FY 2019-2020 First Interim Report December 17, 2019 1
First Interim Financial Report • Education Code Section 42130 requires Districts to submit two financial interim reports to the County Office of Education each fiscal year: • 1 st Interim: Financial transactions from July 1 to October 31 • The Interim Financial Report is designed to: • Identify the changes to the budget, since adoption in June. The overall change to revenues, expenditures and ending fund balance and reserves. • Provide an in-depth multi-year analysis, using current projection factors, to state the district’s ability to meet its financial obligations for the current and two subsequent fiscal years. • Certify, based on current information, the district will be able to meet its fiscal obligations for the current and two subsequent years. 2
Key Assumptions • In FY 2019-2020 the district experienced a decline in enrollment of 831 students and declining enrollment will continue in subsequent years • FY 2019-2020 COLA is 3.26% • One-time revenue for Preschoolers with disabilities totaled $1,567,740 • Textbook adoption expenditures for Math and Next Generation Science Standard are budgeted at $6M • Expenditures associated with Special Education will continue to increase and will drive up contributions to restricted programs • Expenditures will continue to increase due to rate increases (STRS, PERS, HW, etc.) as well as CPI 3
Enrollment and ADA A B (A-B) 1st Interim Adopted Budget Change Enrollment 18,254 18,341 -87 ADA 17,305 17,481 -175 TPAA expanded into grades TK-5. The decline in enrollment from 2018-2019 totaled 831 students or 87 more than projected. In addition, there was an audit adjustment to the ADA as part of the FY 2018-2019 audit. 4
Unrestricted Revenues A B (A-B) 1st Interim Adopted Budget Change LCFF Sources 194,259,624 195,209,604 (949,980) Federal Revenue - - - Other State Revenue 4,915,425 3,319,447 1,595,978 Other Local Revenue 2,574,965 1,980,808 594,157 Total Revenues 201,750,014 200,509,859 1,240,155 Additional state revenue for Preschoolers with Disabilities and an adjustment to expected interest revenue resulted in an increase of $1.2 million in total revenues. 5
Unrestricted Expenditures A B (A-B) 1st Interim Adopted Budget Change Certificated Salaries 56,127,608 58,078,750 (1,951,142) Classified Salaries 16,556,698 16,582,275 (25,577) Benefits 35,170,991 36,090,013 (919,022) Books and Supplies 9,661,214 10,013,909 (352,695) Services 17,855,652 17,644,905 210,747 and Other Operating Expenditures 286,422 2,171,197 2,457,619 Capital Outlay Other Outgoing (2,555,538) (1,772,599) (782,939) Total Expenditures 135,274,244 136,923,675 (1,649,431) Expenditures were adjusted to align with actual expenses in FY 2018- 2019 resulting in decreases in several categories. Some expenditures shifted from unrestricted to restricted. The increase in Capital Outlay is due to the Audio Visual Project extending into FY 2019-2020. 6
Contributions to Restricted Resources A B (A-B) 1st Interim Adopted Budget Change LCAP (Supplemental and Concentration Grants) 49,915,681 49,374,458 541,223 RRMA 8,317,457 7,736,182 581,275 Special Education 23,190,325 22,422,368 767,957 Tech Updates & Resource 9500 (Saturday School Incentive) 532,671 33,471 499,200 Total 81,956,134 79,566,479 2,389,655 Increase in LCAP is due to an increase in Unduplicated students. RRMA increase is due to budgeting restricted carryover from FY 2018-2019. A Technology Update Resource was added for IT updates for infrastructure and hardware updates. 7
FY 2019-20 General Fund Revenues Other Local Revenue Revenue Other State Revenue 7% 4% LCFF Sources Federal Revenue 9% Federal Revenue LCFF Sources 80% Other State Revenue Other Local Revenue A B (A-B) 1st Interim Adopted Budget Change LCFF Sources 194,259,624 195,209,604 (949,980) Federal Revenue 25,851,062 21,233,309 4,617,753 Other State Revenue 11,121,870 9,342,412 1,779,458 Other Local Revenue 18,098,766 17,078,042 1,020,724 Total Revenues 249,331,323 242,863,367 6,467,955 8
FY 2019-20 General Fund Expenditures Capital Outlay Services Other Outgoing Excl Transfers of 2% Indirect Costs 15% 0% Books and Supplies Certificated Salaries Certificated Salaries 9% 36% Classified Salaries Benefits Books and Supplies Benefits Services 24% Classified Salaries 14% Capital Outlay Other Outgoing Excl Transfers of Indirect Costs A B (A-B) 1st Interim Adopted Budget Change Certificated Salaries 100,551,321 99,804,750 746,571 Classified Salaries 37,878,243 37,370,434 507,809 Benefits 68,216,179 68,084,197 131,982 Books and Supplies 23,927,436 18,686,825 5,240,611 Services and Other Operating Expenditures 42,491,479 32,576,191 9,915,288 Capital Outlay (Locally restricted funds for Tech) 4,997,518 1,716,169 3,281,349 Other Outgoing Excl Transfers of Indirect Costs 1,183,014 1,183,014 - Other Outgoing Transfers of Indirect Costs (1,996,642) (1,548,861) (447,781) 9 Total Expenditures 277,248,549 257,872,719 19,375,830
Restricted Expenditures A B (A-B) 1st Interim Adopted Budget Change Certificated Salaries 44,423,713 41,726,000 2,697,713 Classified Salaries 21,321,545 20,788,159 533,386 Benefits 33,045,188 31,994,184 1,051,004 Supplies 14,266,222 8,672,916 5,593,306 Services 24,635,827 14,931,286 9,704,541 Capital Outlay 2,539,899 1,429,747 1,110,152 Other Outgo/Indirect 1,741,910 1,406,752 335,158 Total Restricted Expenditures 141,974,305 120,949,044 21,025,261 The increase in budgeted expenditures is due to restricted carryover from FY 2018-2019 being budgeted in FY 2019-2020. 10
Revenues and Expenditures - Combined A B (A-B) 1st Interim Adopted Budget Change LCFF Sources 194,259,624 195,209,604 (949,980) Federal Revenue 25,851,062 21,233,309 4,617,753 Other State Revenue 11,121,870 9,342,412 1,779,458 Other Local Revenue 18,098,766 17,078,042 1,020,724 Total Revenues 249,331,323 242,863,367 6,467,955 A B (A-B) 1st Interim Adopted Budget Change Certificated Salaries 100,551,321 99,804,750 746,571 Classified Salaries 37,878,243 37,370,434 507,809 Benefits 68,216,179 68,084,197 131,982 Books and Supplies 23,927,436 18,686,825 5,240,611 Services and Other Operating Expenditures 42,491,479 32,576,191 9,915,288 Capital Outlay (Locally restricted funds for Tech) 4,997,518 1,716,169 3,281,349 Other Outgoing Excl Transfers of Indirect Costs 1,183,014 1,183,014 - Other Outgoing Transfers of Indirect Costs (1,996,642) (1,548,861) (447,781) Total Expenditures 277,248,549 257,872,719 19,375,830 11
Components of Ending Fund Balance A B (A-B) 1st Interim Adopted Budget Change Beginning Fund Balance 46,047,512 36,164,477 9,883,035 Revenues 201,750,014 200,509,859 1,240,155 Expenditures (135,274,244) (136,923,675) 1,649,431 Contributions (81,956,134) (79,566,479) (2,389,655) Ending Fund Balance 30,567,148 20,184,183 10,382,965 Cash, Stores & Prepaids 100,000 150,000 (50,000) Deficit Spending FY 2020-2021 9,208,409 11,131,616 (1,923,207) Other Assignments - Bus Replacement 120,000 - 120,000 Reserve for Economic Uncertainties 8,317,457 7,736,182 581,275 Unassigned 12,821,282 1,166,385 11,654,897 The Unrestricted Ending Fund Balance increased by $10.4 million from Adopted Budget to 1 st Interim primarily due to the change in Beginning Fund Balance. The unassigned amount increased by $11.7 million from Adopted Budget to 1 st Interim. 12
MULTI-YEAR PROJECTIONS Fund 01.0 ‐01.4 FY 2019‐2020, FY 2020‐2021, and FY 2021‐2022 13
1 st Interim MYP Projection Factors FY 2019‐20 FY 2020‐21 FY 2021‐22 Step and Column Movement Certificated Actual 2% 2% Step and Column Movement Classified Actual 1% 1% Health and Welfare Benefits Increase Actual 4% 4% Cost of Living Adjustment to LCFF Target 3.26% 3.00% 2.80% Lottery Revenue – Unrestricted 153 153 153 Lottery Revenue – Restricted 54 54 54 Mandated Block Grant 32.18 33.15 34.08 CalSTRS Employer Rates 17.10% 18.40% 18.10% CalPERS Employer Rates 19.72% 22.80% 24.90% LCFF Unduplicated % for Supplemental and Concentration Grants 89.16% 90.05% 91.02% 14
Enrollment Assumptions 1 st Interim vs Adopted Budget FY 2020‐2019 through FY 19,500 2021‐2022 are Projections 19,247 19,127 19,085 19,072 19,000 18,693 18,500 18,341 18,254 18,166 17,991 18,000 17,688 17,500 17,212 17,000 16,500 16,000 2014‐15 2015‐16 2016‐17 2017‐18 2018‐19 2019‐20 2020‐21 2021‐22 CBEDS Enrolment/1st Interim Adopted Budget 15
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