2nd quarter financial report 2014/2015...march 2015 forecast april 2015 forecast may 2015 forecast...
TRANSCRIPT
2ND QUARTER
FINANCIAL REPORT
2014/2015
PRESENTED BY:
KATHLEEN ASKELSON
CHIEF FINANCIAL OFFICER
Financial Services
Financial Services
CASH MANAGEMENT PAGES 1–3
$0.0
$25.0
$50.0
$75.0
$100.0
$125.0
$150.0
$175.0
$200.0
$225.0
$250.0
$275.0
$300.0
$325.0
July 2014Actual
August 2014Actual
September 2014Actual
October 2014Actual
November 2014Actual
December 2014Actual
January 2015Forecast
February 2015Forecast
March 2015Forecast
April 2015Forecast
May 2015Forecast
June 2015Forecast
Jeffco Public Schools Ending Cash Balances: July 2014 through June 2015
As of December 31, 2014
Restricted for TABOR Restricted for District & Board of Education Reserve Restricted for Capital Reserve Operating Cash Cash Balance Prior Year
in millions
Revenues
Higher than the prior year due to increased state funding.
Total revenue compared to budget low due to property tax timing.
Expenditures
Higher than the prior year from PERA and compensation increases.
Salary increases for licensed staff happened in the second quarter.
Expenditures at 47% of budget.
GENERAL FUND PAGES 4–11
Financial Services
Increased revenue over prior year from state funding and Specific Ownership Tax.
PERA increased 0.9% in January 2015.
$18M in budget for compensation.
$12.8M in non-compensation, $2M for primary literacy and $4.5M for MDR.
Fund Balance
Use of reserves for cash flow during the year.
Adopted budget – $3M increase to reserves.
GENERAL FUND (CONTINUED) PAGES 4–11
Financial Services
OTHER GOVERNMENTAL FUNDS PAGES 12–15
Debt Service
Principal and interest payments made December 2014.
Property tax revenues received in spring.
Capital Reserve Fund/Building Fund
Expenditures for annual projects and bond projects tracking as anticipated.
Financial Services
SPECIAL REVENUE FUNDS PAGES 16–19
Grants Fund
Revenues and expenditures continue for Rocky Mountain Deaf School’s BEST grant, technology and READ act.
Campus Activity Fund
Trending similar to the prior year.
Financial Services
SPECIAL REVENUE FUNDS (CONTINUED) PAGES 16–19
Transportation Fund
External trip revenue lower than the prior year. State revenue is higher.
Transfer from the general fund higher to cover increased special needs student expenses and funding for bus purchases moved from the capital reserve fund.
Financial Services
ENTERPRISE FUNDS PAGES 20–24
Food Service Fund
YELLOW FLAG
Food service revenues increased.
Purchased food expenses higher than anticipated.
Based on current forecast, the fund will perform better than the prior year.
Further adjustments to the program are being evaluated to make budget.
The program will continue to be monitored in 2014/2015.
Financial Services
ENTERPRISE FUNDS (CONTINUED) PAGES 20–24
Child Care Fund
Fees from preschool, before and after, and all day kindergarten programs.
Increase from additional classroom and program participation.
Property Management
Fees from building use.
Revenue higher from stadium concessions.
Financial Services
INTERNAL SERVICE FUNDS PAGES 25–29
Central Service Fund
Programs include copier, printing, and equipment repair.
Copier demand up slightly for the quarter.
Employee Benefits Fund
Self insurance activities for dental, vision and group life.
Decreased participation in dental and vision programs.
Financial Services
INTERNAL SERVICE FUNDS (CONTINUED) PAGES 25–29
Insurance Reserve Fund
Insurance reserve for self-insurance and premiums.
Lower claims.
Safety and Security move to General Fund.
Technology Fund
District-wide technology.
Expenditures lower than plan due to open positions to be filled.
Financial Services
CHARTER SCHOOLS PAGES 30–32
CHARTER YELLOW FLAGS
Rocky Mountain Deaf School
Borrowing at the end of quarter.
Outstanding receivables of $213,784.
Two Roads HS
Closed loan with district.
Collegiate
Not borrowing at the end of the quarter.
Mountain Phoenix
Not borrowing at the end of the quarter. Financial Services
ON
THE
RADAR
Financial Services
Facilities Update
Technology
Health Care Reform
Special Education
Budget Process
Student based budgeting
Priority based budgeting (departments)