independence local schools · june 2020 financial reports fiscal year 2020 exhibit #2 1. ......
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INDEPENDENCE LOCAL SCHOOLSJune 2020 Financial Reports
Fiscal Year 2020
Exhibit #2
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Fiscal Year 2020 Revenue Collection by Fund Exhibit #2
Independence Local Schools
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FY‐20 % of Projected % of Fiscal % of Projected % of Fiscal Amount Fiscal Month Available Revenue Year Revenue Year
Fund Description Fund Budgeted To date To Date Balance Collected Completed Outstanding Remaining
General 001 19,041,988$ 20,046,293$ 108,044$ (1,004,305)$ 105.27% 100.00% ‐5.27% 0.00%Bond Retirement 002 1,132,500 1,240,742 175 (108,242) 109.56% 100.00% ‐9.56% 0.00%Permanent Improvement 003 720,000 759,556 ‐ (39,556) 105.49% 100.00% ‐5.49% 0.00%Building 004 ‐ ‐ ‐ ‐ 0.00% 100.00% 0.00% 0.00%Food Service 006 298,500 362,654 44 (64,154) 121.49% 100.00% ‐21.49% 0.00%Special Trust 007 1,400 1,445 ‐ (45) 103.21% 100.00% ‐3.21% 0.00%Endowment 008 ‐ ‐ ‐ ‐ 100.00% 100.00% 0.00% 0.00%Uniform School Supplies 009 2,500 3,075 ‐ (575) 0.00% 100.00% 0.00% 0.00%Public Sch. Support 018 49,000 49,781 569 (781) 101.59% 100.00% ‐1.59% 0.00%Other Grants 019 ‐ ‐ ‐ ‐ 0.00% 100.00% 0.00% 0.00%District Agency 022 10,000 15,539 ‐ (5,539) 155.39% 100.00% ‐55.39% 0.00%Student Managed Activity200 161,167 163,813 2,610 (2,646) 101.64% 100.00% ‐1.64% 0.00%District Managed Activity 300 76,396 76,647 225 (251) 100.33% 100.00% ‐0.33% 0.00%State Grants 400 257,466 257,473 4 (7) 100.00% 100.00% 0.00% 0.00%Federal Grants 500 106,770 106,770 5,652 ‐ 100.00% 100.00% 0.00% 0.00%
21,857,687$ 23,083,787$ 117,322$ (1,226,101)$ 105.61% 100.00% ‐5.61% 0.00%
Exhibit # 2General Fund Revenue Collection
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Other revenue up as a result from recent settlement with class II property owners for 2017-19 tax years.
Month End 6‐30‐2020 Fiscal Year 2020Actual Budget/Estimate Variance Actual Budget/Estimate Variance
Real Estate ‐$ 131,587$ (131,587)$ 12,407,134$ 12,407,133$ 1$ TPP (PUPP only) ‐ ‐ ‐ 986,928 986,928 ‐ Foundation (23,387) 57,809 (81,196) 727,632 538,105 189,527 Restricted Grants 78,672 ‐ 78,672 78,672 50,000 28,672 Home/Roll ‐ ‐ ‐ 1,211,240 1,211,569 (329) Other/Misc. 52,759 999 51,760 4,634,688 4,547,841 86,847
Total Revenue: 108,044$ 190,395$ (82,351)$ 20,046,294$ 19,741,576$ 304,718$
Fiscal Year 2020 Expenditure Projection by Fund Exhibit #2
Independence Local Schools
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FY‐20 w/o Encumb. % of Fiscal % of Fiscal Amount Fiscal Month Current Available % of Projected Year % of Budget Year
Fund Description Fund Expendable To date To Date Encumbrances Balance Expended Completed Available Remaining
General 001 19,543,723$ 18,593,873$ 1,228,101$ 218,196$ 731,654$ 95.14% 100.00% 4.86% 0.00%Bond Retirement 002 1,070,515 1,065,736 ‐ ‐ 4,779$ 99.55% 100.00% 0.45% 0.00%Permanent Improvement 003 751,750 699,983 41,761 17,274 34,493$ 93.11% 100.00% 6.89% 0.00%Building 004 ‐ ‐ ‐ ‐ ‐$ 0.00% 100.00% 0.00% 0.00%Food Service 006 357,387 350,548 17,965 ‐ 6,839$ 98.09% 100.00% 1.91% 0.00%Special Turst 007 3,300 1,698 ‐ ‐ 1,602$ 51.44% 100.00% 48.56% 0.00%Endowment 008 500 500 ‐ ‐ ‐$ 100.00% 100.00% 0.00% 0.00%Uniform School Supplies 009 4,027 3,901 ‐ ‐ 126$ 96.87% 100.00% 3.13% 0.00%Public Sch. Support 018 57,471 47,803 (286) 8,430 1,239$ 83.18% 100.00% 16.82% 0.00%Other Grants 019 ‐ ‐ ‐ ‐ ‐$ 0.00% 100.00% 0.00% 0.00%District Agency 022 15,530 11,426 175 ‐ 4,104$ 73.57% 100.00% 26.43% 0.00%Student Managed Activity 200 259,790 186,769 310 11,403 61,617$ 71.89% 100.00% 28.11% 0.00%District Managed Activity 300 122,322 106,991 3,795 55,658 (40,327)$ 87.47% 100.00% 12.53% 0.00%State Grants 400 257,429 191,208 25,120 ‐ 66,222$ 74.28% 100.00% 25.72% 0.00%Federal Grants 500 106,770 106,670 1,855 100 (0)$ 99.91% 100.00% 0.09% 0.00%
22,550,513$ 21,367,104$ 1,318,795$ 311,061$ 872,348$ 94.75% 100.00% 5.25% 0.00%
Exhibit #2
General Fund Expenditure
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Month End 6‐30‐2020 FYTD‐2020Actual Budget/Estimate Variance Actual Budget/Estimate Variance
Personnel/Salaries 770,401$ 893,912$ (123,511)$ 10,129,425$ 10,388,956$ (259,531)$ Benefits 300,954 336,946 (35,992) 3,839,412 3,974,296 (134,884) Purchased Services 129,968 168,410 (38,442) 3,307,175 3,337,127 (29,952) Supplies 13,879 29,471 (15,592) 487,831 550,000 (62,169) Equipment 9 4,503 (4,494) 294,952 293,202 1,750 Debt Service ‐ ‐ ‐ 108,418 108,418 ‐ Other/Misc. 12,891 10,685 2,206 276,662 263,463 13,199 Transfers ‐ 290,000 (290,000) 150,000 320,000 (170,000)
1,228,102$ 1,733,927$ (505,825)$ 18,593,875$ 19,235,462$ (641,587)$
Fiscal Year 2020 vs. Fiscal Year 2019 Exhibit #2
General Fund Monthly Expense Comparison
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July‐18 August‐18 September‐18 October‐18 November‐18 December‐18 January‐19 February‐19 March‐19 April‐19 May‐19 June‐19 Total FYTD‐19Fiscal Year 2019 Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses
3 Pay Month 3 Pay Month
Salaries 679,518$ 1,067,953$ 780,996$ 749,229$ 690,658$ 822,640$ 719,074$ 716,550$ 1,090,055$ 738,677$ 748,552$ 850,978$ 9,654,880$ Benefits 275,132 357,705 281,528 298,392 273,696 329,863 291,614 288,223 345,546 291,521 285,629 302,108 3,620,957$ Purchase Services 129,232 144,173 201,808 141,705 786,687 208,027 737,019 117,348 267,503 210,378 238,276 251,697 3,433,853$ Supplies 2,733 100,531 88,975 34,667 90,558 36,924 63,662 23,659 36,376 56,874 15,815 35,534 586,308$ Capital Outlay ‐ 109,609 5,614 95,455 1,380 804 33,630 ‐ 4,786 14 697 2,105 254,094$ Other Expenses/Transfers 7,974 80,961 7,715 99,942 2,718 3,953 1,402 7,822 110,340 22,053 2,568 102,655 450,103$
Total Expenses 1,094,589$ 1,860,932$ 1,366,636$ 1,419,390$ 1,845,697$ 1,402,211$ 1,846,401$ 1,153,602$ 1,854,606$ 1,319,517$ 1,291,537$ 1,545,077$ 18,000,195$
July‐19 August‐19 September‐19 October‐19 November‐19 December‐19 January‐20 February‐20 March‐20 April‐20 May‐20 June‐20 Total FYTD‐20Fiscal Year 2020 Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses Expenses
3 Pay Month 3 Pay Month
Salaries 718,850$ 743,424$ 882,715$ 824,145$ 1,185,793$ 871,680$ 753,314$ 751,570$ 743,945$ 746,527$ 1,137,061$ 770,401$ 10,129,425$ Benefits 289,823 314,614 326,732 321,880 372,038 347,046 314,776 293,140 295,637 296,282 366,490 300,954 3,839,412 Purchase Services 167,972 225,451 162,972 723,460 151,613 175,789 779,002 171,696 246,200 201,285 171,767 129,968 3,307,175 Supplies 70,194 87,159 84,974 50,762 27,022 46,239 22,691 15,074 30,831 18,433 20,573 13,879 487,831 Capital Outlay 137,124 5,484 109,429 6,448 811 8,186 2,742 2,593 1,023 8,613 12,490 9 294,952 Other Expenses/Transfers 9,390 78,220 16,017 3,798 114,097 13,403 3,931 2,446 106,243 172,934 1,710 12,891 535,080
Total Expenses 1,393,353$ 1,454,352$ 1,582,839$ 1,930,493$ 1,851,374$ 1,462,343$ 1,876,456$ 1,236,519$ 1,423,879$ 1,444,074$ 1,710,091$ 1,228,102$ 18,593,875$
Over/(Under) Previous Yr. 298,764$ (406,580)$ 216,203$ 511,103$ 5,677$ 60,132$ 30,055$ 82,917$ (430,727)$ 124,557$ 418,554$ (316,975)$ 593,680$
Purchase Capital Other Over/UnderSalaries Benefits Services Supplies Outlay Expenses Previous Yr.474,545 218,455 (126,678) (98,477) 40,858 84,977 593,680$
Fiscal Year 2020 Cash Flow by Fund Exhibit #2
Independence Local Schools
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7/1/2019 Fiscal Fiscal 6/30/2020Cash Yr. to Date Yr. to Date Cash
Fund Description Fund Balance Revenue Expenditures Balance
General 001 $11,730,038 20,046,293$ 18,593,873$ $13,182,458Bond Retirement 002 3,717,041 1,240,742 1,065,736 3,892,048 Permanent Improvement 003 287,752 759,556 699,983 347,326 Building 004 ‐ ‐ ‐ ‐ Food Service 006 34,287 362,654 350,548 46,393 Special Trust 007 3,393 1,445 1,698 3,141 Endowment 008 9,219 ‐ 500 8,719 Uniform School Supplies 009 16,157 3,075 3,901 15,331 Public Sch. Support 018 25,420 49,781 47,803 27,398 Other Grants 019 ‐ ‐ ‐ ‐ District Agency 022 11,257 15,539 11,426 15,370 Student Managed Activity 200 209,661 163,813 186,769 186,705 District Managed Activity 300 55,869 76,647 106,991 25,525 State Grants 400 ‐ 257,473 191,208 66,265 Federal Grants 500 ‐ 106,770 106,670 100
$16,100,095 $23,083,787 $21,367,104 $17,816,778
Exhibit #2
Actual Month-End General Fund Cash Balance
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Large variances in cash flow are due to the Real Estate collection cycles in the spring and fall. (Feb. & March – August & Sept.)
Fiscal year 2020 Investment/Reconciliation Report
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CASH RECONCILIATION MonthlyJune 30, 2020 Balances Interest CYTDStar Ohio 8,970,345.43$ 4,670.71$ 55,868.09$ Star Plus 1,109,604.27 316.08 5,213.17 USBank 6,780,683.35 17,174.28 70,193.21 Dollar Bank 246,810.20 ‐$ ‐ Dollar Bank 75,569.64 ‐$ ‐$ Independence Bk Savings 595,399.65 74.57 427.75 Independence Bk Checking 128,458.12 ‐ ‐
Total Balance Per Bank Statement 17,906,870.66$ 22,235.64$ 131,702.22$
E/Z Pay Dept. not recorded (21.60) ‐$ PS CaféDeposit not recorded 0.00 ‐$ MS CaféNFS 289.00 ‐$ HS CAFÉOutstanding Checks (14,814.79) ‐$ caféOutstanding Payroll checks (27,897.72) ‐$ Payroll ACH In‐Transit (47,671.98) ‐$ SERS Adj. 0.10 ‐ Total In‐TransitBank coding error 24.00Total Adjustments (90,092.99)
Adjusted Total BalancePer Bank Statement 17,816,777.67$
Fund Balances 17,816,777.67
Difference ‐$
Check RegisterInformational Item Warrants over $1,500
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Check Amount Vendor Description Check Amount Vendor Description20304 1,836 Schindler Elevator Service 20384 9,010 College Board, The AP exams20311 2,012 Ace Copier service fee 20420 9,740 Psi Associates Nurse/aide services20300 2,113 Northeast Ohio Reg. Sewe Utility 20409 10,394 State Auditor Audit fee20390 2,289 Air Force One, Inc. HVAC repairs 801496 10,688 Sers Retirement benefits20407 2,757 Ohio Dept. Job And Family Svcs Unemployment 801488 10,849 Sers Retirement benefits20289 3,233 Air Force One, Inc. HVAC repairs 20287 10,986 Trustmark Health Benefits, Inc. Dental benefits20313 3,385 Bsn Sports Athletics supplies 20375 11,940 Illuminating Company, The Utilities20395 3,443 Rush Trucking Center Fleet repairs/parts 20380 14,685 United Cerebral Palsy Assoc. Special ed. Services20417 3,499 Learning Ally Instructional supplies 20309 20,500 Applewood Centers Special ed. Services20293 3,500 Cmp Communications Llc Public relation 20412 31,200 Ace New copiers20383 3,760 Air Force One, Inc. HVAC repairs 801490 41,847 State Teachers Retirement Retirement benefits20332 5,000 Identisys Incorporated Security 801499 51,006 State Teachers Retirement Retirement benefits801489 5,503 State Teachers Retirement Syst Retirement benefits 801493 61,671 Payroll Transfer Step notations801497 5,503 State Teachers Retirement Syst Retirement benefits 801485 190,451 Orange City Schools‐Shc Medical benefits801491 5,777 Medicare/Fica Payroll benefits 801492 253,977 Ohio Dept. Of Education Ode Budget cut refund20303 5,784 Renown Cargo Trailers, Llc Band trailer 801486 371,372 Payroll Transfer Payroll801498 6,739 Medicare/Fica Payroll benefits 801494 378,724 Payroll Transfer Payroll
Projected General Fund Monthly Cash Flow
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Monthly Cafeteria Report
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Salaries & Benefits will continue without any
revenue coming in.
FY‐2019 FY‐2020 Inc./Dec.July ‐ July ‐ overJune 30 June 30 Previous yr.
Salaries 138,704 175,460 36,756Benefits 35,926 44,507 8,581Purch. Serv. 14,288 15,664 1,375Supplies 122,224 113,661 (8,563)Equipment 61 1,256 1,195
311,203 350,548 39,345
Expenditure Categories:
Expenditure Categories:
FY‐2019 FY‐2020 Inc./Dec.July ‐ July ‐ overJune 30 June 30 Previous yr.
Sales Type A 219,752 177,093 (42,659)Misc., Vending 5,755 7,591 1,836State Subsidy 498 484 (14)Federal Subsidy 37,692 27,485 (10,206)Transfer 50,000 150,000 100,000
313,697 362,654 48,957
Revenue Categories:
Revenue Categories:
FY‐19 2018 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2019 FY‐2019July August September October November December January February March April May June Total
ReceiptsHigh Sch. 75 5,400 5,264 7,567 5,828 4,573 4,932 5,684 4,878 6,346 4,382 408 55,339
Middle Sch. ‐ 7,006 7,217 9,074 9,612 6,316 7,034 7,834 8,106 8,869 8,818 728 80,615 Primary Sch. 105 9,347 6,421 10,101 8,123 7,100 6,965 9,204 7,844 9,516 8,277 797 83,799
Other ‐ 1,114 146 5,822 6,110 ‐ 7,820 4,327 4,473 4,916 4,651 54,566 93,945 Total Receipts 180 22,867 19,048 32,564 29,673 17,990 26,750 27,049 25,301 29,647 26,128 56,499 313,697
Expenditures 3 pay month 3 pay month TotalHigh Sch. 118 6,498 4,309 12,859 8,874 4,588 8,011 9,212 9,870 9,460 8,477 6,637 88,913
Middle Sch. (3,156) 5,517 5,527 12,953 9,986 5,809 11,859 10,910 11,368 10,430 9,231 9,105 99,538 Primary Sch. 3,519 7,766 5,455 11,265 9,256 4,979 11,374 9,297 10,850 9,673 9,376 8,978 101,787
Other ‐ 11,954 ‐ 200 2,604 1,637 45 1,447 2,251 ‐ 739 88 20,965 Total Expenditures 481 31,735 15,290 37,277 30,720 17,013 31,288 30,866 34,338 29,563 27,823 24,807 311,203
FY‐2019 Balance to Date: 31,792 34,287 FY‐2020 Balance to Date: 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 FY‐2020
July August September October November December January February March April May June TotalReceipts
High Sch. 75 3,562 5,658 9,464 6,839 6,064 7,163 8,714 3,253 ‐ 320 44 51,155 Middle Sch. 60 5,654 7,343 10,057 8,021 6,404 8,626 9,104 3,766 30 100 ‐ 59,164 Primary Sch. 110 7,423 7,708 9,800 8,995 7,673 10,214 10,553 4,198 ‐ 100 ‐ 66,774
Other ‐ ‐ 611 7,952 135 5,026 3,708 4,171 6,287 2,500 155,169 ‐ 185,561 Total Receipts 245 16,639 21,320 37,273 23,990 25,166 29,711 32,543 17,505 2,530 155,689 44 362,654
Expenditures 3 pay month 3 pay month TotalHigh Sch. 4,826 2,868 4,272 16,572 16,894 10,818 8,549 7,016 18,122 8,962 8,379 5,646 112,924
Middle Sch. 3,439 3,439 5,281 12,967 13,704 11,640 10,770 8,160 21,216 8,977 8,956 6,058 114,607 Primary Sch. 2,295 2,359 4,775 12,548 14,690 11,228 8,874 5,754 15,228 7,865 8,581 5,886 100,084
other 7,420 4,800 220 1,289 2,665 1,151 541 2,337 1,476 ‐ 659 375 22,932 Total Expenditures 17,980 13,467 14,548 43,376 47,952 34,837 28,734 23,268 56,043 25,804 26,575 17,965 350,548 FY‐2020 Balance to Date: 34,287 46,393
Cafeteria Meals Served & Year-end Summary
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• Lost 51 serving days.• Down 11,327 meals.
Expenditure Categories: FY‐2020 FY‐2019 FY‐2018 FY‐2017 FY‐2016 FY‐2015 FY‐2014 FY‐2013 FY‐2012 FY‐2011Salaries 175,460$ 138,704$ 144,889$ 138,470$ 138,955$ 134,707$ 142,212$ 131,725$ 128,471$ 129,648$ Benefits 44,507 35,926 33,221 35,741 31,999 34,515 36,346 35,804 35,686 41,761 Purchased Serv. 15,664 14,288 14,586 11,751 11,319 11,956 4,236 4,917 1,460 1,009 Supplies 113,661 122,224 109,653 112,048 115,023 104,630 113,684 115,175 131,785 137,508 Equipment 1,256 61 ‐ 1,382
350,548$ 311,203$ 302,349$ 299,392$ 297,296$ 285,808$ 296,477$ 287,621$ 297,402$ 309,925$
Substitute Cost: 8,258 4,650 11,564 12,382 10,311 4,700 11,133 4,031 4,800 7,782
Cafeteria Summary of Expenditures
FY‐19 2018 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2019 2019July August September October November December January February March April May June Total
Meals Served/# Serving Days ‐ 26 22 18 15 14 18 15 20 22 3 173
High Sch. ‐ ‐ 1,336 1,174 920 683 744 935 790 1,072 1,049 34 8,737
Middle Sch. ‐ ‐ 2,322 2,057 1,802 1,399 1,332 1,787 1,434 1,963 2,017 164 16,277
Primary Sch. ‐ ‐ 2,477 2,691 2,342 2,038 1,757 2,526 2,056 2,796 1,049 404 20,136
Total Meals Served ‐ ‐ 6,135 5,922 5,064 4,120 3,833 5,248 4,280 5,831 4,115 602 45,150 FY‐20 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 FY‐2020
July August September October November December January February March April May June TotalMeals Served/# Serving Days 3 19 22 16 15 18 19 9 0 0 0 121
High Sch. ‐ 151 1,110 1,233 871 882 926 1,041 448 ‐ ‐ ‐ 6,662 Middle Sch. ‐ 224 1,703 2,032 1,571 1,370 1,384 1,493 708 ‐ ‐ ‐ 10,485 Primary Sch. ‐ 265 2,394 2,845 2,349 2,236 2,479 2,787 1,321 ‐ ‐ ‐ 16,676
Total Meals Served ‐ 640 5,207 6,110 4,791 4,488 4,789 5,321 2,477 ‐ ‐ ‐ 33,823
Over/Under Previous FY: (11,327)