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August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report.

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Presentation on theme: "August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report."— Presentation transcript:

1 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report

2 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report

3 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report

4 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report

5 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report

6 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report

7 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report

8 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report

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10 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report FISCAL YEAR Financial Report August 2008 Year To Date

11 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report August 2008 Beginning Fund Balance(Unaudited) ($ 10,509) APPROVED REVENUE BUDGET $324,973 YTD REVENUES $ 23,851 APPROVED EXPENDITURE BUDGET $346,067 YTD EXPENDITURES $ 23,855 JUNE 30, 2009 Projected Ending Fund Balance ($ 31,603)

12 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report $346.1M - GOB Budget $476.3M - District Total Budget Total District Cash - $175.3M GOB Revenues in line with budget GOB Expenditure Variance Analysis Salaries & Benefits – fewer FTEs (classroom teachers & administrators), delay in allocation of retirement expenses. Non-Payroll Expenditures – variances due to timing, additional expenditures for Early Retirement, Acuity Benchmark, and Long Range Plan. YEAR-TO-DATE SUMMARY

13 August 2008 EXECUTIVE SUMMARY Saint Louis Public Schools August 2008 Monthly Financial Report CONCERNS AND RISKS State Tax Commission protested tax rulings Equitable distribution of funds to charter schools Charter School Enrollment Unanticipated expenditures Unforeseen expenditures/impact of using 07/08 actuals as 08/09 budget base

14 August 2008 EXECUTIVE SUMMARY * 08/09 Year End Projections assume no corrective action taken. Options are currently under review to mitigate potential deficit of $20M. *

15 August 2008 EXECUTIVE SUMMARY * * 08/09 Year End Projections assume no corrective action taken to mitigate potential deficit.

16 August 2008 EXECUTIVE SUMMARY

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19 August 2008 Second Budget Amendment * 08/09 Year End Projections assume no corrective action taken. Options are currently under review to mitigate potential deficit of $20M.

20 August 2008 Second Budget Amendment * 08/09 Year End Projections assume no corrective action taken. Options are currently under review to mitigate potential deficit of $20M. *

21 August 2008 Second Budget Amendment

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27 SLPS What is TIF? How is TIF used? What is MODESA? How much has been approved? How many projects are completed? What is the current impact on SLPS? What additional projects are pending public hearing? Revenue funds derived mainly from property taxes used to finance redevelopment projects Notes/bonds are issued to pay redevelopment costs and property tax pay-off notes over 23 years. 58% of taxes are from SLPS tax base A super TIF which also captures state taxes (use of state taxes restricted to infrastructures). 111 TIF projects that cost $3.5B with TIFs of $0.6B. 98 projects that cost $1.7B with TIFs of $0.2B. $155M TIF assessments(market value $631M) = $5.9M/ yr loss 9 projects totaling $130.5m with TIFs of $18.3M. Potential fiscal impact on SLPS: $0.7M. 60% of taxes are from SLPS tax base 100 TIF projects that cost $3.4B with TIFs of $0.5B 60 projects that cost $1.5B with TIFs of $0.2B $142M TIF assessments (market value $568M) = $5.3M/yr loss 9 projects totaling $520.8M with TIFs of $79.2M. Potential fiscal impact on SLPS: $5M. September , Update May , Status Tax Increment Financing (TIF)

28 SLPSRS Worst Case Scenario

29 *Source: PSRS Investment Flash Report, dated 6/30/08 and PSN. Past performance is not indicative of future performance. A DEEPER LOOK AT EVALUATING INVESTMENT PERFORMANCE Top performing money managers typically beat not only their comparative style index but also exhibit above median performance in their peer group for longer periods (i.e. 5 years+). Active managers should not be expected to outperform in every month, quarter, or year. However, persistent underperformance (i.e. 5 years+) should warrant concern and a re-investigation of the managers process, philosophy and people. As of 6/30/08, SLPSRS engaged 6 traditional managers with below- median peer returns for the trailing 5 years. These managers oversee a combined $197 million under management.* Three of the six underperformed more than 70% of their peers in that timeframe.

30 Six of the equity managers (totaling $197 million in assets) have below median performance for the 5 years ending 6/30/08. Using only those managers returns and calculating the difference between their returns and the return of the median of each managers peer group, the dollar return differential was $9 million over 5 years. WORST CASE SCENARIOS *Source: PSRS Investment Flash Report, dated 6/30/08 and PSN. Past performance is not indicative of future performance. Buford, Dickson, Harper, Sparrow$21,256,989 Return amount below the median manager:($1,000,932) Monetary Management$61,125,673 Return amount below the median manager:($487,443) New Amsterdam Partners$33,350,246 Return amount below the median manager:($825,460) Edgar Lomax$30,415,669 Return amount below the median manager:($2,527,300) Systematic Financial$28,258,552 Return amount below the median manager:($2,935,843) Dimensional Fund Advisors$22,571,984 Return amount below the median manager:($1,579,047) Total Assets for Worst Case Managers$196,979,113 Combined amount below the median manager:($9,356,025)

31 Quartile Report Slides

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38 NON GOB Financial Summary August 2008 Monthly Financial Report

39 NON GOB Financial Summary August 2008 Monthly Financial Report CAPITAL FUNDS A/C Fund Balance = $ 19,008,577 M DESEG Fund Balance= $ 99,600,771 M

40 NON GOB Financial Summary August 2008 Monthly Financial Report DEBT SERVICE

41 NON GOB Financial Summary August 2008 Monthly Financial Report FEDERAL FUNDS

42 NON GOB Financial Summary August 2008 Monthly Financial Report FOOD SERVICE

43 NON GOB Financial Summary August 2008 Monthly Financial Report TRUST & AGENCY


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