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OCTOBER 2014 PRINCIPALS’ MEETINGS BUDGET UPDATE PALM SPRINGS UNIFIED SCHOOL DISTRICT 1.

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Presentation on theme: "OCTOBER 2014 PRINCIPALS’ MEETINGS BUDGET UPDATE PALM SPRINGS UNIFIED SCHOOL DISTRICT 1."— Presentation transcript:

1 OCTOBER 2014 PRINCIPALS’ MEETINGS BUDGET UPDATE PALM SPRINGS UNIFIED SCHOOL DISTRICT 1

2 2 OUR REVENUES

3 3 LCFF ENTITLEMENTS

4 UNAUDITED ACTUALS REPORT The Unaudited Actuals Report included a reconciliation of all of the District’s funds: General Fund/County School Service Fund (01) Charter Schools Special Revenue Fund (09) Adult Education Fund (11) Child Development Fund (12) Cafeteria Special Revenue Fund (13) Deferred Maintenance Fund (14) Special Reserve Fund for Other Than Capital Outlay Projects (17) Building Fund (21) Capital Facilities Fund (25) Special Reserve Fund for Capital Outlay Projects (40) Bond Interest and Redemption Fund (51) Self-Insurance Fund (67) 4

5 RECONCILIATION OF ESTIMATED ACTUALS TO UNAUDITED ACTUALS 5

6 UNRESTRICTED BUDGET (03) AFTER CLOSING Description (Budget) (Closing) Difference Total Revenues$169,779,095 Total Expenditures($160,469,295) INCREASE (DECREASE)$9,309,800 Other Sources$5,183,487 Other Uses($1,123,475) Contributions($14,862,867) Net INCREASE (DECREASE)($1,493,055) Beginning Balance, July 1, 2014$11,046,892 Ending Balance, June 30, 2015$9,553,837 Revolving Cash/Stores$270,000 Unassigned- Economic Uncertainties (3%)$6,324,583 Unassigned Lottery$34,603 LCFF Supplemental and Concentration MPP$4,283,161 Assigned for Carryover$0 Excess/(Shortfall)($1,358,510) 6

7 UNRESTRICTED BUDGET (03) AFTER CLOSING Description (Budget) (Closing) Difference Total Revenues$169,779,095$171,607,310$1,828,215 Total Expenditures($160,469,295) $0 INCREASE (DECREASE)$9,309,800$11,138,015$1,828,215 Other Sources$5,183,487 $0 Other Uses($1,123,475) $0 Contributions($14,862,867) $0 Net INCREASE (DECREASE)($1,493,055)$335,160$1,828,215 Beginning Balance, July 1, 2014$11,046,892$18,576,598$7,529,706 Ending Balance, June 30, 2015$9,553,837$18,911,758$9,357,921 Revolving Cash/Stores$270,000 $0 Unassigned- Economic Uncertainties (3%)$6,324,583 $0 Unassigned Lottery$34,603$102,890$68,287 LCFF Supplemental and Concentration MPP$4,283,161$5,633,718$1,350,557 Assigned for Carryover$0$6,790,163 Excess/(Shortfall)($1,358,510)($209,596)$1,148,914 7

8 IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS The Universal Availability Act, part of the IRS 403b regulations, mandates that the district must provide employees with the opportunity to make or change an elective deferral to a supplemental retirement plan. 8

9 IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS The district must notify employees of the availability to make this contribution to a deferred compensation account. 9

10 IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS The district must provide all employees: The enrollment procedures for the plan The types of contributions permitted (Pre-tax, Roth, Catch- up, etc.) How and when contributions can be made Sources for additional information 10

11 IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS 11 Jonathan Garnant


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