INDEPENDENCE LOCAL SCHOOLSBoard Meeting 9-16-2014

August 2014 Financial Reports

Exhibit #2

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Fiscal Year 2015 Revenue Collection by Fund Brd. Meeting 9-16-14 Exhibit #2

Independence Local Schools

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FY-15 revenue estimates will be adjusted as I work through appropriations & forecast estimates over the next months.

FY‐15 % of Projected % of Fiscal % of Projected % of Fiscal Amount  Fiscal Month Available Revenue Year Revenue Year

Fund Description Fund Budgeted To date To Date Balance Collected Completed Outstanding Remaining

General 001 16,850,900$  5,453,604$    1,778,676$           11,397,296$  32.36% 16.67% 67.64% 83.33%Bond Retirement 002 1,202,450       400,571          128,802                801,879          33.31% 16.67% 66.69% 83.33%Permanent Improvement 003 629,560          211,329          69,783                   418,231          33.57% 16.67% 66.43% 83.33%Building 004 646,970          ‐                       ‐                             646,970          0.00% 16.67% 100.00% 83.33%Food Service 006 300,000          16,774            16,437                   283,226          5.59% 16.67% 94.41% 83.33%Endowment 008 ‐                       ‐                       ‐                             ‐                       0.00% 16.67% 0.00% 83.33%Uniform School Supplies 009 3,700              465                  465                        3,235              12.57% 16.67% 87.43% 83.33%Public Sch. Support 018 57,000            4,527              4,408                     52,473            7.94% 16.67% 92.06% 83.33%Other Grants 019 ‐                       ‐                       ‐                             ‐                       0.00% 16.67% 0.00% 83.33%District Agency 022 12,000            ‐                       ‐                             12,000            0.00% 16.67% 100.00% 83.33%Student Managed Activity 200 228,995          44,839            44,069                   184,156          19.58% 16.67% 80.42% 83.33%District Managed Activity 300 98,500            1,038              1,038                     97,462            1.05% 16.67% 98.95% 83.33%State Grants 400 257,500          74,588            74,588                   182,912          28.97% 16.67% 71.03% 83.33%Federal Grants 500 94,000            ‐                       ‐                             94,000            0.00% 16.67% 100.00% 83.33%

20,381,575$  6,207,736$    2,118,267$           14,173,839$  30.46% 16.67% 69.54% 83.33%

Board of Education Meeting 9-16-14 Exhibit # 2

General Fund Revenue Collection

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Final tax settlement due in September.

Month End 8‐31‐2014 Fiscal Year 2015Actual Budget/Estimate Variance Actual Budget/Estimate Variance

Real Estate 1,659,113$             2,569,733$             (910,620)$               5,159,798$                  5,191,172$             (31,374)$                TPP (PUPP only) ‐                               ‐                               ‐                               ‐                                    ‐                               ‐                              Foundation 77,958                     56,078                     21,880                     128,810                       112,156                  16,654                    Restricted Grants ‐                               ‐                               ‐                               57,472                          9,854                       47,618                    Home/Role & TPP Reimb ‐                               ‐                               ‐                               ‐                                    ‐                               ‐                              Other/Misc. 41,605                     50,583                     (8,978)                      107,524                       97,667                     9,857                      

Total Revenue: 1,778,676$             2,676,394$             (897,718)$               5,453,604$                  5,410,849$             42,755$                 

Fiscal Year 2015 Expenditure Projection by Fund Brd. Meeting 9-16-14 Exhibit #2

Independence Local Schools

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FY-15 expenditures estimates will be adjusted as I work through appropriations & forecast estimates over the next month.

Fy‐15 w/o Encumb. % of Fiscal   % of Fiscal Amount  Fiscal Month Current  Available % of Projected Year % of Budget Year

Fund Description Fund Expendable To date To Date Encumbrances Balance Expended Completed Available Remaining

General 001 15,770,362$  2,131,423$     1,129,647$  1,150,792$         12,488,147$  13.52% 16.67% 86.48% 83.33%Bond Retirement 002 1,071,828       ‐                        ‐                     1,051,828           20,001$          0.00% 16.67% 100.00% 83.33%Permanent Improvement 003 760,805          151,335           93,707          288,315               321,155$        19.89% 16.67% 80.11% 83.33%Building 004 646,970          ‐                        ‐                     ‐                            646,970$        0.00% 16.67% 100.00% 83.33%Food Service 006 295,800          25,313             10,866          36,754                 233,733$        8.56% 16.67% 91.44% 83.33%Endowment 008 7,986               250                   ‐                     ‐                            7,736$            3.13% 16.67% 96.87% 83.33%Uniform School Supplies 009 3,000               ‐                        ‐                     ‐                            3,000$            0.00% 16.67% 100.00% 83.33%Public Sch. Support 018 49,935            621                   (673)              19,123                 30,191$          1.24% 16.67% 98.76% 83.33%Other Grants 019 9,871               ‐                        ‐                     ‐                            9,871$            0.00% 16.67% 100.00% 83.33%District Agency 022 11,815            ‐                        ‐                     ‐                            11,815$          0.00% 16.67% 100.00% 83.33%Student Managed Activity 200 224,770          38,472             17,713          62,961                 123,337$        17.12% 16.67% 82.88% 83.33%District Managed Activity 300 96,985            4,397               2,104            45,961                 46,627$          4.53% 16.67% 95.47% 83.33%State Grants 400 401,764          10,328             5,257            35,256                 356,180$        2.57% 16.67% 97.43% 83.33%Federal Grants 500 87,315            0                       ‐                     832                       86,483$          0.00% 16.67% 100.00% 83.33%

19,439,206$  2,362,138$     1,258,620$  2,691,821$         14,385,246$  12.15% 16.67% 87.85% 83.33%

Exhibit #2 Board of Education Meeting 9-16-2014

General Fund Expenditure

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Month End 8‐31‐2014 FYTD‐2015Actual Budget/Estimate Variance Actual Budget/Estimate Variance

Personnel/Salaries 681,297$                681,438$                (141)$                       1,282,215$             1,409,780$             (127,565)$              Benefits 261,609                  234,967                  26,642                     492,236                  461,309                  30,927                    Purchased Services 135,543                  137,156                  (1,613)                      276,370                  307,227                  (30,857)                  Supplies 24,555                     53,504                     (28,949)                   52,905                     95,096                     (42,191)                  Equipment ‐                               1,542                       (1,542)                      ‐                               1,542                       (1,542)                     Debt Service ‐                               ‐                               ‐                               ‐                               ‐                               ‐                              Other/Misc.  26,643                     1,217                       25,426                     27,696                     25,864                     1,832                      Transfers ‐                               ‐                               ‐                               ‐                               ‐                               ‐                              

1,129,647$             1,109,824$             19,823$                  2,131,422$             2,300,818$             (169,396)$              

Fiscal Year 2015 vs. Fiscal Year 2014 Brd. Meeting 9-16-14 Exhibit #2

General Fund Monthly Expense Comparison

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July‐14 August‐14 Total FYTD‐15Fiscal Year 2015 Expenses Expenses Expenses

Salaries 600,918$          681,297$               1,282,215$      Benefits 230,627            261,609                 492,236$         Purchase Services 140,827            135,543                 276,370$         Supplies 28,350               24,555                   52,905$            Capital Outlay ‐                         ‐                              ‐$                      Other Expenses 1,053                 26,643                   27,696$            

Total Expenses 1,001,775$       1,129,647$            2,131,422$       

July‐13 August‐13 Total FYTD‐14Fiscal Year 2014 Expenses Expenses Expenses

 

Salaries 704,087            658,745                 1,362,832        Benefits 212,588            220,690                 433,278            Purchase Services 166,738            134,467                 301,205            Supplies 34,987               45,008                   79,995              Capital Outlay ‐                         630                         630                   Other Expenses 26,094               1,288                      27,382              

Total Expenses 1,144,494$       1,060,828$            2,205,322$      

Over/(Under) Previous Yr. (142,719)$         68,819$                 (73,900)$          

Fiscal Year 2015 Cash Flow by Fund Brd. Meeting 9-16-14 Exhibit #2

Independence Local Schools

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Cash Yr. to Date Yr. to Date CashFund Description Fund Balance Revenue Expenditures Balance

General 001 $6,470,282 5,453,604$    2,131,423$           $9,792,463Bond Retirement 002 2,422,268   400,571          ‐                              2,822,839    Permanent Improvement 003 511,924      211,329          151,335                 571,918        Building 004 ‐                    ‐                       ‐                              ‐                     Food Service 006 785              16,774            25,313                   (7,754)           Endowment 008 7,986           ‐                       250                         7,736            Uniform School Supplies 009 11,891         465                  ‐                              12,356          Public Sch. Support 018 23,580         4,527               621                         27,486          Other Grants 019 9,872           ‐                       ‐                              9,872            District Agency 022 2,545           ‐                       ‐                              2,545            Student Managed Activity 200 253,169      44,839            38,472                   259,537        District Managed Activity 300 1,434           1,038               4,397                      (1,925)           State Grants 400 98,411         74,588            10,328                   162,671        Federal Grants 500 ‐                    ‐                       ‐                              ‐                     

$9,814,147 $6,207,736 $2,362,138 $13,659,746

Brd. Meeting 9-16-14 Exhibit #2

Actual Month-End General Fund Cash Balance

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Minimum Balance $1,000,000 Threshold

Projected General Fund Monthly Cash Flow

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Fiscal year 2015 Exhibit #3Investment/Reconciliation Report

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CASH RECONCILIATION August‐14Monthly

  Rate Interest cytdStar Ohio 1,006,209.64$            0.04% 63.65$             203.65$             Star Plus 8,665,263.95$            0.20% 1,125.48$        7,292.43$          Charter One Bank 405,921.75$               n/a ‐                    ‐                      Charter One Bank 2,460.57$                    n/a ‐                    ‐                      Charter One Bank 630,130.08$               n/a ‐                    ‐                      Charter One Bank 21,545.04$ n/a ‐                    ‐                      Independence Bk Savings 653,153.79$               0.20% 120.26             576.64               Independence Bk Checking 596,058.02$               n/a ‐                    ‐                      Independence Bk CD 1,500,000.00                ‐                    ‐                      

Total Balance Per    Bank Statement 13,480,742.84$          1,309.39$        8,072.72$          

E/Z Pay Dept. not recorded 3,608.30   In‐Trans.Deposits In Transit 233.35   233.35             h/s caféDupl. Chk: 0.00 ‐                    m/s caféNFS 253.50 ‐                    m/s caféOutstanding Checks (150,711.51) ‐                    h/s caféManuscript Debt 347,000.00 ‐                    h/s caféOutstanding Payroll checks (21,545.54)Void Payroll Ck: 4.38 233.35$          Payroll Transfer Correction 0.00Bank Error 0.00Void Check 160.24Bk Coding Correction (0.06)

Adjusted Total BalancePer Bank Statement 13,659,745.50

Fund Balances 13,659,745.50 

Difference ‐$                             

Check RegisterSeptember 16, 2014 Board of Education Meeting

Informational Item

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8‐1‐2014 to 8‐31‐2014Check Amount Vendor Description Check Amount Vendor Description82343 1,545        SERS Retirement 82295 5,153.70 Brindza, McIntyre and Seed Legal Services82318 1,621        Truckin' Vantastiks Bus Parts 82310 6,525.51 Ohio School Council Natural Gas82278 2,023        B & H Photo Projectors & Parts 82392 6,559.92 Wilson Language Training Instructional Supplies82292 2,349        Ace Copier/Printer Serv. Agree 82328 7,200.00 Barons Bus DC Bus charter82360 2,452        Friends Business Source Office/Building Supplies 82379 8,068.00 Renaissance Learning Instructional Supplies82352 2,493        BRIGHT IDEAS PRESS Instructional supplies 82287 10,593.00 CoreSource Inc. Dental Premiums82322 2,500        Osysko, Megan Volleyball Reimbursement 82377 13,000.00 QuadStar Tech. Services Qrtly82313 2,918        SIMPLEXGRINNELL LP Fire/Alarm Services 82308 16,336.36 NCC District IT services82362 3,455        Houghton Mifflin Instructional supplies 82344 20,105.88 SERS Retirement82298 3,500        CMP Communications Public Relation Services 82291 34,207.02 STRS Retirement 82330 3,959        Gigicom Copy/printing services 82346 34,797.81 STRS Retirement82290 3,987        STRS Retirement 82275 41,926.78 AIG‐Valic Retirement/Severances82345 4,049        STRS Retirement 82276 41,926.78 HealthSecure HRA Third‐Party AdRetirement/Severances82359 4,079        ESC Special Ed. Services 82337 78,523.00 Ohio School Council Insurance Premium82353 4,241        CHAGRIN VALLEY CONFERENCE Athletic Conf. Dues 82293 79,430.00 Apple Computer iPads800807 4,788        Medicare/Fica Payroll Taxes 82289 123,394.31 Orange City Schools Health Benefits82283 4,802        Ohio School Council Financial Audit Software 800806 317,782.63 Payroll Transfer Payroll800805 4,939        Medicare/Fica Payroll Taxes 800804 338,826.74 Payroll Transfer Payroll

Monthly Cafeteria Report – Fiscal Year 2015

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FY‐15 2014 2014 FY‐2015July August Total

ReceiptsHigh Sch. ‐                 5,259        5,259       

Middle Sch. ‐                 5,094        5,094       Primary Sch. 111            6,083        6,194       

Other 226            ‐                 226           Total Receipts 337            16,437      16,774     

Expenditures TotalHigh Sch. 3,768        3,765        7,532       

Middle Sch. 3,066        3,034        6,100       Primary Sch. 3,368        3,368        6,736       

Other 4,245        700            4,945       Total Expenditures 14,446      10,866      25,313     Fiscal Year 2015 Balance to Date: 785            (7,754)      

FY‐14 2013 2013 FY‐2014July August Total

ReceiptsHigh Sch. ‐                 4,445        4,445       

Middle Sch. ‐                 5,448        5,448       Primary Sch. ‐                 6,978        6,978       

Other ‐                 ‐                 ‐                Total Receipts ‐                 16,870      16,870     

Expenditures TotalHigh Sch. 4,699        4,995        9,694       

Middle Sch. 3,138        3,138        6,276       Primary Sch. 3,221        3,221        6,443       

other 1,378        500            1,878       Total Expenditures 12,437      11,855      24,291     Fiscal Year 2014 Balance to  Date: 887            (6,534)      

Revenue over/under previous Yr. 337            (433)          (96)           Expenditures Over/Under Prev. Yr. 2,010        (988)          1,021       

Cafeteria Meals Served Comparison

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- Meals served increased 514 with three less serving days available.- Three addition day would be approximately an additional 900 meal served. ($2,500 - $2,700)

Expenditure Categories: FY‐2014 FY‐2013 FY‐2012 FY‐2011Salaries 142,212$  131,725$  128,471$   129,648$ Benefits 36,346       35,804       35,686       41,761      Purchase Services 4,236         4,917         1,460         1,009        Supplies 113,684    115,175    131,785     137,508   

296,477$  287,621$  297,402$   309,925$ 

Substitute Cost: 11,133      4,031        4,800         7,782       

Cafeteria Summary of Expenditures

Substitute costs driving majority of increase  in salary expenditures.