livingston union school district · made to the gap %. in may the lcff calculator was at 29.15% and...

Livingston Union School District

2014-2015 Unaudited Actuals

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What are Unaudited Actuals? • District prepared year-end financial statements as of June

30th using the State format known as SACS (State Account Code Structure) for all District Funds.

• Report of activities in all District funds, identifying unspent funds or reserves that are carried forward into future years.

• Used by external auditors to prepare the official Audit Report.

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What has Changed since June? • The District financials for 14-15 have been closed.

• Year-end closing entries have been prepared and posted.

• Unspent allocations have been identified and have been assigned to a designated component in the Fund Balance as appropriate.

• Unaudited Actuals are compared to Estimated Actuals as presented with the 2015-16 adopted budget.

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Why are Projections Different than Expected? • School districts use conservative estimated

revenues and expenditures during the budget and interim reporting processes.

• Budgets are estimates, not forecasts of expenditures, so differences are expected.

• The risk of miscalculating or under estimating is too great. Running out of cash is never a good thing. Best practice is conservative estimates.

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What are Common Reasons for Difference? • Revenue is received that was not anticipated.

• Unspent entitlement revenues are considered “Unearned Revenue” and are deducted from the 2014-15 budget and added to the 2015-16 revenue budget.

• Expenditure allocation or budgets were not completely used.

• Purchase Orders (PO) issued before 6/30 – work completed or goods received after 7/1 (Rollover PO’s).

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2014-2015 2014-2015 (B-A)6/16/15 Meeting 9/17/15 Meeting Difference %

5 23,005,307$ 23,494,496$ 489,189$ 2.13%

14 22,912,923$ 22,464,841$ (448,081.84)$ -1.96%

20 713,635$ 734,887$ 21,252$

21 (621,251)$ 294,768$ 916,019$

22 6,871,721$ 6,871,721$ 23 6,250,470$ 7,166,489$ 916,019$

Unrestricted General Fund Balance 6,129,297$ 6,896,946$ 767,649$ Restructed General Fund Balance 121,173 269,543$ 148,369 Combined General Fund Balance 6,250,470.04$ 7,166,489$ 916,019$

Beginning BalanceEnding Balance

OTHER FINANCING SOURCES/USES

GENERAL FUND - Combined

REVENUETOTAL INCOME

TOTAL EXPENSES

TOTAL OTHER SOURCES/USES

EXPENDITURES

Net (Increase/-Decrease)


Changes in Revenue: • LCFF increase in funding was attributed to the final calculation adjustment

made to the gap %. In May the LCFF calculator was at 29.15% and the State’s final calculation was at 30.16%, an increase of 1.01%.

• Federal Revenue difference was the result of booking $393,245 of unearned revenue, and changes in final award notification.

• Other State revenue increase: $5,165 assessment apportionment $22,115.59 unrestricted Lottery and $13,749 restricted Lottery funding

due to the ADA growth reported on our P-Annual. $22,614 Special Education Funding based on MCOE’s SELPAs final

funding formula. NEW $565,955 STRS on-behalf accounting entry. New GASB 68

regulations requires us to book the amount the state contributes to our employees STRS accounts. Not Money we can spend, only an accounting entry.

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B


Changes in Expenditures: As mentioned earlier, savings in this area are directly related to unspent budget allocations. Listed below are some of the most significant budget resources resulting in these cost savings. • Supplemental/Concentration $389,869 carryover • Title I carryover of $191,198 • PI carryover of $89,974 • Title II Teacher Quality carryover over of $35,498 • Title III ELAP carryover of $76,576 • Medical Carryover of $40,688 • CA Clean Energy $104,993 • Restricted Lottery of $122,025 And offset to the above mentioned savings is the addition of the $565,955

STRS on-behalf accounting entry mentioned above. This expense offsets the revenue causing a net of $0.

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Supp/Con *June 2015* Summer School: Budget $118,516 Spent $106,392 Savings $12,124

Title I *June 2015 Summer School: Budget $71,592 Spent $65,407 Savings $6,185


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COMPONETS OF ENDING FUND BALANCEUnrestricted Restricted Combined

TOTAL GENERAL FUND ENDING BALANCE 6,896,946$ 269,543$ 7,166,489$ % Reserve Prior to GASB 54 Designations 29.73%

DESIGNATED COMPONENTSNonSpendable

Revolving Cash 10,000$ Assigned Supplemental/Concentration 318,817

Technology Sustainability 250,000 STRS/PERS Unfunded Liability 500,000 Retiree Unfunded Liability 1,178,183 Reserve After Set Asides 4,639,946$ % Reserve After Set Asides 20.00%

Unassigned/unappropriatedREU 20% Reserve Requirement 4,639,946$

Balance (0)$ Restricted

5640 Medi-Cal Billing 40,688$ 6230 California Clean Energy Jobs Act 104,993$ 6300 Lottery: Instructional Materials 122,025$ 9010 Other Restricted Local 1,837$

TOTAL CARRYOVER 269,543$

2014-2015 Unaudited Actuals • In 2013-14 our reserves (before GASB 54 designations) were

31.76%. In 2014-15 our reserve percentage dropped to 29.73%. How is this possible when we didn’t deficit spend?

• Reserve % is calculated by taking the unrestricted fund balance and dividing it by both unrestricted and restricted total expenditures plus transfers out.

• Total Expenditures (denominator) grew faster than reserves (numerator).

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2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-14 2014-15Unrestricted Reserve 12,936,177 9,974,062 8,512,779 6,741,077 6,014,502 6,254,602 6,896,946 Combined Exp +Transfers Out 21,276,694 22,211,334 20,186,530 21,960,200 18,982,028 19,691,978.00 23,199,728

60.80% 44.91% 42.17% 30.70% 31.69% 31.76% 29.73%

LUSD Unrestricted Reserve History


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-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

60.80% 44.91% 42.17% 30.70% 31.69% 31.76% 29.73%

Unrestricted Reserves and Expenditures

Unrestricted Reserves

Combined Exp +Transfers Out


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5,000,000

7,000,000

9,000,000

11,000,000

13,000,000

15,000,000

Fund Balance History

Unrestricted Restricted


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2,350

2,400

2,450

2,500

2,550

2,600

2,650

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15Unaudited Act

Enrollment vs. ADA History

Enrollment

ADA


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Salaries and Benefits = 86%

of total expenditures

Certificated Salaries52%

Classified Salaries12%

Employee Benefits22%

Books and Supplies5%

Service, Operations Expenses

7%

Capital Outlay

1%

Other Outgo1%

Total Unrestricted Expenditure Distribution


15

B

Livingston Union School District 2014-2015 Unaudited Actuals For Other Funds

Child Development -

Fund 12Cafeteria - Fund 13 Bond - Fund 21

Developer Fees - Fund 25

Special Reserve

Capital Outlay- Fund 40

Bond Interest and

Redemption - Fund 51

Beginning Balance 18,895.16$ 986,627$ 2,750,348$ 4,321,580$ 1,343,598$ 327,275$ Income

LCFF -$ -$ -$ -$ -$ -$ Federal Revenue 215,977 1,887,041 - Other State Revenue 656,114 129,682 - Other Local Revenue 77,686 29,485 16,622 50,120.26 50,145 363,567

Total Income 949,777 2,046,208$ 16,622$ 50,120.26$ 50,145$ 363,567$

ExpendituresCertificated Salaries 235,609$ -$ -$ -$ -$ -$ Classified Salaries 304,426 625,056 Employee Benefits 222,743 313,479 Books and Supplies 58,228 941,976 - Services and Other Oper. 38,088 21,072 1,400$ 1,170 - Capital Outlay 24,492 40,046 - Other Outgo - - 494,574 - 376,123 Transfers of Indirect/Direct 44,306 103,302

Total Expenditures 927,892$ 2,044,931$ 1,400$ 495,744$ -$ 376,123$

Other Financing Sources/UsesTransfers In 239$ - - 734,647.59 - Transfers OutSources - UsesContribution

Total Other Financing Sources/Uses 239$ -$ -$ - 734,647.59 -

Net Incr/(Decr) 22,124$ 1,277$ 15,222$ (445,624)$ 784,792$ (12,555)$

Ending Balance 41,019$ 987,904$ 2,765,570$ 3,875,956$ 2,128,391$ 314,720$ QZAB 2 (768,063)$ Net Balance 1,360,328$

livingston union school district · made to the gap %. in may the lcff calculator was at 29.15% and...

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