lake orion community schools budget … · total amendment # 1budget ed ending fund balance is...

LAKE ORION COMMUNITY SCHOOLS Budget Amendment #1 - Fiscal Year 2013-14 EXECUTIVE SUMMARY (As Presented By Fund) FUNDING SOURCE & EXPENDITURE OVERVIEW INFORMATION: Operational funding for Lake Orion Community Schools is categorized into five broad revenue sources. The five types of revenue sources are local source, state source, federal source, payments from other public schools and other financing source revenues. Local source revenues include locally levied property taxes, program based fees, and investment revenues. State source revenues include state aid foundation allowance funds, categorical funding, and other state funded grants. Federal source revenues are comprised of federally issued grants. Payments from other public schools & governmental entities include public school tuition, ISD collected millage taxes, and Medicaid related revenue. Other financing source revenue examples include operating transfers between funds, indirect revenues, bond proceeds and fund modifications. Operational expenditures fall into three broad function based categories as defined by the Michigan Public School Accounting Manual. The first category is Instruction. Instruction includes the activities dealing directly with the teaching of pupils or the interaction between teacher and pupil. The second category is Support Services. Support Services are services which provide administrative, technical (such as guidance and health), and logistical support to facilitate and enhance instruction and to a lesser degree community services. Support services exist as adjuncts for the fulfillment of the objectives of instruction. The third category is Community Services. Community Services consist of those activities that are not directly related to providing education for pupils in a school system. Examples would include services provided by the school system for the community as a whole or some segment of the community, such as community recreation programs, civic activities, public libraries, and programs of custody and care of children, and community welfare activities. Each category of function based expenditures is further broken down into seven additional cost pools. These include salary & wages, fringe benefits, purchased services, supplies & materials, capital outlay, other expenditures, and outgoing transfers.

FY2014 Amendment #1 - Executive Summary – January 22, 2014

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WHAT’S NEW? The “What’s New?” section of this document highlights significant additions, reductions or other changes pertaining to budgetary, financial and operational structural changes for the district. The following pages will contain fund specific information and data related to the following:

• Establishment of the new Energy Bond - Capital Projects Fund (43). • Establishment of the new Energy Bond - Debt Service Fund (33). • General Fund revenue budget changes reflect the actual October 2013 student

count, property tax expectations and final state aid categorical funding for the fiscal year.

• Revisions to the General Fund’s operating transfers out budget reflecting the additional debt service requirements for the recently issued energy bond and installment purchase agreements.

• The General Fund, Food Service Fund, and Community Service Fund have experienced multiple minor adjustments to their respective adopted budgets. The changes have been made to better reflect the actual expected revenues and costs at the time of this document’s writing.

FUND BALANCE BUDGET CHANGES: Each fund’s budgeted fiscal year 2014 beginning and ending fund balance has been adjusted to reflect the fiscal 2013 year-end audited fund balance plus the operational revenue and expenditure budget changes included in this document. Commentary on fund balance changes between the original adopted budgets to the amended budgets are summarized below: General Fund: The original adopted budget contained an operating deficit of $(920,378). The amendment #1 budget increased the operating deficit by $(592,175) to $(1,512,553). The attached Fund Balance Flow Chart depicts the change process associated with this amendment. Reflected in the operating deficit is a net $600,000 in one-time expenditures which includes the implementation of the new math curriculum, texts and other one-time costs. The amendment #1 projected total fund balance represents 10.5% of total budgeted expenditures including the net operating transfers out. The total amendment #1 budgeted ending fund balance is budgeted to be $8,226,223. The chart below depicts the fiscal year 2013-14 budgeted ending fund balance progression from the adopted budget to the amendment #1 budget balances:

Adopted Amend #1 Budget Budget

Non-spendable Fund Balance: $ - $ 129,033 Assigned Fund Balance: - 2,464,502 Unassigned Fund Balance: 8,125,389 5,632,688 Total Fund Balance: $8,125,389 $8,226,223


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Food Service Fund: The original adopted budget contained an operating deficit of $(172,961). The amendment #1 budget decreased the operating deficit by $5,860 to $(167,101). The amendment #1 restricted budgeted ending fund balance of $487,992 represents 18.5% of total budgeted expenditures and operating transfers-out. The total amendment #1 budget ending fund balance is $507,307. The chart below depicts the fiscal year 2013-14 budgeted ending fund balance progression from the adopted budget to the amendment #1 budget balances:


Non-spendable Fund Balance: $ - $ 19,315 Restricted Fund Balance: 605,610 487,992 Total Fund Balance: $ 605,610 $ 507,307 Community Services Fund: The original adopted budget contained an operating deficit of $(8,635). The amendment #1 budget contains an operating surplus of $24,301. The amendment #1 restricted budgeted ending fund balance of $564,504 represents 30.0% of total budgeted expenditures. The total amendment #1 budget ending fund balance is $569,577. The chart below depicts the fiscal year 2013-14 budgeted ending fund balance progression from the adopted budget to the amendment #1 budget balances:


Non-spendable Fund Balance: $ - $ 5,073 Restricted Fund Balance: 468,295 564,504 Total Fund Balance: $ 468,295 $ 569,577 District Capital Projects Fund - 44: The original adopted budget contained an operating surplus of $50,510. The amendment #1 budget contains an operating deficit of $(447,295). The amendment #1 assigned budgeted ending fund balance is $75,000. The total amendment #1 budget ending fund balance is $75,500. The chart below depicts the fiscal year 2013-14 budgeted ending fund balance progression from the adopted budget to the amendment #1 budget balances:


Assigned Fund Balance: $ 100,000 $ 75,000 Unassigned Fund Balance: 1,010 500 Total Fund Balance: $ 101,010 $ 75,500


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Energy Bond Capital Projects Fund - 43: The amendment #1 budget establishes this new capital projects fund. The total amendment #1 budgeted ending fund balance is estimated to be $1,000,000 based on tentative project timelines. The chart below depicts the fiscal year 2013-14 budgeted ending fund balance progression from the adopted budget to the amendment #1 budget balances:


Assigned Fund Balance: $ - $1,000,000 Total Fund Balance: $ - $1,000,000 Voted Debt Service Funds – (37, 38, 39): The amendment #1 budget contains a change to update the beginning fund balance to reflect the prior year end actual audited ending balance. The amendment #1 restricted fund balance of $318,499 represents 2.2% of total budgeted expenditures. The chart below depicts the fiscal year 2013-14 budgeted ending fund balance progression from the adopted budget to the amendment #1 budget balances:

Adopted Amend #1

Budget Budget

Restricted Fund Balance: $ 314,802 $ 318,499 Total Fund Balance: $ 314,802 $ 318,499 Energy Bond Debt Service Fund – 33: The amendment #1 budget establishes the new energy bond debt service fund. The fund balance for this fund is expected to be maintained at zero balance because of the nature of the funding process for this fund. The chart below depicts the fiscal year 2013-14 budgeted ending fund balance progression from the adopted budget to the amendment #1 budget balances:


Restricted Fund Balance: $ 0 $ 0 Total Fund Balance: $ 0 $ 0 RISK – Internal Service Fund – 81: The original adopted budget contained an operating surplus of $50,510. The amendment #1 budget contains no changes to the funds operating budget. The amendment #1 net assets are budgeted at $100,200 including a workers compensation claims fluctuation reserve of $25,000 and a $75,000 contingency reserve for workers compensation settlements. The chart below depicts the fiscal year 2013-14 budgeted


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ending fund balance progression from the adopted budget to the amendment #1 budget balances:


Net Assets – W.C. CFR: $ 25,000 $25,000 Net Assets – W.C. Settlement Reserve: 75,000 $75,000 Retained Earnings: 200 200 Total Net Assets: $100,200 $100,200 REVENUE BUDGET CHANGES: During the course of a fiscal year the District’s funds will experience several revenue budget changes. Some minor and others more significant in nature. With respect to this “Executive Summary” document and the analysis that has gone into it, we will be presenting, at a minimum, discussion on the “significant” budget changes. We continue to define “significant” to mean a change in the revenue line item total of $100,000. In addition to the “significant” budget changes, items of particular interest may also be presented regardless of the magnitude of the change. General Fund – (11 – 19): The General Fund revenue budget increased by a net $833,690 or 1.1%. The new total revenue budget is $77,006,790. The following information represents the breakdown of the significant changes by revenue source for the General Fund. Local Sources: Local Source revenue has increased by $133,017 to $8,746,628. Local Source revenue represents 11.4% of the total General Fund revenue. The significant changes include a downward adjustment in the property tax revenue budget of $266,000, the addition of $202,500 from the sale of buses and, the addition of $161,000 from an insurance reimbursement. State Sources: State Source revenue has increased by $778,931 to $60,814,892. State Source revenue represents 79.0% of the total General Fund revenue. The significant changes in state source revenue is primarily due to a decrease in the foundation allowance of $313,000 based on current student counts, an increase of $446,000 for section 22j Performance Based Funding, an increase in the Special Education Added cost reimbursement of $182,000, an increase in section 22f Best Practice Funding of $395,000, net adjustments of $154,000 for State funded grant programs for At Risk,


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Adult Education, Vocational Education and GSRP and, a net decrease in other State categorical funding of $145,000 including sections 20f, 147c and 22i. Federal Sources: Federal Source revenue has increased by $10,650 to $2,341,179. Federal Source revenue represents 3.0% of the total General Fund revenue. With respect to our “federal source” revenue, our grant programs represent this entire category of funding. Our role here is that of fiscal agent and therefore any budgetary changes related to the grants reside first with awarding agencies then subsequently with us. The grant revenue budgets now reflect our most recent grant awards to date for all of our grants. No material changes were made to this category of revenue in this amendment. ISD and Medicaid Sources - Payments from other Public Schools: ISD and Medicaid Source revenue has decreased by $(88,652) to $4,744,091. ISD and Medicaid Source revenue represents 6.1% of the total General Fund revenue. No material changes were made to this category of revenue in this amendment. Other Financing Sources: Other Financing Source revenue budget remains at $360,000. Other Financing Source revenue represents 0.5% of the total General Fund revenue. No material changes were made to this category of revenue in this amendment. Food Service Fund - 25: There were no material revenue changes made in this amendment. The Food Service Fund revenue budget remains $2,475,800. Local Sources: Local source revenue of $1,575,500 represents 63.6% of the total revenue. There were no material revenue changes made in this amendment. State Sources: State Source revenue (state aid categorical funds) remains $87,400, which represents 3.5% of the total revenue. Federal Sources: With respect to our “federal source” revenue, our grant programs represent all of this funding. Our role here is that of fiscal agent and therefore any budgetary changes related to the grants reside first with awarding agencies then subsequently with us. The federal source revenue budget is $786,200 which represents 32.0% of the total revenue. There were no material revenue changes made in this amendment.


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Community Service Fund - 23: The Community Service Fund revenue budget remains unchanged at $1,908,800. There were no material revenue changes made in this amendment. Community Enrichment Revenue: The enrichment revenue budget is $589,600 which represents 30.9% of the total revenue. Early Childhood Revenue: Early Childhood revenue budget is $1,319,200 which represents 69.1% of the total revenue. Capital Projects Funds: District Capital Project Fund - 44 The total revenue and operating transfer-in budgets are increased by $3,911,798 to $4,030,798. The material increase in revenue is the addition of the installment purchase agreement proceeds of $3.1 million. Energy Bond Capital Project Fund - 43 The total revenue (proceeds from the issuance of the energy bond) budgets for this new fund are established at $5,280,000. Debt Service Fund(s): Voted Debt Service Funds – 37, 38, 39 The Debt Service Fund(s) revenue and operating transfer-in budgets are revised to $11,736,146 and $3,650,029 respectively. The total resources available for voter approved debt service obligations are $15,386,175. Energy Bond Debt Service Fund – 33 The revenue and operating transfer-in budgets are established at $64,400. RISK – Internal Service Fund - 81: The total revenue budget remains unchanged at $50,100. There were no material revenue changes made in this amendment.


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EXPENDITURE BUDGET CHANGES: During the course of a fiscal year the District’s funds will experience several expenditure budget changes. Some minor and others more significant in nature. With respect to this “Executive Summary” document and the analysis that has gone into it, we will be presenting, at a minimum, discussion on the “significant” budget changes. We continue to define “significant” to mean a change in the expenditure line item total of $100,000. In addition to the “significant” budget changes items of particular interest may also be presented regardless of the magnitude of the change. General Fund: Total budgeted expenditures and operating transfers out have increased by a net of $1,425,865 or 1.85% to a new total budget of $78,519,343. The following information represents the breakdown of significant changes for the General Fund. Instruction – Basic Programs & Added Needs: The budgeted expenditures have increased by a net $510,860 or 1.05% to $49,044,519 reflecting the implementation of the district’s new math curriculum (texts), plus multiple small adjustments in the wage, retirement, severance, healthcare, workers compensation, purchased services and supplies budgets in the program areas of General Education, Special Education, and Grant programing. Support Services – Pupil Support Services: The budgeted expenditures have increased by a net $218,131 or 3.41% to $6,619,032 reflecting the implementation of multiple small adjustments in the wage, retirement, severance, healthcare, workers compensation, purchased services and supplies budgets in the program areas of General Education, Special Education, and Grant programing. Transportation Services: The budgeted expenditures have decreased by $(290,967) or (7.55) % to $3,562,142. The net decrease in the Transportation Services budget reflects the reclassification of $507,000 expenditure budget to the Outgoing Transfers budget line for the 2013 Bus IPA debt service payment (gong to the District Capital Projects Operating Fund-44). Increases of approximately $181,000 relate to adjustments for the final implementation of the AFSCME contract settlement relative to the estimates used in the original adopted budget. Operating Transfer-out: This budget line, increased by $846,634, to $965,134 and represents the project funding process associated with the District Capital Projects Fund (44), debt service funding for the 2013 Bus installment purchase agreement, debt service funding for the 2014 priority projects installment purchase agreements and the debt service funding for the 2014 energy bond.


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Food Service Fund: The budgeted expenditures have decreased by a net total of $(5,860) or -0.22% to a new total expenditure budget of $2,642,901. There were no material expenditure changes made in this amendment. Community Service Fund: The budgeted expenditures have decreased by a net total of $(32,936) or -1.72%. The total expenditure budget has decreased to $1,884,499 in this amendment. There were no material expenditure changes made in this amendment. Capital Projects Funds: District Capital Project Fund - 44 The budgeted expenditures have increased by a net total of $4,409,603 or 98.5%. The total expenditure budget has increased to $4,478,093 in this amendment. Revisions reflect the issuance of two Installment Purchase Agreements and their associated project budgets. Energy Bond Capital Project Fund - 43 The budgeted expenditures totaling $4,280,000 reflect the establishment of the Fiscal Year 2014 Energy Bond Capital Projects Fund (43). Debt Service Fund(s): Voted Debt Service Funds – 37, 38, 39 The total expenditure budget reflects current principal and interest costs of $15,386,175. Energy Bond Debt Service Fund – 33 The principal and interest expenditure budgets are established at $64,900. Federal, State and Local Grants: Grant award revenue and expenditure budgets are part of the consolidated General Fund budget and will continue to be updated throughout the year as the grant awards are received or revised by the grant awardees via the budget amendment process. The majority of our grants operate on a cost reimbursement basis. The grant revenue budgets represent the award granted in the current fiscal year. The award period may stretch into the next fiscal year. Summary period to date grant award information:

Aggregate grant awards to date: $7,476,212 Current FY 2014 Expenditure budgets: $3,925,014

10 FY14 GF Budget Amendment-1.2

Lake Orion Community SchoolsGeneral Fund

Fiscal Year 2013-14 Budget Amendment 1 - January 22, 2014

Adopted Proposed Amended Budget Amendments Budget % Chg Explanations

REVENUELocal Revenue 8,613,611 133,017 8,746,628 1.54% AState Revenue 60,035,961 778,931 60,814,892 1.30% BFederal Revenue 2,330,785 10,394 2,341,179 0.45%ISD and Medicaid Sources 4,832,743 (88,652) 4,744,091 -1.83%Other Revenue 360,000 - 360,000 0.00% TOTAL REVENUE 76,173,100 833,690 77,006,790 1.09%

EXPENDITURESInstructionBasic Programs 37,792,713 691,030 38,483,743 1.83% C, DAdded Needs 10,740,946 (180,170) 10,560,776 -1.68% D SUB TOTAL 48,533,659 510,860 49,044,519 1.05%

Support ServicesPupil Support Services 6,400,901 218,131 6,619,032 3.41% DInstructional Staff Support Services: Instruction Improvement 535,198 36,604 571,802 6.84% Educational Media Services 999,454 754 1,000,208 0.08% Technology Assisted Instruction 360,148 39,649 399,797 11.01% Instructional Staff Supervision 716,989 (60,373) 656,616 -8.42%General Administration 930,281 25,573 955,854 2.75%School Administration 4,484,723 (1,295) 4,483,428 -0.03%Business Services 1,021,173 (28,045) 993,128 -2.75%Operations and Maintenance 5,393,912 95,660 5,489,572 1.77%Transportation Services 3,853,109 (290,967) 3,562,142 -7.55% EHuman Resources 881,267 50,931 932,198 5.78%Technology Services 1,348,310 (891) 1,347,419 -0.07%Athletic Activities 1,183,125 (1,255) 1,181,870 -0.11%Community Services 332,729 (16,105) 316,624 -4.84% SUB TOTAL 28,441,319 68,371 28,509,690 0.24%

OUTGOING TRANSFERS Capital Projects & Debt Service 118,500 846,634 965,134 100.00% FTOTAL TRANSFERS 118,500 846,634 965,134 100.00%

TOTAL EXPENDITURES 77,093,478 1,425,865 78,519,343 1.85%

Revenues Over/(Under) Expenditures (920,378) (592,175) (1,512,553) 64.34%

Beginning Fund Balance 9,045,767 693,009 9,738,776 7.66%Projected Fund Balance 8,125,389 100,834 8,226,223 1.24%

Fund Balance as a % of Expenditures 10.5% 10.5%

11 FY14 GF Budget Amendment-1.2

Lake Orion Community SchoolsGeneral Fund


A The net increase of $133,017 in Local Sources Revenue is primarily due to (1) a downward adjustment in the property tax revenue budget of $266,000, (2) the addition of $202,000 from the sale of buses and, (3) the addition of $161,000 from an insurance reimbursement.

B The net increase of $778,931 in State Sources Revenue is primarily due to (1) a decrease in the foundation allowance of $313,000 based on current student counts, (2) an increase of $446,000 for section 22j Performance Based Funding, (3) an increase in the Special Education Added cost reimbursement of $182,000, (4) an increase section 22f Best Practice Funding of $395,000, (5) net adjustments of $154,000 for State funded grant programs for At Risk, Adult Education, Vocational Education and GSRP and, (6) a net decrease in other State categoricals of $145,000 including sections 20f, 147c and 22i.

CThe net increase in Basic Programs of $691,030 is primarily related to an increase in the math textbooks budget of $250,000, plus items mentioned below in explanation D.

D The net increase in Basic Programs, Added Needs and Pupil Support Services, less C above, of $478,991 is comprised of multiple small adjustments in the wage, retirement, severance, healthcare, workers compensation, purchased services and supplies budgets. The total is comprised of $162,000 in General costs, $125,000 in Special Ed costs and $192,000 in Grant costs.

E The net decrease in the Transportation Services budget reflects the reclassification of $507,000 to Outgoing Transfers budget line for the 2013 Bus IPA payment of bus purchases out of the District Capital Projects Operating Fund-44. Increases of approximately $181,000 relate to adjustments for the final implementation of the AFSCME contract settlement since the original budget was adopted. An additional increase of $38,000 relates to purchased services.

F The increase in Outgoing Transfers of $846,634 is comprised of transfers to the Capital Projects Operating Fund and the Energy Bond Debt Service Fund. Transfers to the Capital Project Operating Fund consists of (1) $202,000 in bus sale proceeds, (2) $506,576 debt service funding for the 2013 Bus IPA, (3) $109,497 debt service funding for FY2014 IPA #1, and, (4) $53,025 debt service funding for the FY2014 IPA#2. The transfer to the Energy Bond Debt Service Fund of $64,400 is for the debt service funding.

Explanations are provided below for amendments by function resulting in a net increase or decrease of $100,000.

12 FY14 FS Budget Amendment-1

Lake Orion Community SchoolsFood Service Special Revenue Fund



REVENUELOCAL SOURCES Food & Vending Machine Sales 1,570,000 5,500 1,575,500 0.35% Interest and Rebates 9,400 (1,700) 7,700 -18.09% Catering Services 19,000 - 19,000 0.00%STATE SOURCES 87,400 - 87,400 0.00%FEDERAL SOURCES 790,000 (3,800) 786,200 -0.48% TOTAL REVENUE 2,475,800 - 2,475,800 0.00%

EXPENDITURES Salaries 687,800 18,767 706,567 2.73%Benefits 376,511 (38,047) 338,464 -10.11% Purchased Services 64,450 1,500 65,950 2.33%Supplies 1,135,000 (1,500) 1,133,500 -0.13%Capital Outlay 200,000 13,420 213,420 6.71%Other 25,000 - 25,000 0.00%TOTAL FOOD SERVICE 2,488,761 (5,860) 2,482,901 -0.24%

OUTGOING TRANSFERSGeneral Fund 160,000 - 160,000 0.00%TOTAL TRANSFERS 160,000 - 160,000 0.00%

TOTAL EXPENDITURES 2,648,761 (5,860) 2,642,901 -0.22%

Revenues Over/(Under) Expenditures (172,961) 5,860 (167,101) -3.39%

Beginning Fund Balance 778,571 (104,433) 674,138 -13.41% AEnding Fund Balance 605,610 (98,573) 507,037 -16.28%

13 FY14 FS Budget Amendment-1

Lake Orion Community SchoolsFood Service Special Revenue Fund


A The Food Service Fund beginning fund balance has been adjusted to reflect the audited final ending fund balance from fiscal year 2013.

Explanations are provided below for any significant amendments

14 FY14 CS Budget Amendment-1

Lake Orion Community SchoolsCommunity Service Special Revenue Fund



REVENUECommunity Enrichment 591,500 (1,900) 589,600 -0.32%Early Childhood 1,317,300 1,900 1,319,200 0.14% TOTAL REVENUE 1,908,800 - 1,908,800 0.00%

EXPENDITURESSalaries 984,150 9,575 993,725 0.97%Benefits 415,705 (42,086) 373,619 -10.12%Purchased Services 215,100 2,750 217,850 1.28%Supplies 53,570 (500) 53,070 -0.93%Capital Outlay and Other 48,910 (2,675) 46,235 -5.47%TOTAL EXPENDITURES 1,717,435 (32,936) 1,684,499 -1.92%

OUTGOING TRANSFERSGeneral Fund 200,000 - 200,000 0.00%TOTAL TRANSFERS 200,000 - 200,000 0.00%

TOTAL EXPENDITURES 1,917,435 (32,936) 1,884,499 -1.72%

Revenues Over/(Under) Expenditures (8,635) 32,936 24,301 -381.42%

Beginning Fund Balance 476,930 68,346 545,276 14.33% AEnding Fund Balance 468,295 101,282 569,577 21.63%

15 FY14 CS Budget Amendment-1

Lake Orion Community SchoolsCommunity Service Special Revenue Fund


A The Community Service Fund beginning fund balance has been adjusted to reflect the audited final ending fund balance from fiscal year 2013.


16 FY14 CP44 Budget Amendment-1

Lake Orion Community SchoolsDistrict Capital Projects Fund - 44


Adopted Proposed AmendedBudget Amendments Budget #1 % Chg Explanations

REVENUE Local Sources 500 - 500 0.00% State Sources - 68,500 68,500 100.00%Total Revenues 500 68,500 69,000 99.28%

EXPENDITURES Purchased Services - 32,233 32,233 100.00% A Capital Outlay 68,490 3,708,272 3,776,762 98.19% A Principal - 570,130 570,130 100.00% A Interest - 98,968 98,968 100.00% A

Other - - - 0.00%TOTAL EXPENDITURES 68,490 4,409,603 4,478,093 98.47%

OTHER FINANCING SOURCES Proceeds from Issuance of IPA#1 - 1,856,950 1,856,950 A Proceeds from Issuance of IPA#2 - 1,208,250 1,208,250 A Operating transfer-in (2012 bus IPA) - 506,576 506,576 A Operating transfer-in (2014 IPA#1) - 109,497 109,497 A Operating transfer-in (2014 IPA#2) - 53,025 53,025 A Operating transfer-in (GF projects) 118,500 109,000 227,500 A

TOTAL OTHER FINANCINGSOURCES (USES) 118,500 3,843,298 3,961,798 97.01% A

Revenues Over/(Under) Expenditures 50,510 (497,805) (447,295) 111.29%

Beginning Fund Balance 50,500 472,295 522,795 0.00% A Technology Replacement Reserve 50,000 50,000 50,000 0.00% Unassigned Fund Balance 500 422,295 472,795 0.00%

Ending Total Fund Balance 101,010 (25,510) 75,500 -33.79% Technology Replacement Reserve 100,000 (25,000) 75,000 0.00% Unassigned Fund Balance 1,010 (510) 500 0.00%

17 FY14 CP44 Budget Amendment-1

Lake Orion Community SchoolsDistrict Capital Projects Fund - 44


A

Revisions reflect (1) the issuance of the two Installment Purchase Agreements, (2) the associated projects of the IPAs, Operating trqansfers in from the General Fund for various items, (4) updating the beginning fund balance to the audited balance as of June 30, 2013.


18 FY14 CP43 EB Budget Amend-1

Lake Orion Community SchoolsFY2014 Energy Bond Capital Projects Fund - 43



REVENUE Other - - - 0.00%

EXPENDITURES Purchased Services - - - 0.00% Capital Outlay - 4,170,514 4,170,514 100.00% A Bond Issuance Costs - 67,086 67,086 100.00% A

Bond Premium & Discounts - 42,400 42,400 100.00% ATOTAL EXPENDITURES - 4,280,000 4,280,000 100.00%

OTHER FINANCING SOURCESProceeds from Issuance of Bonds - 5,280,000 5,280,000 100.00% ATOTAL OTHER FINANCING

SOURCES (USES) - 5,280,000 5,280,000 100.00%

Revenues Over/(Under) Expenditures - 1,000,000 1,000,000 0.00%

Beginning Fund Balance - - - 0.00%Ending Total Fund Balance - 1,000,000 1,000,000 0.00%

19 FY14 CP43 EB Budget Amend-1

Lake Orion Community SchoolsFY2014 Energy Bond Capital Projects Fund - 43


A Establishment of the Fiscal Year 2014 Energy Bond Capital Projects Fund - 43.


20 FY14 DS Voted Budget Amend-1revised

Lake Orion Community SchoolsVoted Debt Service Funds - (37, 38, 39)


Adopted Proposed AmendedBudget Amendments Budget #1 Explanations

REVENUELOCAL SOURCES

2005 Debt 5,659,073 (56,886) 5,602,187 2006 Debt 1,763,083 30,780 1,793,863 2012 Debt 4,267,453 72,642 4,340,095

TOTAL REVENUE 11,689,609 46,537 11,736,146

EXPENDITURES Principal 9,265,000 - 9,265,000 Interest 5,921,175 - 5,921,175 Other 200,000 - 200,000

TOTAL DEBT SERVICE 15,386,175 - 15,386,175

OTHER FINANCING SOURCES(USES)School Bond Loan Funds 3,696,566 (46,537) 3,650,029 Payment to escrow agent - - - Face value of debt issued - - - Premium on debt issued - - - TOTAL OTHER FINANCING

SOURCES (USES 3,696,566 (46,537) 3,650,029

Revenues Over/(Under) Expenditures - - -

Beginning Fund Balance 314,802 3,697 318,499 AEnding Fund Balance 314,802 3,697 318,499

21 FY14 DS Voted Budget Amend-1revised

Lake Orion Community SchoolsVoted Debt Service Funds - (37, 38, 39)


A The beginning fund balance has been adjusted to reflect the audited final ending fund balance from fiscal year 2013.


22 FY14 DS33 EB Budget Amend-1

Lake Orion Community SchoolsFY2014 Energy Bond Debt Service Fund - 33


Adopted Proposed AmendedBudget Amendments Budget #1 Explanations

REVENUELOCAL SOURCES

Other revenues - 500 500 A TOTAL REVENUE - 500 500

EXPENDITURES

Principal - - - Interest - 64,400 64,400 AOther - 500 500 A

TOTAL DEBT SERVICE - 64,900 64,900

OTHER FINANCING SOURCESOperating Transfer In from GF - 64,400 64,400 A

Revenues Over/(Under) Expenditures - - -

Beginning Fund Balance - - - Ending Fund Balance - - -

23 FY14 DS33 EB Budget Amend-1

Lake Orion Community SchoolsFY2014 Energy Bond Debt Service Fund - 33


A Establishment of the Fiscal Year 2014 Energy Bond Debt Service fund - 33.


24 FY14 RISK Fund Budget Amend-1

Lake Orion Community SchoolsRisk Fund - Internal Service Fund - 81



Net Assets, Beginning of YearClaim Fluctuation Reserve - Workers Comp. Ins. - - - 0.00%Contingency Reserve - W/C Settlements - - - 0.00%Retained earnings - - - 0.00%Total Net Assets, Beginning of Year - - - 0.00%

REVENUELOCAL SOURCES Workers Compensation contribution 50,000 - 50,000 0.00%

Interest 100 - 100 0.00% TOTAL REVENUE 50,100 - 50,100 0.00%

EXPENSES Workers Compensation Settlements - - - 0.00%

Other - - - 0.00% TOTAL EXPENSES - - - 0.00%

Revenues Over/(Under) Expenses 50,100 - 50,100 NA

Net Assets, End of YearClaim Fluctuation Reserve - Workers Comp. Claims 25,000 - 25,000 0.00%Contingency Reserve - W/C Settlements 75,000 - 75,000 0.00%Retained earnings 200 - 200 0.00%Total Net Assests, End of Year 100,200 - 100,200 0.00%

25 FY14 RISK Fund Budget Amend-1

Lake Orion Community SchoolsRisk Fund - Internal Service Fund - 81


There were no material changes made in this amendment.


lake orion community schools budget … · total amendment # 1budget ed ending fund balance is...

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