OCTOBER 2014 PRINCIPALS’ MEETINGS BUDGET UPDATE PALM SPRINGS UNIFIED SCHOOL DISTRICT 1.

1O C T O B E R 2 0 1 4 P R I N C I P A L S ’ M E E T I N G SB U D G E T U P D A T E

PALM SPRINGSUNIFIED SCHOOL DISTRICT

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OUR REVENUES

83.76%

6.06%

10.18%

2014-15

LCFF Entitlement

Federal Funding

All Other State/Local Funding

100% = 198,811,065

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LCFF ENTITLEMENTS

11.90%

88.10%

2014-15

LCFF Minimum Propor-tionality Percentage (MPP)

Net LCFF Entitlement

Of the $166,517,588 in LCFF funds we receive, $19,737,444 comprise the MPP. The MPP funds are used to de-velop the Local Control Accountability Plan (LCAP).

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UNAUDITED ACTUALS REPORT

• The Unaudited Actuals Report included a reconciliation of all of the District’s funds:

• General Fund/County School Service Fund (01)• Charter Schools Special Revenue Fund (09)• Adult Education Fund (11)• Child Development Fund (12)• Cafeteria Special Revenue Fund (13)• Deferred Maintenance Fund (14)• Special Reserve Fund for Other Than Capital Outlay Projects (17)• Building Fund (21)• Capital Facilities Fund (25)• Special Reserve Fund for Capital Outlay Projects (40)• Bond Interest and Redemption Fund (51)• Self-Insurance Fund (67)

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RECONCILIATION OF ESTIMATED ACTUALS TO UNAUDITED ACTUALS

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2014-15 UNRESTRICTED BUDGET (03) AFTER CLOSING

Description 2014-2015 (Budget)

2014-2015 (Closing)

Difference

Total Revenues $169,779,095

Total Expenditures ($160,469,295)

INCREASE (DECREASE) $9,309,800

Other Sources $5,183,487

Other Uses ($1,123,475)

Contributions ($14,862,867)

Net INCREASE (DECREASE) ($1,493,055)

Beginning Balance, July 1, 2014 $11,046,892

Ending Balance, June 30, 2015 $9,553,837

Revolving Cash/Stores $270,000

Unassigned- Economic Uncertainties (3%) $6,324,583

Unassigned Lottery $34,603

LCFF Supplemental and Concentration MPP $4,283,161

Assigned for Carryover $0

Excess/(Shortfall) ($1,358,510)

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2014-15 UNRESTRICTED BUDGET (03) AFTER CLOSING

Description 2014-2015 (Budget)

2014-2015 (Closing)

Difference

Total Revenues $169,779,095 $171,607,310 $1,828,215

Total Expenditures ($160,469,295) ($160,469,295) $0

INCREASE (DECREASE) $9,309,800 $11,138,015 $1,828,215

Other Sources $5,183,487 $5,183,487 $0

Other Uses ($1,123,475) ($1,123,475) $0

Contributions ($14,862,867) ($14,862,867) $0

Net INCREASE (DECREASE) ($1,493,055) $335,160 $1,828,215

Beginning Balance, July 1, 2014 $11,046,892 $18,576,598 $7,529,706

Ending Balance, June 30, 2015 $9,553,837 $18,911,758 $9,357,921

Revolving Cash/Stores $270,000 $270,000 $0

Unassigned- Economic Uncertainties (3%) $6,324,583 $6,324,583 $0

Unassigned Lottery $34,603 $102,890 $68,287

LCFF Supplemental and Concentration MPP $4,283,161 $5,633,718 $1,350,557

Assigned for Carryover $0 $6,790,163 $6,790,163

Excess/(Shortfall) ($1,358,510) ($209,596) $1,148,914

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IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS

• The Universal Availability Act, part of the IRS 403b regulations, mandates that the district must provide employees with the opportunity to make or change an elective deferral to a supplemental retirement plan.

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IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS

• The district must notify employees of the availability to make this contribution to a deferred compensation account.

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IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS

• The district must provide all employees:• The enrollment procedures for the plan• The types of contributions permitted (Pre-tax, Roth,

Catch-up, etc.)• How and when contributions can be made• Sources for additional information

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IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS

Jonathan Garnant

714 809-5015

[email protected]