columbus city schools monthly financial reports–january 2014 financial re-cap for: columbus board...
TRANSCRIPT
COLUMBUS CITY SCHOOLS
Monthly Financial Reports–January 2014
Financial Re-Cap for:Columbus Board of Education
MeetingFebruary 18, 2014
2
Real Estate Taxes collected fiscal year-to-date total $277,295,961 which is in alignment with fiscal Year projected receipts.
These receipts reflect funds in the August 2013 settlement of taxes from the County Auditor and the tax advances received in January 2014.
Our final tax settlement funds should be received in February.
Executive Summary – Financial Reporting
For the Month of January 2014
Local Receipts
3
Executive Summary – Financial Reporting
For the Month of January 2014Receipts
Real Estate Tax 92,000,000 92,667,500 667,500
Monthly Monthly Monthly Estimate Actual Difference
$276,961,450 $277,295,961 $334,511
Year to Date Year to Date Year to DateEstimate Actual Difference
4
State Foundation funding of $20,996,061 were collected. To date, we are approximately $3.6 million over projections on our collections. This month continued collections of the promised additional funding the governor approved on June 29 in HB59.
We expect these collections to level out over the fiscal year and be in alignment with the Forecast.
Executive Summary – Financial Reporting
For the Month of January 2014
State Funding Receipts
5
Executive Summary – Financial Reporting
For the Month of January 2014Receipts
State Foundation $21,536,595 $20,996,061 -540,534
Monthly Monthly Monthly Estimate Actual Difference
$155,242,502 $158,887,930 $3,645,428
Year to Date Year to Date Year to DateEstimate Actual Difference
6
To date, Non Operating funds of $10,074,234 were returned to the general fund.
Non Operating funds can contain advances. (Advances are made to other funds one month and if the funds have ability they return that advance to the general fund in the next months.)
Due to timing of advanced funds and repayments of those advances, these balances are volatile and have largely impacted our carryover balances at year-end – therefore we monitor those regularly.
Executive Summary – Financial Reporting
For the Month of January 2014
Non-Operating Receipts
7
Executive Summary – Financial Reporting
For the Month of January 2014Receipts
Non-Operating $13,000 $2,344 $-10,656
Monthly Monthly Monthly Estimate Actual Difference
$14,125,774 $10,074,234 $-4,051,539
Year to Date Year to Date Year to DateEstimate Actual Difference
8
Total Revenues as of the month of January are close to projections.
(within approximately $-1.5 million or -0.32%)
We are continuing to monitor the revenues in local taxes and state aid to be certain our projections will hold for our spending this year.
Executive Summary – Financial Reporting
For the Month of January 2014Revenues:
9
Executive Summary – Financial Reporting
For the Month of January 2014Expenditures:
Salaries and wages as of the month of January are coming in under projections by approximately $-5.2 million. (We are starting to see the gap in projections due to the forecast including funds for negotiations which have not yet settled.)
Fringe benefits as of the month of January came in under projections by approximately $-1.0 million.
10
Executive Summary – Financial Reporting
For the Month of January 2014Expenditures
Salaries & wages $44,547,654 $42,094,329 $-2,453,325
Monthly Monthly Monthly Estimate Actual Difference
$233,026,750 $227,765,690 $-5,261,059
Year to Date Year to Date Year to DateEstimate Actual Difference
11
Executive Summary – Financial Reporting
For the Month of January 2014Expenditures
Fringe Benefits $18,126,440 $18,343,701 $217,261
Monthly Monthly Monthly Estimate Actual Difference
$93,955,723 $92,918,485 $-1,037,239
Year to Date Year to Date Year to DateEstimate Actual Difference
12
Purchased Services costs of $14.6 million for the month of January came in under projections by about $-2.9 million. [The charter and voucher payments, which are strictly pass-thru payments, comprised approximately $11.9 million (81%) of the Purchased Services costs in January.]
Materials, Supplies and Books for the month of January came in under projections by about $-80 thousand.
Capital Outlay for the month of January came in under projections by about $-42 thousand.
Executive Summary – Financial Reporting
For the Month of January 2014Expenditures
13
Executive Summary – Financial Reporting
For the Month of January 2014Expenditures
Purchased Svcs. $17,502,301 $14,619,475 $-2,882,826
Monthly Monthly Monthly Estimate Actual Difference
$104,371,827 $101,249,295 $-3,122,533
Year to Date Year to Date Year to DateEstimate Actual Difference
14
Executive Summary – Financial Reporting
For the Month of January 2014Expenditures
Materials,Supplies $1,285,234 $1,204,359 $-80,876
Monthly Monthly Monthly Estimate Actual Difference
$10,839,801 $9,517,974 $-1,321,827
Year to Date Year to Date Year to DateEstimate Actual Difference
15
Executive Summary – Financial Reporting
For the Month of January 2014Expenditures
Capital Outlay $115,167 $73,104 $-42,062
Monthly Monthly Monthly Estimate Actual Difference
$1,584,207 $1,826,918 $242,711
Year to Date Year to Date Year to DateEstimate Actual Difference
16
Total Expenditures as of the month of January came in under projections within $-12.6 million or -2.72%.
In alignment with budgeted expenditures, 58.33% of the fiscal year has elapsed and we have spent 55.48% of the annual budget.
Executive Summary – Financial Reporting
For the Month of January 2014Expenditures:
17
As of January, Cash Balance is over projections $11 million or 2.4% of the actual expenditures to date.
($11,055,575 / $450,128,750) = 2.4%
The cash balance will change in coming months due to operational needs, changes in spending patterns, costs that vary, and many variables that drive revenues and expenditures.
This factor is being monitored and reported to reflect Five Year Forecast “bottom-line cash balance” monthly impacts.
As you know, forecasting is partially a science and partially art – due to unknown variables.
Executive Summary – Financial Reporting
For the Month of January 2014“Bottom-Line” Cash Balance:
18
Executive Summary – Financial Reporting
For the Month of January 2014“Bottom-Line” Cash Balance:
Ending Cash Balance $144,493,776 $155,549,351 $11,055,575
Monthly Monthly Monthly Estimate Actual Difference
$144,493,776 $155,549,351 $11,055,575
Year to Date Year to Date Year to DateEstimate Actual Difference
19