Plumas Lake Elementary School District 2013-14 Second Interim Presentation March 12, 2014.

Plumas Lake Elementary School District

2013-14 Second Interim PresentationMarch 12, 2014

Financial Reporting Cycle• Annual financial reporting:

• Budget Adoption – Due July 1, 2013 • First Interim – Due December 16, 2013• Second Interim – Due March 17, 2014• Unaudited Actuals – Due September 15, 2014

• Budget is developed based on assumptions in June;• Assumptions are usually based on the information in the May Revise

• Assumptions change during the year and we are required to file two interim reports during the year:• First Interim – Due December 16, 2013• Second Interim – Due March 17, 2014

• Budget Timeline:• Governor released his Budget Proposal for 2013-14 in January• Governor released the May Revise in May, which is based on updated revenue and expenditure

data• Legislature met its constitutional deadline and passed the 2013-14 budget and trailer bills on

June 15 • Local Control Funding Formula -Changes how schools receive State Aid• Every district has a unique target base grant that will restore funding to 2007-08 funding

levels by full implementation • Districts will move toward the target each year• Governor signed budget bill in June

Budget development

is a continuous

process

GENERAL FUND – FUND 01

Local Control Funding Formula

• Local Control Funding Formula (LCFF) begins in 2013-14• Department of Finance estimates that achieving full funding levels under the LCFF

will take eight years• Funding based on the demographic profile of the students in the District• Goal is to simplify how state funding is provided• Local Control and Accountability Plan (LCAP) is an important component of LCFF

• District will be required to develop, adopt, and annually update a three year LCAP, beginning in July 1, 2014

• California Department of Education (CDE) making system changes to implement the new formula and does not expect to have those completed until July 2014

Local Control Funding Formula• Local Control Funding Formula (LCFF) has replaced revenue limits and works as

follows:• “Target Funding “level will be calculated every year

• Districts will receive a base grant amount based on grade-level • Adjustments will be made for class size reduction (grade span)• Districts will receive supplemental funding based on percentage of low income, English learners and

students in foster youth• Economic Recovery Target (ERT) is the difference between what the District would have received

under the old funding and the amount the District would receive under the LCFF in 2020-21 (with COLA adjustments)

• “Funding Floor” will be calculated based on 2012-13 Funding Level• Percentage of the “Gap” between the Target and Floor will be funded

• Categoricals are now a part of the LCFF with the exception of the following:• Transportation (add-on and can be used for any educational purpose)• Targeted Instructional Improvement Grant (TIIG) (add-on and can be used for any educational

purpose)• Special Ed • Child Nutrition

Second Interim Budget Assumptions

Budget Development

First Interim Second Interim

COLA 1.565% 1.57% 1.57%

Deficit Factor 18.997%

GAP Funding Rate 11.78% 11.78%

State Categorical Programs COLA

0 0 0

Federal COLA 0 0 0

Average Daily Attendance 1056.68District: 1050.5

County: 6.68

1094.83District: 1090County: 4.84

1112.84District: 1108County: 4.84

Unduplicated percentage (English Learners, Foster Youth, and Free & Reduced Price Meals)

39.72% 39.72%

Second Interim Budget Assumptions• Proposition 39 approved by voters on November 6, 2012

provided:• The Schools and Local Public Safety Protection Act of 2012 provides

funding through the Education Protection Account (EPA)• Not additional funding, State Aid is decreased by this amount• District will receive $1,179,455 in funding, which will be used for

teachers’ salaries• California Clean Energy Jobs Act

• Funding for clean energy projects – funded for five years• District will receive$106,252 in 2013-14 and in subsequent years

• Common Core State Standards Implementation (CCSSI) Funds – District received $216,437 in one-time funding

Budget Revisions• Board requested budget revisions:

• Riverside Meadows – added $10,000 for upgrades• Breakfast - $3,000 for free breakfast during testing• Infrastructure – Wi-Fi Nodes $5,000• Update District Web site - $5,000

2013-14 Revenue SourcesRevenue Source

2013-14Budget Development

2013-14 Budget First Interim (FI)

2013-14 Budget Second Interim (SI)

Changes (SI –FI)

Notes

Revenue Limit Sources

$6,529,561 7,441,642 $7,629,666 $188,024 LCFF Changes due toADA Changes

Federal Revenue

$277,734 $365,256 $369,770 $4,514 Impact Aid

Other State Revenue

$1,047,997 $598,640 $602,742 $4,102 Lottery

Other Local Revenue

$491,348 $444,853 $445,468 $615 Local revenue

Interfund Transfers In

$23,000 $23,000 $23,000 From Fund 52 for CFD Admin costs

Total Revenue

$8,369,640 $8,873,391 $9,070,646 $197,255

2013-14 Expenditures2013-14 Budget Adoption



Changes (SI – FI)

Notes

Certificated Staff $3,887,597 $3,966,261 $3,962,758 ($3,503) Adjusted teachers’ salaries

Classified Salaries $1,396,056 $1,409,719 $1,385,031 ($24,688) Adjusted para salaries

Employee Benefits $1,593,126 $1,587,822 $1,558,017 ($29,805) Adjusted statutory benefits and Health, Dental & Vision

Books and Supplies

$337,067 $557,670 $462,356 ($95,314) Added $5K for Wi-Fi nodes, decreased Common Core technology expenditures

Services/Op Expenses

$1,014,091 $1,114,966 $1,121,518 $6,552 Adjusted inter-fund direct costs (Fund 13)

Capital Outlay $0 $90,315 $90,315 Clean energy $

Other Outgo $268,852 $301,896 $302,035 $139 County transfer for SPED

Transfers of Indirect

($12,486) ($12,524) ($12,792) ($268) Indirect Fund 13

Interfund Transfers Out

$38,711 $70,680 $70,906 $226 Adjusted transfer to Fund 13

Total Expenditures $8,523,014 $9,086,805 $8,940,144 ($146,661)

General Fund Summary Category 2013-14

Budget Development

2013-14 Budget First Interim

2013-14 Budget Second Interim

Beginning Balance $2,856,956 $2,856,956 $2,856,956

Revenue $8,369,640 $8,873,391 $9,070,646

Expenditures $8,523,014 $9,086,805 $8,940,144

Net Increase/Decrease ($153,374) ($213,414) $130,502

Ending Fund Balance $2,703,582 $2,643,542 $2,987,458

Economic Uncertainty $425,001 $454,340 $447,007

Revolving Cash $5,100 $5,100 $5,100

Restricted Funds $70,388 $29,500 $157,125CCSSI - $124,700

Committed - COP Debt Service $410,188 $410,188 $410,188

Local Control Funding Formula Impact

$193,700

Available for budget shortfalls $1,599,205 $1,744,414 $1,968,039

Multi-Year Projections (MYP) Budget Assumptions


2014-15Projection

2015-16Projection

Statutory COLA 1.565% 1.87% 0.86% 1.99% 2.12%

Gap Funding 11.78% 16.49% 28.05% 18.69% 33.95%

Average Daily Attendance (ADA)

K-8 DistrictCounty Special Ed

1090 11084.84

1090 11084.84

1090 11084.84

California CPI 2.3% 2.2% 2.5% 2.4%

COLA State Categoricals 1.80% 0.86% 2.3% 2.2%

Federal COLA 0 0 0

Common Core State Standards Implementation Funds

Revenue: $216,437Expenditures: $91,737

Revenue: 0Expenditures: $124,700

N/A

Prop 39 Clean Energy Jobs Act $106,252 $106,252 $106,252

Multi-Year Projections• Multi-year projections are based on the Governor’s Budget

released in January• Governor will revise his budget in May• May revise projections will be used to develop budget for the

2014-15 school year• Step increases included for all eligible employees• No changes to Health, Dental, and Vision

Multi-Year Projections – Second Interim

2013-14 Projection 2014-15 Projection 2015-16 Projection

Beginning Fund Balance $2,856,956 $2,987,458 $3,138,649

Revenue $9,070,646 $9,269,365 $9,750,198

Expenditures $8,940,144 $9,118,174 $9,154,231

Net Increase (Decrease) in Fund Balance

$130,502 $151,191 $595,967

Ending Fund Balance $2,987,458 $3,138,649 $3,734,616

Revolving Fund & Restricted $157,125(CCSSI - $124,700)

$32,423 $32,423

Reserved for Economic Uncertainty $447,007 $455,909 $457,712

Certificates of Participation Debt Service

$410,188 $409,563 $408,788

Available for Budget Shortfalls $1,968,039 $2,235,654 $2,830,593

Cash

• Deferrals are still in the budget, cash is monitored every month• State Budget included funding to buy back most deferrals• Remaining Deferrals:

• April - 38% of the apportionment deferred to July• May – 97% of the apportionment deferred to July• June – 100% of the apportionment deferred to July

• Education Protection Account (EPA) –approximately 20 percent of our State Aid that will be paid on a quarterly basis

CAFETERIA FUND – FUND 13

Fund 13 - Cafeteria FundCategory 2013-14

Budget Development



Changes(SI – FI)

Notes

Beginning Balance $500 $500 $500

Audit Adjustment ($944)

Revenue $427,512 $427,512 $427,515

Transfer In $38,711 $38,471 $38,697 $226 Contribution from General Fund

Expenditures $466,223 $465,983 $465,765 ($218) Adjusted Salaries and Direct costs


$0 $0 $444

Ending Balance $500 $500 $500

DEFERRED MAINTENANCE FUND FUND 14

Fund 14 - Deferred MaintenanceCategory 2013-14 Budget

Development2013-14 Budget First Interim


Change Notes

Beginning Balance $86,098 $86,098 $86,098

Revenue $34,482 $1,100 $1,100

Transfers In (From General Fund)

0 $32,209 $32,209

Expenditures $35,000 $35,000 $35,000


($518) (1,691) (1,691) -

Ending Fund Balance

$85,580 $84,407 $84,407

CAPITAL FACILITIES FUND FUND 25

Fund 25 – Capital Facilities FundCategory 2013-14

Budget Development



Change Notes

Beginning Balance $883,784 $883,784 $883,784

Revenue $59,445 $60,945 $67,314 $6,369 Developer Fees

Transfers In $526,035 $526,035 $526,035 From Fund 52

Expenditures $585,480 $1,412,407 $1,412,407


$0 ($825,427) ($819,058)

Ending Fund Balance

$883,784 $58,357 $64,726

Cash with fiscal agent

$6,512 $1.62 1.62

Cash with county $877,273 $58,355 $64,724

DEBT SERVICE FUND FOR BLENDED COMPONENT UNITS

FUND 52

Fund 52 – Debt Service Fund for Blended Component Units

Category 2013-14 Budget Development



Change Note

Beginning Balance $1,175,302 $1,175,302 $1,175,302

Revenue $681,572 $681,752 $681,752

Expenditures $397,392 $397,392 $397,392

Interfund Transfers Out

$549,035 $549,035 $549,035

Net Increase (Decrease)

($264,855) ($264,855) ($264,855)

Ending Fund Balance $910,447 $910,447 $910,447

Cash w/ fiscal agent $402,714 $402,714 $402,695

Assigned – Debt Service

$507,733 $507,733 $507,752

Summary and Recommendation

• Second Interim projections show an operating surplus of $132,466 in the General Fund for the current year

• Based on multi-year projections and current assumptions staff recommend the Board approve Second Interim with a positive certification and the budget adjustments within

Any questions?

Plumas Lake Elementary School District 2013-14 Second Interim Presentation March 12, 2014.

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Transcript of Plumas Lake Elementary School District 2013-14 Second Interim Presentation March 12, 2014.