cedar falls community school dsitrict€¦ · •secure a vision for education ... iowa schools...
TRANSCRIPT
CEDAR FALLS COMMUNITY
SCHOOL DISTRICT Annual District Financial Report
February 12, 2018
Where to Begin - Legal Basics
• Home Rule
• Governing body has authority to take any action as long as it is not prevented by state or Federal law
• Applies to cities and counties
• Dillon’s Rule
• Governing body has the authority to take action only if specifically stated in the law
• Applies to Iowa public school districts, AEA’s and community colleges
• 2017 passage of HF573 provides some “wiggle room” but did not grant full Home Rule status
Fund Accounting – CFCSD Funds
• General Fund • Includes Instructional Support Levy
• Management Fund
• Capital Projects Fund (new for FY17)
• Secure A Vision for Education (Statewide 1¢ sales tax)
• Physical Plant & Equipment Levy
• Activity Fund
• Nutrition Fund
• Debt Service Fund
• Trust & Agency Funds
Goals & Principals of Iowa School’s
Foundation Formula (General Fund)
• Equity in expenditures
• Property tax relief
• Equalization of method of taxation
• Uniform state aid allocation formula
• Predictable
• Pupil-driven
• Provide for local discretion and incentives
• ESTABLISHES MAXIMUM SPENDING CONTROL
• Same formula for all Iowa K-12 public schools and AEA’s
Four Key Factors
Iowa Public School Foundation Formula • 1. Enrollment
• Number of students enrolled on October 1st determines budget and spending
authority for the following school year
• 2. Equalization
• Legislature established a law that “cost per student” across the state will be
nearly equal to ensure every student equal access to a quality education
Iowa Public Schools District Cost per Pupil
0
20
40
60
80
100
120
140
160
180
FY17 District Cost per Pupil
Cedar Falls = $6,598
162 = $6,591 per pupil
172 > $6,591 per pupil
Iowa Public Schools District Cost per Pupil
$6,560
$6,580
$6,600
$6,620
$6,640
$6,660
$6,680
$6,700
$6,720
$6,740
$6,760
$6,780
FY
17 D
istr
ict
Co
st
per
Pu
pil
Cedar Falls
162 = $6,591 per pupil
172 > $6,591 per pupil
Four Key Factors
Iowa Public School Foundation Formula • 3. Supplemental State Aid Growth (SSA)
• Legislature & Governor control the annual increase in dollars available per
student
• Basically the State Foundation Formula is the Cost per Student x State percent of
growth (SSA) x Oct. 1st enrollment
• State foundation formula sets the expenditure ceiling for each school
district’s total spending authority and tells the school district how to fund its
spending authority.
Spending Authority (General Fund)
• Spending Authority is similar to the maximum limit on a credit
card.
• Maximum limit does not necessarily mean you have the cash to
spend to that limit.
• Spending authority is a calculation. It does not generate its own
cash.
• Any unused spending authority (permission) carries forward to the
following fiscal year.
Spending Authority Calculation (General Fund)
• Combined District Cost
• + SBRC Dropout Prevention
• + SBRC Allowable Growth (increased enrollment, ELL, other misc.)
• + SBRC Special Education Deficit Allowable Growth
• + 4 yr. old pre-school funding
• + Instructional Support Levy
• + Other miscellaneous income
• + Previous year unspent budget authority
• = Maximum Authorized Budget
• - Expenditures
• = Unspent Authorized Budget Balance
Cedar Falls CSD Unspent Authorized Budget Worksheet Line 32 = Legal Limit on General Fund Spending
Authority Data Source
Actual
FY14
Actual
FY15
Actual
FY16
Actual
FY17
1 Formula AidLevy 4.3/5.1 Regular Program District Cost 29,796,787 30,967,044 31,666,807 33,333,756
2 Formula AidLevy 4.8/5.2 Regular Program Budget Adjustment + 0 0 0 0
3 Formula AidLevy 4.11/5.3 Supplementary Weighting District Cost + 357,875 439,278 466,358 506,291
4 Formula AidLevy 4.14/5.4 Special Ed District Cost + 3,650,817 3,659,185 3,889,933 4,043,914
5 Formula AidLevy 4.22/5.5 Teacher Salary Supplement District Cost + 2,510,214 2,611,037 2,670,602 2,812,555
6 Formula AidLevy 4.30/5.6 Professional Development Suppl District Cost + 299,427 310,837 317,748 334,297
7 Formula AidLevy 4.38/5.7 Early Intervention Supplement District Cost + 296,217 308,650 315,883 332,984
8 Formula AidLevy 4.46/5.8 Teacher Leadership Supplement District Cost + 0 0 0 0
9 Formula AidLevy 4.49/5.9 AEA Special Ed Support + 1,487,076 1,538,702 1,579,693 1,660,185
10 Formula AidLevy 4.54/5.10 AEA Special Ed Support Adjustment + 0 0 0 0
11 Formula AidLevy 4.60/5.11 AEA Media Services + 259,760 270,542 277,293 291,378
12 Formula AidLevy 4.63/5.12 AEA Educational Services + 290,330 302,249 309,759 325,389
13 Formula AidLevy 4.66/5.13 AEA Sharing District Cost + 0 0 0 0
14 Formula AidLevy 4.74/5.14 AEA Teacher Salary Suppl District Cost + 191,309 196,413 201,174 210,511
15 Formula AidLevy 4.82/5.15 AEA Professional Dev Suppl District Cost + 21,942 22,548 23,087 24,190
16 Board/SBRC AidLevy 5.17 SBRC Modified Suppl Amt Dropout Prev + 663,421 744,414 738,732 773,047
17 Board/SBRC SBRC SBRC Modified Supplemental Amt Other #1 + 0 80,675 102,442 100,596
18 Board/SBRC SBRC SBRC Modified Supplemental Amt Other #2 + 132,022 314,189 942,912 634,990
19 SBRC SBRC/DE Special Ed Deficit Modified Suppl Amt + 0 675,685 807,534 972,951
20 SBRC SBRC/DE Special Ed Positive Balance Reduction - 0 0 0 0
21 Board/SBRC SBRC/DE AEA Special Ed Positive Balance - 0 0 0 0
22 Board/SBRC SBRC Allowance for Construction Projects + 0 0 0 0
23 SBRC SBRC Unspent Allowance for Construction - 0 0 0 0
24 Auditor AidLevy 5.18 Enrollment Audit Adjustment + 0 0 0 -17,810
25 Calculated AidLevy 5.16 AEA Prorata Reduction - 198,163 198,163 198,163 231,049
26 Calculated Calculated Maximum District Cost = 39,759,034 42,243,285 44,111,794 46,108,175
27 Board/Vote AidLevy 7.35 Total Preschool Foundation Aid + 192,812 388,324 412,544 425,120
28 Board/Vote AidLevy 10.27 Instructional Support Authority + 2,373,016 2,399,326 2,444,994 2,549,366
29 Board AidLevy 11.3 Ed Improvement Authority + 0 0 0 0
30 Board See Note 1 Other Miscellaneous Income + 9,965,205 7,446,734 5,873,635 7,673,278
31 Calculated Calculated Unspent Auth Budget - Previous Year + 8,888,612 9,191,056 8,630,990 8,609,170
32 Calculated Calculated Maximum Authorized Budget = 61,178,679 61,668,725 61,473,957 65,365,109
33 Board See Note 2 Expenditures - 51,987,623 53,037,735 52,864,787 56,831,461
34 Calculated Calculated Unspent Authorized Budget (UAB) = 9,191,056 8,630,990 8,609,170 8,533,648
$1,678,957
Four Key Factors
Iowa Public School Foundation Formula • 4. Balance
• The ratio of property tax & state aid supporting a district’s budget varies by
district. “Property rich districts” will receive less state aid.
• Uniform Levy - $5.40/$1,000
• State Foundation Percentage – to 87.5% level
• Supplemental State Aid – covers property tax increase as a result of an increase
in “cost per pupil”
• Additional Levy – varies from district to district
12.57% $ 838 per Student
Additional Levy
Combined District Cost –
Foundation Dollar Level
62.82% $4,191 per Student
State Foundation Aid =
Foundation Dollar Level – Uniform Levy
Foundation dollar cost per pupil as set
by the State of Iowa x Weighted
Enrollment - Uniform Levy
+ SSA Prop Tax Replacement Payment
24.61% $1,642 per Student
Uniform Levy =
$5.40 per $1,000 assessed valuation x
school district assessed valuation
Cedar Falls 2016/17 Cost per Pupil = $6,771
Other District Funds
• All other District funds are restricted (specific purpose) • Cannot be used to support the General Fund
• Management
• Capital Projects (New for FY17)
• Secure A Vision for Education (SAVE) (Statewide 1¢ sales tax)
• Physical Plant & Equipment Levy
• Activity
• Nutrition
• Debt
• Agency & Trust
Purpose
• This report will provide information on:
• Individual fund revenue & expenditures
• Individual fund balances
• General Fund key financial indicators
General Fund Key Financial Indicators
• The Iowa Association of School Boards (IASB) has developed key
financial indicators to create a snapshot of a District’s financial health
• Key General Fund dashboard indicators include: • #1 Certified Enrollment
• #2 Financial Solvency Ratio
• #3 Unspent Budget Authority
• #3A Unspent Budget Authority Ratio
• #4 Annual Unspent Budget Authority Ratio
• #5 Salaries & Benefits to Total Budget Ratio
• Background Color
• Green = Increase of 0.01% or greater
• Yellow = 0.00 to 5.00% decrease
• Orange = Greater than 5.00% decrease
Enrollment History Key Trend Dashboard Indicator #1
4,000
4,200
4,400
4,600
4,800
5,000
5,200
5,400
5,600
10/2010 10/2011 10/2012 10/2013 10/2014 10/2015 10/2016 10/2017
Stu
de
nts
Certified Enrollment OE In Tuition In
Increase of 14.1% over the last 8 years. 4 year old pre-school students not included.
-40%
-20%
0%
20%
40%
60%
80%
100%
1 5 9
13
17
21
25
29
33
37
41
45
49
53
57
61
65
69
73
77
81
85
89
93
97
101
105
109
113
117
121
125
129
133
137
141
145
149
153
157
161
165
169
173
177
181
185
189
193
197
201
205
209
213
217
221
225
229
233
237
241
245
249
253
257
261
265
269
273
277
281
285
289
293
297
301
305
309
313
317
321
325
Iowa Schools Certified Enrollment Percentage Change 2006/17 to 2016/17
District Enrollment Projections
4,500
4,700
4,900
5,100
5,300
5,500
5,700
5,900
6,100
6,300
Oct2007
Oct2008
Oct2009
Oct2010
Oct2011
Oct2012
Oct2013
Oct2014
Oct2015
Oct2016
Oct2017
Oct2018
Oct2019
Oct2020
Oct2021
Oct2022
Oct2023
Oct2024
Oct2025
Oct2026
Stu
den
ts
Projected ActualRSP & Associates projections – Updated Jan. 2017
CAR General Fund Balance
$10.10 $10.95
$12.26
$14.04 $13.34
$11.94 $11.89
$4.20
$5.37 $6.33
$8.02 $7.10
$5.48 $4.88
$0
$2
$4
$6
$8
$10
$12
$14
$16
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Milli
on
s
Total Assets (Cash/Receivables/Inventory) Fund Balance (Assets less Payables)
$48,673 decrease in cash on hand and $606,649 decrease in fund balance.
General Fund Revenue/Expenditure History Includes Instructional Support Fund
$42.09
$46.33
$50.44
$53.68
$52.12 $51.25
$56.22
$41.96
$45.15
$49.49
$51.99 $53.04 $52.86
$56.83
$30
$35
$40
$45
$50
$55
$60
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Milli
on
s
Revenue Expenditures
Revenue increased by $4,973,166 and expenditures increased by $3,966,674 from 2015-16 to 2016-17.
ISL (only) Revenue/Expenditure Detail
$2.10 $2.15 $2.20
$2.36 $2.41
$2.52 $2.61
$1.91
$2.12
$2.01 $2.06 $2.07
$2.29
$2.08
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
$2.2
$2.4
$2.6
$2.8
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Milli
on
s
Revenue Expenditures
History of General Fund Revenue
$15.47 $16.14 $17.18 $19.13 $17.51 $17.21 $18.62
$2.91 $3.20 $6.99
$7.04 $5.20 $3.58 $3.67
$21.45 $24.62
$24.48 $25.33
$27.33 $28.30 $31.65
$2.26
$2.36
$1.79 $2.18
$2.08 $2.15
$2.28
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
$55
$60
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Milli
on
s
Local - Prop Tax Local - Other State Federal
History of General Fund Revenue
36.76% 34.85% 34.05% 35.64% 33.60% 33.58% 33.12%
6.90% 6.91% 13.86% 13.11%
9.97% 6.99% 6.53%
50.96% 53.15% 48.55% 47.19%
52.44% 55.23% 56.29%
5.38% 5.10% 3.55% 4.06% 3.99% 4.20% 4.06%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Local - Prop Tax Local - Other State Federal
Due to rounding percentages may not total 100.0%
Financial Solvency Ratio Key Trend Dashboard Indicator #2
8.38%
10.69%
11.90%
13.66%
12.59%
9.78%
7.94%
0%
2%
4%
6%
8%
10%
12%
14%
16%
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Assigned & unassigned fund balance/General fund revenue less AEA flow thru. Measures the District’s fund equity position. IASB recommended minimum 5%. Goal 10%
History of Unspent Budget Authority (In Dollars) Key Trend Dashboard Indicator #3
$6.53
$7.89
$8.89 $9.19
$8.63 $8.61 $8.53
$5.70
$7.26
$8.34 $8.13 $7.83 $7.93 $7.96
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Mill
ion
s
Total Unspent Authority Unassigned/Unrestricted Unspent Authority
History of Unspent Budget Authority Ratio Key Trend Dashboard Indicator #3A
13.47%
14.87% 15.23% 15.02% 14.00% 14.00%
13.06% 11.75%
13.69% 14.28%
13.28% 12.69% 12.89%
12.17%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Total Unspent Authority Ratio Unassigned/Unrestricted Unspent Authority Ratio
A goal of 10% unassigned/unrestricted unspent authority over expenditures ($5.68 million) is desired. District is at 12.17% for 2016-17.
Annual Unspent Budget Authority Ratio Key Trend Dashboard Indicator #4
3.39%
2.92%
1.98%
0.58%
-1.07%
-0.04% -0.13%
-1.50%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
2011 2012 2013 2014 2015 2016 2017
Measures the annual amount in UAB as a percentage of expenditures each year.
Net Fund Balance As a Percentage of Unspent Authority
50%
55%
60%
65%
70%
75%
80%
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Measures the percent of the District’s ability to finance it’s unspent budget authority.
General Fund - Days Net Cash Ratio
60
65
70
75
80
85
90
6/30/11 6/30/12 6/30/13 6/30/14 6/30/15 6/30/16 6/30/17
Day
s
Cash & investments/Avg. daily cash expenditures. A goal of 90 days is desired.
Net Fund Balance As a Percentage of Expenditures
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Measures the percent of the District’s cash available to cover non-funded months. – Goal 10%
Salaries & Benefits to Total Expenditures Ratio Key Trend Dashboard Indicator #5
81.13%
77.85%
74.33%
74.74%
78.77%
80.30% 80.07% 79.89%
81.66%
82.64%
83.80%
73.0%
75.0%
77.0%
79.0%
81.0%
83.0%
85.0%
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Measures the percent of the District’s budget dedicated to labor costs.
History of Assessed Valuation
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
$2.2
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Bill
ion
s
Basic Valuation Valuation w/ TIF
Basic Valuation increased 10.35% from FY17 to FY18 & 54.70% over the past 10 years.
Valuation w/ TIF increased 3.19% from FY17 to FY18 & 45.13% over the past 10 years.
General Fund Combined District Cost
Property Tax/State Aid History
62.53% 62.84% 61.79% 58.83%
63.08% 63.76% 63.93%
37.47% 37.16% 38.21% 41.17%
36.92% 36.24% 36.07%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
State Aid Property Tax
Financial Dashboard – All Iowa Schools
Oct. 1, 2016 Certified Enrollment
Rank = 16th Largest
CF = 5,146.8 (10/1/16) 5,127.5 (10/1/17)
1 334
FY16 Solvency Ratio
Rank = 256 out of 336
State Avg. = 17.10%
CF = 9.78% Fy16 7.94% Fy17
+98.7% -9.0%
FY16 UBA Per Pupil
Rank = 214 out of 336
State Avg. = $2,641
CF = $1,704 Fy16 $1,658 Fy17
+$23,563 -$4,040
FY17 Valuation per Pupil
Rank = 187 out of 334
State Avg. = $390,874
CF = $337,564 Fy17 $365,653 Fy18
$1,260,406 $162,804
FY17 General Fund Tax Rate
Rank = 175 out of 334
State Avg. = $10.7986
CF = $10.8065 Fy17 $11.0437 Fy18
$6.7155 $16.5164
FY17 Total Tax Rate
Rank = 126 out of 334
State Avg. = $13.7953
CF = $12.7697 Fy17 $14.2727 Fy18
$7.6525 $22.0520
Financial Dashboard – 25 Largest Iowa Schools
Oct. 1, 2016 Certified Enrollment
Rank = 16th Largest
CF = 5,146.8 (10/1/16) 5,127.5 (10/1/17)
1 (32,979.2) 25 (3,742.0)
FY16 Solvency Ratio
Rank = 17 out of 25
Average = 11.79%
CF = 9.78% Fy16 7.94% Fy17
+23.5% +1.0%
FY16 UBA Per Pupil
Rank = 11 out of 25
Average = $1,812
CF = $1,759 Fy15 $1,704 Fy16
+$4,222 +$344
FY17 Valuation per Pupil
Rank = 5 out of 25
Average = $289,708
CF = $337,564 Fy17 $365,653 Fy18
$576,105 $162,804
FY17 General Fund Tax Rate
Rank = 2 out of 25
Average = $12.9391
CF = $10.8065 Fy17 $11.0437 Fy18
$8.4206 $16.1609
FY17 Total Tax Rate
Rank = 1 out of 25
Average = $15.9328
CF = $12.7697 Fy17 $14.2727 Fy18
$12.4445 $20.3175
General Fund Tax Rate
$8.00
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
Per
$1,0
00 A
sses
sed
Valu
ati
on
Cedar Falls 25 Largest Avg State Avg
Total Tax Rate
$10.00
$11.00
$12.00
$13.00
$14.00
$15.00
$16.00
$17.00
2013 2014 2015 2016 2017 2018
Per
$1,0
00 A
sses
sed
Valu
ati
on
Cedar Falls 25 Largest Avg State Avg
Net Assessed Value per Student
$200,000
$220,000
$240,000
$260,000
$280,000
$300,000
$320,000
$340,000
$360,000
$380,000
$400,000
2013 2014 2015 2016 2017
Cedar Falls 25 Largest Avg State Avg
TIF Valuation Not Included
History of Supplemental State Aid
(Allowable Growth)
0%
1%
2%
3%
4%
5%
6%
7%
8%
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
State Avg. Cedar Falls CF w/o PLS One Time Funds
Other District Funds (Restricted) • Other District funds:
• Management
• Capital Projects Fund
• Secure A Vision for Education (SAVE) (Statewide 1¢ sales tax)
• Physical Plant & Equipment Levy (PPEL)
• Debt
• Activity
• Nutrition
• These are restricted use funds that are subject to laws and regulations established by the Code of Iowa and Iowa Administrative Code.
• Definitions: • Total Assets = Cash, Receivables and Inventory on hand.
• Fund Balance = Total Assets minus Payables and Accrued Expenses due.
Management Fund
• Restricted fund
• Board of Education Controlled
• Used for property/liability/auto/workman compensation/etc. insurance
premiums
• Property loss (deductible only)
• Unemployment payments
• Early severance benefits (not used)
Management Fund
$985
$1,145 $1,209
$1,071 $1,005
$948 $942
$888
$1,127
$1,200
$1,063 $1,000
$938 $933
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
Th
ou
sa
nd
s
Total Assets Fund Balance
Secure A Vision for Education (SAVE) Formally Local Option One Cent Sales Tax
• Restricted fund
• Construction, remodeling, repairing and furnishing of new or existing
buildings
• Purchase or improve school grounds
• Procure or open roads to buildings
• Emergency repairs
• Payment of principle and interest or retirement of general obligation bonds
SAVE - Revenue/Expense History
• Fiscal Year
Ending
June 30
Beginning
Balance
Sales Tax
Revenue Interest
Sale of
BAN's/
Bonds
Other
Revenue
Total
Available
Project
Expense
BAN/Bond
Payment
(P & I) EOY Balance
Less Req.
Bond
Reserve
Net
Available
2000 $3,398 $2,389,728 $63,619 $5,000,000 $0 $7,456,745 $656,624 $0 $6,800,121
2001 $6,800,121 $3,139,300 $515,092 $680,967 $11,135,480 $2,804,086 $250,300 $8,081,094
2002 $8,081,094 $3,289,359 $445,141 $357,970 $12,173,564 $5,800,954 $250,300 $6,122,310
2003 $6,122,310 $3,415,544 $356,005 $331,387 $10,225,246 $3,224,358 $5,250,300 $1,750,588
2004 $1,750,588 $3,575,011 $22,946 $118,184 $5,466,729 $1,250,748 $0 $4,215,981
2005 $4,215,981 $3,418,807 $85,233 $235,256 $7,955,277 $3,983,234 $0 $3,972,043
2006 $3,972,043 $4,090,224 $217,071 $5,046,303 $3,300 $13,328,941 $8,263,024 $147,594 $4,918,323
2007 $4,918,323 $3,839,801 $260,884 $0 $9,019,008 $2,256,054 $175,400 $6,587,554
2008 $6,587,554 $4,376,493 $272,527 $0 $11,236,574 $2,265,992 $5,175,400 $3,795,182
2009 $3,795,182 $4,516,507 $170,853 $10,016,194 $17,500 $18,516,236 $3,547,264 $240,564 $14,728,408
2010 $14,728,408 $4,514,284 $186,794 $56,616 $19,486,102 $13,258,036 $265,682 $5,962,384
2011 $5,962,384 $3,607,002 $44,403 $20,500,000 $1,365 $30,115,154 $5,119,637 $10,563,845 $14,431,672 $1,834,533 $12,597,139
2012 $14,431,672 $3,672,221 $85,127 $20,900 $18,209,920 $4,925,138 $1,835,232 $11,449,550 $1,834,533 $9,615,017
2013 $11,449,550 $4,468,108 $48,818 $0 $15,966,476 $8,731,307 $1,770,141 $5,465,028 $1,834,533 $3,630,495
2014 $5,465,028 $4,227,019 $49,678 $9,999,287 $39,920 $19,780,932 $7,415,222 $3,331,454 $9,034,256 $2,829,533 $6,204,723
2015 $9,034,256 $4,613,875 $35,647 $0 $13,683,778 $1,958,675 $3,272,592 $8,452,511 $2,829,533 $5,622,978
2016 $8,452,511 $4,682,586 $41,635 $1,398 $13,178,130 $341,056 $2,775,355 $10,061,719 $2,829,533 $7,232,186
2017 $10,061,719 $4,831,500 $52,038 $0 $14,945,257 $1,781,175 $4,979,369 $8,184,713 $995,000 $7,189,713
Totals $70,667,369 $2,953,511 $50,561,784 $1,864,763 $77,582,584 $40,283,528
Secure A Vision for Education (SAVE) Formally Local Option One Cent Sales Tax
$14.73
$12.46
$6.12
$9.65 $8.47
$10.26
$8.19
$14.43
$11.45
$5.47
$9.03 $8.45
$10.06
$8.18
$12.60
$9.62
$3.63
$6.20 $5.62
$7.23 $7.19
$2
$4
$6
$8
$10
$12
$14
$16
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
Milli
on
s
Total Assets Fund Balance Unrestricted Fund Balance
History of SAVE Fund Expense
High School 9.92%
Cedar Heights 9.63%
District Wide/Legal 0.28%
Hansen 17.18%
Holmes 15.08%
Lincoln 12.41%
North Cedar 0.24%
Orchard Hill 1.97%
Peet 15.60%
Southdale 14.38%
Aldrich 2.30%
New High School 1.01%
Statewide Sch. Infrastructure Sales & Service Tax
Projected Future Fund Balance (Cash Basis)
$8.02 $8.57
$7.76
$4.13
$2.30
$3.67
$4.60
$5.78
$6.91
$8.10
$9.26
$7.02 $7.58
$6.76
$3.13
$1.30
$2.67
$3.60
$4.79
$5.91
$7.11
$8.27
$10.27
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23
Mil
lio
ns
Total Fund Balance Net Available Fund Balance
As of December 31, 2017
Outstanding Revenue Bond Debt
$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
$20,000,000
Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023 Jun 2024 Jun 2025 Jun 2026 Jun 2027 Jun 2028 Jun 2029
Series 2013 $9.95 Million (2.375% TIC) Series 2016 $15.58 Million Refi (2.100% TIC)
Physical Plant & Equipment Levy (PPEL) • Restricted fund with two parts
• Board of Education Controlled – up to $0.33/$1,000 (regular)
• Voter approved additional $1.34/$1,000 levy
• Voters approved extension of levy on December 6, 2016
• Levy now expires at the end of the 2027-28 school year
• Can be used for:
• Purchase or improvement of grounds
• Construction, repairing or remodeling of schoolhouses or roads to schoolhouses including debt for same
• Purchase or lease of equipment greater that $500 per unit
• Technology bundling included
• Purchase or lease of school buses or other vehicles
• Leasing or renting of facilities
Physical Plant & Equipment Levy (PPEL)
$3.41
$2.23
$2.83 $2.80
$3.42 $3.40
$4.06
$2.49
$1.54
$2.68
$2.29
$2.79
$3.18
$3.83
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
Mil
lio
ns
Total Assets Fund Balance
Debt Service Levy
• Voters of a school district may approve bonded indebtedness for a
period of up to 20 years
• Proceeds from the sale of General Obligation Bonds are
deposited in the Capital Project Fund to be used for the cost of
the approved project
• Revenue from the Debt Service Levy are deposited in the Debt
Service Fund to be used to retire principal and interest on the
bonds
Debt Service Levy
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
Th
ou
sa
nd
s
Total Assets Fund Balance
Outstanding General Obligation Bond Debt
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
Jun2017
Jun2018
Jun2019
Jun2020
Jun2021
Jun2022
Jun2023
Jun2024
Jun2025
Jun2026
Jun2027
Jun2028
Jun2029
Jun2030
Jun2031
Jun2032
Jun2033
Jun2034
Jun2035
Jun2036
Series 2017 $32.00 Million (3.078% TIC)
20 year bond paid in 19 years.
Activity Fund
• Restricted fund
• Account for student-related activities
• Admissions
• Activity Fees
• Student Dues
• Student Fund Raising Events
• Student related co-curricular or extra-curricular activities
Activity Fund
$627
$588
$629
$608
$580
$638
$603 $621
$584
$615
$571 $568
$612 $585
$400
$450
$500
$550
$600
$650
$700
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
Th
ou
sa
nd
s
Total Assets Fund Balance
Nutrition Fund
• Restricted fund
• Considered an Enterprise Fund
• Business type activity
• Fund for which a fee is charged to external users for good or services
• Account for all transactions for nutrition programs authorized under Iowa
Code Chapter 283A
Nutrition Fund $857
$794 $788
$723 $721 $721
$877
$773 $730
$722
$647 $634
$350
$491
$630
$770
$300
$400
$500
$600
$700
$800
$900
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
Th
ou
sa
nd
s
Total Assets Fund Balance Fund Balance w/o Pension
Summary • As of June 30, 2017
• District’s financial condition:
• District General Fund cash balance
• Decrease of $125,554 from June 30, 2016
• Days Net Cash Ratio 70 – down from 76
• Cash reserve levy increased in FY18
• Unspent budget authority (UBA) decreased by $75,522
• UBA Ratio 14.00% FY16 13.06% FY17
• UBA will decrease in FY18 & FY19 with the opening of Aldrich Elementary
• District will apply to the School Budget Review Committee for initial staffing & supply costs
• Increases in enrollment without increases in supplemental state aid (allowable growth) puts more pressure on general fund
• Continued requirements and changes in enrollment and curriculum may necessitate additional staff
Summary • Special Education
• District continues to meet the needs of students
• Medicaid funding helped reduce special education expenses
• Net FY17 receipts = $974,468
• FY17 deficit = $972,951
• Projected FY18 deficit = $843,415
Summary
• We must continue to closely monitor budget and funding changes
in order to make decisions that • Maintain a positive learning environment
• Maintain a positive financial condition
• Special thank you to Denelle Gonnerman, Carrie DeBerg and the
entire District Business Office staff for their assistance.
• Questions?