FY 2018 Final Fiscal Status and CIP Quarterly Reports
School Board Information ItemDecember 20, 2018
Leslie PetersonAssistant Superintendent, Finance & Management Services
David BlorstadDirector of Finance
FY 2018 Final FiscalStatus Report
(aka FY 2018 Closeout)
FY 2018 Closeout Summary
• Financial records for the 2017-2018 fiscal year are closed and audited
• The Annual School Report was sent to the Virginia Department of Education
• Overall, net available funds total $9.3 million
All Funds Summary
• Four of the seven funds under control of the School Board have ending balances available for reallocation, totaling $10.8 million
FUND
Variance
from Budget
REVENUE
Variance from
Budget
EXPENDITURES
Net
Available
BALANCE
School Operating 3.3$ 7.3$ 10.6$
Community Activities 0.4 0.6 1.0
Debt Service - (1.1) (1.1)
Children's Services Act (0.1) 0.4 0.3
TOTAL AVAILABLE BALANCE 3.6$ 7.2$ 10.8$
$ in millions
All Funds Summary (cont’d)
• The remaining three funds carry forward their ending balances to fund ongoing commitments or operations
$ in millions
FUND
Variance
from Budget
REVENUE
Variance from
Budget
EXPENDITURES
Net
Available
BALANCE
Food & Nutrition Services 1.5$ (0.8)$ 0.7$
Grants & Restricted Programs -$ 4.3$ 4.3$
Capital Projects -- Bond and MC/MM* -$ -$ -$
*Includes bond premium restricted to Capital Projects
County Revenue
• APS received $1.9 million in net additional revenue • APS’s 46.6% share of additional tax revenue totaled $2.7 million
• Of this, $725,122 was already appropriated to the School Board and used in the FY19 Adopted Budget
• APS also contributed an additional $3.5 million to the General Fund Reserve• For FY18, the General Fund Reserve was increased from 5% to 5.5% of
operating expenses
• The net result is a decrease to APS of $1.5 million
Summary of Funds Available
APS FY 2018 Savings from Operations $ 10.8
Reduction of FY 2018 Tax Revenue ($ 1.5)
Total funds available $ 9.3
$ in millions
Reserve Recommendations
$ in millions
Reserve Amount Added Total Reserve
Compensation Reserve 1.8 6.5
Future Budget Years Reserve 6.9 16.4
Total Reserves $ 8.7 $ 22.9
Expenditure Recommendations
$ in millions
Expenditure Amount
Safety and Security Needs $ 368,650
Efficiency Studies – HR and Transportation 100,000
Software Needs – P&E, Special Ed, and HR 73,283
Policy Consultant 50,000
College & Career Readiness Initiative 12,000
Total Expenditures $ 603,933
Use of Available Funds
FY 2018 Funds Available $ 9.3
Addition to Compensation Reserve $ 1.8Addition to Future Budget Years Reserve $ 6.9FY 2019 Expenditure Requirements $ 0.6
Total Funds Reallocated $ 9.3
$ in millions
FY 2018 Closeout
Questions?
FY 2018 CIP Quarterly Report4th Quarter FY 2018
FY 2018 CIP Summary
Total Project
Budget
Expenditures/
Commitments
Balance*
6-30-18
Major Construction $ 405.3 $ 245.4 $ 159.9
Minor Construction/
Major Maintenance
$ 9.2 $ 7.0 $ 2.2
*Major Construction balance excludes reserve
$ in millions
FY 2018 CIP Summary
Project Description BudgetExpenditures/Commitmentsas of 6-30-18
Balance
Abingdon Elementary $ 32.0 $ 30.1 $ 1.9
Career Center 12.0 1.8 10.2
Connect Arlington 2.3 0.5 1.8
Discovery Elementary 43.8 42.9 0.9
Fleet Elementary 59.0 21.7 37.3
Glebe Elementary 0.6 0.6 -
HVAC/Roofing/Infrastructure 50.2 45.2 5.0
McKinley Elementary 22.9 22.4 0.5
Reed 4.0 2.5 1.5 Gunston, Kenmore, Wakefield, YorktownSpace Conversions 9.3 6.9 2.4
Secondary Seats 10.0 - 10.0
Stratford Middle (Design) 39.1 10.4 28.7
Syphax Office Space 13.8 12.0 1.8
Washington-Lee Space Conversion 5.3 5.3 -
Wilson (Design) 101.0 43.1 57.9
TOTAL $ 405.3 $ 245.4 $ 159.9
Projects Completed – 4th Quarter
• Major Construction Projects:• Glebe property purchase and house removal
• Washington-Lee space conversion
• MC/MM Projects• 140 of 162 projects, or 86%
CIP Reserves at 4th Quarter, FY 2018
• Capital Reserve is $42.4 million
• Major Construction Reserve is $0.6 million
FY 2018 CIP Quarterly Report
Questions?
FY 2018 Final Fiscal Status and CIP Quarterly Reports
School Board Information ItemDecember 20, 2018
Leslie PetersonAssistant Superintendent, Finance & Management Services
David BlorstadDirector of Finance
