I have the months of January through March reconciled. The first set of reports include YTD expenditures and revenues through 3/31/21 and projected revenues, expenditures, and fund balance through the end of the year. The second set of reports are the Budget Status reports for all funds for the months of January, February, and March. The reports are sorted by the fund, with 3 months for each fund. These reports are required to be documented and shared with the board.
The first page is the Month-End Balances (Year over Year Trend), which includes the monthly actual ending fund balance for each month for 19-20, 18-19, 17-18 and the 20-21 actual fund balance through March and the projected ending fund balance through the end of the fiscal year. The beginning fund balance for this year was $3,953,697 and the projected fund balance is $3,693,970. The fund balance is projected to decrease by $260,000 for the 20-21 fiscal year. Adjustments have been made for decreased enrollment and transportation revenue, as well as decreased expenditures for the year in some programs. This does not include any expenditures or revenues for ESSER II funds. We will talk more about the ESSER funds and the plan for these funds at the next meeting.
The second page is the General Fund Financial Summary, which compares the prior year-to-date revenue and expenditures as a percentage of actual year-to-date totals. This summary also compares the current year-to-date revenues and expenditures as a percentage of the budget. Last year, as of March we had collected 53.33% of our year-to-date revenues. Things were pretty normal last year through March, whereas this year we have only collected 50.91% of our revenues in comparison to budget. Apportionment and Transportation decreases account for the majority of this difference. Expenditures last March accounted for 60.45% of our annual year-to-date expenditures. March is the mid-point of the fiscal year and we would expect to have spent somewhat more than 50% of the year-to-date expenditures (due to one-time large expenditures such as staff professional development and insurance that are paid early in the year). However, due to the decreased supply, utility, travel, and service expenditures for the remainder of the year, this number is elevated. The current year's expenditures through March are 52.39% of the budget. If you look at the revenue graph you can see the effect of the decrease in Transportation allocation (State Special). The expenditure graph shows the effect of the classified layoffs (Salaries-Class) and decreased materials necessary for remote learning (Supplies).
The third report is the General Fund Financial Forecast by Source/Object. This report includes prior year revenues and expenditures through March, current year through March, projected totals for an annual total, and comparison to budget. This report is a wealth of information. We will go over this report in detail next month when I present the detailed financial review. It is a report that will be presented each month. This details the projected revenues and expenditures and how the projected ending fund balance is calculated.
The General Fund Revenues Dashboard Summary (page 4) shows a summary of revenues and the amounts collected to date in comparison with projected revenues. If you look at the first half donut, you can see that we have collected a total of 50.68% of the budgeted revenues, compared with 52.76% expected. If you look at the graph, you can see we have collected more than the previous year in every Local, Federal and Other. We are collecting more property taxes and we received over $300,000 is State Forest funds (which are not budgeted, but very welcome when we receive them) and the ESSER funds have increased our Federal funds. We have collected less in state funds due to decreased Apportionment and Transportation allocation.
The General Fund Expenditure Dashboard Summary (page 5) shows a summary of year-to-date expenditures in comparison with projected expenditures. If you look at the second donut (red) you can see that through March we have spent only 52.9% of the budgeted expenditures. This is in comparison with projected expenditures based on budget and history of 59.07%. The comparison graph by object of this year’s expenditures in comparison to other years draws a pretty clear picture. We have spent less in every object, except employee benefits and purchased services. Certificated Salaries are less due to restructuring some of the district-directed days that are now rolled into their contract and paid monthly, instead of being paid in September. We also have paid very little in certificated subs to date. Classified salaries are less due to the layoffs and reduced hours of our custodians, food service staff, bus drivers, and KWRL office staff and also we had many positions that were budgeted that did not need to be filled, since we don’t have all students in the building. We have added quite a few classified positions in the last couple of months, as the need has increased. Although the salaries are down, we are still required to pay the employee benefits. Supplies are low due to not having the full amount of students in the buildings. I expect the classified employee and supply expenditures to increase in comparison with last year in the next couple of months as all students are back in the buildings.
The Budget Status reports are the next pages (6-15) and are printed directly from the financial system. The first 3 pages are January through March for the General Fund. The ending fund balance decreased almost $1.4M during these 3 months. This decrease was almost completely due to the decreased transportation allocation. We had been receiving an average of approximately $600,000 per month and in February and March, we did not receive any funds (we were overpaid based on budget and in comparison with the big decrease to the total). We will begin receiving some transportation in the coming months. Per the Month-End Fund Balances report (page 1) the projected lowest monthly ending fund balance is estimated at $1,789,839 in June, but then increases considerably in July and August.
The attached reports include adjustments to revenues and expenditures based on what I know right now. Enrollment is running approximately 67 FTE below budget and Special Ed Enrollment is also below budget. The decreased transportation allocation was very devastating. We made many adjustments to expenditures while the districts were in remote learning, but the estimated total unfunded for this year is approximately $260,000 greater than budgeted. That being said, we continue to be in a stable fiscal position for this fiscal year. The increase in fund balance from 19-20 has really helped, as have the ESSER funds. I also found out this week that we may be able to recoup some of our PPE and sanitizing costs from January through the end of the year from FEMA. We originally applied for funds, but then found out that they would not cover these costs. They have changed the requirements for these expenditures and I am hopeful. We have been paying a lot of hours in additional pay and overtime for bus drivers, custodians, and custodial subs for daily sanitizing that is required for opening schools. I will continue to keep you apprised each month.
Enrollment
The enrollment spreadsheets are attached (pages 16-17), with summaries by headcount for September through April and a comparison of budgeted FTE to actual average FTE. Enrollment decreased by just 12 students and 11.4 FTE, making the April count 79 students below budget. The average FTE is 66.91 students below budget. Districtwide between March 2 and April 1, we had 15 students enter that are new, 2 students that returned to the district, 6 status changes (change in FTE), 23 students withdraw, 5 students graduated, and 24 students who transferred within the district. Jody has also updated the Special Ed counts to average and we are 7.85 students below budget through April. Special Education numbers still continue to increase each month. We also applied for over $700,000 in Safety Net funding, which is the most we have ever applied for! In the spirit of being conservative, I only projected $625,000. Historically, our Safety Net crew has been top-notch and we have received very close to what was requested, but I didn’t want to overestimate.
Please let me know if you have any questions.