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Newark CSD Fund Accounting Fiduciary Governmental

Newark CSD Fund Accounting Fiduciary Governmental. Fiduciary Funds Private Purpose Trust Funds Used to account for trust arrangements where principal and income are used to pay annual third party awards and scholarships for students. Agency Funds

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Newark CSD Fund Accounting Fiduciary Governmental

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  1. Newark CSD • Fund Accounting • Fiduciary • Governmental

  2. Fiduciary Funds • Private Purpose Trust Funds • Used to account for trust arrangements where principal and income are used to pay annual third party awards and scholarships for students. • Agency Funds • Strictly custodial in nature. Assets are held by the district as the agent for various student groups or extraclassroom activity funds and for payroll or employee withholdings.

  3. Fiduciary Funds • Private Purpose Trust Funds • Used to account for trust arrangements in which principal and income benefits annual third party awards and scholarships for students. • Agency Funds • Strictly custodial in nature. Assets are held by the district as the agent for various student groups or extraclassroom activity funds and for payroll or employee withholdings. Not General Fund Not Our Money

  4. Governmental Funds • School Lunch Fund • Used to account for transactions of the lunch, breakfast and milk programs. • Revenues come from lunch sales and governmental reimbursements.

  5. Governmental Funds • School Lunch Fund • Used to account for transactions of the lunch, breakfast and milk programs. • Revenues come from lunch sales and governmental reimbursements. Not General Fund Not Approved By Voters

  6. Governmental Funds • Special Aid Fund • Used to account for proceeds of specific revenue sources, such as federal & state grants that are legally restricted to expenditures for specified purposes. • Revenues come from specific sources, such as federal & state grants.

  7. Governmental Funds • Special Aid Fund • Used to account for proceeds of specific revenue sources, such as federal & state grants that are legally restricted to expenditures for specified purposes. • Revenues come from specific sources, such as federal & state grants. Not General Fund Not Approve By Voters

  8. Governmental Funds • Debt Service Fund • Used to account for the accumulation of resources and the payment of principal and interest on long-term obligations. • Revenues come from various sources, such as borrowing or reserve funds.

  9. Governmental Funds • Debt Service Fund • Used to account for the accumulation of resources and the payment of principal and interest on long-term obligations. • Revenues come from various sources, such as borrowing or reserve funds. Not General Fund Not Approved By Voters

  10. Governmental Funds • Capital Project Fund • Used to account for the financial resources used for the acquisition, construction or major repairs of capital facilities. Approved expenses generate state building aid. • Revenues come from various sources such as borrowing or reserve funds or EXCEL aid.

  11. Governmental Funds • Capital Project Fund • Used to account for the financial resources used for the acquisition, construction or major repairs of capital facilities. Approved expenses generate state building aid. • Revenues come from various sources such as borrowing or reserve funds or EXCEL aid. Not General Fund

  12. Governmental Funds • General Fund • This is the district’s primary operating fund for our educational offerings, used to account for all financial transactions that are not accounted for in another fund. • Revenues come from primarily from state aid and local taxes. • This is the budget our voters must approve.

  13. Newark CSD Major Budget Expenses A Preliminary Look Ahead to 2012-13

  14. Expense Look Ahead Expense 2011-12 2012-13 Increase/ CategoryBudgetAssumptionDecrease Salaries $17,744,080 +1.25% $221,801 Teachers’ contract extends into 2012-13 school year. All other contracts are to be negotiated. Equipment $173,740 No Change No Change We do not anticipate any need for an increase. Over 1/4 ($40K) of the total is the state aided hardware category which is “use it or lose it.”

  15. Expense Look Ahead Expense 2011-12 2012-13 Increase/ CategoryBudgetAssumptionDecrease Contractual $2,378,778 +10.0% $87,000 Building utilities account for $870,000 in this category. The +10% increase in the assumption column above has been applied only to that portion of the category. Supplies $984,486 +10.0% $25,000 Diesel fuel for transportation accounts for $250,000 in this category. The +10% assumption increase above has been applied only to that portion of this category.

  16. Expense Look Ahead Expense 2011-12 2012-13 Increase/ CategoryBudgetAssumptionDecrease Software $72,464 No Change No Change Currently I do not anticipate an increase in this category. Tuition $340,000 No Change No Change Currently I do not anticipate an increase in this category.

  17. Expense Look Ahead Expense 2011-12 2012-13 Increase/ CategoryBudgetAssumptionDecrease Textbooks $191,027 No Change No Change This is a state aided textbook category which is “use it or lose it. BOCES $5,536,100 +2.5% $138,403 BOCES program costs escalate due to the same factors as our budget: inflation, employee contracts. The 2.5% assumption figure above is based solely on these factors, not our program usage.

  18. Expense Look Ahead Expense 2011-12 2012-13 Increase/ CategoryBudgetAssumptionDecrease Debt Service $3,927,607 No Change No Change Any changes in debt service will be offset by a corresponding revenue. ERS $603,259 +16.1% $97,125 We have been told to expect the rate to go up from a composite of 15.5% of salary to approximately 18% of salary. This is an increase of approximately 16.1% .

  19. Expense Look Ahead Expense 2011-12 2012-13 Increase/ CategoryBudgetAssumptionDecrease TRS $1,823,385 +18.0% $328,209 We have been told to expect the rate to go up from 11.11% of salary to approximately 13.11% of salary. This is an increase of approximately 18% . A closer estimate will be made available in early November. FICA $1,441,953 +1.25% $18,025 This increase is a result of the salary increase dictated by employee contracts.

  20. Expense Look Ahead Expense 2011-12 2012-13 Increase/ CategoryBudgetAssumptionDecrease Unemply. $150,000 +$23K/person Each new filer will collect approximately $23,000 over the course of the first year of unemployment. Hlth. Ins. $4,502,595 +14.0% $630,363 We are likely to experience double digit increases for the next several years. This is not due to gouging at the corporate level somewhere. We belong to a consortium whose premiums are set to meet anticipated expenses.

  21. Preliminary Expense Look Ahead Expense CategoryIncrease/Decrease Salaries $221,801 Contractual $87,000 Supplies $25,000 BOCES $138,403 ERS $97,125 TRS $328,209 FICA $18,025 Unemployment ?????????? Health Insurance $630,363 Total $1,545,926 Preliminary

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