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2008/09 FISCAL YEAR FINANCIAL UPDATE Board Meeting September 16, 2008 Y:\business services\budget\2008-09\adjusted\meetings\B09-16-08\Financial Update.

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Presentation on theme: "2008/09 FISCAL YEAR FINANCIAL UPDATE Board Meeting September 16, 2008 Y:\business services\budget\2008-09\adjusted\meetings\B09-16-08\Financial Update."— Presentation transcript:

1 2008/09 FISCAL YEAR FINANCIAL UPDATE Board Meeting September 16, 2008 Y:\business services\budget\ \adjusted\meetings\B \Financial Update B ppt Prepared by: Dr. Odie Douglas, Mr. Douglas Barge, Ms. Maria Fong & Ms. Carrie Hargis LODI UNIFIED SCHOOL DISTRICT Business Services

2 Executive Summary  The District is experiencing a dramatic drop in student enrollment.  The State hasn’t adopted a budget; adding complexity to our process.  Cash flow is being heavily impacted by changes in State practices.  The forecast for 2009/10 is even worse.  Current model indicates structural out of balance is heading in the wrong direction.  State still isn’t fixing its problems.  Timing has required us to move forward using estimated amounts for some items.  This presentation addresses the current year problem only.  Doesn’t leave “shock absorber” capacity. does not include  Staff is presenting a recommendation that does not include reduction of temporary teachers or moving teachers between sites.  This strategy will mean substantial cuts for the future. i i

3 Table of Contents i. Introduction ii. Student Enrollment iii. Balancing Sources & Uses iv. Options, Recommendation & Timelines v. Appendix a. Prior Years CBEDS & Enrollment Trend Charts b. Financial Impact – Expenditures c. Financial Impact – Funding Sources ii DESCRIPTION PAGE # A-1 – A-6 B-1 – B-4 C-1 – C-2

4 Introduction Enrollment Declining from 2008/09 Projected Budget Declining from 2007/08 CBEDs “red” These trends are significant enough (+1%) to send “red” flags to the County Office of Education on Interim Financial Reports. Categorical programs have been fully utilized and carryovers are less than prior year trends.. (Per Doug!) We need to begin planning now. (Per Doug!) 1 1

5 Student Enrollment iii

6 Current Enrollment as of 9/5/08 2 2

7 All Grades ~ 2008/09 3 3

8 Elementary ~ 2008/09 4 4

9 Balancing Sources & Uses iv

10 Recapping the Balance Income From Students($3,136,763) 2. All Other Sources (Appendix C-2) ($3,136,763) 7,011,993 B. Sources 3. Total Sources ($3,336,763) $3,875,230 $7,211,993 ($200,000) DescriptionsOn-GoingTotal A. Uses A. Uses (Appendix B1-B3) $5,065,275 ($932,052)One-Time$5,997,327 C. Total Funds Available ($2,404,711)($1,190,045) D. Structural Balancing (467,004)0$1,214,666467,004 E. New Structural Balance ($2,871,715)($1,190,045)$1,681,670

11 Options, Recommendation & Timelines v v

12 Options Considered 6 6

13 Recommendation 7 7 over-formula Note: If this recommendation is not agreeable and there is direction to reduce over-formula teachers (page 6, items D-F) that action would result in the reduction of temporary teachers and movement of students between schools at the K-6 level.

14 Reviewing Key Messages Honor 2008/09 agreements with employee groups Continue delaying the hiring process in some vacant positions Continue reviewing the need to fill some vacant positions Maximize use of categorical funds Maintain employment of existing probationary and permanent staff Reduce site General Fund carryovers to 10% (vs. current 15%) (submit hardship appeal, if necessary) 8 8

15 Timeline & Next Steps Cabinet Review9/8/08 Review Report with Employee Groupsprior to 9/16/08 Board of Education Approval9/16/08 Board of Education Action10/7/08 Budget Revisions Unaudited Actuals Gann Limit State Adopted Budget????? 9 9

16 The End!

17 Appendix “The Details” Prior Years CBEDS & Enrollment Trend Charts Financial Impact - Expenditures Financial Impact - Funding Sources A-1 – A-6 B-1 – B-4 C-1 – C-2 vi

18 Comparison to Prior Year CBEDs A-1

19 All Grades ~ History A-2

20 Elementary ~History A-3

21 Middle Schools A-4

22 High Schools A-5

23 Other Programs Schools A-6

24 Summary of Expense Changes DESCRIPTIONF.T.EBUDGET 1. Teacher Staffing($1,158,052)(18.90) 4. Total Growth Expenses ($1,490,344) (25.66) 3. Special Education Staffing(304,722)(6.76) 2. Per Pupil Allocations(27,570) B-1

25 Summary of On-Going Expenses DescriptionsF.T.EBUDGET 1. Required Changes (*)$253, Re-Instate Special Education Staffing * Details are available 304, Total On-Going Expenses $558, B-2

26 Summary of One-Time Expenses DESCRIPTIONSF.T.E.BUDGET 1. Carryover of Site/Support Allocations (*) 2. Purchase Order Carryovers (*) $4,439, ,000 * Details are available 6. Total One-Time Expenses$5,997, General Reserve Requirements (3%)147, Re-Instate Teacher Staffing1,158, Required Changes (*)52,000 B-3

27 Recapping of Increased Costs DescriptionF.T.EBudget D. Total Estimated Uses ($932,052) (18.90) C. Increased One-time Costs A. Growth Costs($1,490,344)(25.66) B. Increased On-going Costs558,292On-Going $5,997,327 $5,997,327 F.T.E One-TimeBudget $5,065,275 Total -0- In Appropriations F.T.E B-4

28 On-Going Funding Sources E. Total Estimated New Income ($3,136,763) NEW INCOMEBUDGET A. Net Growth Income($2,664,600) B. Special Education Growth(261,898) C. Class Size Reduction – Grades K-3(153,153) D. Lottery (57,112) C-1

29 Other Sources DescriptionOn-Going One Time TotalBudget E. Total Other Sources ($200,000)$7,011,993$7,211,993 A. Existing Carry Over Reserves$1,800,000 B. Ending Fund Balance4,111,993 C. Interest (due to reduced cash)($200,000) (200,000) D. One Time Funds – Declining Enrollment$1,300,000 1,300,000 C-2


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