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Los Gatos Union School DistrictUnaudited Actuals
FY 2007-08
Cynthia Shieh
September 9, 2008
2008-09 Budget Reporting Calendar
• Budget Adoption: 6/17/08
• Year end closing for FY 2007/08 (Unaudited Actuals): 9/08
• 45-Day Budget Revision: after Governor signs the Budget into Law (Budget Act)
• Audited Report: 11/08 (will be presented by Auditors)
• 1st Interim: cutoff 10/31/08: 12/08
• 2nd Interim: cutoff 1/31/08: 3/09
• Estimated Actuals for 2008/09 & Budget Adoption for
2009/10: 6/09
• Year end closing for FY 2008/09: 9/09
Summary - FY 2007/08Financial Highlights:• Parcel Tax was passed in June with 83% voter approval.
• Overall, the total property taxes grew $1,025,161 to $16,289,509, a 7% increase from FY 2006/07 to FY 2007/08.
• Employees were offered a 6% salary increase, and a 6% Health & Welfare Benefits increase.
Financial Challenges:• Enrollment grew by 120 students (based on CBEDS; 2,587 in FY 2006/07 and 2,797 in FY 2007/08).
• Deficit Spending by $605,045.
General Fund Total Revenue: $25,613,901
Unrestricted Amount: $19,247,139; 75% of total revenueRestricted Amount: $6,366,762; 25% of total revenue
General Fund Total Expenditure: $25,907,302Unrestricted Amount: $19,852,185; 77% of total revenueRestricted Amount: $6,055,116; 23% of total revenue
Unrestricted General Fund Summary –FY 2007/08
• The Unrestricted ending balance was lower than anticipated by $80K.
The variance in Revenue: 0.36% ($19,247,141 vs. $19,316,323)
The variance in Expenditure: 0.06% ($19,852,187 vs. $19,840,691)
• Components of ending balance• Unrestricted Ending Balance $2,100,998
• Lottery (1,268)
• Net Unrestricted Ending Balance $2,099,730
(including 7% Reserve $1,813,511)
• 7% = $1,813,511
Budget Monitoring: General Fund Unrestricted
Los Gatos Union School District 2007-08 2007-08 2007-08 2007-08 2007-08
Projection - FY 2007-08 Original 1st Interim 2nd Interim Estimated Actuals Unaudited Actuals
General Fund – Unrestricted
Projected Revenues 19,062,371 19,122,177 19,202,172 19,316,323 19,247,139
Projected Expenditures 18,779,602 19,125,471 19,563,988 19,840,691 19,852,185
Excess (Deficiency) 282,769 (3,294) (361,816) (524,368) (605,046)
Beginning Unrestricted 2,706,043 2,706,043 2,706,043 2,706,043 2,706,043
Unrestricted Ending Balance @ 6/30/08
2,988,812 2,702,749 2,344,227 2,181,675 2,100,997
Unrestricted General Fund
Los Gatos Union School District 2007/08 2007/08 Variance Percentage Variance
Note
Projection – FY 2007/08 Estimated Actuals
Unaudited Actuals
General Fund -Unrestricted
Projected Revenues 19,316,323 19,247,139 (69,184) 0.36% 1
Projected Expenditures 19,840,691 19,852,185 11,494 -0.06% 2
Excess (Deficiency) (524,368) (605,046) (57,690)
Beginning Unrestricted Balance 2,706,043 2,706,043
Unrestricted Ending Balance @ 6/30/08 2,181,675 2,100,997 (80,678)
Notes to Unaudited ActualGeneral Fund
1. REVENUE
Revenue Limit
Principal Apportionment – to COE Program (134,919)
State Revenue
Mandated Cost and Lottery 326
Local Revenue
Parcel Tax (8,763)
Lease Rental 7,900
Interest 42,055
Transfer In from Developer Fee Fund (3% Administrative Cost) (6,558)
Contribution – Special Education 30,777
TOTAL (69,182)
2. EXPENDITURES
Salaries and Benefits 7,153
Book and Supplies 10,719
Service and Other Operating – Utilities, Telephone 24,463
Capital Outlay (20,166)
Other Outgo – Indirect Cost (10,674)
TOTAL 11,495
Ending Balance: FY 2005/06 to FY 2007/08
Special Revenue Funds – FY 2007/08Cafeteria Fund
Total Revenue $526,343
Total Expenditure $531,234
Beginning Balance $66,920
Ending Balance $62,029
Deferred Maintenance Fund
Total Revenue $216,466
Total Expenditure $170,479
Beginning Balance $128,477
Ending Balance $174,464
Special Reserve-Retiree Benefits Fund
Total Revenue $255,143
Total Expenditure $0
Beginning Balance $1,066,275
Ending Balance $1,321,418
Capital Project Funds – FY 2007/08Building Fund
Total Revenue $370,537
Total Expenditure $3,198,518
Beginning Balance $9,129,410
Ending Balance $6,301,562
Capital Facility Fund
Total Revenue $238,361
Total Expenditure $106,752
Beginning Balance $51,464
Ending Balance $183,073
County School Facility Fund
Total Revenue $34,694
Total Expenditure $323,833
Beginning Balance $289,281
Ending Balance $142
Special Reserve-Capital Outlay Fund
Total Revenue $262,126
Total Expenditure $31,230
Beginning Balance $5,220,775
Ending Balance $5,451,671