Date: August 21, 2013
To: Michael Green, Superintendent
Subject: July Financial/Enrollment Report
From: Stacy Brown, Director of Business Services
I have attached the 2012-13 Budget vs. Actual and Comparison to 2011-12 and Fund Budget Status reports for the month of July. Revenues in June were $70,000 less than expected. Revenue estimates are based on the average amount received in the last three years. About half of the difference is due to the 10-11 school year when we received an additional allocation from the legislature for transportation, which was all received in July 2010. Also, in 2011 we received 3 months of National School Lunch payments. Both of these items skewed the three year average estimates. Payroll was about $37,000 greater than expected. We paid out about $15,000 in training teachers on the new evaluation system. We also had some form of summer school at all buildings this year, which in the past included only 2-3 buildings. Also, with the hire of a new Transportation Director who started in June, we are paying for two positions through August. Accounts payable was about $22,000 less than expected. This is not unusual, as monthly expenditures fluctuate, especially this time of year. I reviewed all expenditures and the amounts paid do not look unusual.
I have been working on projected revenues and expenditures, and attached a spreadsheet with projected revenues, expenditures and ending fund balance. The budget included a decreased fund balance of $121,000. However, it looks like we will be ending the year with an overall decrease to fund balance of about $250,000. Although we ended the year about 30 students above budget, there are some reasons why the fund balance will not be increasing, as it has in prior years. This includes the following big ticket items that were not budgeted:
$ 40,000 Employee on administrative leave
$ 53,000 4/12 Bond election costs
$ 16,000 Food Service equipment repairs (compressor, two boosters)
$ 13,000 Smoke detector replacement throughout district
$ 40,000 HVAC System repairs
$ 20,000 Unrecognized energy savings (project not complete until late Spring)
$ 12,000 Hazard Abatement at Yale Gym
$ 12,000 Yale water system improvements
$ 45,000 Addt’l transportation for KWRL site
This list totals $251,000 and had a major effect on the ending fund balance. However, with the increase students and additional revenues received, we were able to complete this laundry list of items with only $130,000 difference from the original budget.
I had planned a general fund budget extension in case we needed it. Now, in looking at total expenditures for 2012-13, it looks like we will not need the extension. Therefore, you will not see a resolution for that as a part of the board meeting. However, you will find two other resolutions. One setting the setting the 13-14 budget and second approving a transfer from the general fund to the capital projects fund for all districts for the 11-12 and 12-13 KWRL site. The 11-12 total of $350,000 was reserved at the end of 11-12. The total for 12-13 is $492,700 and of this, all but $45,000 was either collected from the other districts or budgeted in 12-13 (as noted above). The total amount to be transferred is $842,700.
Please let me know if you have any questions.