Financial Report

January 28, 2014

Berkeley County School DistrictFY 2013-2014 Financial Report As of December 31, 2013Ideal Remaining Percent 50 %

Area of Focus 1 Fiscal Responsibility – Budget Reports

Revenues

FY 2013-2014General Fund Budget

REVENUES

CategoryFY 2013-2014

Budget

YTD Revenues

December 31, 2013

Balance and Percent of Budget to Receive 67 %

Revenue from Local Sources

$77,932,585 17,106,884 $ 60,825,701

Revenue from Direct State Aid

133,329,585 51,209,998 82,119,587

Revenue from Federal Sources

2,688,000 1,041,980 1,646,020

TOTAL EXPENDITURES

$213,950,170 69,358,862 $ 144,591,308

EXPENDITURES

FY 2013-2014General Fund Budget

EXPENDITURES

CategoryFY 2013-2014

Approved Budget

YTD ExpendituresDecember 31,

2013

Balance and Percent of Budget to Expend 59 %

Instructional Expenditures ( Functions 111-199)

$ 125,031,352 47,285,740 $ 77,745,612

Support Expenditures (200-299)

87,122,483 40,795,755 46,326,728

Transfers and Payments to Other Governmental Units

3,213,605 176,981 3,036,624

TOTAL EXPENDITURES

$ 215,367,440 88,258,476 $ 127,108,964

Revenues

FY 2013-2014Special Revenue- Federal and State

Restricted

REVENUES

CategoryFY 2013-2014

Budget

YTD Revenues

December 31, 2013

Balance and Percent of Budget to Receive 82 %

Revenue from Federal Sources

$ 31,623,211 5,798,540 $25,824,671

TOTAL Revenues $31,623,211 5,798,540 $25,824,671

EXPENDITURES

FY 2013-2014Special Revenue- Federal

EXPENDITURES

CategoryFY 2013-2014

Approved Budget

YTD ExpendituresDecember 31,

2013

Balance and Percent of Budget to Expend 67

%

Instructional Expenditures ( Functions 111-199)

$13,369,225 4,639,508 $ 8,729,717

Support Expenditures (200-299)

15,965,646 5,444,239 10,521,407

Transfers and Payments to Other Governmental Units

2,288,340 267,259 2,021,081

TOTAL EXPENDITURES

$ 31,623,211 10,351,006 $ 21,272,205

Revenues

FY 2013-2014Special Revenue- EIA

REVENUES

CategoryFY 2013-2014

Budget

YTD Revenues

December 31, 2013

Balance and Percent of Budget to Receive 61 %

Revenue from Direct State Aid

$23,355,879

9,113,615 $14,242,267

TOTAL Revenues $23,355,879

9,113,615 $14,242,267

EXPENDITURES

FY 2013-2014

EXPENDITURES

CategoryFY 2013-2014

Approved Budget

YTD ExpendituresDecember 31,

2013

Balance and Percent of Budget to Expend 71 %

Instructional Expenditures ( Functions 111-199)

$14,896,028 4,924,431 $ 9,971,597

Support Expenditures (200-299)

3,801,609 885,906 2,915,703

Transfers and Payments to Other Governmental Units

4,658,242 864,269 3,793,973

TOTAL EXPENDITURES

$23,355,879 6,674,606 $ 16,681,273

Special Revenue- EIA

Revenues

FY 2013-2014Capital Projects

REVENUES

CategoryFY 2013-2014

Budget

YTD Revenue

December 31, 2013

Balance and Percent of Budget to Receive 76

Revenue from Bond Proceeds

$ 251,800,000 60,343,033 $ 191,456,967

TOTAL Proceeds $ 251,800,000 60,343,033 $ 191,456,967

EXPENDITURES

FY 2013-2014Capital Projects

EXPENDITURES

CategoryFY 2012-2013

Approved Budget

YTD ExpendituresDecember 31,

2013

Balance and Percent of Budget to Expend 95 %

Support Expenditures (200-299)

$ 251,800,000 9,344,636 $ 242,455,364

TOTAL EXPENDITURES

$ 251,800,000

9,344,636

$ 242,455,364

Revenues

FY 2013-2014Food Service

REVENUES

CategoryFY 2013-2014

Budget

YTD Revenues

December 31, 2013

Balance and Percent of Budget to Receive 64 %

Revenue from Local Sources

$3,178,293 1,199,813 $1,978,480

Revenue from Federal Sources

13,990,338 4,940,620 9,049,718

Transfer 35,347 35,347 0

TOTAL Revenues $17,203,978 6,175,780 $11,028,198

EXPENDITURES

FY 2013-2014Food Service

EXPENDITURES

CategoryFY 2013-2014

Approved Budget

YTD ExpendituresDecember 31,

2013

Balance and Percent of Budget to Expend 59 %

Support Expenditures$17,203,978 6,973,336 $10,230,642

TOTAL EXPENDITURES $17,203,978 6,973,336 $10,230,642

Area of Focus 3 Fiscal Responsibility

Provide professional development training in all areas of finance focusing on best practices. • Head Start Training/Financial Reviews

• PCG Training (Public Consulting Group) – Medicaid Billing

• Collaborating with Federal Programs with Staff Development and Involved in providing assistance with Audits from SEA.

• Meeting with School Principals and Bookkeepers on Financial Procedures when new staff arrives or as requested.

• Being in involved in interviews with schools and departments when hiring finance related staff like bookkeepers and administrative assistance.

• Internal Reviews of departments schools on finance related procedures.

• Bookkeeper and Staff Training on Best Practices from all aspects of financial procedures. (To Include Payroll, Accounts Payable, Procurement, P Card, Budget, accounting, etc.. Finance Procedures is on web site)

• Also Participating at local Colleges and Universities as a guest speaker on School Finance

Area of Focus 1 Fiscal Responsibility

Continue to provide transparent financial information and support to the educational process for the students of Berkeley County to include budget reports.

Procurement Code Contains the Following Sections:

• SECTION 2440. Records of procurement actions.(1)(a) Contents of Records. The Chief Procurement Officer shall submit semi-annually a record listing all contracts made pursuant to Section 1560 (Sole Source Procurement) or Section 1570 (Emergency Procurements) to the Superintendent and School Board.

• SECTION 5240. Minority business enterprise (MBE) utilization plan.(2) MBE utilization plans must be submitted to the Board for approval no later than the first Board meeting on or after July thirtieth, annually. Upon petition by the District, the Board may authorize an MBE utilization plan that establishes a goal of less than ten percent of the District’s total dollar amount of School District of Berkeley County funds expended. Progress reports must be submitted to the Board no later than thirty days after the end of each six-month fiscal period.

Area of Focus 1 Fiscal Responsibility

Procurement Reports:

Semi Annual Procurement Reports for July 1, 2013 – December 31, 2013• Sole Source• Emergency Procurement• Minority Business,• Purchase Orders over $100,000

Questions ?or

Discussion