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FISCAL YEAR 2007-2008 Financial Report December 2007 Year To Date

FISCAL YEAR 2007-2008 Financial Report December 2007 Year To Date. DECEMBER 2007 EXECUTIVE SUMMARY. YEAR-TO-DATE SUMMARY. $332M GOB Budget/Total Budget - $447M. Total District Cash - $135.5M. City holding over $25M in protested taxes. GOB revenues currently tracking below budget

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FISCAL YEAR 2007-2008 Financial Report December 2007 Year To Date

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  1. FISCAL YEAR 2007-2008 Financial Report December 2007 Year To Date

  2. DECEMBER 2007EXECUTIVE SUMMARY YEAR-TO-DATE SUMMARY • $332M GOB Budget/Total Budget - $447M • Total District Cash - $135.5M • City holding over $25M in protested taxes • GOB revenues currently tracking below budget • budget at $0.7M • Non-Payroll Expenditures reflect $2.9M positive • variance, with transportation tracking $0.7M • over budget

  3. EXECUTIVE SUMMARY - Continued • Total GOB Expenditures currently tracking • below budget by $1.6M • Non-General Operating Funds • Revenues tracking close to expenditures • Food Service deficit is at $0.2M YEAR-END PROJECTIONS • Budget over-runs • $1.M revenue shortfall • $5M increase in salary & benefits due to increase in • certificated staffing and health benefits • Shortfall minimized (e.g. contingencies, frozen • positions)

  4. EXECUTIVE SUMMARY - Continued CONCERNS AND RISKS • STC protested tax rulings • Equitable distribution of funds to charter • schools • Food Service profit margin • Technology budget • Garage repairs

  5. ST. LOUIS PUBLIC SCHOOLS GENERAL OPERATING FUNDS FINANCIAL REPORT DECEMBER 2007 In Thousands JULY 2007 BEGINNING FUND BALANCE (AUDITED) ($12,273) APPROVED REVENUE BUDGET $332,610 YTD REVENUES $124,030 APPROVED EXPENDITURE BUDGET $332,188 YTD EXPENDITURES $159,779 JUNE 2008 ENDING FUND BALANCE ($15,973) (DECEMBER PROJECTION)

  6. ST. LOUIS PUBLIC SCHOOLSSTATE FUNDING CONCERNS WITH CHARTER SCHOOL PAYMENTS Inequities with the payment methodology used by DESE: • SLPS not receiving full credit for its student count from the 2nd preceding year ($4.3 M). • The State is converting the desegregation sales tax revenue to a levy in order to provide additional funding to the charter schools ($4 M). • DESE is over-allocating Prop C funds to the charter schools ($2.8 M). • DESE allocating disproportionate amount of categorical aid to the charter schools (e.g. exceptional pupil only 3.2% in FY06, now 17.9%). • This critical loss of revenue is contributing to the St. Louis Public Schools’ financial stress and deficit spending in the general operating funds.

  7. GOB UNRESTRICTED FUND BALANCE In Thousands -$15,973 -$12,273 -$24,915 -$25,987 -$37,848 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 Projected

  8. GENERAL OPERATING FUNDS BUDGET TO ACTUAL REVENUES DECEMBER 2007 In Thousands -$2,918 $2,195 - $586 $16 $29 Charter Schools State Local County Federal Annual GOB Revenue Budget $332,610 December YTD Budget $124,709 December YTD Actual $124,030

  9. GENERAL OPERATING FUNDS BUDGET TO ACTUAL EXPENDITURES DECEMBER 2007 In Thousands -$1,374 $1,747 -$738 $955 $965 $9 Salaries & Benefits Property Services Purchased Services Debt Obligations Operational Expenditures Transportation Annual GOB Expenditure Budget $332,188 December YTD Budget $161,343 December YTD Actual $159,779

  10. NON-GENERAL OPERATING FUNDS REVENUES AND EXPENDITURES DECEMBER 2007 In Thousands $11.4 $10.7 $7.6 $6.5 $2.5 Debt Capital Trust Federal Food Svc

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