FREMONT UNIFIED S C H O O L D I S T R I C T Unaudited Actual Financial Report for 2018-2019 Division of Business Services September 11, 2019 1
Overview • Education Code section 42100(a) states that: – On or before September 15, the governing board of each school district shall approve, in a format prescribed by the Superintendent of Public Instruction, an annual statement of all receipts and expenditures of the district for the preceding fiscal year and shall file the statement, along with the statement received pursuant to subdivision (b), with the county superintendent of schools. 2
2018-19 General Fund (in Millions) First Second Adopted Interim Interim Estimated Unaudited Increase/ Budget Budget Budget Actual Actual (Decrease) (a) (b) (c) (d) (e) (f=e‐d) Revenues $371.2 $382.3 $384.9 $401.4 $403.5 $2.1 Less: Expenditures 370.9 393.3 396.8 411.0 397.2 (13.8) = Surplus/ (Deficit) $0.3 ($11.0) ($11.9) ($9.6) $6.3 $15.9 Add: Beginning Fund Balance 25.4 30.3 30.3 30.3 30.3 0.0 = Ending Fund Balance $25.7 $19.3 $18.4 $20.7 $36.6 $15.9 Less: Designations 14.6 7.5 9.4 3.0 16.0 13.0 = Reserve ($) $11.1 $11.8 $9.0 $17.7 $20.6 $2.9 = Reserve (%) 3.00% 3.00% 2.28% 4.30% 5.19% 0.89% 3
Changes in Unrestricted General Fund The following are major changes since Estimated Actuals presented on June 26, 2019: Revenues Amount (in Millions) Decrease in Revenue from LCFF Sources (ADA and Prior Year Adjustment) ($1.31) Net Decrease in Federal Revenues (0.04) Medical Administrative Activities ($0.06) Other Federal Revenues 0.02 Net Increase in State Revenues 0.26 One‐Time Discretionary (0.22) Lottery‐Unrestricted 0.44 Other State Revenues 0.04 Net Increase in Local Revenues 1.14 Leases and Rentals 0.30 4 Interest Income 0.56 Other Local Revenues 0.28
Changes in Unrestricted General Fund - continued Revenues Amount (in Millions) Net Savings due to Transfers In $0.02 Close State School Building Lease‐Purchase Fund (Fund 30) ‐Interest $0.02 Increase Cost in Contributions (2.31) Special Education Programs (1.97) Routine Restricted Maintenance Fund (1.12) Supplemental Grant 0.85 Parcel Tax (0.06) Other Categorical Programs (0.01) Net Increase/(Decrease) in Revenues ($2.24) 5
Changes in Unrestricted General Fund - continued Expenditures Amount (in Millions) Net Savings in Salaries and Benefits due to vacancies $3.81 Net Savings in Books and Supplies 0.46 Unspent School and Department budgets $0.46 Net Savings in Services and Other Operating Expenditures 0.73 Software and Licenses 0.21 Utilities 0.15 Home to School Transportation 0.35 Unspent School and Department budgets 0.02 Net Savings in Capital Outlay 0.20 Technology Equipment Upgrade 0.18 6 Unspent School and Department budgets 0.02
Changes in Unrestricted General Fund - continued Expenditures Amount (in Millions) Increase Cost due to Indirect Cost not received ($0.12) Net Increase in cost due to Transfers Out (0.01) Decrease contribution to Child Development (Cal‐SAFE) $0.10 Increase contribution to Child Nutrition Program (0.11) Net Savings in Expenditures $5.07 Net Increase/(Decrease) in Fund Balance $2.83 7
2018-19 General Fund by Category (in Millions) Routine Total Unrestricted Supplemental Parcel Special Restricted Categorical General General Fund Grant Tax Education Maintenance Programs Fund Revenues $319.2 $15.8 $4.4 $31.6 $0.0 $32.5 $403.5 Less: Expenditures 252.9 15.1 5.5 80.7 10.5 32.5 397.2 Contribution (61.9) (0.8) 1.1 49.1 11.9 [1] 0.5 0.0 = Surplus/ (Deficit) $4.4 ($0.1) $0.0 $0.0 $1.4 $0.5 $6.3 Add: Beginning Fund Balance 18.6 0.1 0.0 0.4 0.0 11.2 30.3 = Ending Fund Balance $23.0 $0.0 $0.0 $0.4 $1.4 $11.7 $36.6 Less: Designations 2.4 0.0 0.0 0.4 1.4 11.7 16.0 = Reserve ($) $20.6 $0.0 $0.0 $0.0 $0.0 $0.0 $20.6 = Reserve (%) 5.19% 0.0% 0.0% 0.0% 0.0% 0.0% 5.19% 8 [1] Late change in calculation of 3% required Routine Restricted Maintenance contribution.
Reserve Summary Estimated Unaudited Estimated Unaudited Actual Actual Variance Actual Actual Variance Fiscal Year ($) ($) ($) (%) (%) (%) 2014‐15 23,869,638 22,627,619 (1,242,019) 8.12% 7.81% (0.31%) 2015‐16 17,523,901 15,793,476 (1,730,425) 5.32% 4.91% (0.41%) 2016‐17 8,801,200 7,108,978 (1,692,222) 2.41% 2.00% (0.41%) 2017‐18 10,886,157 11,247,432 361,275 2.99% 3.00% 0.01% 2018‐19 17,690,659 20,625,451 2,934,792 4.30% 5.19% 0.89% Average [1] $1,592,147 0.41% [1] Absolute Value 9
Other Funds (in Millions) Beginning Ending Balance Revenues Expenditures Balance (a) (b) (c) (d=a+b‐c) Special Education Pass‐Through (Fund 10) 0.0 12.2 12.2 0.0 Adult Education (Fund 11) 2.8 4.7 5.4 2.1 Child Development (Fund 12) 0.4 1.7 1.6 0.5 Cafeteria (Fund 13) 0.1 6.7 [1] 6.7 0.1 Building Fund (Fund 21) 144.0 130.5 89.2 185.3 Capital Facilities (Fund 25) 38.2 5.5 9.8 33.9 [1] includes transfer of $0.7 million from one‐time discretionary fund (General Fund) to cover its budget deficit. Note: Details of Other Funds are listed on pages 57‐99 of the Unaudited Actual Financial Report. 10
Other Funds – continued (in Millions) Beginning Ending Balance Revenues Expenditures Balance (a) (b) (c) (d=a+b‐c) State School Building Lease‐Purchase (Fund 30) $0.0 $0.0 $0.0 $0.0 County School Facility (Fund 35) 0.0 3.7 3.7 0.0 Special Reserve for Capital Outlay Projects (Fund 40) 30.4 1.3 15.9 15.8 Bond Interest and Redemption (Fund 51) 33.3 46.2 40.3 39.2 Self‐Insurance (Fund 67) 0.0 0.5 0.5 0.0 Note: Details of Other Funds are listed on pages 57‐99 of the Unaudited Actual Financial Report. 11
Other Funds (in Millions) Beginning Ending Balance Revenues Expenditures Balance (a) (b) (c) (d=a+b‐c) Charter School‐Circle of Independent Learning (Fund 09) $1.2 $3.8 $3.6 $1.4 Note: Circle of Independent Learning (COIL) contracted FUSD to provide business and other services necessary to the operation of the charter school. 12
Next Steps Adoption of 2019-20 Budget – June 26, 2019 State Budget Adoption – June 27, 2019 45-day Budget Revision – July 31, 2019 • Unaudited Actual 2018-19 – September 11, 2019 • First Interim Budget Report – December 11, 2019 • Audited Financial Statement – January 22, 2020 • Second Interim Budget Report – March 11, 2020 13
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