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FISCAL YEAR 2007-2008 Financial Report December 2007 Year To Date.

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Presentation on theme: "FISCAL YEAR 2007-2008 Financial Report December 2007 Year To Date."— Presentation transcript:

1 FISCAL YEAR Financial Report December 2007 Year To Date

2 DECEMBER 2007 EXECUTIVE SUMMARY $332M GOB Budget/Total Budget - $447M GOB revenues currently tracking below budget budget at $0.7M Total District Cash - $135.5M City holding over $25M in protested taxes YEAR-TO-DATE SUMMARY Non-Payroll Expenditures reflect $2.9M positive variance, with transportation tracking $0.7M over budget

3 EXECUTIVE SUMMARY - Continued Total GOB Expenditures currently tracking below budget by $1.6M Non-General Operating Funds o Revenues tracking close to expenditures o Food Service deficit is at $0.2M Budget over-runs $1.M revenue shortfall $5M increase in salary & benefits due to increase in certificated staffing and health benefits Shortfall minimized (e.g. contingencies, frozen positions) YEAR-END PROJECTIONS

4 EXECUTIVE SUMMARY - Continued CONCERNS AND RISKS STC protested tax rulings Equitable distribution of funds to charter schools Food Service profit margin Technology budget Garage repairs

5 ST. LOUIS PUBLIC SCHOOLS GENERAL OPERATING FUNDS FINANCIAL REPORT DECEMBER 2007 In Thousands JULY 2007 BEGINNING FUND BALANCE (AUDITED) ($12,273) APPROVED REVENUE BUDGET$332,610 YTD REVENUES$124,030 APPROVED EXPENDITURE BUDGET$332,188 YTD EXPENDITURES $159,779 JUNE 2008 ENDING FUND BALANCE ($15,973) (DECEMBER PROJECTION)

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8 ST. LOUIS PUBLIC SCHOOLS STATE FUNDING CONCERNS WITH CHARTER SCHOOL PAYMENTS Inequities with the payment methodology used by DESE: SLPS not receiving full credit for its student count from the 2 nd preceding year ($4.3 M). The State is converting the desegregation sales tax revenue to a levy in order to provide additional funding to the charter schools ($4 M). DESE is over-allocating Prop C funds to the charter schools ($2.8 M). DESE allocating disproportionate amount of categorical aid to the charter schools (e.g. exceptional pupil only 3.2% in FY06, now 17.9%). This critical loss of revenue is contributing to the St. Louis Public Schools financial stress and deficit spending in the general operating funds.

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10 GOB UNRESTRICTED FUND BALANCE In Thousands -$37,848 -$25,987 -$24,915 -$12,273 FY 2004 FY 2005 FY 2006FY $15,973 FY 2008 Projected

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17 GENERAL OPERATING FUNDS BUDGET TO ACTUAL REVENUES DECEMBER 2007 In Thousands Annual GOB Revenue Budget $332,610 December YTD Budget $124,709 December YTD Actual $124,030 -$2,918 $16 $2,195 $29 - $586 Local County State Federal Charter Schools

18 GENERAL OPERATING FUNDS BUDGET TO ACTUAL EXPENDITURES DECEMBER 2007 In Thousands Annual GOB Expenditure Budget $332,188 December YTD Budget $161,343 December YTD Actual $159,779 -$1,374 $955 -$738 $965 $9 $1,747 Salaries & Benefits Purchased Services Property Services Transportation Operational Expenditures Debt Obligations

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27 $11.4 $2.5 $7.6 $10.7 $6.5 NON-GENERAL OPERATING FUNDS REVENUES AND EXPENDITURES DECEMBER 2007 In Thousands Capital Debt Federal Food Svc Trust

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