Download - Cedar Falls Community School Dsitrict
CEDAR FALLS COMMUNITY SCHOOL DISTRICT Annual District Financial Report December 10, 2018
Where to Begin - Legal Basics • Home Rule
• Governing body has authority to take any action as long as it is not prevented by state or Federal law
• Applies to cities and counties
• Dillon’s Rule • Governing body has the
authority to take action only if specifically stated in the law
• Applies to Iowa public school districts, AEA’s and community colleges
• 2017 passage of HF573 provides some “wiggle room” but did not grant full Home Rule status
Fund Accounting – CFCSD Funds
• General Fund • Includes Instructional Support Levy
• Management Fund • Capital Projects Fund (G.O. Bonds) • Secure A Vision for Education (Statewide 1¢ sales tax) • Physical Plant & Equipment Levy • Activity Fund • Nutrition Fund • Debt Service Fund • Trust & Agency Funds
Goals & Principals of Iowa School’s Foundation Formula (General Fund)
• Equity in expenditures • Property tax relief • Equalization of method of taxation
• Uniform state aid allocation formula
• Predictable
• Pupil-driven • Provide for local discretion and incentives
• ESTABLISHES MAXIMUM SPENDING CONTROL
• Same formula for all Iowa K-12 public schools and AEA’s
Four Key Factors Iowa Public School Foundation Formula
• 1. Enrollment • Number of students enrolled on October 1st determines budget and spending
authority for the following school year
• 2. Equalization • Legislature established a law that “cost per student” across the state will be
nearly equal to ensure every student equal access to a quality education
FY18 Iowa Public Schools District Cost per Pupil
0
20
40
60
80
100
120
140
160
180
FY18 District Cost per Pupil
Cedar Falls = $6,671
162 = $6,664 per pupil 171 > $6,664 per pupil
FY18 Iowa Public Schools District Cost per Pupil
$6,640
$6,660
$6,680
$6,700
$6,720
$6,740
$6,760
$6,780
$6,800
$6,820
$6,840
$6,860
FY18
Dis
tric
t Cos
t per
Pup
il
Cedar Falls
162 = $6,664 per pupil 172 > $6,664 per pupil
Four Key Factors Iowa Public School Foundation Formula
• 3. Supplemental State Aid Growth (SSA) • Legislature & Governor control the annual increase in dollars available per
student • Basically the State Foundation Formula is the Cost per Student x State percent of
growth (SSA) x Oct. 1st enrollment • State foundation formula sets the expenditure ceiling for each school
district’s total spending authority and tells the school district how to fund its spending authority.
Spending Authority (General Fund) • Spending Authority is similar to the maximum limit on a credit
card. • Maximum limit does not necessarily mean you have the cash to
spend to that limit. • Spending authority is a calculation. It does not generate its own
cash. • Any unused spending authority (permission) carries forward to the
following fiscal year.
Spending Authority Calculation (General Fund)
• Combined District Cost • + SBRC Dropout Prevention • + SBRC Allowable Growth (increased enrollment, ELL, other misc.) • + SBRC Special Education Deficit Allowable Growth • + 4 yr. old pre-school funding • + Instructional Support Levy • + Other miscellaneous income • + Previous year unspent budget authority • = Maximum Authorized Budget • - Expenditures • = Unspent Authorized Budget Balance
Cedar Falls CSD Unspent Authorized Budget Worksheet Line 32 = Legal Limit on General Fund Spending
Authority Data Source Actual FY15 Actual FY16 Actual FY17 Actual FY18
1 Formula AidLevy 4.3/5.1 Regular Program District Cost 30,967,044 31,666,807 33,333,756 34,334,3032 Formula AidLevy 4.8/5.2 Regular Program Budget Adjustment + 0 0 0 03 Formula AidLevy 4.11/5.3 Supplementary Weighting District Cost + 439,278 466,358 506,291 494,0284 Formula AidLevy 4.14/5.4 Special Ed District Cost + 3,659,185 3,889,933 4,043,914 4,601,7235 Formula AidLevy 4.22/5.5 Teacher Salary Supplement District Cost + 2,611,037 2,670,602 2,812,555 2,897,7006 Formula AidLevy 4.30/5.6 Professional Development Suppl District Cost + 310,837 317,748 334,297 344,2187 Formula AidLevy 4.38/5.7 Early Intervention Supplement District Cost + 308,650 315,883 332,984 343,2408 Formula AidLevy 4.46/5.8 Teacher Leadership Supplement District Cost + 0 0 0 1,663,8069 Formula AidLevy 4.49/5.9 AEA Special Ed Support + 1,538,702 1,579,693 1,660,185 1,729,212
10 Formula AidLevy 4.54/5.10 AEA Special Ed Support Adjustment + 0 0 0 011 Formula AidLevy 4.60/5.11 AEA Media Services + 270,542 277,293 291,378 298,65912 Formula AidLevy 4.63/5.12 AEA Educational Services + 302,249 309,759 325,389 333,46513 Formula AidLevy 4.66/5.13 AEA Sharing District Cost + 0 0 0 014 Formula AidLevy 4.74/5.14 AEA Teacher Salary Suppl District Cost + 196,413 201,174 210,511 218,81515 Formula AidLevy 4.82/5.15 AEA Professional Dev Suppl District Cost + 22,548 23,087 24,190 25,15616 Board/SBRC AidLevy 5.17 SBRC Modified Suppl Amt Dropout Prev + 744,414 738,732 773,047 828,14917 Board/SBRC SBRC SBRC Modified Supplemental Amt Other #1 + 80,675 102,442 100,596 98,07918 Board/SBRC SBRC SBRC Modified Supplemental Amt Other #2 + 314,189 942,912 634,990 136,96919 SBRC SBRC/DE Special Ed Deficit Modified Suppl Amt + 675,685 807,534 972,951 467,28320 SBRC SBRC/DE Special Ed Positive Balance Reduction - 0 0 0 021 Board/SBRC SBRC/DE AEA Special Ed Positive Balance - 0 0 0 022 Board/SBRC SBRC Allowance for Construction Projects + 0 0 0 023 SBRC SBRC Unspent Allowance for Construction - 0 0 0 024 Auditor AidLevy 5.18 Enrollment Audit Adjustment + 0 0 -17,810 025 Calculated AidLevy 5.16 AEA Prorata Reduction - 198,163 198,163 231,049 198,16326 Calculated Calculated Maximum District Cost = 42,243,285 44,111,794 46,108,175 48,616,64227 Board/Vote AidLevy 7.35 Total Preschool Foundation Aid + 388,324 412,544 425,120 476,47628 Board/Vote AidLevy 10.27 Instructional Support Authority + 2,399,326 2,444,994 2,549,366 2,660,56529 Board AidLevy 11.3 Ed Improvement Authority + 0 0 0 030 Board See Note 1 Other Miscellaneous Income + 7,446,734 5,873,635 7,673,278 5,942,89431 Calculated Calculated Unspent Auth Budget - Previous Year + 9,191,056 8,630,990 8,609,170 8,533,64832 Calculated Calculated Maximum Authorized Budget = 61,668,725 61,473,957 65,365,109 66,230,22533 Board See Note 2 Expenditures - 53,037,735 52,864,787 56,831,461 58,534,53334 Calculated Calculated Unspent Authorized Budget (UAB) = 8,630,990 8,609,170 8,533,648 7,695,692
Four Key Factors Iowa Public School Foundation Formula
• 4. Balance • The ratio of property tax & state aid supporting a district’s budget varies by
district. “Property rich districts” will receive less state aid. • Uniform Levy - $5.40/$1,000 • State Foundation Percentage – to 87.5% level • Supplemental State Aid – covers property tax increase as a result of an increase
in “cost per pupil” • Additional Levy – varies from district to district
12.57% $ 838 per Student
Additional Levy Combined District Cost – Foundation Dollar Level
62.82% $4,191 per Student
State Foundation Aid = Foundation Dollar Level – Uniform Levy Foundation dollar cost per pupil as set by the State of Iowa x Weighted Enrollment - Uniform Levy
+ SSA Prop Tax Replacement Payment
24.61% $1,642 per Student
Uniform Levy = $5.40 per $1,000 assessed valuation x school district assessed valuation
Cedar Falls 2017/18 Cost per Pupil = $6,671
Other District Funds
• All other District funds are restricted (specific purpose) • Cannot be used to support the General Fund
• Management • Capital Projects (New beginning in FY17) • Secure A Vision for Education (SAVE) (Statewide 1¢ sales tax) • Physical Plant & Equipment Levy • Activity • Nutrition • Debt • Agency & Trust
Purpose • This report will provide information on:
• Individual fund revenue & expenditures • Individual fund balances • General Fund key financial indicators
General Fund Key Financial Indicators
• The Iowa Association of School Boards (IASB) has developed key financial indicators to create a snapshot of a District’s financial health
• Key General Fund dashboard indicators include: • #1 Certified Enrollment • #2 Financial Solvency Ratio • #3 Unspent Budget Authority
• #3A Unspent Budget Authority Ratio • #4 Annual Unspent Budget Authority Ratio • #5 Salaries & Benefits to Total Budget Ratio • Background Color
• Green = Increase of 0.01% or greater • Yellow = 0.00 to 5.00% decrease • Orange = Greater than 5.00% decrease
Enrollment History Key Trend Dashboard Indicator #1
4,000
4,200
4,400
4,600
4,800
5,000
5,200
5,400
5,600
10/2011 10/2012 10/2013 10/2014 10/2015 10/2016 10/2017 10/2018
Stud
ents
Certified Enrollment OE In Tuition In
Increase of 9.5% over the last 8 years. 4 year old pre-school students not included.
Iowa Schools Certified Enrollment Percentage Oct. 2007 to Oct. 2017
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
1 7 13 19 25 31 37 43 49 55 61 67 73 79 85 91 97 103
109
115
121
127
133
139
145
151
157
163
169
175
181
187
193
199
205
211
217
223
229
235
241
247
253
259
265
271
277
283
289
295
301
307
313
319
325
330
Cedar Falls - 17.46% increase 22nd largest increase in Iowa
CFCSD Enrollment Projections
4,500
4,700
4,900
5,100
5,300
5,500
5,700
5,900
6,100
6,300
Oct2007
Oct2008
Oct2009
Oct2010
Oct2011
Oct2012
Oct2013
Oct2014
Oct2015
Oct2016
Oct2017
Oct2018
Oct2019
Oct2020
Oct2021
Oct2022
Oct2023
Oct2024
Oct2025
Oct2026
Stud
ents
Projected ActualRSP & Associates projections – Updated Jan. 2017
CAR General Fund Balance
$10.95 $12.26
$14.04 $13.34
$11.94 $11.89 $12.16
$5.37 $6.33
$8.02 $7.10
$5.48 $4.88 $5.27
$0
$2
$4
$6
$8
$10
$12
$14
$16
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Mill
ions
Total Assets (Cash/Receivables/Inventory) Fund Balance (Assets less Payables)$275,119 increase in cash on hand and $393,177 increase in fund balance.
General Fund Revenue/Expenditure History Includes Instructional Support Fund
$46.33
$50.44 $53.68 $52.12
$51.25
$56.22 $58.93
$45.15
$49.49 $51.99
$53.04 $52.86
$56.83 $58.53
$30
$35
$40
$45
$50
$55
$60
$65
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Mill
ions
Revenue Expenditures
Revenue increased by $2,702,918 and expenditures increased by $1,703,092 from 2016-17 to 2017-18.
ISL (only) Revenue/Expenditure Detail
$2.15 $2.20
$2.36 $2.41 $2.52
$2.61 $2.74
$2.12 $2.01 $2.06 $2.07
$2.29
$2.08
$2.27
$1.0$1.2$1.4$1.6$1.8$2.0$2.2$2.4$2.6$2.8$3.0
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Mill
ions
Revenue Expenditures
History of General Fund Revenue
$16.14 $17.18 $19.13 $17.51 $17.21 $18.62 $20.85
$3.20 $6.99 $7.04
$5.20 $3.58 $3.67 $3.65
$24.62 $24.48
$25.33 $27.33 $28.30
$31.65 $32.31
$2.36 $1.79
$2.18 $2.08 $2.15 $2.28
$2.12
$0$5
$10$15$20$25$30$35$40$45$50$55$60
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Mill
ions
Local - Prop Tax Local - Other State Federal
History of General Fund Revenue
34.85% 34.05% 35.64% 33.60% 33.58% 33.12% 35.38%
6.91% 13.86% 13.11% 9.97% 6.99% 6.53% 6.19%
53.15% 48.55% 47.19% 52.44% 55.23% 56.29% 54.83%
5.10% 3.55% 4.06% 3.99% 4.20% 4.06% 3.60%
0%10%20%30%40%50%60%70%80%90%
100%
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18Local - Prop Tax Local - Other State Federal
Due to rounding percentages may not total 100.0%
Financial Solvency Ratio Key Trend Dashboard Indicator #2
10.69% 11.90%
13.66% 12.59%
9.78%
7.94% 8.42%
0%
2%
4%
6%
8%
10%
12%
14%
16%
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18Assigned & unassigned fund balance/General fund revenue less AEA flow thru. Measures the District’s fund equity position. IASB recommended minimum 5%. Goal 10%
History of Unspent Budget Authority (In Dollars) Key Trend Dashboard Indicator #3
$7.89
$8.89 $9.19 $8.63 $8.61 $8.53
$7.70 $7.26
$8.34 $8.13 $7.83 $7.93 $7.96 $7.19
$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0
$10.0
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Mill
ions
Total Unspent Authority Unassigned/Unrestricted Unspent Authority
History of Unspent Budget Authority Ratio Key Trend Dashboard Indicator #3A
14.87% 15.23% 15.02% 14.00% 14.00%
13.06% 11.62%
13.69% 14.28% 13.28% 12.69% 12.89%
12.17% 10.86%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18Total Unspent Authority Ratio Unassigned/Unrestricted Unspent Authority Ratio
A goal of 10% unassigned/unrestricted unspent authority over expenditures ($6.62 million) is desired. District is at 10.86% for 2017-18.
Annual Unspent Budget Authority Ratio Key Trend Dashboard Indicator #4
2.92%
1.98%
0.58%
-1.07%
-0.04% -0.13%
-1.45%
-2.00%
-1.50%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
2012 2013 2014 2015 2016 2017 2018
Measures the annual amount in UAB as a percentage of expenditures each year.
Net Fund Balance As a Percentage of Unspent Authority
40%
45%
50%
55%
60%
65%
70%
75%
80%
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Measures the percent of the District’s ability to finance it’s unspent budget authority.
General Fund - Days Net Cash Ratio
60
65
70
75
80
85
90
6/30/12 6/30/13 6/30/14 6/30/15 6/30/16 6/30/17 6/30/18
Day
s
Cash & investments/Avg. daily cash expenditures. A goal of 90 days is desired.
Net Fund Balance As a Percentage of Expenditures
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18Measures the percent of the District’s cash available to cover non-funded months. – Goal 10%
Salaries & Benefits to Total Expenditures Ratio Key Trend Dashboard Indicator #5
77.85%
74.33% 74.74%
78.77%
80.30% 80.07% 79.89%
81.66%
82.64%
83.80% 83.77%
73.0%
75.0%
77.0%
79.0%
81.0%
83.0%
85.0%
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Measures the percent of the District’s budget dedicated to labor costs.
History of Assessed Valuation
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
$2.2
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Billi
ons
Basic Valuation Valuation w/ TIF
Basic Valuation increased 10.35% from FY17 to FY18 & 54.70% over the past 10 years. Valuation w/ TIF increased 3.19% from FY17 to FY18 & 45.13% over the past 10 years.
General Fund Combined District Cost Property Tax/State Aid History
62.84% 61.79% 58.83%
63.08% 63.76% 63.93% 62.82%
37.16% 38.21% 41.17%
36.92% 36.24% 36.07% 37.18%
20%25%30%35%40%45%50%55%60%65%70%
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18State Aid Property Tax
Financial Dashboard – All Iowa Schools Oct. 1, 2017 Certified Enrollment
Rank = 17th Largest CF = 5,127.5 (10/1/17) 5,237.6 (10/1/18)
1 330
FY17 Solvency Ratio
Rank = 288 out of 330 State Avg. = 17.83% CF = 7.94% Fy17 8.42% Fy18
+102.6% -4.5%
FY17 UBA Per Pupil
Rank = 264 out of 330 State Avg. = $3,178 CF = $1,658 Fy17 $1,501 Fy18
+$24,488 -$262
FY18 Valuation per Pupil
Rank = 176 out of 330 State Avg. = $407,725 CF = $365,653 Fy18 $380,734 Fy19
$1,260,406 $162,804
FY18 General Fund Tax Rate
Rank = 130 out of 330 State Avg. = $10.7290 CF = $11.0437 Fy18 $10.8045 Fy19
$7.0230 $17.7800
FY18 Total Tax Rate
Rank = 127 out of 330 State Avg. = $13.7444 CF = $14.2727 Fy18 $13.9469 Fy19
$7.7993 $21.5783
Financial Dashboard – 25 Largest Iowa Schools Oct. 1, 2017 Certified Enrollment
Rank = 17th Largest CF = 5,127.5 (10/1/17) 5,237.6 (10/1/18)
1 (33,057.4) 25 (3,723.4)
FY17 Solvency Ratio
Rank = 21 out of 25 Average = 13.09% CF = 7.94% Fy17 8.42% Fy18
+22.5% +2.8%
FY17 UBA Per Pupil
Rank = 12 out of 25 Average = $1,960 CF = $1,658 Fy17 $1,501 Fy18
+$4,567 -$262
FY18 Valuation per Pupil
Rank = 5 out of 25 Average = $298,955 CF = $365,653 Fy18 $380,734 Fy19
$595,820 $168,466
FY18 General Fund Tax Rate
Rank = 4 out of 25 Average = $12.8352 CF = $11.0437 Fy18 $10.8045 Fy19
$8.5598 $16.1685
FY18 Total Tax Rate
Rank = 4 out of 25 Average = $16.0402 CF = $14.2727 Fy18 $13.9469 Fy19
$13.2687 $19.4837
General Fund Tax Rate
$8.00
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
Per $
1,00
0 A
sses
sed
Valu
atio
n
Cedar Falls 25 Largest Avg State Avg
Total Tax Rate
$10.00
$11.00
$12.00
$13.00
$14.00
$15.00
$16.00
$17.00
2014 2015 2016 2017 2018 2019
Per $
1,00
0 A
sses
sed
Valu
atio
n
Cedar Falls 25 Largest Avg State Avg
Net Assessed Value per Student
$250,000
$270,000
$290,000
$310,000
$330,000
$350,000
$370,000
$390,000
$410,000
$430,000
$450,000
2013 2014 2015 2016 2017 2018Cedar Falls 25 Largest Avg State Avg
TIF Valuation Not Included
History of Supplemental State Aid (Allowable Growth)
0%
1%
2%
3%
4%
5%
6%
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
State Avg. Cedar Falls One Time Funds
Other District Funds (Restricted) • Other District funds:
• Management • Capital Projects Fund • Secure A Vision for Education (SAVE) (Statewide 1¢ sales tax) • Physical Plant & Equipment Levy (PPEL) • Debt • Activity • Nutrition
• These are restricted use funds that are subject to laws and regulations established by the Code of Iowa and Iowa Administrative Code.
• Definitions: • Total Assets = Cash, Receivables and Inventory on hand. • Fund Balance = Total Assets minus Payables and Accrued Expenses due.
Management Fund • Restricted fund
• Board of Education Controlled • Used for property/liability/auto/workers compensation/etc. insurance
premiums • Property loss (deductible only) • Unemployment payments • Early severance benefits (not used)
Management Fund $1,145 $1,209
$1,071 $1,005 $948 $942
$1,074 $1,127 $1,200
$1,063 $1,000
$938 $933
$1,072
$300$400$500$600$700$800$900
$1,000$1,100$1,200$1,300
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Thou
sand
s
Total Assets Fund Balance
Secure A Vision for Education (SAVE) Formally Local Option One Cent Sales Tax
• Restricted fund • Construction, remodeling, repairing and furnishing of new or existing
buildings • Purchase or improve school grounds • Procure or open roads to buildings • Emergency repairs • Payment of principle and interest or retirement of general obligation bonds
SAVE - Revenue/Expense History •
Fiscal Year Ending June 30
Beginning Balance
Sales Tax Revenue Interest
Sale of BAN's/ Bonds
Other Revenue
Total Available
Project Expense
BAN/Bond Payment
(P & I) EOY Balance
Less Req. Bond
ReserveNet
Available
2000 $3,398 $2,389,728 $63,619 $5,000,000 $0 $7,456,745 $656,624 $0 $6,800,1212001 $6,800,121 $3,139,300 $515,092 $680,967 $11,135,480 $2,804,086 $250,300 $8,081,0942002 $8,081,094 $3,289,359 $445,141 $357,970 $12,173,564 $5,800,954 $250,300 $6,122,3102003 $6,122,310 $3,415,544 $356,005 $331,387 $10,225,246 $3,224,358 $5,250,300 $1,750,5882004 $1,750,588 $3,575,011 $22,946 $118,184 $5,466,729 $1,250,748 $0 $4,215,9812005 $4,215,981 $3,418,807 $85,233 $235,256 $7,955,277 $3,983,234 $0 $3,972,0432006 $3,972,043 $4,090,224 $217,071 $5,046,303 $3,300 $13,328,941 $8,263,024 $147,594 $4,918,3232007 $4,918,323 $3,839,801 $260,884 $0 $9,019,008 $2,256,054 $175,400 $6,587,5542008 $6,587,554 $4,376,493 $272,527 $0 $11,236,574 $2,265,992 $5,175,400 $3,795,1822009 $3,795,182 $4,516,507 $170,853 $10,016,194 $17,500 $18,516,236 $3,547,264 $240,564 $14,728,4082010 $14,728,408 $4,514,284 $186,794 $56,616 $19,486,102 $13,258,036 $265,682 $5,962,3842011 $5,962,384 $3,607,002 $44,403 $20,500,000 $1,365 $30,115,154 $5,119,637 $10,563,845 $14,431,672 $1,834,533 $12,597,1392012 $14,431,672 $3,672,221 $85,127 $20,900 $18,209,920 $4,925,138 $1,835,232 $11,449,550 $1,834,533 $9,615,0172013 $11,449,550 $4,468,108 $48,818 $0 $15,966,476 $8,731,307 $1,770,141 $5,465,028 $1,834,533 $3,630,4952014 $5,465,028 $4,227,019 $49,678 $9,999,287 $39,920 $19,780,932 $7,415,222 $3,331,454 $9,034,256 $2,829,533 $6,204,7232015 $9,034,256 $4,613,875 $35,647 $0 $13,683,778 $1,958,675 $3,272,592 $8,452,511 $2,829,533 $5,622,9782016 $8,452,511 $4,682,586 $41,635 $1,398 $13,178,130 $341,056 $2,775,355 $10,061,719 $2,829,533 $7,232,1862017 $10,061,719 $4,831,500 $52,038 $0 $14,945,257 $1,781,175 $4,979,369 $8,184,713 $995,000 $7,189,7132018 $8,184,713 $4,791,570 $113,601 $1,450,319 $14,540,203 $1,812,585 $3,557,801 $9,169,817 $995,000 $8,174,817
Totals $75,458,939 $3,067,112 $50,561,784 $3,315,082 $79,395,169 $43,841,329
Secure A Vision for Education (SAVE) Formally Local Option One Cent Sales Tax
$12.46
$6.12
$9.65
$8.47
$10.26
$8.19 $9.21
$11.45
$5.47
$9.03 $8.45
$10.06
$8.18 $9.17 $9.62
$3.63
$6.20 $5.62
$7.23 $7.19 $8.17
$2
$4
$6
$8
$10
$12
$14
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Mill
ions
Total Assets Fund Balance Unrestricted Fund Balance
History of SAVE Fund Expense (2000 to 2018)
High School 9.81%
Cedar Heights 9.53%
District Wide/Legal 0.27% Hansen
17.00%
Holmes 14.93%
Lincoln 12.28%
North Cedar 0.64%
Orchard Hill 1.98%
Peet 15.43%
Southdale 14.23%
Aldrich 2.31%
New High School 1.60%
Statewide School Infrastructure Sales & Service Tax Projected Future Fund Balance (Cash Basis)
$9.17 $9.33
$5.38
$2.79
$4.29 $5.47
$6.88 $8.07
$9.49
$10.72
$12.18
$8.17 $8.33
$4.38
$1.79
$3.29 $4.47
$5.88 $7.07
$8.50
$9.72
$12.18
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23
Mill
ions
Total Fund Balance Net Available Fund Balance
As of November 2018. Projections do not include future projects.
Outstanding Revenue Bond Debt
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
$20,000,000
Jun 302018
Jun 302019
Jun 302020
Jun 302021
Jun 302022
Jun 302023
Jun 302024
Jun 302025
Jun 302026
Jun 302027
Jun 302028
Jun 302029
Bal
ance
due
as
of J
une
30
Series 2013 $9.95 Million (2.375% TIC) Series 2016 $15.58 Million Refi (2.100% TIC)
Series 2013 bonds are now callable
Series 2016 bond callable at par after Dec. 31, 2021
Physical Plant & Equipment Levy (PPEL) • Restricted fund with two parts
• Board of Education Controlled – up to $0.33/$1,000 (regular) • Voter approved additional $1.34/$1,000 levy
• Voters approved extension of levy on December 6, 2016 • Levy now expires at the end of the 2027-28 school year
• Can be used for: • Purchase or improvement of grounds • Construction, repairing or remodeling of schoolhouses or roads to schoolhouses
including debt for same • Purchase or lease of equipment greater that $500 per unit
• Technology bundling included • Purchase or lease of school buses or other vehicles • Leasing or renting of facilities
Physical Plant & Equipment Levy (PPEL)
$2.23
$2.83 $2.80
$3.42 $3.40
$4.06 $4.18
$1.54
$2.68
$2.29
$2.79
$3.18
$3.83 $3.99
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Mill
ions
Total Assets Fund Balance
Debt Service Levy • Voters of a school district may approve bonded indebtedness for a
period of up to 20 years • Proceeds from the sale of General Obligation Bonds are
deposited in the Capital Project Fund (31) to be used for the cost of the approved project
• Revenue from the Debt Service Levy (40) are deposited in the Debt Service Fund to be used to retire principal and interest on the bonds
Debt Service Levy
$0
$50
$100
$150
$200
$250
$300
$350
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Thou
sand
s
Total Assets Fund Balance
Outstanding General Obligation Bond Debt
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
Jun30
2018
Jun30
2019
Jun30
2020
Jun30
2021
Jun30
2022
Jun30
2023
Jun30
2024
Jun30
2025
Jun30
2026
Jun30
2027
Jun30
2028
Jun30
2029
Jun30
2030
Jun30
2031
Jun30
2032
Jun30
2033
Jun30
2034
Jun30
2035
Jun30
2036
Bal
ance
due
as
of J
une
30
Series 2017 $32.00 Million (3.078% TIC)
20 year bond paid in 19 years. Bonds callable after 6/30/2026
Projected Current Debt Service Tax Rate
$0.60
$0.70
$0.80
$0.90
$1.00
$1.10
$1.20
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
Tax
Rat
e pe
r $1,
000
Ass
esse
d Va
lue
1% Annual Assessed Value Increase 2% Annual Assessed Value Increase 3% Annual Assessed Value Increase
Total District assessed valuation has increased an average of 2.17% over the last 5 years, 4.08% over the last 10 years.
Bonds callable after 6/30/2026
Activity Fund • Restricted fund
• Account for student-related activities • Admissions • Activity Fees • Student Dues • Student Fund Raising Events • Student related co-curricular or extra-curricular activities
Activity Fund
$588
$629 $608
$580
$638
$603
$545 $584
$615
$571 $568
$612
$585
$528
$400
$450
$500
$550
$600
$650
$700
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Thou
sand
s
Total Assets Fund Balance
Nutrition Fund • Restricted fund
• Considered an Enterprise Fund • Business type activity
• Fund for which a fee is charged to external users for good or services
• Account for all transactions for nutrition programs authorized under Iowa Code Chapter 283A
Nutrition Fund
$794 $788 $723 $721 $721
$877
$1,297
$730 $722 $647 $634
$350 $491
$532 $634
$770
$973
$300
$500
$700
$900
$1,100
$1,300
$1,500
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18
Thou
sand
s
Total Assets Fund Balance Fund Balance w/o Pension
Summary • As of June 30, 2018
• District’s financial condition: • District General Fund cash balance
• Increase of $275,115 from June 30, 2017 • Days Net Cash Ratio 70 – unchanged from 6/30/17
• Unspent budget authority (UBA) decreased by $837,976 • UBA Ratio 13.06% FY17 11.62% FY18 • UBA will decrease in FY19 & FY20 with the opening of Aldrich Elementary
• District applied to the School Budget Review Committee for initial staffing & supply costs
• Increases in enrollment without increases in supplemental state aid (allowable growth) puts more pressure on general fund • Continued requirements and changes in enrollment and curriculum may
necessitate additional staff
Summary • Special Education
• District continues to meet the needs of students • Medicaid funding helped reduce special education expenses
• Net FY18 receipts = $1,109,034 • FY18 deficit = $467,283 • Projected FY19 deficit = $520,448
Summary • We must continue to closely monitor budget and funding changes
in order to make decisions that • Maintain a positive learning environment • Maintain a positive financial condition
Special thank you to • Business Office Staff:
• Denelle Gonnerman • Jana Speck • Lisa Voves • Michelle Weber • Lori Wiley • and Carrie DeBerg
• Administration • Board of Education
• Questions?