Presentation on theme: "Bd-12-13-05 1ST Interim Report 1 2005-2006 Mt. Diablo Unified School District First Interim Report Board of Education Meeting December 13, 2005 Presented."— Presentation transcript:
bd-12-13-05 1ST Interim Report 1 2005-2006 Mt. Diablo Unified School District First Interim Report Board of Education Meeting December 13, 2005 Presented by Gloria Gamblin Chief Financial Officer
bd-12-13-05 1ST Interim Report 2 FINANCIAL REPORTING REQUIREMENTS Education Code 42130 - TWO reporting periods October 31 and January 31 and projections of the budget through June 30. Education Code 42131 - requires the Board of Education to certify, in writing, whether or not the school district is able to meet its financial obligations for the remainder of the fiscal year. Education Code Section 33127 - requires a district that has received a negative certification of its interim report(s) to file a third report as of April 30.
bd-12-13-05 1ST Interim Report 3 2005 – 2006 FINANCIAL REPORTS CERTIFICATIONS Adopted Budget – POSITIVE CERTIFICATION October 14, 2005 First Interim Report – POSITIVE CERTIFICATION October 31, 2005
bd-12-13-05 1ST Interim Report 4 GENERAL FUND Revenue Assumptions KEY FACTORS Declining Enrollment Average Daily Attendance (ADA) Decreased Revenue Limit Dollars Cost of Living Adjustments Deficit Factors Federal, State and Local Revenues
bd-12-13-05 1ST Interim Report 5 ENROLLMENT AND ADA Decreased Revenue Limit Sources Detail of Revenue Loss due to Loss of ADA FiscalLOSSRevenue YearOF ADADecrease 2003-2004287.65(1,330,089)for FY 04-05 2004-2005466.56(2,356,662)for FY 05-06 2005-2006326.53(1,655,664)for FY 06-07 2006-2007192.59(1,019,765)for FY 07-08 Total Revenue Limit Loss due to Loss of ADA(6,362,180) Loss of ADA Revenue
bd-12-13-05 1ST Interim Report 6 DECREASED REVENUE LIMIT SOURCES Deficit Factors Detail of Revenue Loss due to Unfunded COLATotal RevenueUnfunded Fiscal YearCOLADeficit Factor Limit SourcesCOLA Amount 2003 - 20041.86%0.969978755 167,157,266($5,077,445) 2004 - 20052.41%0.978568980172,490,968($3,712,114) 2005- 20064.23%0.991080000178,264,994($1,965,194) 2006 -20074.40%0.991080000184,347,788($2,013,368) 2007 - 20083.20%0.991080000189,199,277($2,051,795) Total Unfunded Revenue Limit Sources ($14,819,916) Revenue Loss Due to Unfunded COLA
bd-12-13-05 1ST Interim Report 7 Cost of Living Adjustments (COLA) Detail of Additional Revenue Limit Received Each Year with the COLA Total RevenueAmount Fiscal YearCOLADeficit Factor Limit SourcesDifference 2003 - 20041.86%0.969978755167,157,266 2004 - 20052.41%0.978568980172,490,968$5,333,702 2005- 20064.23%0.991080000178,264,994$5,774,026 2006 -20074.40%0.991080000184,347,788$6,082,794 2007 - 20083.20%0.991080000189,199,277$4,851,489 Total Additional Revenue Limit Received$22,042,011 Note: Revenue Limit Sources includes lost ADA due to declining enrollment for 2004-05 through 2007-2008 Revenue Limit Received with COLA
bd-12-13-05 1ST Interim Report 8 Major REVENUE Changes Revenue Limit Sources increased by $434,104 (Adjustments for Capped Hourly Programs, Unemployment Rate, Transfer for NPS/SDC/CDS, 2004-05 P2 ADA Actual, Reduction in Deficit Factor, etc.) Federal Revenue increased by $3,887,062 (SAIT, Title II-CSR, Title IIA-Teacher Quality, Title I Part A, Title III LEP, etc.) State Revenue increased by $1,540,507 (SIP, Lottery Special Education, State After School, BTSA, etc.) Local Revenue Sources increased by $1,686,840 (Medical Wrap-around, Inter-Sport Transportation, District-wide Donations, Site Donations, Interest Earnings )
bd-12-13-05 1ST Interim Report 9 EXPENDITURE Assumptions for 2005-2006 Certificated Salaries –Projected salaries include salary increases for all bargaining units, actual expenditures to date, encumbrances for regular employees, vacancy savings, and staffing changes. Classified Salaries –Projected salaries include salary increases for all bargaining units, actual expenditures to date, encumbrances for regular employees, vacancy savings, and staffing changes. Employee Benefits –Projections reduced due to medical cap for all groups except MDEA, decrease in the premium rate to 9% from 15%, and reduction in the STRS rate to 8.25% from 10.25%.
bd-12-13-05 1ST Interim Report 10 EXPENDITURE Adjustments, Continued Books and Supplies –Projection reduced to reflect current spending, any unspent dollars will be carried over Services, Other Operating Expenditures –Projection agrees with the Operating Budget at this reporting period Capital Outlay –Projection increased by $500,000 for Restricted Resources Other Outgo –Projection agrees with the Operating Budget at this reporting period Transfer Out –Projection agrees with the Operating Budget
bd-12-13-05 1ST Interim Report 11 CONTRIBUTIONS to RESTRICTED Programs Special Education $24,290,051 Transportation $ 1,963,261 Routine Repair & Maintenance Account $ 7,424,299 (Legally required for Proposition 55 and Deferred Maintenance) Other Programs Contributions $ 1,023,710 Transfer to Buy Back from Block Grant ($ 1,157,433) Total Contributions $33,543,888
bd-12-13-05 1ST Interim Report 12 Designations of the Projected Unrestricted Ending Fund Balance The projected Unrestricted Fund Balance of $11,437,101 consists of the following: Revolving Cash/Stores $ 989,763 Economic Uncertainties 5,000,414 Site/Dept Carryover 3,050,000 Undesignated Reserves 2,396,924
bd-12-13-05 1ST Interim Report 13 OTHER FUNDS, Projected Ending Fund Balances Projected Ending Balance as of June 30, 2006 Adult Education933,668 Cafeteria803,604 Deferred Maintenance4,365,859 Building Fund23,631,952 Developer Fees4,600,767 State School Facility51,752,047 Capital Projects391,094 Measure C Debt Service3,277,187 Measure A Debt Service25,763,507 TOSCO Scholarship57,751 $115,557,436
bd-12-13-05 1ST Interim Report 15 General Fund Conclusion The district continues to sustain its Economic Uncertainties Reserves and have Undesignated Ending Fund Balance available during the MYP period. Based on these assumptions and projections, the Superintendent recommends the Board of Education approve the 2005-2006 First Interim Report as a Positive Certification.