columbus city schools monthly financial reports–february 2014 financial re-cap for: columbus board...
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COLUMBUS CITY SCHOOLS
Monthly Financial Reports–February 2014
Financial Re-Cap for:Columbus Board of Education
MeetingMarch 18, 2014
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Real Estate Taxes collected fiscal year-to-date total $333,252,361 which is in alignment with fiscal Year projected receipts.
These receipts reflect funds in the August 2013 settlement of taxes from the County Auditor and the tax advances received in February 2014.
Our final tax settlement funds should be received in February.
Executive Summary – Financial Reporting
For the Month of February 2014
Local Receipts
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Executive Summary – Financial Reporting
For the Month of February 2014Receipts
Real Estate Tax $51,500,000 55,956,400 4,456,400
Monthly Monthly Monthly Estimate Actual Difference
$328,461,450 $333,252,361 $4,790,911
Year to Date Year to Date Year to DateEstimate Actual Difference
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State Foundation funding of $21,022,893 were collected. To date, we are approximately $3.8 million over projections on our collections. This month continued collections of the promised additional funding the governor approved on June 29 in HB59.
We expect these collections to level out over the fiscal year and be in alignment with the Forecast.
Executive Summary – Financial Reporting
For the Month of February 2014
State Funding Receipts
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Executive Summary – Financial Reporting
For the Month of February 2014Receipts
State Foundation $20,903,952 $21,022,893 118,941
Monthly Monthly Monthly Estimate Actual Difference
$176,146,454 $179,910,823 $3,764,369
Year to Date Year to Date Year to DateEstimate Actual Difference
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To date, Non Operating funds of $10,621,250 were returned to the general fund.
Non Operating funds can contain advances. (Advances are made to other funds one month and if the funds have ability they return that advance to the general fund in the next months.)
Due to timing of advanced funds and repayments of those advances, these balances are volatile and have largely impacted our carryover balances at year-end – therefore we monitor those regularly.
Executive Summary – Financial Reporting
For the Month of February 2014
Non-Operating Receipts
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Executive Summary – Financial Reporting
For the Month of February 2014Receipts
Non-Operating $14,766 $547,016 $532,250
Monthly Monthly Monthly Estimate Actual Difference
$14,140,540 $10,621,250 $-3,519,290
Year to Date Year to Date Year to DateEstimate Actual Difference
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Total Revenues as of the month of February are close to projections.
(within approximately $ 4.6 million or 0.82%)
We are continuing to monitor the revenues in local taxes and state aid to be certain our projections will hold for our spending this year.
Executive Summary – Financial Reporting
For the Month of February 2014Revenues:
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Executive Summary – Financial Reporting
For the Month of February 2014Expenditures:
Salaries and wages as of the month of February are coming in under projections by approximately $-5.4 million. (We are starting to see the gap in projections due to the forecast including funds for negotiations.)
Fringe benefits as of the month of February came in under projections by approximately $- 887 thousand.
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Executive Summary – Financial Reporting
For the Month of February 2014Expenditures
Salaries & wages $29,813,375 $29,622,564 $-190,811
Monthly Monthly Monthly Estimate Actual Difference
$262,840,125 $257,388,255 $-5,451,870
Year to Date Year to Date Year to DateEstimate Actual Difference
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Executive Summary – Financial Reporting
For the Month of February 2014Expenditures
Fringe Benefits $12,331,062 $12,481,142 $150,080
Monthly Monthly Monthly Estimate Actual Difference
$106,286,785 $105,399,627 $-887,159
Year to Date Year to Date Year to DateEstimate Actual Difference
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Purchased Services costs of $15.4 million for the month of February came in under projections by about $-3 million to date. [The charter and voucher payments, which are strictly pass-thru payments, comprised approximately $11.9 million (79%) of the Purchased Services costs in February.]
Materials, Supplies and Books for the month of February came in under projections by about $-670 thousand.
Capital Outlay for the month of February came in over projections by about $34 thousand.
Executive Summary – Financial Reporting
For the Month of February 2014Expenditures
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Executive Summary – Financial Reporting
For the Month of February 2014Expenditures
Purchased Svcs. $15,289,779 $15,366,949 $77,170
Monthly Monthly Monthly Estimate Actual Difference
$119,661,606 $116,616,244 $-3,045,363
Year to Date Year to Date Year to DateEstimate Actual Difference
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Executive Summary – Financial Reporting
For the Month of February 2014Expenditures
Materials,Supplies $1,743,009 $1,073,020 $-669,989
Monthly Monthly Monthly Estimate Actual Difference
$12,582,810 $10,590,994 $-1,991,816
Year to Date Year to Date Year to DateEstimate Actual Difference
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Executive Summary – Financial Reporting
For the Month of February 2014Expenditures
Capital Outlay $10,717 $45,157 $34,439
Monthly Monthly Monthly Estimate Actual Difference
$1,594,925 $1,872,075 $277,150
Year to Date Year to Date Year to DateEstimate Actual Difference
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Total Expenditures as of the month of February came in under projections within $-14.5 million or -2.76%.
In alignment with budgeted expenditures, 66.67% of the fiscal year has elapsed and we have spent 64.19% of the annual budget.
Executive Summary – Financial Reporting
For the Month of February 2014Expenditures:
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As of February, Cash Balance is over projections $19 million or 2.4% of the actual expenditures to date.
($19,054,245 / $510,364,093) = 3.7%
The cash balance will change in coming months due to operational needs, changes in spending patterns, costs that vary, and many variables that drive revenues and expenditures.
This factor is being monitored and reported to reflect Five Year Forecast “bottom-line cash balance” monthly impacts.
As you know, forecasting is partially a science and partially art – due to unknown variables.
Executive Summary – Financial Reporting
For the Month of February 2014“Bottom-Line” Cash Balance:
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Executive Summary – Financial Reporting
For the Month of February 2014“Bottom-Line” Cash Balance:
Ending Cash Balance $156,111,179 $175,165,424 $19,054,245
Monthly Monthly Monthly Estimate Actual Difference
$156,111,179 $175,165,424 $19,054,245
Year to Date Year to Date Year to DateEstimate Actual Difference
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