Plumas Lake Elementary School District 2009-10 First Interim Financial Report Governing Board Members Craig Bommarito Derek Bratton Merrilee Leinweber Chuck MacKay David Villanueva Each student will reach their fullest potential as we strive for district excellence through sound leadership, effective communication, accountability, and investment in our staff.
23
Embed
Plumas Lake Elementary School District 2009-10 First Interim Financial Report Governing Board Members Craig Bommarito Derek Bratton Merrilee Leinweber.
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Plumas Lake Elementary School District2009-10 First Interim Financial Report
Governing Board Members
Craig BommaritoDerek BrattonMerrilee LeinweberChuck MacKayDavid Villanueva
Each student will reach their fullest potential as we strive for district excellence through sound leadership, effective communication, accountability, and investment in our staff.
Annual Financial Reporting
Annual financial deadlines:Budget Adoption – June 30Unaudited Actuals for prior year – October 15First Interim – December 15Second Interim – March 15Third Interim – June 1 (required if negative or
qualified certification)
First Interim Financial Report
Education Code Section 42130 requires District to submit two financial interim reports to Yuba County Office of Education each fiscal year:
First Interim: Financial transactions from July 1 to October 31
First Interim must be adopted by the Board prior to December 15
District must certify one of the following:
Positive: District can meet its current year and subsequent two year obligations;
Qualified: District may not be able to meet its current year and subsequent two year obligations; or
Negative: District cannot meet its current year and subsequent two year obligations.
Budget Assumptions
Budget Adoption Budget Act (used for First Interim)
2008-09 2009-10 2008-09 2009-10
COLA 5.66% 4.25% 5.66% 4.25%
Deficit Factor 11.428%($0.88572 per $1.00)
17.967%
($0.82033 per $1.00)
7.844%
($0.92156 per $1.00)
18.355%
($0.81645 per $1.00)
Revenue Limit (RL)
Deficited RL
Dollar loss per ADA
$6,347.36
$5,621.98
($725.38)
$6,597.36
$5,412.01
($1,185.35)
$6,347.36
$5,849.47
($497.89)
$6,597.36
$5,386.41
($1,210.95)
Other Revenue Limit Adjustments
-252.83 per ADA ($249,055)
State Categorical Programs
-15.38% -4.46%(Transportation: -65%)
-15.38% -4.46%(Transportation:-19.8%)
ARRA – SFSF
(RL)
$0 $234,292 $297,620 $0
ARRA – SFSF
(Categoricals)
$0 $0 $50,715 $0
Budget AssumptionsBudget Adoption Budget Act (used for First Interim)
Fund BalanceWhat is fund balance? Fund balance is the difference between the District’s
assets and liabilities. Fund balance can be used to fund expenditures in
the next fiscal period, however if used for ongoing costs, future budget decisions will revolve around finding resources to continue ongoing expenditures.
Fund balance consists: Five percent reserved for economic uncertainty COP Debt Service Payment $476,315 Charter ADA Issue (appeal pending) $186,511 Balance designated for budget shortfalls and for
categorical programs that are still restricted.
Why did the Fund Balance Increase?
Budget Adoption Unaudited Actuals Difference
Beginning Fund balance
July 1, 2008
$1,742,313 $1,742,313
Revenue $7,727,520 $8,244,359 $516,839
ARRA Funds $348,335
2008-09 mid-year cut $249,055
State/Local Revenue ($80,551)
Expenditures $7,743,263 $7,436,818 $306,445
Ending Fund Balance
June 30, 3009
$1,726,570 $2,549,853 $823,284
Revenue Sources
Revenue Limit – State aid and property taxes – general purpose funding based on student attendance
Federal – No Child Left Behind, Titles I, II, III, IV and V: special purpose funding
State – categorical programs: special purpose funding Local – Special Ed revenue from Yuba County Office of
Education, interest and facilities/other fees
Revenue SourcesBoard
Approved Operating
Budget
Projected Year Totals (Revisions)
Difference % Variance
Reason
Beginning Fund Balance
$2,549,853
Revenue Limit Sources
$5,632,572 $5,601,991 ($30,581) -0.5% Applied new deficit factor, one-time ADA reduction & revised ADA
Federal Revenue
$452,004 $223,033 ($228,971) -50.7% ARRA SFSF recognized last year
Other State Revenue
$919,838 $912,729 ($7,109) -0.8% Transportation revised. CSR limitations and other adjustments to flexible categoricals
Other Local Revenue
$467,942 $473,782 $5,840 1.2% Local revenue adjusted
Expenditures
Certificated Salaries - teachers and administrators who provide services that require credentials from the State of California
Classified Salaries – all support personnel in the District Benefits
Retirement and statutory benefits: STRS and PERS, FICA/Medicare, Unemployment, Worker’s Comp
Health/Dental/Vision - $10,000 cap Books and Supplies - Textbooks, workbooks, other classroom materials,
custodial/maintenance/transportation supplies and office supplies Services and Operating Expenses – Travel, conferences, Dues and Memberships, Operations
and Housekeeping, Rentals, Leases, Repairs, and non-capitalized improvements, Professional/Consulting Services and Operating Expenditures, Communications
Capital Outlay - Land & land improvements; buildings & building improvements, books and media centers for new libraries, equipment and equipment replacements.
Other Outgo: Payments to County Offices for Special Ed excess program and transportation costs Debt Service payments Indirect Costs
Other Financing Sources/Uses Interfund Transfers Out – Deferred Maintenance and Cafeteria
Expenditures
Board Approved Operating
Budget
Projected Year Totals (Revisions)
Difference % Difference
Reason
Certificated Salaries $3,053,502 $3,202,627 $149,125 4.9% Added 3 FTE teachers; home school teacher; extra stipends (BTSA and extra duties)