Financial Overview October FY14 10/23/13 1 October FY14 Financial Overview 10/23/13 Summary 2 FUNDING 10/23/13 Projected Collections 10/23/13 thru 6/30/14 PROJECTED 6/30/14 Board Designated 1,109,2760 Impact Fees 831,961 1,437,0032,268,964 Table Referendum 2,735,816 2,485,3205,221,136 FY13 Carryover 2,302,2370 Contingency 512,309________0 7,491,5993,922,323 Amount Funding Source HMS Board Commitment (1,000,000) Impact Fees (Board action already taken) HMS Needs (475,000) Table Referendum Special Education (824,511) FY13 Carryover (2,299,511) October FY14 Financial Overview 10/23/13 Revenue Highlights Revenue Original BudgetYTD Actuals (Projected Receivable) PROJECTED Surplus/(Deficit) Taxes 36,955,349 17,668,436 19,286,913 0 Miscellaneous 732, , ,375 0 State Aid (Formula) 31,652,916 7,037,075 24,615,841 0 Increased Enrollment 300, ,265 (94,265) 357,109 PEIA (Health)/Retirement 10,177,633 1,120,462 9,057,171 0 Medicaid 525,000 22, ,162 0 Board Designated 1,984,053 2,105,735 (121,682) 0 Table Referendum 1,900, Total 84,227,601 30,458,086 53,769, ,109 * *Actual collections received (FY10-FY12) = 101% to 102% (~ $500K to $900K) Actual collections received (FY13) = 100.1% (~$38K) 3 October FY14 Financial Overview 10/23/13 * * FY13 Annual Cost Report Reconciliation estimated completion date December 2013 Expenditure Highlights Salary & Benefits Expenditure Current BudgetYTD Actuals Projected PROJECTED Surplus/(Deficit) Salary Contracted 44,286,6648,519,302 35,767,3620 Salary Other 4,307, Salary Supplemental 1,680,240441,884 1,238,3560 Substitutes 1,648,570436,903 1,211,6670 Health/Dental/Vision 7,686,8101,479,416 6,207,3940 Employer Benefits 4,291,001790,454 3,500,5470 Retirement 4,479,060795,0303,684,030 0 Total 68,379,98512,462,98955,916,9960 * * November/March/May Additional Checks * * Regular Full/Part Time Employee Salaries * Stipends/Attendance/Class Coverage/Pupil Teacher Ratio * * Vacation/Extra/Sick/Professional Development/AWOP & Vacancy * * Employer Health Contribution/Dental/Vision * * Long Term Disability/Social Security/Unemployment/Workers Comp * * * Retirement Paid by Employer 4 October FY14 Financial Overview 10/23/13 Expenditure Highlights Non-Salary by Object ExpenditureCurrent BudgetYTD ActualsEncumbrancesProjected PROJECTED Surplus/(Deficit) Professional/Technical Services 2,452,403475,0062,184,709 (207,312) (284,763) Property Services 2,659,994853,4891,171, ,6340 Other Services 1,934,051591,4421,589,268 (246,659) (539,748) Supplies 7,705,0192,100,2024,282,454 1,322,3630 Other 63,2007,56810,436 45,1960 Transfers 2,197,690491,2530 1,706,4370 Contingency 512, ,309 Total 17,524,6664,518,9609,238,7383,766,968 * * * * * * 5 * Copiers, Maintenance Agreements, Water/Sewage, 408 $ * Contracted Services, Collaborations, Trainers Special Education Deficit * Phone & Internet, Insurance, Travel, Purchased Services (Crossing Guards, RESA 8) Special Education Deficit * School Allocations, Textbooks, Custodial/Maintenance/Transportation Supplies, Utilities, Diesel * Child Care, Back Pay * Transfers (Child Nutrition/Carryover) * Contingency * October FY14 Financial Overview 10/23/13 6 Staffing Overview CategoryFY14 Budget FY14 Board Approved PositionsFY14 Actuals PROFESSIONAL Fund Fund SUBTOTAL SERVICE Fund Fund SUBTOTAL TOTAL1, , October FY14 Financial Overview 10/23/13 8 FY14 Budget October FY14 Financial Overview 10/23/13 FY14 REVENUEFY14 EXPENSESREVENUE GAP NON-RECURRING REVENUE SOURCE 82,243,548(85,304,571) (3,061,023) 1,106,970 FY13 CARRYOVER 1,954,053 BOARD DESIGNATED (TRANSFERS IN) 3,061,023 9 Projected Revenue Gap October FY14 Financial Overview 10/23/13 FY14 BUDGETFY15 BUDGETFY16 BUDGET Expense85,304,571 Revenue82,243,548 Revenue GAP(3,061,023) Sources to Balance: Prior Year Carryover1,106,970TBD Board Designated1,954,053TBD 3,061,023 Balanced Budget0(3,061,023) FY14 Board Designated Overview 10 October FY14 Financial Overview 10/23/13 June 30, 2013$ 3,193,329 FY14 Budget (Revenue Gap)(1,954,053) FY14 Board Approved Positions (107,500) JC Sheriff's Dept - Crossing Guards (3,000) Impact Fee Study (19,500) October 23, 20131,109,276 PROJECTED June 30, 2014$ 1,109,276 FY14 Impact Fee Overview 11 October FY14 Financial Overview 10/23/13 June 30, 2013$ 2,068,964 FY14 Revenue Collections (Jul-Sep)762,997 FY14 Drawdown (HMS)(2,000,000) October 23, 2013$ 831,961 FY14 PROJECTED Revenue Collections1,437,003 PROJECTED June 30, 2014$ 2,268,964 * * Board Approved HMS Commitment ($1,000,000) FY14 Referendum Funds Overview 12 October FY14 Financial Overview 10/23/13 June 30, 2013$ 3,761,136 FY14 Revenue Collections (Jul-Sep)874,680 FY14 Capital Expenditures (General Fund Supplement) (1,900,000) October 23, 2013$ 2,735,816 FY14 PROJECTED Revenue Collections 2,485,320 PROJECTED June 30, 2014$ 5,221,136