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Los Gatos Union School District Unaudited Actuals FY 2007-08 Cynthia Shieh September 9, 2008.

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Presentation on theme: "Los Gatos Union School District Unaudited Actuals FY 2007-08 Cynthia Shieh September 9, 2008."— Presentation transcript:

1 Los Gatos Union School District Unaudited Actuals FY Cynthia Shieh September 9, 2008

2 Budget Reporting Calendar Budget Adoption: 6/17/08 Year end closing for FY 2007/08 (Unaudited Actuals): 9/08 45-Day Budget Revision: after Governor signs the Budget into Law (Budget Act) Audited Report: 11/08 (will be presented by Auditors) 1 st Interim: cutoff 10/31/08: 12/08 2 nd Interim: cutoff 1/31/08: 3/09 Estimated Actuals for 2008/09 & Budget Adoption for 2009/10: 6/09 Year end closing for FY 2008/09: 9/09

3 Summary - FY 2007/08 Financial Highlights: Parcel Tax was passed in June with 83% voter approval. Overall, the total property taxes grew $1,025,161 to $16,289,509, a 7% increase from FY 2006/07 to FY 2007/08. Employees were offered a 6% salary increase, and a 6% Health & Welfare Benefits increase. Financial Challenges: Enrollment grew by 120 students (based on CBEDS; 2,587 in FY 2006/07 and 2,797 in FY 2007/08). Deficit Spending by $605,045.

4 General Fund Total Revenue: $25,613,901 Unrestricted Amount: $19,247,139; 75% of total revenue Restricted Amount: $6,366,762; 25% of total revenue

5 General Fund Total Expenditure: $25,907,302 Unrestricted Amount: $19,852,185; 77% of total revenue Restricted Amount: $6,055,116; 23% of total revenue

6 Unrestricted General Fund Summary –FY 2007/08 The Unrestricted ending balance was lower than anticipated by $80K. The variance in Revenue: 0.36% ($19,247,141 vs. $19,316,323) The variance in Expenditure: 0.06% ($19,852,187 vs. $19,840,691) Components of ending balance Unrestricted Ending Balance$2,100,998 Lottery (1,268) Net Unrestricted Ending Balance$2,099,730 (including 7% Reserve $1,813,511) 7% = $1,813,511

7 Budget Monitoring: General Fund Unrestricted Los Gatos Union School District Projection - FY Original 1 st Interim 2 nd InterimEstimated ActualsUnaudited Actuals General Fund – Unrestricted Projected Revenues 19,062,371 19,122,177 19,202,172 19,316,323 19,247,139 Projected Expenditures 18,779,602 19,125,471 19,563,988 19,840,691 19,852,185 Excess (Deficiency) 282,769 (3,294) (361,816) (524,368) (605,046) Beginning Unrestricted 2,706,043 Unrestricted Ending 6/30/08 2,988,812 2,702,749 2,344,227 2,181,675 2,100,997

8 Unrestricted General Fund Los Gatos Union School District 2007/08 VariancePercentage Variance Note Projection – FY 2007/08Estimated Actuals Unaudited Actuals General Fund -Unrestricted Projected Revenues19,316,32319,247,139 (69,184) 0.36% 1 Projected Expenditures19,840,69119,852,185 11, % 2 Excess (Deficiency) (524,368) (605,046) (57,690) Beginning Unrestricted Balance 2,706,043 Unrestricted Ending 6/30/08 2,181,675 2,100,997 (80,678)

9 Notes to Unaudited Actual General Fund 1.REVENUE Revenue Limit Principal Apportionment – to COE Program(134,919) State Revenue Mandated Cost and Lottery 326 Local Revenue Parcel Tax (8,763) Lease Rental 7,900 Interest 42,055 Transfer In from Developer Fee Fund (3% Administrative Cost) (6,558) Contribution – Special Education 30,777 TOTAL (69,182) 2.EXPENDITURES Salaries and Benefits 7,153 Book and Supplies 10,719 Service and Other Operating – Utilities, Telephone 24,463 Capital Outlay (20,166) Other Outgo – Indirect Cost (10,674) TOTAL 11,495

10 Ending Balance: FY 2005/06 to FY 2007/08

11 Special Revenue Funds – FY 2007/08 Cafeteria Fund Total Revenue$526,343 Total Expenditure $531,234 Beginning Balance $66,920 Ending Balance $62,029 Deferred Maintenance Fund Total Revenue$216,466 Total Expenditure $170,479 Beginning Balance $128,477 Ending Balance$174,464 Special Reserve-Retiree Benefits Fund Total Revenue$255,143 Total Expenditure $0 Beginning Balance $1,066,275 Ending Balance $1,321,418

12 Capital Project Funds – FY 2007/08 Building Fund Total Revenue $370,537 Total Expenditure $3,198,518 Beginning Balance $9,129,410 Ending Balance $6,301,562 Capital Facility Fund Total Revenue$238,361 Total Expenditure $106,752 Beginning Balance $51,464 Ending Balance$183,073 County School Facility Fund Total Revenue $34,694 Total Expenditure $323,833 Beginning Balance $289,281 Ending Balance $142 Special Reserve-Capital Outlay Fund Total Revenue $262,126 Total Expenditure $31,230 Beginning Balance $5,220,775 Ending Balance $5,451,671


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