%
50.73%
48.35%
55.27%
55.85%
66.47%
46.68%
0.00%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Total Expenditures
Salaries
Benefits
Purchased Services
Supplies
Capital Outlay
Debt & Interest
Other Objects
Other Financing Uses
Year‐to‐Date Expenditure Percentage of Annual Total
2014 Actual YTD % 2015 Actual YTD 2015 Est YTD %
Berea City School DistrictDecember 2014
General Fund Financial Report
Page 7