PUBLIC SCHOOL FINANCE UPDATE

November, 2011

Leanne Emm Assistant Commissioner

303-866-6202emm_l@cde.state.co.us

Agenda

• Accreditation Report & Financial Transparency

• Governor’s Budget Request

Annual Audits, Accreditation Report &

Financial Transparency

Annual Audits – June 30, 2011

• Present to your Board of Education by November 30

• Postmarked audited financial statements & Accreditation Report– CDE and State Auditors Office by December

30– ADE Submission by December 30

• Requests for extensions must be made before December 30

FY2010-11 Accreditation Report

Two new questions - Financial TransparencyC.R.S. 22-44-301 through 304

• Has the school district complied with all of the reporting requirements of the Public School Financial Transparency Act?

• Has the school district’s charter school(s) complied with all the reporting requirements of the Public School Financial Transparency Act?

Financial Transparency

HB 10-1036 requires each “Local Education Provider” (LEP) to post financial information on-line, in a downloadable format, for free public access.

• LEP is defined as:• A School District:• A Board of Cooperative Services (BOCES);• A Charter School Institute;• A District Charter School; and• An Institute Charter School.

Financial Transparency

Commencing July 1, 2010:• District Adopted Budget for FY09-10 and FY10-11• District Financial Audit• Quarterly Financial Statements• Salary Schedules or Policies

Additionally Commencing July 1, 2011:• Accounts Payable Check Registers• Credit, Debit and Purchase Card Statements

Financial Transparency

Additionally Commencing July 1, 2012:• Investment Performance Reports

Personal information relating to payroll, including but not limited to payroll deductions or contributions, or any other information that is confidential or otherwise protected from public disclosure is not required to be posted.

Financial Transparency– Available online and updated within sixty

days after the completion or receipt of the applicable report, statement, or document

– Maintain the prior two budget years’ financial information on-line until the end of the current budget year

– CDE Website – template as prescribed by HB 10-1036

http://www.cde.state.co.us/cdefinance/sfFinancialTransparency.htm

Governor’s Budget Request2012-13

AssumptionsFY2012-13 Budget Request

Estimated Change

Total

Pupil Growth 6,698 812,589

At-Risk Growth 2,666 290,683

Inflation Estimate 3.5% NA

Base Per Pupil Funding

$197.22 $5,831.99

Late February 2012 – actual inflation

AssumptionsFY2012-13 Budget Request

• Preliminary assessed values from counties indicate original decline anticipated for FY 2011-12 is not as high– Anticipated decline of 7.21%– Preliminary August AVs – decline of 5.28%– Potential increase in local share of $35.4

million for 2011-12– For 2012-13, estimated growth in local share

of $20.6 million

AssumptionsFY2012-13 Budget Request

• $67.5 million through SB11-230– For FY2011-12, intent to be used for mid-year

changes in enrollment or assessed values

– Request for FY2012-13 utilizes these funds to offset any needed increases in negative factor

FY2012-13 Budget Request

FY2012-13 Budget Request

FY2012-13 Budget Request

Changes in Total Program

Estimated Growth and Inflation – not funded

$261,407,524

Budget Balancing Measure – year over year reduction

89,000,000

Total that Represents the Increase in the Negative Factor $350,407,524

The actual funded Total Program has

declined 8.26% from the high in

2009-10.

Gap represents negative factor of 18.04%

FY2012-13 Budget Request Actual Funded Total Program*

Change from Prior Year

Cumulative Change

Funded Pupils

Average Per Pupil

Funding 2008-09Actual

$5,347,325,784 NA NA 778,136 $6,872

2009-10Actual

$5,586,087,039 $238,761,255 $238,761,255 789,497 $7,076

2010-11Actual

$5,439,939,345 ($146,147,693) $92,613,561 798,600 $6,812

2011-12 ESTIMATE

$5,213,743,073 ($226,196,273) ($133,582,711) 805,891 $6,470

2012-13 November BudgetRequest

$5,124,743,073 ($89,000,000) ($222,582,711) 812,589 $6,307

% Change from Prior Year -1.71% -1.71% NA 0.83% -2.52%

*Includes effects of rescissions and legislative actions.

2011-12 Appropriated Total Program Funding by Component, With and Without Negative Factor

General Planning• Recommended to review Property Tax

Collections– Is your percentage of collections remaining

strong?– Is it declining or increasing? Delinquencies?– Remember – the State assumes 100% collections

when setting Total Program– If you have less than 100% - your budget should

reflect this

• Pupil Enrollment

Upcoming

• Pupil Counts and Assessed Values– Finalized in December

• Mill Levies & any adjustments to AVs– January/February

• Supplemental Budget Request Submitted based revised counts, AVs, mills– February

Upcoming Training Sessions

• Financial Policies and Procedures Handbook Update Webinar

– Wednesday, November 16 – 10:00– Thursday, December 8 – 2:00

• BEST Program– Thursday, November 17 – 10:30

Questions?