INDEPENDENCE LOCAL SCHOOLSMay 2020 Financial Reports

Fiscal Year 2020

Exhibit #2

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Fiscal Year 2020 Revenue Collection by Fund Exhibit #2

Independence Local Schools

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FY‐20 % 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 19,041,988$  19,938,249$    702,191$        (896,261)$       104.71% 91.67% ‐4.71% 8.33%Bond Retirement 002 1,132,500       1,240,567        73,882             (108,067)         109.54% 91.67% ‐9.54% 8.33%Permanent Improvement 003 760,000           759,556            26,389             444                   99.94% 91.67% 0.06% 8.33%Building 004 ‐                        ‐                          ‐                        ‐                        0.00% 91.67% 0.00% 8.33%Food Service 006 298,500           362,610            5,689               (64,110)           121.48% 91.67% ‐21.48% 8.33%Special Trust 007 3,000               1,445                 ‐                        1,555               48.16% 91.67% 51.84% 8.33%Endowment 008 ‐                        ‐                          ‐                        ‐                        100.00% 91.67% 0.00% 8.33%Uniform School Supplies 009 2,500               3,075                 325                   (575)                 0.00% 91.67% 0.00% 8.33%Public Sch. Support 018 50,000             49,212              359                   788                   98.42% 91.67% 1.58% 8.33%Other Grants 019 ‐                        ‐                          ‐                        ‐                        0.00% 91.67% 0.00% 8.33%District Agency 022 10,000             15,539              ‐                        (5,539)              155.39% 91.67% ‐55.39% 8.33%Student Managed Activity200 240,970           161,203            (30,010)           79,767             66.90% 91.67% 33.10% 8.33%District Managed Activity 300 93,250             76,422              ‐                        16,828             81.95% 91.67% 18.05% 8.33%State Grants 400 281,836           257,469            82                     24,366             91.35% 91.67% 8.65% 8.33%Federal Grants 500 118,901           101,118            43,898             17,783             85.04% 91.67% 14.96% 8.33%

22,033,444$  22,966,465$    822,805$        (933,021)$       104.23% 91.67% ‐4.23% 8.33%

Exhibit # 2General Fund Revenue Collection

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Other revenue up as a result from recent settlement with class II property owners for 2017-19 tax years.

Month End 5‐31‐2020 Fiscal Year 2020Actual Budget/Estimate Variance Actual Budget/Estimate Variance

Real Estate ‐$                           ‐$                             ‐$                     12,407,134$           12,315,010$          92,124$         TPP (PUPP only) ‐                             ‐                                ‐                        986,928                    982,944                  3,984              Foundation 41,425                  68,571                    (27,146)           751,019                    780,821                  (29,802)          Restricted Grants ‐                             50,000                    (50,000)           ‐                                 50,000                    (50,000)          Home/Roll 593,934                598,985                  (5,051)             1,211,240                1,216,277              (5,037)            Other/Misc. 66,832                  13,000                    53,832            4,581,929                3,508,540              1,073,389      

Total Revenue: 702,191$             730,556$                (28,365)$        19,938,250$           18,853,592$          1,084,658$   

Fiscal Year 2020 Expenditure Projection by Fund Exhibit #2

Independence Local Schools

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FY‐20 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 19,543,723$  17,365,772$   1,710,092$  867,963$             1,309,989$    88.86% 91.67% 11.14% 8.33%Bond Retirement 002 1,070,515       1,065,736       ‐                      ‐                             4,779$             99.55% 91.67% 0.45% 8.33%Permanent Improvement 003 751,750          658,222           15,731          267,386               (173,858)$      87.56% 91.67% 12.44% 8.33%Building 004 ‐                        ‐                         ‐                      ‐                             ‐$                      0.00% 91.67% 0.00% 8.33%Food Service 006 314,887          332,583           26,575          43                          (17,739)$         105.62% 91.67% ‐5.62% 8.33%Special Turst 007 3,300               1,698                ‐                      ‐                             1,602$             51.44% 91.67% 48.56% 8.33%Endowment 008 500                   500                   500                ‐                             ‐$                      100.00% 91.67% 0.00% 8.33%Uniform School Supplies 009 2,500               3,901                ‐                      126                       (1,527)$           156.03% 91.67% ‐56.03% 8.33%Public Sch. Support 018 57,471             48,089             6,571             12,291                 (2,910)$           83.68% 91.67% 16.32% 8.33%Other Grants 019 ‐                        ‐                         ‐                      ‐                             ‐$                      0.00% 91.67% 0.00% 8.33%District Agency 022 10,650             11,251             2,400             4,245                    (4,846)$           105.64% 91.67% ‐5.64% 8.33%Student Managed Activity 200 259,790          186,459           9,426             43,887                 29,444$          71.77% 91.67% 28.23% 8.33%District Managed Activity 300 122,322          103,196           16,172          17,409                 1,716$             84.36% 91.67% 15.64% 8.33%State Grants 400 257,245          166,088           15,874          27,972                 63,184$          64.56% 91.67% 35.44% 8.33%Federal Grants 500 118,901          104,816           7,255             762                       13,324$          88.15% 91.67% 11.85% 8.33%

22,513,552$  20,048,310$   1,810,597$  1,242,086$         1,223,157$    89.05% 91.67% 10.95% 8.33%

Exhibit #2

General Fund Expenditure

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Month End 5‐31‐2020 FYTD‐2020Actual Budget/Estimate Variance Actual Budget/Estimate Variance

Personnel/Salaries 1,137,061$     1,164,386$          (27,325)$             9,359,024$     9,594,923$          (235,899)$           Benefits 366,490           396,622                (30,132)               3,538,458       3,654,979            (116,521)              Purchased Services 171,767           205,103                (33,336)               3,177,207       3,243,717            (66,510)                Supplies 20,573              13,282                  7,291                   473,952           570,529                (96,577)                Equipment 12,490              5,285                    7,205                   294,943           288,699                6,244                    Debt Service ‐                         9,209                    (9,209)                  108,418           108,418                ‐                             Other/Misc.  1,710                10,284                  (8,574)                  263,771           287,515                (23,744)                Transfers ‐                         ‐                             ‐                            150,000           ‐                             150,000               

1,710,091$     1,804,171$          (94,080)$             17,365,773$  17,748,780$       (383,007)$           

Fiscal Year 2020 vs. Fiscal Year 2019 Exhibit #2

General Fund Monthly Expense Comparison

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July‐18 August‐18 September‐18 October‐18 November‐18 December‐18 January‐19 February‐19 March‐19 April‐19 May‐19 Total FYTD‐19Fiscal Year 2019 Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses

3 Pay Month 3 Pay Month

Salaries 679,518$        1,067,953$     780,996$                 749,229$        690,658$          822,640$         719,074$        716,550$        1,090,055$    738,677$        748,552$       8,803,902$     Benefits 275,132           357,705           281,528                   298,392          273,696            329,863           291,614          288,223          345,546          291,521          285,629          3,318,849$     Purchase Services 129,232           144,173           201,808                   141,705          786,687            208,027           737,019          117,348          267,503          210,378          238,276          3,182,156$     Supplies 2,733               100,531           88,975                     34,667            90,558               36,924              63,662            23,659            36,376            56,874            15,815            550,774$         Capital Outlay ‐                        109,609           5,614                        95,455            1,380                 804                    33,630            ‐                        4,786               14                     697                  251,989$         Other Expenses/Transfers 7,974               80,961             7,715                        99,942            2,718                 3,953                1,402               7,822               110,340          22,053            2,568              347,448$         

Total Expenses 1,094,589$     1,860,932$     1,366,636$             1,419,390$    1,845,697$      1,402,211$     1,846,401$    1,153,602$    1,854,606$    1,319,517$    1,291,537$    16,455,118$    

July‐19 August‐19 September‐19 October‐19 November‐19 December‐19 January‐20 February‐20 March‐20 April‐20 May‐20 Total FYTD‐20Fiscal Year 2020 Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses

    3 Pay Month   3 Pay Month

Salaries 718,850$        743,424$        882,715$                 824,145$        1,185,793$      871,680$         753,314$        751,570$        743,945$        746,527$        1,137,061$    9,359,024$     Benefits 289,823           314,614           326,732                   321,880          372,038            347,046           314,776          293,140          295,637          296,282          366,490          3,538,458       Purchase Services 167,972           225,451           162,972                   723,460          151,613            175,789           779,002          171,696          246,200          201,285          171,767          3,177,207       Supplies 70,194             87,159             84,974                     50,762            27,022               46,239              22,691            15,074            30,831            18,433            20,573            473,952           Capital Outlay 137,124           5,484               109,429                   6,448               811                     8,186                2,742               2,593               1,023               8,613               12,490            294,943           Other Expenses/Transfers 9,390               78,220             16,017                     3,798               114,097            13,403              3,931               2,446               106,243          172,934          1,710              522,189           

Total Expenses 1,393,353$     1,454,352$     1,582,839$             1,930,493$    1,851,374$      1,462,343$     1,876,456$    1,236,519$    1,423,879$    1,444,074$    1,710,091$    17,365,773$   

Over/(Under) Previous Yr. 298,764$        (406,580)$       216,203$                 511,103$        5,677$               60,132$           30,055$          82,917$          (430,727)$      124,557$        418,554$       910,655$         

Purchase Capital Other  Over/UnderSalaries Benefits Services Supplies Outlay Expenses Previous Yr.555,122 219,609 (4,949) (76,822) 42,954 174,741 910,655$     

Fiscal Year 2020 Cash Flow by Fund Exhibit #2

Independence Local Schools

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7/1/2019 Fiscal   Fiscal 5/31/2020Cash Yr. to Date Yr. to Date Cash

Fund Description Fund Balance Revenue Expenditures Balance

General 001 $11,730,038 19,938,249$  17,365,772$         $14,302,515Bond Retirement 002 3,717,041     1,240,567       1,065,736              3,891,873    Permanent Improvement 003 287,752         759,556          658,222                  389,087        Building 004 ‐                      ‐                        ‐                               ‐                     Food Service 006 34,287           362,610          332,583                  64,314          Special Trust 007 3,393             1,445               1,698                      3,141            Endowment 008 9,219             ‐                        500                          8,719            Uniform School Supplies 009 16,157           3,075               3,901                      15,331          Public Sch. Support 018 25,420           49,212             48,089                    26,542          Other Grants 019 ‐                      ‐                        ‐                               ‐                     District Agency 022 11,257           15,539             11,251                    15,545          Student Managed Activity 200 209,661         161,203          186,459                  184,406        District Managed Activity 300 55,869           76,422             103,196                  29,095          State Grants 400 ‐                      257,469          166,088                  91,381          Federal Grants 500 ‐                      101,118          104,816                  (3,697)           

$16,100,095 $22,966,465 $20,048,310 $19,018,250

Exhibit #2

Actual Month-End General Fund Cash Balance

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Large variances in cash flow are due to the Real Estate collection cycles in the spring and fall. (Feb. & March – August & Sept.)

Fiscal year 2020 Investment/Reconciliation Report

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 CASH RECONCILIATION MonthlyMay 31, 2020 Balances Interest CYTDStar Ohio 9,912,523.78$       6,129.96$      51,197.38$        Star Plus 1,109,288.19         428.36            4,897.09             USBank 6,763,991.39         8,461.49        53,018.93          Dollar Bank 637,561.33             ‐$                 ‐                       Dollar Bank 153,906.75             ‐$                 ‐$                    Independence Bk Savings 545,325.08             84.12              353.18                Independence Bk Checking 131,688.01             ‐                   ‐                       

Total  Balance Per    Bank Statement 19,254,284.53$     15,103.93$     109,466.58$      

E/Z Pay Dept. not recorded (21.60)   ‐$                 PS CaféDeposit not recorded 0.00   ‐$                 MS CaféNFS 289.00 ‐$                 HS CAFÉOutstanding Checks (141,978.83) ‐$                 caféOutstanding Payroll  checks (41,356.26) ‐$                  Payroll  ACH In‐Transit (52,961.45) ‐$                SERS Adj. 0.10 ‐                   Total  In‐TransitPayroll  Transfer DD (25.00)Bank coding error 20.00Total  Adjustments (236,034.04)

Adjusted Total  BalancePer Bank Statement 19,018,250.49$    

Fund Balances 19,018,250.49  

Difference ‐$                        

Check RegisterInformational Item Warrants over $1,500

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5‐1‐2020 to 5‐31‐2020Check Amount Vendor Description Check Amount Vendor Description20156 1,524        Shiffler Equipment Sales Maintenance equipment 801483 6,061        Medicare/Fica Payroll benefits20139 1,624        Educational Service Cent Personnel cost 801469 6,062        Medicare/Fica Payroll benefits20227 1,683        Dominion East Ohio Utilities 801477 6,157        Medicare/Fica Payroll benefits20262 1,692        Brechbuhler Truck Sales, Llc Transportation parts 20263 6,353        Brindza, Mcintyre And Seed Legal services20080 1,830        Vencl‐Montgomery, Nada Accompanist services 20270 6,590        Forecast 5 Analytics, Inc. Software services20084 1,915        Rettig Music, Inc. Band  20265 6,600        Dollar Bank Credit card banners20070 2,012        Ace Copier service agreement 20278 6,839        Psi Associates Contracted services20274 2,039        Makergear Llc P/S 3‐D printer 20106 6,967        Lykins Oil Company fleet fuel20079 2,100        Joi Friendzy PD social, emotional 20233 6,968        Pioneer Mfg Co. High jump20093 2,175        Gpd Group Traffic  study 20281 10,458     United Cerebral Palsy Assoc. Special ed services20285 2,252        Mark T. Mcguire, Treasurer OHSAA tournaments 801480 10,526     SERS Retirement benefits20110 2,262        Steve's Sports Hats baseball 20085 11,000     Schaefer, Sara Legal settlement20081 2,268        Oak Hall Industries Caps gown etc. 801466 11,071     SERS Retirement benefits20283 2,385        Cuyahoga Community College College credit plus books 20089 11,285     Trustmark Health Benefits, Inc. Dental benefits20086 2,500        Michelle K. Schneider Legal fee settlement 801474 11,381     SERS Retirement benefits20280 2,508        Sherwin Williams Company, The Maintenance supplies 20150 11,538     Meg Inc. Special ed services20091 2,551        Educational Service Cent On‐line learning 20097 18,255     Illuminating Company, The Utilities20147 2,644        Schneeberger, Joseph E. M/S awards 20149 25,767     Kidslink Neurobehavioral Ctr. Special ed services20142 3,152        Instinct Sport Performance Llc Banners 20083 38,815     Quadstar Digital Guidance Ltd Tech services20112 3,215        Varsity Spirit Fashions Cheerleading 801482 42,629     State Teachers Retirement Retirement benefits20073 3,500        Cmp Communications Llc Public relations 801468 44,731     State Teachers Retirement Retirement benefits20236 4,785        Williams Sports Floors H/S gym floor sealant 801476 45,444     State Teachers Retirement Retirement benefits20136 5,041        Cleveland Metroparks Golf entry fees 801471 192,355   Orange City Schools‐Shc Medical benefits801475 5,503        STRS Retirement benefits 801478 374,026   Payroll Transfer Payroll801481 5,503        STRS Retirement benefits 801464 392,770   Payroll Transfer Payroll801467 5,687        STRS Retirement benefits 801472 400,240   Payroll Transfer Payroll20264 6,035        Buckeye International, Inc. Maintenance supplies

Projected General Fund Monthly Cash Flow

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Monthly Cafeteria Report

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Salaries & Benefits will continue without any

revenue coming in.

FY‐2019 FY‐2020 Inc./Dec.July ‐ July ‐ overMay 31 May 31 Previous yr.

Salaries 127,268      160,751      33,483Benefits 33,204         41,251         8,047Purch. Serv. 14,288         15,664         1,375Supplies 111,574      113,661      2,087Equipment 61                 1,256           1,195

286,395      332,583      46,188

Expenditure Categories:

Expenditure Categories:

FY‐2019 FY‐2020 Inc./Dec.July ‐ July ‐ overMay 31 May 31 Previous yr.

Sales Type A 217,819      177,050      (40,770)Misc., Vending 5,304           7,591           2,287State Subsidy 498               484               (14)Federal Subsidy 33,577         27,485         (6,091)Transfer ‐                    150,000      150,000

257,198      362,610      105,412

Revenue Categories:

Revenue Categories:

FY‐19 2018 2018 # 2018 2018 2018 2019 2019 2019 2019 FY‐2019July August em October November December January February  ar April May Total

ReceiptsHigh Sch. 75                 5,400           7,567           5,828           4,573                       4,932           5,684           6,346           4,382           54,930        

Middle Sch. ‐                    7,006           9,074           9,612           6,316                       7,034           7,834           8,869           8,818           79,886        Primary Sch. 105               9,347           10,101         8,123           7,100                       6,965           9,204           9,516           8,277           83,003        

Other ‐                    1,114           5,822           6,110           ‐                                7,820           4,327           4,916           4,651           39,379        Total Receipts 180               22,867         32,564         29,673         17,990                    26,750         27,049         29,647         26,128         257,198     

Expenditures 3 pay month     3 pay month   TotalHigh Sch. 118               6,498           12,859         8,874           4,588                       8,011           9,212           9,460           8,477           82,276        

Middle Sch. (3,156)         5,517           12,953         9,986           5,809                       11,859         10,910         10,430         9,231           90,433        Primary Sch. 3,519           7,766           11,265         9,256           4,979                       11,374         9,297           9,673           9,376           92,809        

Other ‐                    11,954         200               2,604           1,637                       45                 1,447           ‐                    739               20,877        Total Expenditures 481               31,735         37,277         30,720         17,013                    31,288         30,866         29,563         27,823         286,395     

FY‐2019 Balance to Date: 31,792         2,595          FY‐2020 Balance to Date: 2019 2019 # 2019 2019 2019 2020 2020 2020 2020 FY‐2020

July August em October November December January February  ar April May TotalReceipts

High Sch. 75                 3,562           9,464           6,839           6,064                       7,163           8,714           ‐                    320               51,112        Middle Sch. 60                 5,654           10,057         8,021           6,404                       8,626           9,104           30                 100               59,164        Primary Sch. 110               7,423           9,800           8,995           7,673                       10,214         10,553         ‐                    100               66,774        

Other ‐                    ‐                    7,952           135               5,026                       3,708           4,171           2,500           155,169      185,561     Total Receipts 245               16,639         37,273         23,990         25,166                    29,711         32,543         2,530           155,689      362,610     

Expenditures 3 pay month 3 pay month TotalHigh Sch. 4,826           2,868           16,572         16,894         10,818                    8,549           7,016           8,962           8,379           107,278     

Middle Sch. 3,439           3,439           12,967         13,704         11,640                    10,770         8,160           8,977           8,956           108,550     Primary Sch. 2,295           2,359           12,548         14,690         11,228                    8,874           5,754           7,865           8,581           94,198        

other 7,420           4,800           1,289           2,665           1,151                       541               2,337           ‐                    659               22,557        Total Expenditures 17,980         13,467         43,376         47,952         34,837                    28,734         23,268         25,804         26,575         332,583     

FY‐2020 Balance to  Date: 34,287         64,314        

Cafeteria Meals Served & Year-end Summary

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Expenditure Categories: FY‐2019 FY‐2018 FY‐2017 FY‐2016 FY‐2015 FY‐2014 FY‐2013 FY‐2012 FY‐2011Salaries 138,704$     144,889$     138,470$     138,955$     134,707$     142,212$     131,725$     128,471$     129,648$    Benefits 35,926         33,221 35,741 31,999         34,515         36,346         35,804         35,686         41,761        Purchase Services 14,288         14,586 11,751 11,319         11,956         4,236            4,917            1,460            1,009           Supplies 122,224       109,653 112,048 115,023       104,630       113,684       115,175       131,785       137,508      Equipment 61                 ‐                    1,382

311,203$     302,349$     299,392$     297,296$     285,808$     296,477$     287,621$     297,402$     309,925$    

Substitute Cost: 4,650 11,564 12,382         10,311         4,700           11,133         4,031           4,800           7,782          

Cafeteria Summary of Expenditures

• Lost 49 serving days.• Down 10,725 meals.

FY‐19 2018 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2019July August September October November December January February  March April May Total

Meals Served/# Serving Days ‐            26 22 18 15 14 18 15 20 22 170                    

High Sch. ‐                    ‐            1,336         1,174         920            683            744            935            790            1,072         1,049         8,703                

Middle Sch. ‐                    ‐            2,322         2,057         1,802         1,399         1,332         1,787         1,434         1,963         2,017         16,113             

Primary Sch. ‐                    ‐            2,477         2,691         2,342         2,038         1,757         2,526         2,056         2,796         1,049         19,732             

Total Meals Served ‐                    ‐            6,135         5,922         5,064         4,120         3,833         5,248         4,280         5,831         4,115         44,548     FY‐20 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 FY‐2020

July August September October November December January February  March April May TotalMeals Served/# Serving Days 3 19 22 16 15 18 19 9 0 0 121

High Sch. ‐                    151      1,110         1,233         871            882            926            1,041         448            ‐                  ‐                  6,662        Middle Sch. ‐                    224      1,703         2,032         1,571         1,370         1,384         1,493         708            ‐                  ‐                  10,485     Primary Sch. ‐                    265      2,394         2,845         2,349         2,236         2,479         2,787         1,321         ‐                  ‐                  16,676     

Total Meals Served ‐                    640      5,207         6,110         4,791         4,488         4,789         5,321         2,477         ‐                  ‐                  33,823     

Over/Under Previous FY: (10,725)