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Every student. every classroom. every day. 2007-2008 1 st Interim Financial Report Wednesday, December 12, 2007.

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Presentation on theme: "Every student. every classroom. every day. 2007-2008 1 st Interim Financial Report Wednesday, December 12, 2007."— Presentation transcript:

1 every student. every classroom. every day st Interim Financial Report Wednesday, December 12, 2007

2 every student. every classroom. every day. 2 Financial Leadership Team Vince Matthews – State Administrator Leon Glaster – Chief Financial Officer Roberta Saddler – Interim Controller Jason Willis – Budget Director

3 every student. every classroom. every day. 3 Financial Support Team Sandra Anderson-Knox – Financial Services Manager Waly Ndiaye – Financial Accountant II Quyen Nyo – Financial Accountant II Azeb Legesse – Financial Accountant I Minh Co – Financial Accountant I Michael Ezeh – Financial Accountant I David Lewis – Financial Accountant I Adan Hernandez – Accounting Technician, Receivables Billing

4 every student. every classroom. every day. 4 Financial Support Team Roxanne Dunn – Financial Services Associate II Linda Wu – Financial Services Associate II Katema Slocum – Financial Services Associate II Diane OHara – Financial Services Associate I Keisha Smith – Financial Services Associate I Marla Williams – Financial Services Associate I

5 every student. every classroom. every day. 5 Agenda OUSD Enrollment Trends General Fund Overview Californias Economic & Fiscal Outlook 1 st Interim Financial Overview Towards Fiscal Sustainability Audit Findings / Cash Flow

6 every student. every classroom. every day. 6 OUSD Enrollment Trends OUSD49,86647,23344,29541,35539,69438,04438,852 Charter2,0882,7103,9176,1377,2287,6117,512 OUSD Prior Yr Change n/a(2,633)(2,938)(2,940)(1,661)(1,650)(842)

7 every student. every classroom. every day. 7 General Fund Overview ($ in,000s) UnrestrictedRestrictedTotal Beginning Fund Balance$18,276K$30,560K$49,286K Revenue Limit $205,661K $11,462K $217,123K Other Revenue $48,901K$181,744K $230,645K Total Revenue $254,562K $193,206K $447,768K Salary & Benefits $194,944K $126,495K $321,439K Books & Supplies$8,476K$44,411K $52,887K Services & Operating$27,412K $62,473K $89,885K Outlay, Outgo, and Transfers$23,228K $(15,793K) $7,435K Total Expenditures $254,680K $217,586K $472,266K Net Increase/(Decrease)$(121K) $(24,381K) $(24,499K) Ending Fund Balance$18,158K$6,179K$24,337K

8 every student. every classroom. every day. 8 Budgeted Deficit as of Budget Adoption (June 2007) $(1,446K) RevenueAdditions/Restatements$5,883K BudgetBudget Increases$(6,955K) Budget Reductions$2,210K Transfer, Outgo, and Finance Changes$429K Budgeted Deficit as of 1 st Interim (December 2007) $(121K) General Fund Review Explanation of Major Changes to Unrestricted

9 every student. every classroom. every day. 9 General Fund Review Explanation of Major Changes to Unrestricted Budget IncreasesAmount Funding for schools due to increased enrollment over projected$4,521,234 Support for Custodial Services to meet district goals$873,000 Risk Management legal and insurance costs$685,910 Additional equipment (custodial supplies)$325,000 Building and maintenance services$266,855 Parent and community engagement/Communication expenses$146,262 Re-established Board of Education expenses$136,600 TOTAL$6,954,861

10 every student. every classroom. every day. 10 General Fund Review Explanation of Major Changes to Unrestricted Revenue Additions/RestatementsAmount Revenue Limit$4,917,000 AT&T reimbursement for overcharge$223,000 Chabot Science recognized revenue$743,000 Interest restatement$1,057,000 TOTAL$5,883,000 Budget ReductionsAmount KIPP Oak Bridge school closing$947,000 Central Office salary and benefit savings$762,898 Transfer of self-insurance expense from Risk Mgmt to Facilities$500,000 TOTAL$2,209,898

11 every student. every classroom. every day. 11 Californias Economic & Fiscal Outlook Economy Projected to Slow into 2008 – Housing industry downturn due to sub-prime market collapse and pricing corrections – Continued increase in fuel prices (oil may break $100/barrel in coming months) – Weakening dollar compared to other currencies – Consumer spending expected to slow by almost one-third next year to 2.0% from 2.9% in 2007 Source: California Legislative Analysts Office, 2007, Californias Fiscal Outlook: LAO Projections, through

12 every student. every classroom. every day st Interim Financial Overview ($ in,000s) Adult Education Child Development Nutrition Services Special Reserves Beginning Fund Balance $6,020K$1,987K$1,222K $31,221K Revenue$15,940K$23,806K$14,465K$1,208K Expenditure/ Source & Use $16,674K$23,936K$15,687K$3,303K Increase/ (Decrease) $(734K)$(130K)$(1,222K)$(2,095K) Ending Fund Balance $5,286K$1,857K$0K$29,126K

13 every student. every classroom. every day. 13 State Lease/ Purchase Deferred Maintenance Capital Facilities Bond Fund Beginning Fund Balance $3,611K $5,828K$9,266K$168,262K Revenue$130K$2,140K$5,369K$2,600K Expenditure/ Source-Use $0K$7,966K$3,544K$138,167K Increase/ (Decrease) $130K$(5,826K)$1,825K$(135,567K) Ending Fund Balance $3,741K$2K$1,825K$32,695K 1 st Interim Financial Overview (cont.) ($ in,000s)

14 every student. every classroom. every day. 14 State Facility Bond Interest Tax Override Self Insurance Beginning Fund Balance $7,583K$15,885K$0$7,409K Revenue$1,090K$11,541K$26K$18,947K Expenditure/ Source-Use $0$23,245K$4K$15,510K Increase/ (Decrease) $1,090K$(11,703K)$22K$3,437K Ending Fund Balance $8,673K$4,182K$22K$10,846K 1 st Interim Financial Overview (cont.) ($ in,000s)

15 every student. every classroom. every day. 15 Unrestricted General Fund 1 st Interim Projected Projected Beginning Fund Balance $18,276K$18,158K$18,771K Revenues $254,562K$256,994K$259,205K Expenses$254,680K$256,384K$258,878K Net Increase/ (Decrease) $(121K)$610K$327K Ending Fund Balance $18,158K$18,771K$19,097K Towards Fiscal Sustainability Unrestricted Genl Fund Budget Projections ($ in 000s)

16 every student. every classroom. every day. 16 Restricted (Categorical) 1 st Interim Projected Projected Beginning Fund Balance $30,560K$6,180K$6,844K Revenues$193,206K$202,048K$199,804K Expenses$244,101K$201,384K$199,967K Net Increase/ (Decrease) $(24,380K)$664K$107K Ending Fund Balance $6,180K$6,844K$6,951K Towards Fiscal Sustainability Restricted Genl Fund Budget Projections ($ in 000s)

17 every student. every classroom. every day. 17 Towards Fiscal Sustainability Despite our progress towards a balanced budget in , we must continue to implement strategies to achieve and maintain financial solvency. Some of these include: – Hiring control process on Central Office positions funded from General Purpose dollars; – Full funding to cover substitute teachers at school sites; – Change in Custodial Services model to increase quality and efficiency; – Implement and maintain cost control of consultants through guidelines and ranges for hourly charge released this fall.

18 every student. every classroom. every day. 18 Parcel Tax Impact is the last allocation year for current parcel tax (Measure E): $20,000,000 In February 2008 Measure G will be brought before voters.

19 every student. every classroom. every day. 19 Audit Findings Update ($ in 000s) Audit YearQuestioned Costs Resolved Questioned Costs Resolution In-Progress Potential Audit Liability ,562,27232,608,147300,000654, ,457,0756,570,046571,041315, ,768, ,768,884TBD ,950, ,950,727TBD Audit to Start in January TBD Totals52,738,95839,178,193TBD

20 every student. every classroom. every day. 20 Cash Flow Analysis Actual Cash Balance July 2007August 2007 September 2007 October 2007 November 2007 Beginning Cash 54,050,827 31,231,404 31,732,961 21,886,559 62,797,907 Total Receipts 131,965 12,002,807 19,636,455 77,684,756 5,055,811 Total Disbursements (10,591,998)(13,367,625)(34,689,625)(39,044,886)(36,940,530) A/R & A/P Net (12,359,390) 1,866,375 5,206,768 2,271,478 (1,221,707) Ending Cash 31,231,404 31,732,961 21,886,559 62,797,907 32,134,295


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