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General Operating FundAnalysis Report for

September, 2013

Prepared by: Karen Obratil, Treasurer/CFOOctober 28, 2013

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Monthly Revenue by the Numbers  Month of September

    FY14 FY14 Actual

  Forecast Actual to Forecast

      $ Change % Change

General Property Taxes (Real Estate) $875,000 $965,548 $90,548 9.38%

Tangible Personal Property Taxes

864,000

380,451

(483,549) -127.10%

Unrestricted Grants-in-Aid

389,640

390,632

992 0.25%

Property Tax Allocation 0

634

634 100.00%

All Other Operating Revenue

250,000

269,011

19,011 7.07%

Total Revenue

2,378,640

2,006,276

(372,364) -18.56%

         

Other Financing Sources        

Total Other Financing Sources 325,000 345,801 20,801 6.02%

TOTAL REVENUE + OTHER FINANCING SOURCES $2,703,640 $2,352,077 ($351,563) -14.95%

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Monthly Revenue – September

FY14 = $2.4M

Forecast = $2.7M

Taxes57%

State 17%

Local11%

Other15%

Taxes64%

State 14%

Local9%

Other12%

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FYTD Revenue by the Numbers

  Fiscal Year to Date - July-September  Forecast FY14 FY14 Actual

  Estimate Actuals to Forecast

      $ Change % Change

General Property Taxes (Real Estate) $13,349,183 $13,389,548 $40,365 0.30%

Tangible Personal Property Taxes 864,000 380,451 (483,549) -127.10%

Unrestricted Grants-in-Aid 1,168,921 1,167,221 (1,700) -0.15%

Property Tax Allocation 82,000 96,083 14,083 14.66%

All Other Operating Revenue 466,311 481,041 14,730 3.06%

Total Revenue 15,930,415 15,514,344 (416,071) -2.68%

         

Other Financing Sources        

Total Other Financing Sources 415,000 450,461 35,461 7.87%

TOTAL REVENUE + OTHER FINANCING SOURCES $16,345,415 $15,964,805 ($380,610) -2.38%

FYTD Revenue (July - September)

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95.6%

89.8%89.8%91.3%

Forecast FY14$12,000,000

$12,500,000

$13,000,000

$13,500,000

$14,000,000

$14,500,000

$15,000,000

$15,500,000

$16,000,000

$16,500,000

$17,000,000

Taxes State Other Local Other Sources

$15,964,805

86.96%

7.65% 7.91%

86.25%

$16,345,415

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Monthly Expenditures by the Numbers

Month of September    FY14 FY14 Actual  Forecast Actual to Forecast

      $ Change % Change

Personnel Services $1,701,348 $1,681,400 $19,948 1.19%

Employees' Retirement/Insurance Benefits 700,000 693,924 6,076 0.88%

Purchased Services 400,000 351,262 48,738 13.88%

Supplies and Materials 250,000 306,908 (56,908) -18.54%

Capital Outlay 20,000 25,089 (5,089) -20.28%

Other Objects 300,000 321,630 (21,630) -6.73%

TOTAL EXPENDITURES $3,371,348 $3,380,213 ($8,865) -0.26%

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Monthly Expenditure - September

Forecast = $3,371,348

FY14 = $3,380,213

Salaries

49.7%

Bene-fits

20.5%

Ser-vices

10.4%

Sup-plies9.1%

Capital Outlay0.8%

Other Objects9.5%

Salaries50.4

%

Benefits20.8

%

Ser-vices11.9

%

Sup-plies7.4%

Capi-tal

Out-lay

0.6%

Other Objects8.9%

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FYTD Expenditures by the Numbers

  Forecast FY14 FY14 Actual  Estimate Actuals to Forecast

      $ Change % Change

Personnel Services $5,290,105 $5,224,606 $65,499 1.25%

Employees' Retirement/Insurance Benefits 1,348,000 1,345,866 2,134 0.16%

Purchased Services 1,365,000 1,432,389 (67,389) -4.70%

Supplies and Materials 489,993 535,041 (45,048) -8.42%

Capital Outlay 175,000 210,424 (35,424) -16.83%

Other Objects 347,027 370,769 (23,742) -6.40%

Total Expenditures $9,015,125 $9,119,095 ($103,970) -1.14%

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FYTD Expenditures(July - September)

83%

Forecast FY14$0

$1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000

$10,000,000

Personnel Costs Services Supplies Capital Outlay Other Objects

$9,015,125

72.05%

$9,119,095

73.63%

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Bottom Line Cash Balances – 9/30

      Forecast Forecast

      to FY14 to FY14

  Forecast FY14 Actual $ Change % Change

Revenue $16,345,415 $15,964,805 (380,610) -2.33%

Expenditures 9,015,125 9,119,095 (103,970) -1.15%

         

Excess of Revenue over        

Expenditures 7,330,290 6,845,710 (484,580) -3.48%

         

Beg. Cash Balance 11,147,833 $11,147,833    

Ending Cash Balance $18,478,123 $17,993,543 ($484,580)  

Outstanding P.O.s   $5,074,268    

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Bottom Line - Graphics

Forecast FY14 Actual$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

Revenue Expenditures

$16.3M $16M

$9M $9.1M

What’s included in theFinancial Forecast?

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TOTAL REVENUE = $40,726,704(Excludes Other Financing Sources)

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Tax Revenue = 70.8% of Total Operating Revenue

Line 1.010 – General Property Tax (Real Estate) 66.6% of Total Operating Revenue

Real property is divided into two classes: Class I – Residential and Agricultural Class II – Commercial and Industrial

Line 1.020 – Tangible Personal Property Tax (Public Utility Taxes) 4.2% of Total Operating Revenue

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Tax Revenue Estimate for FY14

Res/Ag $750,842 x 28.94 = $21,727,720

C/Ind $153,156 x 30.84 = 4,722,922

P/U $25,931 x 61.56 = 1,596,332

Inside Mills x 4.97 = 4,624,378

Tax Revenue estimate = $32,671,352

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Other Local Revenue = 3.8% of Total Revenue

Interest Earnings on Investments Tuition (from other districts and kindergarten)

Pay to Participate Fees School Fees Rentals Administrative Fees for Auxiliary Service Payment In Lieu of Taxes (PILOT) Miscellaneous

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State Revenue = 25.4% of Total Revenue

Line 1.035 - Unrestricted Grants-in-Aid 11.5% of Total Revenue

School Foundation program

Line 1.040 – Restricted Grants-in-Aid

Catastrophic Aid for special education students

Line 1.050 – Property Tax Allocation 13.8% of Total Revenue

Percentage of individual property tax bills paid by the State 12.5% of taxes due on all residential/agricultural property also includes tangible personal property replacement revenue.

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Other Financing SourcesLine 2.040 - Operational Transfers-in Money transferred from other funds into the

General Fund.

Line 2.050 – Advances-in Money returned to the General Fund for

repayment of advances from other funds

Line 2.070 – All Other Financing Sources Refunds of prior year expenditures

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TOTAL EXPENDITURES = $38,887,434(Excludes Other Financing Uses)

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Personal Services – Line 3.01051.5% of Total Expenditures

Employee Salaries Classified Substitutes Supplementals Overtime Termination Payments (Severance) Board Members Student Workers

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Employees’ Retirement/Insurance Benefits Line 3.020

(20.6% of Total Expenditures)

• Retirement – 14% of employees’ salaries• Medicare – 1.45% of employees’ salaries• Workers’ Comp rate – .008421 Insurance Premiums

Medical : 94% Single, 88% Family Dental Vision Life – 100% Board paying 80% for Administrators

• Unemployment Compensation

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Board Cost for Insurance Benefits

Family Medical (SuperMed+) $1,315.86 (renewal 7/14)

Dental $146.98 Vision $38.95 Life 4.66

Total Family $1,506.45 ($18,077.40 annual*)

*Monthly premium holidays July and August, 2013.

Single Medical (SuperMed+) $560.19 Dental $78.21 Vision $15.41 Life 4.66Total Single $658.47 ($7,901.64 annual*)

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Annual Insurance Costs$4,070,000

Medical Dental Vision Life

$3,552,033 $397,743

$101,504

$18,720

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Purchased Services – Line 3.03018.9% of Total Expenditures

• Utility Costs (electricity, natural gas, trash removal, telephones, water & sewer)

• Transportation Services (Petermann)• Teacher Substitutes (Rachel Wixey Associates)• Legal Fees• Health Services (PSI)• Professional Meetings• Special Education Transportation • Special Education Tuition to Other Districts• GAAP Conversion• Legal Advertisements• Repairs & Maintenance (buildings & vehicles)• Data Processing (NEONET) and Technology (Smart Solutions)• Fleet and Property Insurances

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Supplies & Materials – Line 3.0405% of Total Expenditures

• Core curriculum materials• Instructional materials• Textbook Replacements• Technology supplies and software• Custodial supplies• Maintenance supplies• Fuel• Library books• Administrative supplies

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Capital Outlay – Line 3.0501.3% of Total Expenditures

• New Equipment• Replacement Equipment• Technology• Site Improvements• Classroom Furnishings• Maintenance vehicles• Vans

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Other Objects – Line 4.3002.7% of Total Expenditures

• Summit County Auditor and Treasurer Fees Fees are assessed based on approximately 1.5% of the tax collections.

• Summit County Land Bank fees• Summit County ESC fees Fees for services provided by the Summit County Educational Service Center.• Election Costs• Delinquent Tax Assessment Fees

Fees are approximately .2% of tax collections• Liability Insurance• State Administrative fees

Fees are assessed based approximately 1% of rollback and homestead collections.• Professional membership fees• Bank fees• State Auditor fees

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HB264 Energy Conservation Project

$729,743.96 Energy Conservation Improvement Bonds, Series 2013 issued to pay for project on September 11, 2013.

Bonds purchased by First Merit Bank at 3.39% interest.

Interest and principal payments are considered a transfer

in the Forecast since this is a general fund debt obligation.

The money from the energy savings will be transferred to the bond retirement fund to pay the interest and principal payments in June and December.

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Other Financing Uses

Line 5.010 – Operational Transfers-OutMoney transferred into another fund.

Line 5.020 – Advances-Out Money temporarily advanced to other funds

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What’s changed since the May 2013 Forecast Update?

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Nordonia Hills City School DistrictForecast Comparison

  ko 10/22/2013

May, 2013 Forecast Submitted to ODE  FORECASTED  

  FY2013 FY2014 FY2015 FY2016 FY2017  Beginning Balance $6,731,067 $10,250,483 $11,331,655 $9,241,756 $5,557,616  Revenue 41,174,416 39,813,224 38,862,240 38,857,307 38,917,052  Expenditures (37,655,000) (38,732,052) (40,952,139) (42,541,447) (44,193,779)  Revenue over/(under) Expenditures 3,519,416 1,081,172 (2,089,899) (3,684,140) (5,276,727)  Ending Balance $10,250,483 $11,331,655 $9,241,756 $5,557,616 $280,889  

Proposed October, 2013 Forecast  ACTUAL FORECASTED

  FY2013 FY2014 FY2015 FY2016 FY2017 FY2018Beginning Balance $6,731,066 $11,147,823 $13,407,506 $13,469,693 $11,601,492 $7,505,899 Revenue 41,332,112 41,179,983 40,886,029 40,479,990 39,811,906 39,939,530

Expenditures (36,915,355) (38,920,300) (40,823,842) (42,348,191) (43,907,499) (45,452,761)

Revenue over/(under) Expenditures 4,416,757 2,259,683 62,187 (1,868,201) (4,095,593) (5,513,231)Ending Balance $11,147,823 $13,407,506 $13,469,693 $11,601,492 $7,505,899 $1,992,668