Wed Jul 28 2021, 6:15pm
Woodland High School Library and Zoom
Regular Meeting


Financial Report

To: Asha Riley, Asst. Superintendent
From: Stacy Brown, Director of Business Services
Date: July 22, 2021
Subject: May/June Financial Report

I have the months of May and June reconciled.  The first set of reports include YTD expenditures and revenues through 6/30/21 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 May and June.  These reports are required to be documented and shared with the board.

The Month-End Balances (Year over Year Trend) is the monthly actual ending fund balance for each month for 19-20, 18-19, 17-18 and the 20-21 actual fund balance through June 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 $4,546,772.  In April, the fund balance was projected to increase by $320,000 for the 20-21 fiscal year.  As of June 2021 actuals,  you can see that it is projected to increase by $590,000.  We got the final Safety Net total, which increased the projection by approximately $100,000 and I included about $70,000 in FEMA funds that I confirmed we will be receiving to cover the cost of PPE, testing, attestations, and custodial overtime for sanitizing for March through August. 

The General Fund Financial Summary 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 June we had collected 78.15% of our year-to-date revenues.  This year we have only collected 74.43% of our revenues in comparison to budget.   Expenditures last June accounted for 84.43% of our annual year-to-date expenditures.  The current year's expenditures through June are only 76.05% of the budget.  The large difference in expenditures last year vs. this year is due to the first 6 months of 19-20 being “normal” and there was really nothing “normal” about this year. 

The General Fund Financial Forecast by Source/Object report includes prior year revenues and expenditures through June, current year through June, projected totals for an annual total, and comparison to budget.  This details the projected revenues and expenditures and how the projected ending fund balance is calculated. One thing I thought was really interesting is that the YTD expenditures in comparison with last year are only $20,000 greater than last year (hi-lighted).  I also highlighted the projected surplus of $593,075.

The General Fund Revenues Dashboard Summary shows a summary of revenues and the amounts collected to date in comparison with projected revenues.  We have collected a total of 74.08% of the budgeted revenues, compared with 76.58% expected.  If you look at the graph, you can see we have collected more than the previous year in Local, Federal, and Other.  We are collecting more property taxes and we received over $300,000 in 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 shows a summary of year-to-date expenditures in comparison with projected expenditures.  Through June we have spent only 75.76% of the budgeted expenditures.  This is in comparison with projected expenditures based on budget and history of 83.30%.  Looking at the comparison graph by the object of this year’s expenditures in comparison to other years you can see that Classified Salaries are way down in comparison with other years.  As the year has progressed, we have caught up or are catching up in almost all other objects, except travel.  There has been almost no travel this year, due to Covid.

The Budget Status reports for both May and June are included and printed directly from the financial system.  These reports are required to be presented to the board each month.  This is the only monthly financial information that is provided on the other funds.  The previous slides all refer to the General Fund (Operating Fund).   There is nothing out of the ordinary in any of the other funds in May or June 

Please let me know if you have any questions. 

Attached Files:
Woodland SD – May-June 2021 Financial Report.pdf application/pdf 941.1K
Woodland SD – May-June 2021 Financial Report.pptx application/vnd.openxmlformats-officedocument.presentationml.presentation 1.3M