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Stay informed with the latest updates and reporting requirements from the DPI School Financial Services Team. Learn about budget changes, GASB standards, special programs, and more. Ensure compliance and effective financial management.
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DPI Current Updates, Reminders and Reporting Requirements Carey Bradley and Dan Bush School Financial Services Team May 16, 2019
Biennial Budget Updates • Joint Finance Committee (JFC) is working off “adjusted base” rather than the Governor’s budget • Default is 2018-19 current law
Biennial Budget Updates • JFC action on TEACH programs • Extend TEACH infrastructure program to June 30, 2021, funding at $3.5 million/year (down from $7.5 million) • Eliminate TEACH tech training (currently $1.5 million/year) and curriculum grant ($25,000/year) programs • Eliminate TEACH subsidies for video links
Capital Improvement Trust Fund (46) 75 districts become eligible to use their Fund 46 in 2019-20 WUFAR update added expenditure accounts Remember: Fund transfers after June 30 but before July 30!
Other Post Employment Benefits (OPEB) Fund 73 trusts Start nowon your actuarial studies Remember to apply your Implicit Rate Subsidy
Self-Funded Insurance Year-end reminder:Adjust premiums to actual claim costs plus incurred (but not reported) claims Estimated premiums through payroll do not equal year-end expenditures!
WISEgrants and SFS PI Reports Grant Reconciliation Maintenance of Effort WISEgrants connects directly to your PI-1505-SE for IDEA!
GASB 84 Clarification of “fiduciary” activities & funds New financial statement requirements • Statement of Fiduciary Net Position • Changes in Fiduciary Net Position Effective for FY 2019-20 Agency Funds now“Custodial Funds” RecordingRevenues &Expenditures
GASB 84 May need to re-evaluate current “fiduciary” activity in Funds 60 & 72 Analysis could result in reclassifying some activities to governmental funds
GASB 84 Direct administrative or financial involvement → governmental funds Monitoring compliance with requirements Determining eligible expenditures Discretion in asset allocation Analysis of staff roles and responsibilities will be required—including student activity advisors
GASB 84 DPI guidance & coding coming soon GASB 84 reference: https://www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176168786182&acceptedDisclaimer=true Talk with your auditor!
Public/Private Choice & Students w/ Disabilities NEW for 2019-20 payments Private schools & nonresident districts can submit statements of actual costs to DPI for next year’s payments Resident districts cannot review these statements
Special Needs Scholarship Program 1st year: Payments based on standard voucher amount; aid withheld from resident district Private school may submit year end financial statement of a student’s actual costs to DPI
Special Needs Scholarship Program 2nd year onward: Payments based on previous year’s financial statement: • Up to 150% of the SNSP voucher amount withheld from the resident district • State pays 90% of costs above 150% without withholding any aid from the resident district
Open Enrollment for SwDs 1st year: Payments based on standard transfer amount; aid withheld from resident district 2nd year onward: Nonresident district has a choice…
Open Enrollment for SwDs Continue to receive standard transfer amount • Remains a Fund 10 revenue and expense
Open Enrollment for SwDs Submit year end financial statement of actual net special ed costs up to $30,000 to DPI • Next year’s payment based on the financial statement • Becomes a Fund 27 revenue & expense • Will impact IDEA Maintenance of Effort
ESSA School Level Updates New information from U.S. Dept. of Education! Final review of budget data complete this month Moving on to actuals
Draft Guidance from U.S. Dept. of Ed. Issued on March 28, 2019 Covers all of ESSA, not just SLR Feedback was due April 29 • DPI submitted a response
Draft Guidance from U.S. Dept. of Ed. Supports the Interstate Financial Reporting format (what we’re using) No exception for small schools May need to revisit Food Service
2018-19 School Level Actuals Same “Combined Reporting” portal as School Level Budget Targeting same time to open asPI-1505 Annual Report Due 2 weeks after the PI-1505
Changes from SLR Budget to SLR Actuals Higher expectations fordata consistency • Comparisons to PI-1505 Annual Report • Comparisons to final grant claims
Changes from SLR Budget to SLR Actuals Enrollments fromWISEdata Student • Same rules as calculating enrollments for School Report Cards
Online WUFAR Moving from PDF & printed WUFAR manual to searchable, browsable Online WUFAR 2019-20 will be our transition year
Online WUFAR Goals • Easier for you to find what you need about coding • Eliminate opportunity for inconsistencies between manual and database
Online WUFAR Goals • Support the new WISEdata Finance collection system • Long term: “One-stop shop” for all things WUFAR
Online WUFAR Demo Still in development What you see isn’t final! Expect to go live this fall
Contact Carey Bradley, Assistant Directorcarey.bradley@dpi.wi.gov(608) 267-9209 Dan Bush, Consultant (Director from 5/26)daniel.bush@dpi.wi.gov(608) 266-3862 (to 5/24)