COLUMBUS CITY SCHOOLS Monthly Financial Reports–January 2014 Financial Re-Cap for: Columbus Board...

COLUMBUS CITY SCHOOLS

Monthly Financial Reports–January 2014

Financial Re-Cap for:Columbus Board of Education

MeetingFebruary 18, 2014

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Real Estate Taxes collected fiscal year-to-date total $277,295,961 which is in alignment with fiscal Year projected receipts.

These receipts reflect funds in the August 2013 settlement of taxes from the County Auditor and the tax advances received in January 2014.

Our final tax settlement funds should be received in February.

Executive Summary – Financial Reporting

For the Month of January 2014

Local Receipts

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Executive Summary – Financial Reporting

For the Month of January 2014Receipts

Real Estate Tax 92,000,000 92,667,500 667,500

Monthly Monthly Monthly Estimate Actual Difference

$276,961,450 $277,295,961 $334,511

Year to Date Year to Date Year to DateEstimate Actual Difference

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State Foundation funding of $20,996,061 were collected. To date, we are approximately $3.6 million over projections on our collections. This month continued collections of the promised additional funding the governor approved on June 29 in HB59.

We expect these collections to level out over the fiscal year and be in alignment with the Forecast.

Executive Summary – Financial Reporting

For the Month of January 2014

State Funding Receipts

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Executive Summary – Financial Reporting

For the Month of January 2014Receipts

State Foundation $21,536,595 $20,996,061 -540,534

Monthly Monthly Monthly Estimate Actual Difference

$155,242,502 $158,887,930 $3,645,428

Year to Date Year to Date Year to DateEstimate Actual Difference

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To date, Non Operating funds of $10,074,234 were returned to the general fund.

Non Operating funds can contain advances. (Advances are made to other funds one month and if the funds have ability they return that advance to the general fund in the next months.)

Due to timing of advanced funds and repayments of those advances, these balances are volatile and have largely impacted our carryover balances at year-end – therefore we monitor those regularly.

Executive Summary – Financial Reporting

For the Month of January 2014

Non-Operating Receipts

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Executive Summary – Financial Reporting

For the Month of January 2014Receipts

Non-Operating $13,000 $2,344 $-10,656

Monthly Monthly Monthly Estimate Actual Difference

$14,125,774 $10,074,234 $-4,051,539

Year to Date Year to Date Year to DateEstimate Actual Difference

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Total Revenues as of the month of January are close to projections.

(within approximately $-1.5 million or -0.32%)

We are continuing to monitor the revenues in local taxes and state aid to be certain our projections will hold for our spending this year.

Executive Summary – Financial Reporting

For the Month of January 2014Revenues:

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Executive Summary – Financial Reporting

For the Month of January 2014Expenditures:

Salaries and wages as of the month of January are coming in under projections by approximately $-5.2 million. (We are starting to see the gap in projections due to the forecast including funds for negotiations which have not yet settled.)

Fringe benefits as of the month of January came in under projections by approximately $-1.0 million.

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Executive Summary – Financial Reporting

For the Month of January 2014Expenditures

Salaries & wages $44,547,654 $42,094,329 $-2,453,325

Monthly Monthly Monthly Estimate Actual Difference

$233,026,750 $227,765,690 $-5,261,059

Year to Date Year to Date Year to DateEstimate Actual Difference

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Executive Summary – Financial Reporting

For the Month of January 2014Expenditures

Fringe Benefits $18,126,440 $18,343,701 $217,261

Monthly Monthly Monthly Estimate Actual Difference

$93,955,723 $92,918,485 $-1,037,239

Year to Date Year to Date Year to DateEstimate Actual Difference

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Purchased Services costs of $14.6 million for the month of January came in under projections by about $-2.9 million. [The charter and voucher payments, which are strictly pass-thru payments, comprised approximately $11.9 million (81%) of the Purchased Services costs in January.]

Materials, Supplies and Books for the month of January came in under projections by about $-80 thousand.

Capital Outlay for the month of January came in under projections by about $-42 thousand.

Executive Summary – Financial Reporting

For the Month of January 2014Expenditures

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Executive Summary – Financial Reporting

For the Month of January 2014Expenditures

Purchased Svcs. $17,502,301 $14,619,475 $-2,882,826

Monthly Monthly Monthly Estimate Actual Difference

$104,371,827 $101,249,295 $-3,122,533

Year to Date Year to Date Year to DateEstimate Actual Difference

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Executive Summary – Financial Reporting

For the Month of January 2014Expenditures

Materials,Supplies $1,285,234 $1,204,359 $-80,876

Monthly Monthly Monthly Estimate Actual Difference

$10,839,801 $9,517,974 $-1,321,827

Year to Date Year to Date Year to DateEstimate Actual Difference

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Executive Summary – Financial Reporting

For the Month of January 2014Expenditures

Capital Outlay $115,167 $73,104 $-42,062

Monthly Monthly Monthly Estimate Actual Difference

$1,584,207 $1,826,918 $242,711

Year to Date Year to Date Year to DateEstimate Actual Difference

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Total Expenditures as of the month of January came in under projections within $-12.6 million or -2.72%.

In alignment with budgeted expenditures, 58.33% of the fiscal year has elapsed and we have spent 55.48% of the annual budget.

Executive Summary – Financial Reporting

For the Month of January 2014Expenditures:

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As of January, Cash Balance is over projections $11 million or 2.4% of the actual expenditures to date.

($11,055,575 / $450,128,750) = 2.4%

The cash balance will change in coming months due to operational needs, changes in spending patterns, costs that vary, and many variables that drive revenues and expenditures.

This factor is being monitored and reported to reflect Five Year Forecast “bottom-line cash balance” monthly impacts.

As you know, forecasting is partially a science and partially art – due to unknown variables.

Executive Summary – Financial Reporting

For the Month of January 2014“Bottom-Line” Cash Balance:

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Executive Summary – Financial Reporting

For the Month of January 2014“Bottom-Line” Cash Balance:

Ending Cash Balance $144,493,776 $155,549,351 $11,055,575

Monthly Monthly Monthly Estimate Actual Difference

$144,493,776 $155,549,351 $11,055,575

Year to Date Year to Date Year to DateEstimate Actual Difference

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