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COLUMBUS CITY SCHOOLS Monthly Financial Reports–January 2014 Financial Re-Cap for: Columbus Board of Education Meeting February 18, 2014 2.

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Presentation on theme: "COLUMBUS CITY SCHOOLS Monthly Financial Reports–January 2014 Financial Re-Cap for: Columbus Board of Education Meeting February 18, 2014 2."— Presentation transcript:

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2 COLUMBUS CITY SCHOOLS Monthly Financial Reports–January 2014 Financial Re-Cap for: Columbus Board of Education Meeting February 18,

3 Real Estate Taxes collected fiscal year-to-date total $277,295,961 which is in alignment with fiscal Year projected receipts. These receipts reflect funds in the August 2013 settlement of taxes from the County Auditor and the tax advances received in January Our final tax settlement funds should be received in February. Executive Summary – Financial Reporting For the Month of January 2014 Local Receipts 3

4 Executive Summary – Financial Reporting For the Month of January 2014 Receipts Real Estate Tax92,000,00092,667,500667,500 Monthly EstimateActualDifference $276,961,450$277,295,961$334,511 Year to Date EstimateActualDifference 4

5 State Foundation funding of $20,996,061 were collected. To date, we are approximately $3.6 million over projections on our collections. This month continued collections of the promised additional funding the governor approved on June 29 in HB59. We expect these collections to level out over the fiscal year and be in alignment with the Forecast. Executive Summary – Financial Reporting For the Month of January 2014 State Funding Receipts 5

6 Executive Summary – Financial Reporting For the Month of January 2014 Receipts State Foundation$21,536,595$20,996, ,534 Monthly EstimateActualDifference $155,242,502$158,887,930$3,645,428 Year to Date EstimateActualDifference 6

7 To date, Non Operating funds of $10,074,234 were returned to the general fund. Non Operating funds can contain advances. (Advances are made to other funds one month and if the funds have ability they return that advance to the general fund in the next months.) Due to timing of advanced funds and repayments of those advances, these balances are volatile and have largely impacted our carryover balances at year-end – therefore we monitor those regularly. Executive Summary – Financial Reporting For the Month of January 2014 Non-Operating Receipts 7

8 Executive Summary – Financial Reporting For the Month of January 2014 Receipts Non-Operating$13,000$2,344$-10,656 Monthly EstimateActualDifference $14,125,774$10,074,234$-4,051,539 Year to Date EstimateActualDifference 8

9 Total Revenues as of the month of January are close to projections. (within approximately $-1.5 million or -0.32%) We are continuing to monitor the revenues in local taxes and state aid to be certain our projections will hold for our spending this year. Executive Summary – Financial Reporting For the Month of January 2014 Revenues: 9

10 Executive Summary – Financial Reporting For the Month of January 2014 Expenditures: Salaries and wages as of the month of January are coming in under projections by approximately $-5.2 million. (We are starting to see the gap in projections due to the forecast including funds for negotiations which have not yet settled.) Fringe benefits as of the month of January came in under projections by approximately $-1.0 million. 10

11 Executive Summary – Financial Reporting For the Month of January 2014 Expenditures Salaries & wages$44,547,654$42,094,329$-2,453,325 Monthly EstimateActualDifference $233,026,750$227,765,690$-5,261,059 Year to Date EstimateActualDifference 11

12 Executive Summary – Financial Reporting For the Month of January 2014 Expenditures Fringe Benefits$18,126,440$18,343,701$217,261 Monthly EstimateActualDifference $93,955,723$92,918,485$-1,037,239 Year to Date EstimateActualDifference 12

13 Purchased Services costs of $14.6 million for the month of January came in under projections by about $-2.9 million. [The charter and voucher payments, which are strictly pass-thru payments, comprised approximately $11.9 million (81%) of the Purchased Services costs in January.] Materials, Supplies and Books for the month of January came in under projections by about $-80 thousand. Capital Outlay for the month of January came in under projections by about $-42 thousand. Executive Summary – Financial Reporting For the Month of January 2014 Expenditures 13

14 Executive Summary – Financial Reporting For the Month of January 2014 Expenditures Purchased Svcs.$17,502,301$14,619,475$-2,882,826 Monthly EstimateActualDifference $104,371,827$101,249,295$-3,122,533 Year to Date EstimateActualDifference 14

15 Executive Summary – Financial Reporting For the Month of January 2014 Expenditures Materials,Supplies$1,285,234$1,204,359$-80,876 Monthly EstimateActualDifference $10,839,801$9,517,974$-1,321,827 Year to Date EstimateActualDifference 15

16 Executive Summary – Financial Reporting For the Month of January 2014 Expenditures Capital Outlay$115,167$73,104$-42,062 Monthly EstimateActualDifference $1,584,207$1,826,918$242,711 Year to Date EstimateActualDifference 16

17 Total Expenditures as of the month of January came in under projections within $-12.6 million or -2.72%. In alignment with budgeted expenditures, 58.33% of the fiscal year has elapsed and we have spent 55.48% of the annual budget. Executive Summary – Financial Reporting For the Month of January 2014 Expenditures: 17

18 As of January, Cash Balance is over projections $11 million or 2.4% of the actual expenditures to date. ($11,055,575 / $450,128,750) = 2.4% The cash balance will change in coming months due to operational needs, changes in spending patterns, costs that vary, and many variables that drive revenues and expenditures. This factor is being monitored and reported to reflect Five Year Forecast “bottom- line cash balance” monthly impacts. As you know, forecasting is partially a science and partially art – due to unknown variables. Executive Summary – Financial Reporting For the Month of January 2014 “Bottom-Line” Cash Balance: 18

19 Executive Summary – Financial Reporting For the Month of January 2014 “Bottom-Line” Cash Balance: Ending Cash Balance$144,493,776$155,549,351$11,055,575 Monthly EstimateActualDifference $144,493,776$155,549,351$11,055,575 Year to Date EstimateActualDifference 19

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