General Operating Fund Analysis Report for September, 2013 Prepared by: Karen Obratil, Treasurer/CFO...
-
Upload
matthew-page -
Category
Documents
-
view
215 -
download
0
Transcript of General Operating Fund Analysis Report for September, 2013 Prepared by: Karen Obratil, Treasurer/CFO...
1
General Operating FundAnalysis Report for
September, 2013
Prepared by: Karen Obratil, Treasurer/CFOOctober 28, 2013
2
Monthly Revenue by the Numbers Month of September
FY14 FY14 Actual
Forecast Actual to Forecast
$ Change % Change
General Property Taxes (Real Estate) $875,000 $965,548 $90,548 9.38%
Tangible Personal Property Taxes
864,000
380,451
(483,549) -127.10%
Unrestricted Grants-in-Aid
389,640
390,632
992 0.25%
Property Tax Allocation 0
634
634 100.00%
All Other Operating Revenue
250,000
269,011
19,011 7.07%
Total Revenue
2,378,640
2,006,276
(372,364) -18.56%
Other Financing Sources
Total Other Financing Sources 325,000 345,801 20,801 6.02%
TOTAL REVENUE + OTHER FINANCING SOURCES $2,703,640 $2,352,077 ($351,563) -14.95%
3
Monthly Revenue – September
FY14 = $2.4M
Forecast = $2.7M
Taxes57%
State 17%
Local11%
Other15%
Taxes64%
State 14%
Local9%
Other12%
4
FYTD Revenue by the Numbers
Fiscal Year to Date - July-September Forecast FY14 FY14 Actual
Estimate Actuals to Forecast
$ Change % Change
General Property Taxes (Real Estate) $13,349,183 $13,389,548 $40,365 0.30%
Tangible Personal Property Taxes 864,000 380,451 (483,549) -127.10%
Unrestricted Grants-in-Aid 1,168,921 1,167,221 (1,700) -0.15%
Property Tax Allocation 82,000 96,083 14,083 14.66%
All Other Operating Revenue 466,311 481,041 14,730 3.06%
Total Revenue 15,930,415 15,514,344 (416,071) -2.68%
Other Financing Sources
Total Other Financing Sources 415,000 450,461 35,461 7.87%
TOTAL REVENUE + OTHER FINANCING SOURCES $16,345,415 $15,964,805 ($380,610) -2.38%
FYTD Revenue (July - September)
5
95.6%
89.8%89.8%91.3%
Forecast FY14$12,000,000
$12,500,000
$13,000,000
$13,500,000
$14,000,000
$14,500,000
$15,000,000
$15,500,000
$16,000,000
$16,500,000
$17,000,000
Taxes State Other Local Other Sources
$15,964,805
86.96%
7.65% 7.91%
86.25%
$16,345,415
6
Monthly Expenditures by the Numbers
Month of September FY14 FY14 Actual Forecast Actual to Forecast
$ Change % Change
Personnel Services $1,701,348 $1,681,400 $19,948 1.19%
Employees' Retirement/Insurance Benefits 700,000 693,924 6,076 0.88%
Purchased Services 400,000 351,262 48,738 13.88%
Supplies and Materials 250,000 306,908 (56,908) -18.54%
Capital Outlay 20,000 25,089 (5,089) -20.28%
Other Objects 300,000 321,630 (21,630) -6.73%
TOTAL EXPENDITURES $3,371,348 $3,380,213 ($8,865) -0.26%
7
Monthly Expenditure - September
Forecast = $3,371,348
FY14 = $3,380,213
Salaries
49.7%
Bene-fits
20.5%
Ser-vices
10.4%
Sup-plies9.1%
Capital Outlay0.8%
Other Objects9.5%
Salaries50.4
%
Benefits20.8
%
Ser-vices11.9
%
Sup-plies7.4%
Capi-tal
Out-lay
0.6%
Other Objects8.9%
8
FYTD Expenditures by the Numbers
Forecast FY14 FY14 Actual Estimate Actuals to Forecast
$ Change % Change
Personnel Services $5,290,105 $5,224,606 $65,499 1.25%
Employees' Retirement/Insurance Benefits 1,348,000 1,345,866 2,134 0.16%
Purchased Services 1,365,000 1,432,389 (67,389) -4.70%
Supplies and Materials 489,993 535,041 (45,048) -8.42%
Capital Outlay 175,000 210,424 (35,424) -16.83%
Other Objects 347,027 370,769 (23,742) -6.40%
Total Expenditures $9,015,125 $9,119,095 ($103,970) -1.14%
9
FYTD Expenditures(July - September)
83%
Forecast FY14$0
$1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000
$10,000,000
Personnel Costs Services Supplies Capital Outlay Other Objects
$9,015,125
72.05%
$9,119,095
73.63%
10
Bottom Line Cash Balances – 9/30
Forecast Forecast
to FY14 to FY14
Forecast FY14 Actual $ Change % Change
Revenue $16,345,415 $15,964,805 (380,610) -2.33%
Expenditures 9,015,125 9,119,095 (103,970) -1.15%
Excess of Revenue over
Expenditures 7,330,290 6,845,710 (484,580) -3.48%
Beg. Cash Balance 11,147,833 $11,147,833
Ending Cash Balance $18,478,123 $17,993,543 ($484,580)
Outstanding P.O.s $5,074,268
11
Bottom Line - Graphics
Forecast FY14 Actual$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
Revenue Expenditures
$16.3M $16M
$9M $9.1M
What’s included in theFinancial Forecast?
12
TOTAL REVENUE = $40,726,704(Excludes Other Financing Sources)
13
Tax Revenue = 70.8% of Total Operating Revenue
Line 1.010 – General Property Tax (Real Estate) 66.6% of Total Operating Revenue
Real property is divided into two classes: Class I – Residential and Agricultural Class II – Commercial and Industrial
Line 1.020 – Tangible Personal Property Tax (Public Utility Taxes) 4.2% of Total Operating Revenue
14
Tax Revenue Estimate for FY14
Res/Ag $750,842 x 28.94 = $21,727,720
C/Ind $153,156 x 30.84 = 4,722,922
P/U $25,931 x 61.56 = 1,596,332
Inside Mills x 4.97 = 4,624,378
Tax Revenue estimate = $32,671,352
15
Other Local Revenue = 3.8% of Total Revenue
Interest Earnings on Investments Tuition (from other districts and kindergarten)
Pay to Participate Fees School Fees Rentals Administrative Fees for Auxiliary Service Payment In Lieu of Taxes (PILOT) Miscellaneous
16
State Revenue = 25.4% of Total Revenue
Line 1.035 - Unrestricted Grants-in-Aid 11.5% of Total Revenue
School Foundation program
Line 1.040 – Restricted Grants-in-Aid
Catastrophic Aid for special education students
Line 1.050 – Property Tax Allocation 13.8% of Total Revenue
Percentage of individual property tax bills paid by the State 12.5% of taxes due on all residential/agricultural property also includes tangible personal property replacement revenue.
17
Other Financing SourcesLine 2.040 - Operational Transfers-in Money transferred from other funds into the
General Fund.
Line 2.050 – Advances-in Money returned to the General Fund for
repayment of advances from other funds
Line 2.070 – All Other Financing Sources Refunds of prior year expenditures
18
TOTAL EXPENDITURES = $38,887,434(Excludes Other Financing Uses)
19
Personal Services – Line 3.01051.5% of Total Expenditures
Employee Salaries Classified Substitutes Supplementals Overtime Termination Payments (Severance) Board Members Student Workers
20
Employees’ Retirement/Insurance Benefits Line 3.020
(20.6% of Total Expenditures)
• Retirement – 14% of employees’ salaries• Medicare – 1.45% of employees’ salaries• Workers’ Comp rate – .008421 Insurance Premiums
Medical : 94% Single, 88% Family Dental Vision Life – 100% Board paying 80% for Administrators
• Unemployment Compensation
21
Board Cost for Insurance Benefits
Family Medical (SuperMed+) $1,315.86 (renewal 7/14)
Dental $146.98 Vision $38.95 Life 4.66
Total Family $1,506.45 ($18,077.40 annual*)
*Monthly premium holidays July and August, 2013.
Single Medical (SuperMed+) $560.19 Dental $78.21 Vision $15.41 Life 4.66Total Single $658.47 ($7,901.64 annual*)
22
Annual Insurance Costs$4,070,000
Medical Dental Vision Life
$3,552,033 $397,743
$101,504
$18,720
23
Purchased Services – Line 3.03018.9% of Total Expenditures
• Utility Costs (electricity, natural gas, trash removal, telephones, water & sewer)
• Transportation Services (Petermann)• Teacher Substitutes (Rachel Wixey Associates)• Legal Fees• Health Services (PSI)• Professional Meetings• Special Education Transportation • Special Education Tuition to Other Districts• GAAP Conversion• Legal Advertisements• Repairs & Maintenance (buildings & vehicles)• Data Processing (NEONET) and Technology (Smart Solutions)• Fleet and Property Insurances
24
Supplies & Materials – Line 3.0405% of Total Expenditures
• Core curriculum materials• Instructional materials• Textbook Replacements• Technology supplies and software• Custodial supplies• Maintenance supplies• Fuel• Library books• Administrative supplies
25
Capital Outlay – Line 3.0501.3% of Total Expenditures
• New Equipment• Replacement Equipment• Technology• Site Improvements• Classroom Furnishings• Maintenance vehicles• Vans
26
Other Objects – Line 4.3002.7% of Total Expenditures
• Summit County Auditor and Treasurer Fees Fees are assessed based on approximately 1.5% of the tax collections.
• Summit County Land Bank fees• Summit County ESC fees Fees for services provided by the Summit County Educational Service Center.• Election Costs• Delinquent Tax Assessment Fees
Fees are approximately .2% of tax collections• Liability Insurance• State Administrative fees
Fees are assessed based approximately 1% of rollback and homestead collections.• Professional membership fees• Bank fees• State Auditor fees
27
HB264 Energy Conservation Project
$729,743.96 Energy Conservation Improvement Bonds, Series 2013 issued to pay for project on September 11, 2013.
Bonds purchased by First Merit Bank at 3.39% interest.
Interest and principal payments are considered a transfer
in the Forecast since this is a general fund debt obligation.
The money from the energy savings will be transferred to the bond retirement fund to pay the interest and principal payments in June and December.
28
Other Financing Uses
Line 5.010 – Operational Transfers-OutMoney transferred into another fund.
Line 5.020 – Advances-Out Money temporarily advanced to other funds
29
What’s changed since the May 2013 Forecast Update?
30
Nordonia Hills City School DistrictForecast Comparison
ko 10/22/2013
May, 2013 Forecast Submitted to ODE FORECASTED
FY2013 FY2014 FY2015 FY2016 FY2017 Beginning Balance $6,731,067 $10,250,483 $11,331,655 $9,241,756 $5,557,616 Revenue 41,174,416 39,813,224 38,862,240 38,857,307 38,917,052 Expenditures (37,655,000) (38,732,052) (40,952,139) (42,541,447) (44,193,779) Revenue over/(under) Expenditures 3,519,416 1,081,172 (2,089,899) (3,684,140) (5,276,727) Ending Balance $10,250,483 $11,331,655 $9,241,756 $5,557,616 $280,889
Proposed October, 2013 Forecast ACTUAL FORECASTED
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018Beginning Balance $6,731,066 $11,147,823 $13,407,506 $13,469,693 $11,601,492 $7,505,899 Revenue 41,332,112 41,179,983 40,886,029 40,479,990 39,811,906 39,939,530
Expenditures (36,915,355) (38,920,300) (40,823,842) (42,348,191) (43,907,499) (45,452,761)
Revenue over/(under) Expenditures 4,416,757 2,259,683 62,187 (1,868,201) (4,095,593) (5,513,231)Ending Balance $11,147,823 $13,407,506 $13,469,693 $11,601,492 $7,505,899 $1,992,668