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2009-2010 Unaudited Actuals

2009-2010 Unaudited Actuals. Ramona Unified School District Board Meeting August 24, 2010. Importance of End-of-Year Close. Staff has reported on the importance of the unaudited actuals The ONLY time during the year that an accurate picture of the District’s finances can be seen

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2009-2010 Unaudited Actuals

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  1. 2009-2010 Unaudited Actuals Ramona Unified School District Board Meeting August 24, 2010

  2. Importance of End-of-Year Close • Staff has reported on the importance of the unaudited actuals • The ONLY time during the year that an accurate picture of the District’s finances can be seen • Shows the picture on one specific day -- June 30th • All revenues and expenses are accounted for • All other times are predictions of the finances • However with fiscal crisis, end of year close is a piece of information which helps to determine the future years’ finances

  3. 2009-2010 • Federal Stimulus Dollars • Used to prop up RUSD and other school districts in California • January Governor's 2010-2011 budget proposal • More cuts to education • Self-Qualifying of Budget with the second interim report • 2010-2011 July 1st budget

  4. 2010-2011 July Budget • Total Revenues $46,036,986 • Total Expenses $49,966,712 • Difference $(3,929,726) • 2009-2010 Estimated Ending Balance $3,225,404 • Infusion of $889,000 from Special Reserve Fund will fill in the gap • 2010-2011 Estimated Ending Balance $184,679

  5. Conditional Budget • Ramona Unified self qualified its finances during the Second Interim Report • As a result of having qualified status, San Diego County Office of Education has issued the District’s 2010-2011 budget as conditional and is requiring the District to take the following steps

  6. Conditional Budget • The Board adopt a resolution which identifies the amount of budget reductions needed in future years • RUSD must submit a list of Board-approved budget reductions by the First Interim Report, December 15, 2010, which corrects the imbalance • Provide a list of the cuts that RUSD has already made and a list outlining the timetable of remaining cuts and/or concessions • SDCOE has also directed RUSD to adjust the budget to remove the 2011-2012 COLA increase from the revenue limit

  7. The Final 2009-2010 Outcome Total Revenues $49,076,953.05 Total Expenses $50,299,764.34 Difference $ (1,222,811.29) • Shows both unrestricted side and restricted side of the finances

  8. The Final 2009-2010 Outcome UnrestrictedRestricted Revenues $37,004,264.25 $12,072,688.80 Expenses $33,107,501.33 $17,225,847.27 Other Transfers $ 2,801,499.42 $ 2,835,083.68 Difference $ 1,095,263.50 $ (2,318,074.79)

  9. The Final 2009-2010 Outcome • Beginning Balance $ 8,552,468.94 • Ending Balance $ 7,329,657.65 • Unrestricted Ending Balance $ 5,605,154.77 • Restricted Ending Balance $1,724,502.88

  10. Components of Ending BalanceUnrestricted • Revolving Cash $25,000.00 • Prepaid Expenditures $4,806.72 • Vacation Balance $ 507,158.47 • Formerly Restricted Programs $1,435,054.22 • Site/Department Carryover $704,387.36 • For 2010-2011 $2,928,748.00 • Total $5,605,154.77

  11. Components of Ending BalanceUnrestricted • Vacation Balance $ 507,158.47 • For 2010-2011 $2,928,748.00 • TOTAL $3,435,906.47

  12. Multi-Year Problem • 2010-2011 (current year) , RUSD has the fiscal resources to meet obligations • 2011-2012 (only 10.5 months away), RUSD must realize significant reductions AND concessions to meet its financial obligations • 2011-2012 $3.4 million issue • Is worse due to removal of COLA income

  13. Copy of the Multi-Year $(3,424,779)

  14. Multi-Year Problem- Conclusion • Programs are being reduced, swept, and flexed to help to balance the 2011-2012 fiscal year problem • After all this is done • Still need $3.4 million from other sources • Employee concessions • Possible Federal revenue • Layoffs and reductions to programs • State of California and funding for education

  15. Other Funds • Fund 17 Special Reserve Fund • Revenues (Interest) $ 33,584.26 • Expenses (Transfers out) $ 33,584.26 • Ending Balance $3,195,945.55 • Note: • Minimum reserve level of 3% is $1,508,993 • $889,000 is budgeted to be transferred to general fund in 2010-2011 • Leaves $797,952.55 for multi-year problem

  16. Other Funds • Cafeteria Fund • Revenues $2,085,957.39 • Expenses $2,041,486.68 • Ending Balance $ 759,593.15 • Self Insurance Fund • Revenues $597,688.41 • Expenses $622,717.38 • Ending Balance $351,972.31

  17. Other Funds • Developer Fees • Revenues $ 143,051.71 • Expenses $ 1,131,736.04 • Ending Balance $9,189,110.96 • Components of Ending Balance • Cash with Trustees (COPS) $5,573,456.43 • COPS Set Aside $3,200,000.00 • Other $ 415,654.53

  18. Other Funds • Adult Education Fund • Revenues $ 0.00 • Expenses $ 0.00 • Ending Balance $ 0.00 • Deferred Maintenance Fund • Revenues $ 0.00 • Expenses $ 0.00 • Ending Balance $ 0.00

  19. What is next • Adoption of a State 2010-2011 Budget • Federal Job Bills for Education • Enrollment • Work on 2011-2012 and beyond fiscal issues • Looking at ending balances and programs from 2009-2010 to identify savings or more flexibility • Stay engaged with bargaining units

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