Financial Overview and Projections for 2016-2019
Detailed financial data including budget assumptions, child development fund, special reserve fund, and capital facilities fund for the years 2016-2019. The information covers revenues, expenditures, fund balances, and projections for each fund.
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2016/2017 2nd Interim with Multi-Year Projections March 14, 2017 1
BUDGET ASSUMPTIONS 2016-17 ADOPTED PROPOSED PROJECTED PROJECTED BUDGET BUDGET 2016-17 2017-18 2018-19 BUDGET BUDGET REVENUE 1. ENROLLMENT ESTIMATES 2. AVERAGE DAILY ATTENDANCE 3. UNDUPLICATED COUNT 4. STATUTORY COLA 5. GAP FUNDING 5. LOTTERY Unrestricted Restricted 6. MANDATED BLOCK GRANT K - 8th Grade 203 203 203 203 188.68 171 1.02% 55.28% 188.68 171 0.00% 55.28% 188.68 171 1.48% 23.67% 193.68 171 2.40% 53.85% $140.00 $41.00 $140.00 $41.00 $140.00 $41.00 $140.00 $41.00 $28.42 $28.42 $28.42 $28.42 EXPENDITURES 1. FRINGE BENEFIT RATES STRS State Teachers Retirement System PERS Public Employee Retirement System Social Security Medicare SUI State Unemployment Insurance Workers Compensation 2. EMPLOYEE SALARY STEP INCREASES Certificated Classified 12.580% 13.888% 6.200% 1.450% 0.050% 1.957% 12.580% 13.888% 6.200% 1.450% 0.050% 2.250% 14.430% 15.800% 6.200% 1.450% 0.050% 2.250% 16.280% 18.700% 6.200% 1.450% 0.050% 2.250% 3.00% 3.00% 2.61% 3.00% 2.00% 2.00% 2.00% 2.00% 2
CHILD DEVELOPMENT FUND 2016-17 2016-17 2017-18 2018-19 ADOPTED PROPOSED PROPOSED PROPOSED BUDGET BUDGET BUDGET BUDGET A. REVENUES 1) LCFF / Revenue Limit Sources 2) Federal Revenues 3) Other State Revenues 4) Other Local Revenues TOTAL, REVENUES 0 0 0 0 0 0 0 0 75,381 90,894 85,219 85,219 43 50 50 50 75,424 90,944 85,269 85,269 B. EXPENDITURES 1) Certificated Salaries 2) Classified Salaries 3) Employee Fringes 4) Books & Supplies 5) Services & Other Operating Expenditures TOTAL, EXPENDITURES 0 1,560 46,499 18,459 9,860 19,941 96,319 0 0 44,400 10,454 9,263 11,307 75,424 45,653 18,734 8,049 12,833 85,269 47,019 19,834 5,583 12,833 85,269 C. EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES D. OTHER FINANCING SOURCES/USES E. NET INCREASE (DECREASE) IN FUND BALANCE (C + D4) 0 0 0 (5,375) 0 0 0 0 0 0 0 (5,375) F. FUND BALANCE, RESERVES 1) Beginning Balance as of July 1 2) Ending Balance, June 30 (E + F1) 5,375 5,375 5,375 (0) (0) (0) (0) (0) 3
SPECIAL RESERVE FUND 2016-17 ADOPTED PROPOSED PROPOSED PROPOSED BUDGET BUDGET 2016-17 2017-18 2018-19 BUDGET BUDGET A. REVENUES Other Local Revenues TOTAL, REVENUES 0 0 654 654 654 654 654 654 B. EXPENDITURES Services & Other Operating Expenditures TOTAL, EXPENDITURES 0 0 0 0 0 0 0 0 C. EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES D. OTHER FINANCING SOURCES/USES E. NET INCREASE (DECREASE) IN FUND BALANCE (C + D4) 0 0 0 654 654 654 0 0 654 654 654 F. FUND BALANCE, RESERVES 1) Beginning Balance as of July 1 2) Ending Balance, June 30 (E + F1) 75,027 75,027 75,027 75,681 75,681 76,335 76,335 76,989 4
CAPITAL FACILITIES FUND 2016-17 ADOPTED PROPOSED PROPOSED PROPOSED BUDGET BUDGET 2016-17 2017-18 2018-19 BUDGET BUDGET A. REVENUES Other Local Revenues TOTAL, REVENUES 14,894 14,894 15,106 15,106 15,106 15,106 15,106 15,106 B. EXPENDITURES Services & Other Operating Expenditures TOTAL, EXPENDITURES 14,894 14,894 58,439 58,439 15,106 15,106 15,106 15,106 C. EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES D. OTHER FINANCING SOURCES/USES E. NET INCREASE (DECREASE) IN FUND BALANCE (C + D4) 0 0 0 (43,333) 0 0 0 0 0 (43,333) 0 F. FUND BALANCE, RESERVES 1) Beginning Balance as of July 1 2) Ending Balance, June 30 (E + F1) 43,333 43,333 43,333 0 0 0 0 0 5
UNRESTRICTED FUND UNRESTRICTED 2016-17 ADOPTED PROPOSED PROJECTED PROJECTED BUDGET BUDGET 1,824,324 1,840,418 0 0 77,548 79,619 103,657 149,576 2,005,529 2,069,613 2016-17 2017-18 2018-19 A. REVENUES LCFF / Revenue Limit Sources Federal Revenues Other State Revenues Other Local Revenues TOTAL, REVENUES BUDGET 1,858,086 BUDGET 1,948,874 0 0 27,170 150,536 2,035,792 27,170 151,595 2,127,639 B. EXPENDITURES Certificated Salaries Classified Salaries Employee Fringes Books & Supplies Services & Other Operating Expenditures Debt Service Other Outgo - Transfers of Indirect Costs TOTAL, EXPENDITURES 890,837 221,557 335,063 146,698 301,322 982,071 254,230 361,287 96,738 339,700 1,061,931 262,430 415,452 91,369 317,788 1,080,208 265,479 462,505 65,959 311,740 0 0 0 0 (12,076) 1,883,401 (3,974) 2,030,052 (4,082) 2,144,888 (4,201) 2,181,690 C. EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES BEFORE OTHER FINANCING SOURCES & USES (A - B) 122,128 39,561 (109,096) (54,051) D. OTHER FINANCING SOURCES/USES Interfund Transfers Contributions TOTAL, OTHER FINANCING SOURCES/USES - - - (83,340) (83,340) (116,112) (116,112) (120,925) (120,925) - - - E. NET INCREASE (DECREASE) IN FUND BALANCE (C + D) 122,128 (43,779) (225,208) (174,976) F. FUND BALANCE, RESERVES 1) Beginning Balance as of July 1 2) Ending Balance, June 30 (E + F1) 611,039 733,166 611,039 567,260 567,260 342,052 342,052 167,076 6
MULTI-YEAR ADA COMPARISON Funded ADA School Year P-2 ADA 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 209.02 187.93 192.04 186.85 188.50 187.59 187.59 187.59 209.02 209.02 192.04 192.04 188.75 187.59 187.59 187.59 7
RESTRICTED FUND 2016-17 2016-17 2017-18 2018-19 ADOPTED PROPOSED PROPOSED PROPOSED BUDGET BUDGET 15,225 19,735 147,529 142,131 30,723 27,969 362,333 302,411 555,810 492,246 A. REVENUES LCFF / Revenue Limit Sources Federal Revenues Other State Revenues Other Local Revenues TOTAL, REVENUES BUDGET 19,735 142,131 27,187 304,143 493,197 BUDGET 19,735 142,131 27,636 306,994 496,496 B. EXPENDITURES Certificated Salaries Classified Salaries Employee Fringes Books & Supplies Services & Other Operating Expenditures Debt Service Other Outgo - Transfers of Indirect Costs TOTAL, EXPENDITURES 172,425 43,658 45,408 27,221 255,655 160,529 74,176 44,227 28,259 363,693 176,839 80,513 52,755 16,027 281,585 180,375 82,123 59,210 7,703 283,808 0 0 0 0 11,443 555,810 3,974 674,858 4,082 611,801 4,201 617,420 C. EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES BEFORE OTHER FINANCING SOURCES & USES (A - B) - (182,612) (118,604) (120,925) D. OTHER FINANCING SOURCES/USES Contributions TOTAL, OTHER FINANCING SOURCES/USES - - 83,340 83,340 116,112 116,112 120,925 120,925 E. NET INCREASE (DECREASE) IN FUND BALANCE (C + D) - (99,272) (2,492) - F. FUND BALANCE, RESERVES 1) Beginning Balance as of July 1 2) Ending Balance, June 30 (E + F1) 101,764 101,764 101,764 2,492 2,492 0 0 0 8
UNRESTRICTED & RESTRICTED FUND 2016-17 2016-17 2017-18 2018-19 ADOPTED PROPOSED PROPOSED PROPOSED BUDGET BUDGET 1,839,549 1,860,153 147,529 142,131 108,271 107,588 465,990 451,987 2,561,339 2,561,859 A. REVENUES LCFF / Revenue Limit Sources Federal Revenues Other State Revenues Other Local Revenues TOTAL, REVENUES BUDGET 1,877,821 142,131 54,357 454,679 2,528,988 BUDGET 1,968,609 142,131 54,806 458,589 2,624,135 B. EXPENDITURES Certificated Salaries Classified Salaries Employee Fringes Books & Supplies Services & Other Operating Expenditures Debt Service Other Outgo - Transfers of Indirect Costs TOTAL, EXPENDITURES 1,063,262 265,215 380,471 173,919 556,977 1,142,600 328,406 405,514 124,997 703,393 1,238,770 342,943 468,207 107,396 599,373 1,260,583 347,602 521,715 73,662 595,548 0 0 0 0 0 0 0 -633 2,439,211 2,704,910 2,756,689 2,799,110 C. EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES BEFORE OTHER FINANCING SOURCES & USES (A - B) 122,128 (143,051) (227,701) (174,975) D. OTHER FINANCING SOURCES/USES Interfund Transfers Contributions TOTAL, OTHER FINANCING SOURCES/USES - - - (83,340) 83,340 (116,112) 116,112 (120,925) 120,925 - - - E. NET INCREASE (DECREASE) IN FUND BALANCE (C + D) 122,128 (143,051) (227,701) (174,975) F. FUND BALANCE, RESERVES 1) Beginning Balance 2) Ending Balance, June 30 (E + F1) 712,803 834,931 712,803 569,752 569,752 342,052 342,052 167,076 9
UNRESTRICTED & RESTRICTED FUND DETAIL 2016-17 REVENUES Resource Object PROPOSED Codes Codes BUDGET LCFF / REVENUE LIMIT SOURCES State Aid - Current Year Education Protection Account Current Years' Property Taxes Charter Schools in Lieu of Property Taxes Property Tax Transfers TOTAL, LCFF / REVENUE LIMIT SOURCES 0000 1400 0000 0000 6500 8011 8012 80xx 8096 8097 1,126,931 237,705 808,788 (333,006) 19,735 1,860,153 FEDERAL REVENUE Special Education Entitlement Special Education Discretionary Grants NCLB: Title I, Part A, Basic Grants NCLB: Title II, Part A, Teacher Quality NCLB: Title III, Limited English Proficient All Other Federal Revenue (REAP) TOTAL, FEDERAL REVENUE 3310 8181 8182 8290 8290 8290 8290 25,586 8,618 69,395 12,050 10,895 15,587 142,131 3010 4035 4203 0000 OTHER STATE REVENUE Mandated Costs Block Grant Lottery - Unrestricted All Other State Revenue TOTAL, OTHER STATE REVENUE 0000 8550 8560 8590 49,985 39,179 18,424 107,588 0000 OTHER LOCAL REVENUE Interest - General Fund Interagency Services - ASES All Other Fees & Contracts All Other Local Revenue From County Office TOTAL, OTHER LOCAL REVENUE 0000 9065 8660 8677 8689 8699 8792 5,605 185,365 35,302 108,669 117,046 451,987 0000 6500 10 TOTAL, REVENUES 2,561,859
UNRESTRICTED & RESTRICTED FUND DETAIL 2016-17 PROPOSED EXPENDITURES Object Codes BUDGET CERFTIFICATED SALARIES Certificated Teachers' Salaries Certificated Supervisors' & Administrators' Salaries TOTAL, CERTIFICATED SALARIES 1100 1300 994,560 148,040 1,142,600 CLASSIFIED SALARIES Classified Instructional Salaries Classified Support Salaries Classified Supervisors' & Administrators' Salaries Clerical, Technical and Office Salaries TOTAL, CLASSIFIED SALARIES 2100 2200 2300 2400 81,215 61,092 113,312 72,787 328,406 EMPLOYEE BENEFITS STRS PERS OASDI/Medicare Health and Welfare Benefits 3111-3112 3211-3212 3311-3322 3401-3402 140,956 43,664 42,820 143,914 Unemployment Insurance Workers' Compensation TOTAL, EMPLOYEE BENEFITS 3501-3502 3601-3602 745 33,415 405,514 11
UNRESTRICTED & RESTRICTED FUND DETAIL 2016-17 PROPOSED BUDGET EXPENDITURES (con't) Object Codes BOOKS AND SUPPLIES Textbooks and Core Curricula Materials 4100 55,562 Books and Other Reference Materials Materials and Supplies Noncapitalized Equipment TOTAL, BOOKS AND SUPPLIES 4200 4300 4400 200 62,702 6,533 124,997 SERVICES AND OTHER OPERATING EXPENDITURES Sub agreements for Services Travel and Conferences Dues and Memberships Insurance Operations and Housekeeping Services Rentals, Leases, Repairs, and Improvements Transfers of Direct Costs - Interfund Professional/Consulting Services & Operating Costs Communications TOTAL, SERVICES & OTHER OPERATING EXPENDITURES 5100 5200 5300 196,264 29,641 5,234 14,843 84,936 136,569 (12,783) 236,211 12,478 703,393 5400-5450 5500 5600 5750 5800 5900 TOTAL, EXPENDITURES 2,704,910 12
MULTIYEAR REVENUE EXPENSE COMPARE Multi-Year Unrestricted General Fund Revenue Compared to Expenditures Revenues Expenditures $2,400,000 $2,200,000 $2,181,690 $2,144,887 $2,127,639 $2,069,613 $2,000,000 $2,035,792 $2,021,577 $2,030,052 $1,800,000 $1,833,667 $1,752,771 $1,729,867 $1,600,000 $1,575,533 $1,477,026 $1,400,000 $1,430,136 $1,400,588 $1,384,371 $1,347,138 $1,293,048 $1,200,000 $1,217,147 $1,000,000 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 13
FACILITIES IMPROVEMENT PROJECT REVENUE: AMOUNT SET-ASIDE 75,000.00 $ 75,000.00 (29,620.00) DONATIONS 1516 General fund set-aside 1617 General fund set-aside Less needed for Retro 1516 Donations 1617 Donations 1617 Donations (Obj 8699005) $ 75,000.00 75,000.00 (29,620.00) 800.00 13,309.00 3,000.00 800.00 13,309.00 3,000.00 1617 REVENUE SUB- TOTAL 137,489.00 120,380.00 17,109.00 EXPENDITURES TO DATE: (101,290.02) 1617 BALANCE AVAILABLE 36,198.98 1718 General fund set-aside 75,000.00 75,000.00 1718 PROJECTED TOTAL $ 147,397.96 195,380.00 $ 14
EMPLOYER FRINGE RATE CHANGES Actual 2015/2016 Actual 2016/2017 Estimated 2017/2018 Estimated 2018/2019 10.73% 11.85% 6.20% 1.45% 0.05% 1.96% 12.580% 13.888% 6.200% 1.450% 0.050% 2.250% 14.430% 15.500% 6.200% 1.450% 0.050% 2.250% 16.280% 17.100% 6.200% 1.450% 0.050% 2.250% STRS PERS FICA Medicare SUI Wkrs. Comp. 9.20% 10.25% 10.25% 10.25% STRS Employee 15
California Department of Education requires VSD to maintain a 5% Reserve for Economic Uncertainties based on prior year s expenditures Additional Recommendation - maintain 4 to 6 months of payroll expenditures in reserves 2016/17 Beginning Balance = $712,803 2016/17 Projected Ending Balance = $569,752 5% Reserve = $135,246 3.5 months of payroll expenditures = $605,409 16
