Lapeer Community Schools Board Presentation For year ended June 30, 2018
Governmental Funds ‐ Balance Sheet June 30, 2018 Combined Non‐major General Fund Funds Assets: Cash and cash equivalents $ 8,214,454 $ 620,096 Receivables 7,429,371 114,121 Due from other funds 202,973 ‐ Inventory 12,379 ‐ Prepaid expenses 191,882 ‐ Restricted assets ‐ 1,867,341 Total assets $ 16,051,059 $ 2,601,558 Liabilities: Accounts payable $ 258,039 $ ‐ Due to other governmental units 761,886 ‐ Due to other funds ‐ 203,491 Accrued liabilities and other 4,450,487 State aid anticipation note 6,500,000 Unearned revenue 407,263 ‐ Total liabilities 12,377,675 203,491 Fund balance 3,673,384 2,398,067 Total liabilities and fund balance $ 16,051,059 $ 2,601,558 2
Governmental Funds – Statement of Revenue and Expenditures June 30, 2018 Nonmajor Governmental General Fund Funds Revenue: Local $ 7,400,657 $ 4,360,978 State 40,266,866 76,502 Federal 1,578,130 1,712,127 Total revenue 49,245,653 6,149,607 Expenditures: Instruction 28,961,590 ‐ Support services 18,213,958 ‐ Community services 599,760 ‐ Food services ‐ 2,399,829 Athletics 737,588 ‐ Debt service ‐ 3,766,016 Capital outlay 405,577 11,861 Total expenditures 48,918,473 6,177,706 Excess of revenue over expenditures 327,180 (28,099) Other Financing Sources (Uses) Proceeds from sale of capital assets 11,925 ‐ Transfers in 82,621 206,974 Transfers out (206,974) (82,621) Total other financing sources (112,428) 124,353 Net Change in Fund Balance 214,752 96,254 Fund balance ‐ Beginning of year 3,458,632 2,301,813 Fund balance ‐ End of year $ 3,673,384 $ 2,398,067 3
Statement of Net Position Governmental Activities 2018 2017 Assets: Cash and cash equivalents $ 8,834,550 $ 4,416,429 Receivables 7,543,492 7,579,944 Inventory and Prepaid costs 204,261 156,509 Restricted assets 1,867,341 1,722,285 Capital assets ‐ Net 62,286,701 64,829,265 Total assets $ 80,736,345 $ 78,704,432 Deferred Outflows of Resources $ 19,072,077 $ 11,449,611 Liabilities: Accounts payable 258,557 866,081 Due to other governmental units 761,886 581,799 Accrued liabilities and other 4,725,374 4,174,723 State aid anticipation note 6,500,000 2,480,516 Unearned revenue 407,263 299,771 Long‐term liabilities 49,770,488 51,626,203 Net Pension liability 77,567,596 76,130,317 Net OPEB liability 26,471,730 ‐ Total liabilties $ 166,462,894 $ 136,159,410 Deferred Inflows of Resources $ 10,073,419 $ 3,847,452 Net Position (Deficit): Net investment in capital assets 15,732,467 16,366,124 Restricted 1,592,481 1,434,537 Unrestricted (94,052,839) (67,653,480) Total net position (Deficit) $ (76,727,891) $ (49,852,819) 4
General Fund Revenue Three ‐ Year Comparison June 30, 2018 $48,964 $49,102 $49,246 $50,000 $45,000 Thousands of Dollars $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 2016 2017 2018 Local $7,091 $7,309 $7,401 State ‐ Unrestricted $32,939 $32,184 $31,346 State ‐ Restricted $7,702 $7,926 $8,921 Federal and Other $1,370 $1,545 $1,578 5
General Fund Expenditures June 30, 2018 2017 2018 $48,332,626 $48,918,473 Community Community Other Other Services Athletics $405,577 Services $895,006 $442,505 $737,588 Athletics $599,760 1% 2% 1% 2% $826,448 1% Support 1% Services Support $18,213,958 Services 37% $16,297,646 34% Instruction Instruction $28,961,590 $29,871,021 59% 62% 6
Instructional Expenditures Compared to Average Group D Schools June 30, 2018 70 69 68 67 66 65 63.99 63.99 63.66 63.66 63.54 63.54 64 63.8 63.8 63.71 63.71 62.41 62.41 63 62.9 62.9 61.83 61.83 62.69 62.69 62.36 62.36 62 61.85 61.85 62.08 62.08 61.54 61.54 62.73 62.73 61.15 61.15 61 60.93 60.93 60.99 60.99 60 60.10 60.10 59 58.95 58.95 58 57 56 55 54 53 52 51 50 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Lapeer SDs of Similar Size 7
Analysis of General Fund Expenditures (including Transfers) Three ‐ year comparison June 30, 2018 $60,000 $50,000 Dollars (Thousands ) $40,000 $30,000 $20,000 $10,000 $ ‐ 2016 2017 2018 Capital Outlay $296 $839 $406 Supplies, Transfers & Other $2,758 $2,813 $3,157 Purchased Services $3,899 $4,086 $3,640 Salaries and Fringes $41,793 $40,801 $41,923 8
General Fund Balance Analysis June 30, 2018 Metri Metric FY FY Lapeer Lapeer Board Board Statew Statewide Goa Goal Average Average Fund Balance/Expenditures 2018 7.51% 10% Fund Balance/Expenditures 2017 7.16% 10% 12.79% Fund Balance/Expenditures 2016 6.06% 10% 11.37% Early Early Wa Warning Me Metrics Fund Balance/Unrestricted 2018 9.5% N/A N/A Revenues Fund Balance/Unrestricted 2017 8.7% N/A N/A Revenues 9
Foundation Allowance Analysis and Comparison June 30, 2018 $8,000 $8,230 $7,773 $7,631 $7,000 $6,000 Lapeer State Average Schools of Similar Size (Potential Impact on (Potential Impact on Lapeer’s Foundation ‐ Lapeer’s Foundation ‐ $704,729) $2,972,765) 10
General Fund Revenue and Expenditures Per ‐ Pupil Analysis June 30, 2018 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2016 2017 2018 Revenue $9,286 $9,539 $9,942 Expenitures $9,198 $9,439 $9,899 State Aid $7,669 $7,800 $8,114 Property Tax $1,110 $1,168 $1,241 11
Future Uncertainties – School Funding New approach to school funding by Governor/Legislature • Statewide enrollment levels • Interest rates and return • Limited revenue alternatives • Foundation allowance level • Dependence upon state and national economy • Future retirement system contribution rates and health care • costs Locally developed and generated revenue sources • Capital improvements needed and their potential funding • sources 12
Thank you.
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