"Learn about the financial reporting requirements for California school districts under Education Code 42130 and 42131, including certifications and budget projections for 2017-18. Explore revenue details, assumptions, and budget changes in the first interim report." (306 characters)
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2017-18 First Interim Report California School District Financial Reporting Requirements Education Code 42130 requires the school district to file their fiscal condition for TWO reporting periods, October 31 and January 31, including projections of the budget through June 30. Education Code 42131 requires the Board of Education to certify, based on current projections, whether or not the school district is able to meet its financial obligations for the current fiscal year and subsequent two fiscal years.
2017-18 First Interim Report Financial Reporting Certifications There are three types of certification based on the multi-year projections at each reporting period: Positive Certification ~ District can meet it s financial obligations for the current and two subsequent years. Qualified Certification ~ borderline, may not meet financial obligations during one of the three years of the MYP. Negative Certification ~ cannot meet financial obligations in two or more of the three years as shown by negative fund balance, insufficient Reserves for Economic Uncertainty.
2017-18 First Interim Assumptions GAP calculation using SSC projections Due to declining enrollment 2017-18 funding is based on prior year ADA ADA of 6118.67 is used for 2017-18 funding MYP P-2 ADA calculated at 96.5% Attendance Factor Property Tax RDA included in Revenue (received in 16-17 not guaranteed in CY) Step and Column increases based on 1.5% One-Time Discretionary Funds: $147.32/ADA Unrestricted Lottery Revenue: $146/ADA and Restricted: $48/ADA Mandate Block Grant: $30.34/ADA for K-8 and $58.25/ADA for 9-12 California Consumer Price Index (CPI): 3.42% Indirect from CNS included in revenue at 5.44% RRMA at 2.10% (2% required in 17-18 and increases to 3% when LCFF is fully funded) Salaries/Benefits CalSTRS Rate: 14.43% CalPERS Rate: 15.531% MYP Retiree Health benefits reduced for employees at age 65 in MYP
2017-18 First Interim Budget General General Fund Revenue First Interim Major Changes Adopted Difference LCFF Revenue Federal Revenue State Revenue Local Revenue Total ADA increase in HS grade level band $52,586,878 $53,534,513 $947,635 Title III Lottery $1,859,221 $2,260,001 $400,780 One time funds: $147.32/ADA $1,839,980 $3,466,515 $1,626,535 W/C rebate Donations $3,767,924 $4,368,130 $600,206 $60,054,003 $63,629,159 $3,575,156
2017-18 First Interim Revenue Revenue Total $63,629,159 Federal $2,260,001 3.5% LCFF $53,534,513 84% State $3,466,515 5.5% Local $4,368,130 7%
2017-18 First Interim Budget General Fund Expenditures Adopted First Interim Difference Major Changes $122,618 Extra HRs PE and Combo $512,508 PE Relief CBO classified $1,132,894 Increase in $590,925 Text Adoption Carry Over $1,165,906 Unrestricted $(45,648) Unrestricted Certificated Salaries $26,855,273 $26,977,891 Classified Salaries $10,333,875 $10,846,383 Employee Benefits $15,356,577 $16,489,471 retirees Books/Supplies $1,497,380 $2,088,305 Services/Operating $7,012,069 $8,177,975 Carry Over Capital Outlay $133,148 $87,500 Carry Over Other Outgo $1,216,542 $1,360,542 $144,000 Excess Costs $1,493 CNS salary reductions $3,614,642 Indirect -$142,295 -$140,802 Total $62,262,569 $65,877,211
2016-17 AND 2017-18 GENERAL FUND EXPENDITURE COMPARISON 2016-17 Unaudited Actuals 2017-18 First Interim Difference Major Changes Certificated Salaries Classified Salaries Employee Benefits $(686,733) Reductions $27,664,624 $26,977,891 including PARS $10,818,451 $10,846,383 $27,932 Minor changes $1,452,124 STRS/PERS Retirees $15,037,347 $16,489,471
2017-18 First Interim Multiyear Projections (MYP) 2017-18 $5,441,929 2018-19 $3,183,877 2019-2020 $1,951,060 Beginning Balance Total Revenue $63,629,159 $62,200,769 $62,226,505 Restricted Budget Adjustment $0 $(529,848)* $(529,848)* Budget Adjustments Needed $0 $(2,038,989) $(3,994,574) Total Expenditures $65,887,211 $63,433,586 $62,261,663 Surplus/deficit $(2,258,052) $(1,232,817) $(35,158) Ending Balance $3,183,877 $1,951,060 $1,951,902 Meet 3% REU YES YES YES * Adjustment of expenditures from restricted funds carried-over into 2017-18 but not forward
2017-18 First Interim Budget Required Reserve Disclosure 2017-18 Amount $3,183,877 $977,201 Percent Ending Fund Balance Assigned Fund Balance Unassigned Balance Minimum Required Reserve (REU) Amount in Excess of Minimum REU 4.8% 1.48% 1,976,619 3.0% $0 .00%
2017-18 First Interim Meeting the 18-19 Adjustment Adopted: $(3,464,151) First Interim:$(2,038,989) Transferring RDA funds in account ($1,900,000) Analyzing Sp Ed expenses (Potentially transferring legal fees up to $200,000 to VCSSFA) Reorganize RTI Eliminate district funded PE Collaboration Lease Warehouse space Reduction of MEA President position from 1.0 to .5 FTE Focus on increasing ADA
2017-18 First Interim Meeting the 19-20 Adjustment Adopted: $(4,320,000) First Interim: $(3,994,574) Transferring RDA funds received in 2017-18 (projected at $1,200,000) Transferring RDA funds received in 2018-19 (projected at $1,200,000) Continue to restructure staff for right size fit ratios Evaluate reduction of site computer techs Eliminate district funding of Schools of Distinction Reduction of site discretionary instructional support budget Analyze new City developments (potential enrollment increase) Increasing ADA Attendance Factor to 97%
2017-18 First Interim Report Recommendation It is recommended that the Board approve the District s First Interim Financial Report and File a positive certification- The District certifies that based on the projections, it will meet it s financial obligations for the current year and two subsequent fiscal years.
