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2012-13 First interim financial report nuview union. December 12, 2012 - Board Meeting Update. Interim Reporting. California Education Code requires each district to file interim reports twice in the fiscal year. - PowerPoint PPT Presentation
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2012-13 FIRST INTERIM FINANCIAL REPORTNUVIEW UNIONDecember 12, 2012 - Board Meeting Update
Interim Reporting
California Education Code requires each district to file interim reports twice in the fiscal year.
The first interim report covers the district’s financial and budgetary status for the period ending October 31.
All budgetary information is annual, forecasting through June 30, 2013. Based on current law. Assumes appropriated funds are spent as
planned.
Components of the Interim Report Actual and Projected Financial and
Budgetary Data Standards and Criteria Actual and Projected Cash Flows Multi-Year Financial Projections District Certification
Changes in Enrollment/ADA
Adopted InterimChang
e
Enrollment 1,688 1,652 (36)
Average Daily Attendance (ADA)
1,593 1,593 -
Funded ADA 1,593 1,593 -
Nuview Bridge ADA
490 487 (3)
Numbers exclude external charter schools and county ADA
Significant Changes in Budgetary Data
Unrestricted Revenues
Adopted InterimChang
e
Revenue Limit(Unemployment Insurance)
$8,034,632
$8,020,664
$(13,968)
Federal Revenue 0 0 -
State Revenue(Mandate Block Grant/CSR)
1,201,966 1,238,345 36,379
Local Revenue(Donations)
187,122 187,924 802
Significant Changes in Budgetary Data
Restricted Revenues
Adopted InterimChang
e
Revenue Limit $72,600 $72,600 $-
Federal Revenue(Special Ed/Carryover)
682,100 654,811(27,289
)
State Revenue(ASES/Mental Health/Lottery)
947,517 950,689 3,172
Local Revenue(SELPA/Bus Lease/Trans Contract)
947,864 1,076,065 128,201
Significant Changes in Budgetary Data
Unrestricted Expenditures
Adopted InterimChang
e
Salaries and Benefits (Restore Mgmt FDs/Position Adjust)
$7,911,776
$8,013,052
$101,276
Books and Supplies(Carryover/PE Equip/Donations)
280,286 306,645 26,359
Operating Expenses(TRAN Costs)
780,625 821,769 41,144
Capital Outlay 0 0 -
Significant Changes in Budgetary Data
Restricted Expenditures
Adopted InterimChang
e
Salaries and Benefits(Position Adjust)
$1,698,764
$1,765,115
$66,351
Books and Supplies(Special Ed/Lottery/Carryover)
561,913 483,309(78,60
4)
Operating Expenses(Maintenance/ASES)
956,5301,079,09
6122,56
6
Capital Outlay 0 0 -
Significant Changes in Budgetary Data
Deficit Spending (6/30/13)
Adopted Interim Change
Unrestricted $157,323 $27,247$(130,07
6)
Restricted (104,037) (124,957) (20,920)
Significant Changes in Budgetary Data
Ending Fund Balance (6/30/13)
Adopted(Jun
2012)
Operating
(Oct 2012)
Interim(Dec 2012)
UnrestrictedRevolving CashReserve for Econ UncertaintiesRestricted CarryoverMid-Year Trigger Cut ($441)Unassigned/Unappropriated
$1,393,868
7,000360,616116,056709,882200,314
$1,406,014
7,000381,48526,209
709,882281,437
$1,345,007
7,000368,956
1210
968,930
Restricted 483,929 571,674 735,595
Cash Flow
Current inter-year deferrals (year-to-year) reflect state’s partial buy-down ($2.1B) tied to Proposition 30 passage.
Intra-year deferrals (within year) increase between now and June due to Proposition 30 anticipated revenues.
June balances are critical due to continued inter-year deferrals.
No internal cash resources available outside the General Fund.
Nuview Bridge, Child Development, and Cafeteria Fund likely to require continued General Fund cash flow support.
Proposition 30 Impacts Cash Flow
Updated Multi-Year Projections
Combined General FundFlat Funded, 20:1 Ratio
2012-13
30:1
2013-14
20:1
2014-15
20:1
Deficit Spending (97,710)(604,34
1)(762,85
5)
Restricted Fund Balance
735,595 714,576 693,556
Unrestricted Fund Balance
1,345,007
761,686 19,851
3% Reserve Requirement
368,956 391,289 396,045
Shortfall in Fund Balance
0 0(374,89
8)
Updated Multi-Year Projections
Combined General FundFlat Funded, 30:1 Ratio
2012-13
30:1
2013-14
30:1
2014-15
30:1
Deficit Spending (97,710) (67,756)(226,27
0)
Restricted Fund Balance
735,595 714,576 693,556
Unrestricted Fund Balance
1,345,007
1,299,269
1,094,019
3% Reserve Requirement
368,956 363,111 367,866
Shortfall in Fund Balance
0 0 0
State Budget Stabilized, Not Restored Proposition 30 and 39’s success set the stage
for a stable short-term state budget, with year-over-year surpluses possible in the next three to five years. The volatility of California’s revenue system has been enhanced, not minimized.
Similar to the state, the district will be challenged to balance restoring cuts with program growth, resulting from potential funding level increases.
Cash will continue to need to be supplemented with external borrowing depending on how much of “new” state funds are used to pay-down payment deferrals.
Ongoing Revenue Limit Cuts Remain
Certification of Financial ConditionRecommend Positive Certification
Positive Certification: “…based upon current projections this district will meet its financial obligations for the current fiscal year and two subsequent fiscal years.”
Qualified Certification: “…based upon current projections this district may not meet its financial obligations for the current fiscal year or two subsequent fiscal year.”
Negative Certification: “…based upon current projections this district will be unable to meet its financial obligations for the remainder of the current fiscal year or the subsequent fiscal year.”