2nd interim financial report

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  • 1. 2ND INTERIM FINANCIAL REPORT PRESENTED MARCH 14, 2013 1
  • 2. GENERALDistrict’s projected financial picture as of January 31, 2013District is using the standard revenue limit calculation basedon guidance from San Diego County Office of EducationLocal Control Funding Formula is not being included in thecalculations since it is a proposal not lawMulti- Year Projection (MYP) includes 2012-13, 2013-14, 2014-15. 2
  • 3. ASSUMPTIONS 2013-14 2014-15COLA: 1.65% COLA: 2.20%Enrollment: 22,125 Enrollment: 21,9251% Salary All Groups: 1,333,273 1% Salary All Groups: 1,353,173Additional $1.1 million special Final $1.1 million special educationeducation revenue equalization revenue equalization reduction.reduction.Includes deficit spending for the Elementary, Middle, and HS classrestoration of 4 furlough days size reverts to previous contract language: adds 85 FTEIncludes VTA .83% one time off Increase CSR funding of 1.5 millionschedule payment due to reduction of K-3 class size 3
  • 4. MULTI-YEAR PROJECTION 2012-13 2013-14 2014-15Revenues 178,363,219 175,860,188 177,833,955Expenditures 189,573,917 190,207,060 197,297,627Other Fin 1,406,179 39,500 39,500Sources/UsesNet (9,804,519) (14,297,162) (19,407,023)Increase/DecreaseBeginning Fund 44,985,779 35,181,260 20,884,098BalanceEnding Fund 35,181,260 20,884,098 1,477,076Balance 4
  • 5. ENDING BALANCE Chart Title 2012-13 2013-14 2015-16 $35,181,260 $20,884,098 $1,477,076 Ending Fund Balance 5
  • 6. • The ending fund balance summary shows that the District will have positive fund balance for the current year and the next two years; therefore, the District • Has a Positive Certification for its 2nd Interim Financial Report. 6
  • 7. WHAT DOES THE DISTRICTSPEND ITS MONEY ON? Budget Salary/Benefits Supplies/Materials Other Operating Exp/Services Capital Outlay Other/Indirect/Debt Svc 7
  • 8. • Based on Data provided in unaudited actuals of the twelve unified school districts in San Diego County: • Vista is #1 in spending for instructional functions. • Teacher salaries, benefits, materials, books, instructional aides, etc. • Vista is #11 in spending for Pupil Services functions. • Counseling, nurses, student support services • Vista is #11 in spending for General Administrative functions. • Superintendent, Business, Human Resources, Fiscal, Purchasing, Information Technology 8
  • 9. NEXT STEPS• Deterioration of ending fund balance • Results in fiscal insolvency• Superintendent will bring forward budget reduction solutions• Of approximately $8 to 16 million over the 2 year period starting 2013-14.• Budget adoption will require the District to move a year forward including the 2015-16 school year. If current trends continues without any budget reduction solutions, the District will have a negative budget. 9
  • 10. QUESTIONS? 10