3rd quarter financial report 2015/2016...3rd quarter financial report 2015/2016 presented by:...
TRANSCRIPT
3RD QUARTER FINANCIAL REPORT
2015/2016
PRESENTED BY:
KATHLEEN ASKELSON CHIEF FINANCIAL OFFICER
Financial Services
Financial Services
CASH MANAGEMENT PAGES 1–3
$0.0
$25.0
$50.0
$75.0
$100.0
$125.0
$150.0
$175.0
$200.0
$225.0
$250.0
$275.0
$300.0
$325.0
July 2015Actual
August 2015Actual
September2015
Actual
October 2015Actual
November2015
Actual
December2015
Actual
January 2016Actual
February2016
Actual
March 2016Actual
April 2016Forecast
May 2016Forecast
June 2016Forecast
Jeffco Public Schools Ending Cash Balances: July 2015 through June 2016
As of March 31, 2016
Restricted for TABOR Restricted for District & Board of Education Reserve Restricted for Capital Reserve
Restricted for TANs Reserve Operating Cash Cash Balance Prior Year
in millions
Revenues Higher than the
prior year due to increased state funding, SOT tax and the move of all-day kindergarten tuition. Revenue is at
60% of budget due to timing of property tax collections.
Expenditures Increased 3% over
prior year primarily due to increased compensation and benefits. Expenditures at
71% of budget. Lower due to
retirement/turnover/unfilled vacancies
GENERAL FUND PAGES 4–12
Financial Services
State equalization funding lower than budget due to decreased students. All-day kindergarten moved to the
General Fund. Salary increases implemented
in September 2015. PERA increased 0.8% in January 2016. Fund Balance Reserves will increase the current year with
the $15 million from Capital Reserve and current year savings.
GENERAL FUND (CONTINUED) PAGES 4–12
Financial Services
OTHER GOVERNMENTAL FUNDS PAGES 14–17
Debt Service Property tax revenue beginning;
interest payments in June.
Capital Reserve Fund/Building Fund Capital Reserve expenditures
will increase in 4th quarter. Supplemental budget for COPs. Building Projects expenditures
are at 65% of budget. Timing and bid of projects create fluctuations from budget.
Financial Services
SPECIAL REVENUE FUNDS PAGES 18–21
Grants Fund Revenues higher due to timing and increase
in Read Act. Lower activity from the
prior year from BEST grants.
Campus Activity Fund Revenues are higher
from math expression fees. Supplemental budget adjustment needed to
cover expenditures from increased activity.
Financial Services
SPECIAL REVENUE FUNDS (CONTINUED) PAGES 18–21
Transportation Fund Revenues are higher than previous year due
to increase in State transportation revenues. Compensation and benefits increased. Materials and supplies is tracking below
budget due to decrease in fuel prices. Supplemental budget adjustment for
security funding.
Financial Services
ENTERPRISE FUNDS PAGES 22–26
Food Service Fund Less meals served compared to prior year. Total expenditures are tracking lower than
previous year due to downturn in sales. Despite decline
in meals, fund is performing well.
Financial Services
ENTERPRISE FUNDS (CONTINUED) PAGES 22–26
Child Care Fund Fees from preschool and before and
after programs. All-day kindergarten moved to General Fund. Schools are spending down reserves built
in prior years for kindergarten; reserves are planned to be zeroed out by end of year.
Property Management Fees from building use. Revenues are comparable to previous year. Expenditures are down, however, master
plan costs have not yet been expensed. Financial Services
INTERNAL SERVICE FUNDS PAGES 27–31
Central Service Fund Increased revenue from math expressions
print job. A supplemental budget adjustment is needed.
Employee Benefits Fund Self insurance activities for dental,
vision and group life. Revenues are higher than previous year
due to a refund from a former provider. Dental and vision claims trending
higher over prior year. Financial Services
INTERNAL SERVICE FUNDS (CONTINUED) PAGES 27–31
Insurance Reserve Fund Insurance reserve for self-insurance
and premiums. Claim expenses are up due to higher
storm and auto claims. Premiums are down from prior year.
Technology Fund District-wide technology. Expenditures lower due to unfilled vacancies
and timing of Mobile Device Readiness project. A supplemental budget adjustment needed for potential write-off of asset.
Financial Services
CHARTER SCHOOLS PAGES 32–34
Two Roads Purchased facility and entered into
a capital lease in March.
Financial Services
ON THE RADAR
Financial Services
Facilities Hiring and Staffing Health Care Reform 2016/2017
Budget Development Student Based Budgeting Budgeting for Outcomes
Process Legislation and
State Forecasts