columbus city schools monthly financial reports–february 2014 financial re-cap for: columbus board...

COLUMBUS CITY SCHOOLS

Monthly Financial Reports–February 2014

Financial Re-Cap for:Columbus Board of Education

MeetingMarch 18, 2014

2

Real Estate Taxes collected fiscal year-to-date total $333,252,361 which is in alignment with fiscal Year projected receipts.

These receipts reflect funds in the August 2013 settlement of taxes from the County Auditor and the tax advances received in February 2014.

Our final tax settlement funds should be received in February.

Executive Summary – Financial Reporting

For the Month of February 2014

Local Receipts

3


For the Month of February 2014Receipts

Real Estate Tax $51,500,000 55,956,400 4,456,400

Monthly Monthly Monthly Estimate Actual Difference

$328,461,450 $333,252,361 $4,790,911

Year to Date Year to Date Year to DateEstimate Actual Difference

4

State Foundation funding of $21,022,893 were collected. To date, we are approximately $3.8 million over projections on our collections. This month continued collections of the promised additional funding the governor approved on June 29 in HB59.

We expect these collections to level out over the fiscal year and be in alignment with the Forecast.



State Funding Receipts

5



State Foundation $20,903,952 $21,022,893 118,941


$176,146,454 $179,910,823 $3,764,369


6

To date, Non Operating funds of $10,621,250 were returned to the general fund.

Non Operating funds can contain advances. (Advances are made to other funds one month and if the funds have ability they return that advance to the general fund in the next months.)

Due to timing of advanced funds and repayments of those advances, these balances are volatile and have largely impacted our carryover balances at year-end – therefore we monitor those regularly.



Non-Operating Receipts

7



Non-Operating $14,766 $547,016 $532,250


$14,140,540 $10,621,250 $-3,519,290


8

Total Revenues as of the month of February are close to projections.

(within approximately $ 4.6 million or 0.82%)

We are continuing to monitor the revenues in local taxes and state aid to be certain our projections will hold for our spending this year.


For the Month of February 2014Revenues:

9


For the Month of February 2014Expenditures:

Salaries and wages as of the month of February are coming in under projections by approximately $-5.4 million. (We are starting to see the gap in projections due to the forecast including funds for negotiations.)

Fringe benefits as of the month of February came in under projections by approximately $- 887 thousand.

10


For the Month of February 2014Expenditures

Salaries & wages $29,813,375 $29,622,564 $-190,811


$262,840,125 $257,388,255 $-5,451,870


11



Fringe Benefits $12,331,062 $12,481,142 $150,080


$106,286,785 $105,399,627 $-887,159


12

Purchased Services costs of $15.4 million for the month of February came in under projections by about $-3 million to date. [The charter and voucher payments, which are strictly pass-thru payments, comprised approximately $11.9 million (79%) of the Purchased Services costs in February.]

Materials, Supplies and Books for the month of February came in under projections by about $-670 thousand.

Capital Outlay for the month of February came in over projections by about $34 thousand.



13



Purchased Svcs. $15,289,779 $15,366,949 $77,170


$119,661,606 $116,616,244 $-3,045,363


14



Materials,Supplies $1,743,009 $1,073,020 $-669,989


$12,582,810 $10,590,994 $-1,991,816


15



Capital Outlay $10,717 $45,157 $34,439


$1,594,925 $1,872,075 $277,150


16

Total Expenditures as of the month of February came in under projections within $-14.5 million or -2.76%.

In alignment with budgeted expenditures, 66.67% of the fiscal year has elapsed and we have spent 64.19% of the annual budget.


For the Month of February 2014Expenditures:

17

As of February, Cash Balance is over projections $19 million or 2.4% of the actual expenditures to date.

($19,054,245 / $510,364,093) = 3.7%

The cash balance will change in coming months due to operational needs, changes in spending patterns, costs that vary, and many variables that drive revenues and expenditures.

This factor is being monitored and reported to reflect Five Year Forecast “bottom-line cash balance” monthly impacts.

As you know, forecasting is partially a science and partially art – due to unknown variables.


For the Month of February 2014“Bottom-Line” Cash Balance:

18


For the Month of February 2014“Bottom-Line” Cash Balance:

Ending Cash Balance $156,111,179 $175,165,424 $19,054,245


$156,111,179 $175,165,424 $19,054,245


19

columbus city schools monthly financial reports–february 2014 financial re-cap for: columbus board...

Documents