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Treasurer’s Report May, 2011

Treasurer’s Report May, 2011. Board of Education Meeting Park Hill School District June 23, 2011. TREASURER’S REPORT May, 2011. May Treasurer’s Report Represents eleven months of fiscal year 2010-2011 (FY2011) Budget and Year-To-Date Values Will Reset in July For Fiscal Year 2012

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Treasurer’s Report May, 2011

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  1. Treasurer’s ReportMay, 2011 Board of Education Meeting Park Hill School District June 23, 2011

  2. TREASURER’S REPORTMay, 2011 • May Treasurer’s Report • Represents eleven months of fiscal year 2010-2011 (FY2011) • Budget and Year-To-Date Values Will Reset in July For Fiscal Year 2012 • Typical Revenue Month • Largest revenue item is State Foundation Formula that includes Federal Education Jobs Bill revenue • Largest Expenditure Month of Fiscal Year • May includes three teacher payrolls: May, July and August

  3. PAGE 1 TREASURER’S REPORTMay, 2011 Revenue May Operating Revenue = $4,552,075 Major Revenue Items * Includes Federal Education Jobs Bill Revenues ($1,352,365)

  4. PAGE 2 TREASURER’S REPORTMay, 2011 Debt Service Revenue • May Debt Service Revenue • Total = $52,378 Debt Service Notes • $0.6107 Debt Service Levy Drives Current Tax Revenue • Current Tax Collections Account for Majority of Debt Service Revenue • Debt Service revenue will surpass budget due to $4.5 million refinance action taken in December, 2010 • requires a budget amendment by Board of Education

  5. TREASURER’S REPORTMay, 2011 Revenue Budget Shortfalls • Delinquent Tax ($375,000) • Earnings on Investments ($140,000) • Special Education High Need ($135,000) Revenue Budget Increases • Prop C (475,000) • State Foundation Formula & Classroom Trust Fund • Federal Education Jobs Bill ($1.3 million) • Carryover to FY2012 Budget

  6. PAGE 3 TREASURER’S REPORTMay, 2011 • May Expenditure Total $19,502,077 • Operating Expenditures = $19,501,659 May is the eleventh month of the fiscal year (92% of the Year) May payrolls account for $17,349,784 or 89% of May operating expenditures

  7. PAGE 3 TREASURER’S REPORTMay, 2011 Expenditure Notes • May represents an atypical operating expenditure month • Includes three teacher payrolls (May, July, August) • All operating fund expenditures within budgeted amounts with exception of Fund 3 – Debt Service • Debt service expenditures higher than budgeted amounts due to 12/2010 refinance • Requires a budget amendment by Board of Education

  8. PAGE 4 TREASURER’S REPORTMay, 2011 FY2011 Invested Money • Money invested strategically to meet monthly cash flow demands • Yield rates of 0.06% to 0.50%

  9. TREASURER’S REPORTOperating Cash Flow PAGE 5 Operating Receipts: $4,552,075 Operating Expenditures: ($19,501,659) ($14,949,584)

  10. TREASURER’S REPORTMay, 2011 Fund Balance • July 1, 2010 • Beginning Operating Fund Balance dropped from $19.9 million in July, 2009 to $19.2 million in July, 2010 • Drop represents a change from $18.9% to 17.0% of operating expenditures • July 1, 2011 • Anticipated an Operating Fund Balance increase from $19.2 million to 21.2 million in July, 2011 • Unanticipated revenue (i.e. Federal Education Jobs Bill) • Unspent budget expenditures (i.e. efficiencies) Cash Flow • May, 2011 • Operating cash flow of $32.0 million • Drawn down over next 7 months to meet expenditures in low revenue months

  11. Treasurer’s ReportMay, 2011 Board of Education Meeting Park Hill School District June 23, 2011

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