Date: May 22, 2014
To: Michael Green, Superintendent
Subject: May Financial/Enrollment Report
From: Stacy Brown, Director of Business Services
I have attached the 2013-14 Budget vs. Actual and Comparison to 2012-13 and Fund Budget Status reports for the month of April. I will update the projected revenues, expenditures and fund balance for 13-14 for the next month. Besides trying to get the budget completed for next year, I have 4 other projects that are due by May 31st.
Revenues in April were approximately $447,000 greater than expected. We received two months of Federal grant payments this year (I missed the deadline for March so we did not receive the funds in March). This accounted for approximately $100,000. We also received greater than normal property taxes (the budgeted difference between 12-13 and 13-14 was approximately $70,000 and we received about $170,000 more than in the past, just his month alone) and the transportation allocation greater than budget, will cause the revenues to be greater than expected each month. Payroll was about $36,000 more than expected. We paid $2,000 in classroom overage pay to teachers at WPS (1st grade), $15,000 more in teacher extra days than in the past couple of years, and about $9,000 in salary and benefits for the substitute administrator. We have hired approximately 4 classified staff (2 basic ed and 2 special ed) that were not budgeted. We have a number of employees with ongoing L & I claims, who are using their sick leave (or donated sick leave) so we are paying them and their subs. Accounts payable was about $82,000 greater than expected. We had approximately $45,000 in maintenance and repairs this month, and a fuel dump as well. I reviewed all expenditures, and the amounts paid do not look unusual.
There will be two budget extensions on the Board agenda for this meeting. The first is for the Capital Projects Fund. I have not seen a cash flow projection yet from Skanska, but we are making very large payments each month for the new high school. I decided to prepare the CPF extension just in case we need it, since I was already preparing the DSF extension. I am requesting approval for an additional $6,955,000 for a total appropriation of $30,000,000. The second is for the Debt Service Fund. When the budget was approved last July, we had not issued the remaining $26,000,000 in approved bonds. I increased the appropriation above what we actually owed expecting to issue the bonds, but underestimated by approximately $155,500. We issued the bonds in December 2013. Bond interest payments are due in December and June, so I am requesting approval for an increase of $160,000.
The enrollment spreadsheets are attached, with summaries by headcount for September through May, and a comparison of budgeted FTE to actual average FTE. We are up 4 heads and .50 FTE, however, this is still a total of 60.63 over budget and the average continues to hold around 64 FTE greater than budget. I will continue to keep you apprised each month, and will let you know how this affects the District projections.
Please let me know if you have any questions.