South Whittier School District 2013-14 Second Interim Report

March 11, 2014

1

Changes Since Board Approved Operating Budget

•Second Interim major changes include:

•Revenue and ADA adjustments based on Supplemental and Concentration grant funding .

•Expenditure alignment for categorical programs that folded into LCFF.

General Fund Projected Revenue Second Interim 2013-2014

REVENUES 13-14

LCFF Revenue $20,869,911

Federal Revenue $2,005,114

Other State $2,175,810

Other Local $1,652,869 Total $26,703,704

General Fund Projected Revenue Second Interim 2013-2014

$26,703,704

General Fund Projected Expenditures Second Interim 2013-2014

Expenditures 13-14

Certificated Salaries $12,121,721

Classified Salaries $3,732,736

Benefits $5,486,449

Books and Supplies $1,114,832

Services $4,744,592

Capital Outlay $94,175

Other Outgo $56,862

Total $27,351,367

General Fund Projected Expenditures Second Interim 2013-2014

$27,351,367

General Fund Unrestricted/Restricted

2013-2014

7

Combined First Interim Second Interim Difference

Revenues 26,655,474 26,703,704 48,230

Expenditures 27,272,001 27,351,367 79,366

Change -616,527 -647,663 31,136

Beginning Balance 2,109,120 2,109,121 0

Audit Adjustments/Restatements 0 0 0

Ending Balance 1,492,593 1,461,458 -31,135

Revolving Cash 20,000 20,000 0

Reserve Economic Uncertainty 815,402 824,616 9,214

Restricted Reserve 182,098 216,405

Unrestricted Reserve 475,093 400,437 -74,656

MULTI-YEAR PROJECTIONS

• Declining enrollment of 90 for 2014-15 and 90 for 2015-16.

• LCFF Revenue increase based on Governor’s Budget assumptions.

• Federal revenue stabilizing.

• Special education funding decrease due to declining enrollment and federal funding.

Revenue Assumptions

• Certificated

• Step not included to be negotiated.

• Classified • Routine Restricted Maintenance will increase from 1% to

3% in 2015-2016.

• Health and welfare decrease due to reduction in rates.

• Books, Services and utilities increase for cost of living CPI 2.5%.

Expenditure Assumptions

General Fund Projected Revenues 2013-14 through 2015-16

REVENUES 13-14 14-15 15-16

LCFF Revenue $20,869,911 $23,243,627 $25,369,714

Federal Revenue $2,005,114 $1,766,380 $1,766,380

Other State $2,175,810 $1,408,614 $1,393,856

Other Local $1,652,869 $1,822,365 $2,518,751

Total $26,703,704 $28,240,986 $31,048,701

Expenditures 13-14 14-15 15-16

Certificated Salaries $12,121,721 $12,104,721 $12,104,721

Classified Salaries $3,732,736 $3,732,736 $4,157,736

Benefits $5,486,449 $5,484,409 $5,586,409

Books and Supplies $1,114,832 $692,251 $709,557

Services $4,744,592 $4,696,349 $4,895,758

Capital Outlay $94,175 $0 $0

Other Outgo $56,862 $314,462 $322,442

Total $27,351,367 $27,024,928 $27,776,623

General Fund Projected Expenditures 2013-14 through 2015-16

• District can apply for a waiver of June 2014 deferral.

• District is subject to other deferrals crossing the fiscal year.

• ALL deferrals are proposed to be eliminated after this fiscal year per the Governor’s proposal.

• TRANS

• $ 3.4 million issued in February 2014.

Cash

• Continue creating the LCAP/LCFF Framework.

• Continue cash flow monitoring.

• Track enrollment and staffing throughout the school year.

• May 2014 • Governor’s 2014-15 budget May Revise.

• Create 2014-2015 Budget.

• Sept 2014 • Unaudited Actuals for 2013-2014.

Next Steps

Questions?

Thank you to: Eric Hall and Associates