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Executive Summary

The General Funds Unrestricted Ending Fund Balance will provide limited resources this year These additional resources will not cover our on-going $13+M problem for next year. $1,162,719. Executive Summary. As Previously Reported

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Executive Summary

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  1. The General Funds Unrestricted Ending Fund Balance will provide limited resources this year These additional resources will not cover our on-going $13+M problem for next year $1,162,719 Executive Summary • As Previously Reported • In July the State adopted a budget plan that gave back resources in 2008/09 • The State would require Tier III Categorical Programs be treated as Unrestricted Funds • The Adopted General Fund Unrestricted Ending Fund Balance was 6,300,000 4,166,496 18,344,102 • Total General Funds Unrestricted Ending Fund Balance $29,973,317 • Final Cash balances have improved dramatically with the infusion of Federal – American Recovery and Reinvestment Act (ARRA) resources

  2. Unaudited Actuals Financial Report Fiscal Year 2008-09 Board Meeting September 15, 2009 Prepared by: Douglas Barge Maria Fong Y: Business Services/Board Agenda/2009-10/B09-15-09/ Unaudited Actuals Financial Report

  3. Table of Content • Introduction 1 • Overview 2 - 3 • Unrestricted Ending Fund Balance: 4 • Summary of Changes • 2008/09 Ending Fund Balance: 5 • Restricted General Fund • All Other Funds: Ending Fund Balance 6 • Recommendation 7 ii

  4. Introduction • Our Accounting Department has finished posting all the 2008/09 entries for fiscal year and closed the books. • The results of their work are summarized in the “Unaudited Actuals Financial Report” and it is being presented for certification. • This is a requirement of Education Code Section 42100After Board approval (certification), the report will be forwarded to San Joaquin County Office of Education for transmittal to Superintendent of Public Instruction (State) • The next step will be for the auditors to return and review this data and provide the Board with a report on their finding. 1

  5. Overview General Fund came in higher than projected when we completed our Adopted Budget. • Deficit factors retracted from May revision proposals • Unspent Tier III categoricals • Receipt of American Recovery and Reinvestment Act (ARRA) State Fiscal Stabilization Fund • Cash balances ended higher than projected due to receipt of American Recovery and Reinvestment Act (ARRA) funds • We expect cash to be lower next year due to further State deferrals • This report has passed all of the technical checks required by the State 2

  6. Overview The Unaudited Actual Report shows the District has: • Complied with required percent of current cost of education expended for classroom compensation • Met the maintenance of effort for No Child Left Behind • Met Community Day Schools expenditure requirements • Calculated the indirect cost rate for use in 2010-11 • The rate will be 5.48%, subject to CDE approval • Provided for the General Reserve requirements the State demands 3

  7. Unrestricted Ending Fund Balance Summary of Changes I. AVAILABLE 2009/10 BEGINNING BALANCE $1,162,719 II. Why So Little? • One-Time Revenue Limit ResourcesTaken back by the State in 2009/10 $ 6,300,000 2. Tier III Categorical ResourcesWill continue to operate as Categorical 4,166,496 $11,629,215 III. TOTAL CHANGE FROM ADOPTED 4

  8. 2009/10 2008/09 Adopted Ending Budget Balance 2008/09 Ending Fund BalanceRestricted General Fund Description Difference ARRA: State Fiscal Stabilization Fund $10,180,976 $10,180,976 Quality Education Investment Act $1,117,195 1,492,376 375,181 Economic Impact Aid (EIA) 1,037,005 1,122,498 85,493 Economic Impact Aid: Limited English Proficiency (LEP) 715,879 815,089 99,210 Lottery: Instructional Materials 563,435 496,372 (67,063) Other Federal 91,520 91,520 Other State 703,024 703,024 Other Local 582,264 582,264 $3,433,514 $15,484,119 $12,050,605 5

  9. 2009/10 2008/09 Adopted Ending Balance Difference Budget All Other Funds Ending Fund Balance Description Other Operating Funds Adult Education Fund (11) Child Development fund (12) Cafeteria Fund (13) Deferred Maintenance fund (14) Self-Insurance Fund (67) Self-Insurance Fund – OPEB (68) $ 599,495 687,389 3,499,771 879,165 7,056,441 (234,884) 4,694,961 2,626,172 7,885,767 12,296,240 6,051,576 6,694,996 12,760 6,076,794 159,918 $ 865,871 848,748 5,337,944 1,720,355 7,025,764 (1,473,544) 8,447,771 3,538,792 7,556,698 12,510,432 7,022,059 8,622,960 - 6,600,102 226,321 $ 266,376 161,359 1,838,173 841,190 (30,677) (1,238,660) 3,752,810 912,620 (329,069) 214,192 970,483 1,927,964 (12,760) 523,308 66,403 Construction Funds Building Fund (21) Building Fund #2 (22) Capital Facilities Fund (25) School Facilities Fund (35) Special Reserve Fund (40) Debt Services Funds Bond Interest & Redemption Fund (51) Tax Override Fund (53) Debt Service Fund (56) Charter School Fund (09) 6

  10. Recommendation • Staff recommends approval of the 2008/09 Unaudited Actuals Financial Report 7

  11. The End

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