Cedar Falls Community School Dsitrict€¦ · •Secure A Vision for Education ... Iowa Schools Certified Enrollment Percentage Change 2006/17 to 2016/17 . District ... 5,300 5,500

CEDAR FALLS COMMUNITY

SCHOOL DISTRICT Annual District Financial Report

February 12, 2018

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Where to Begin - Legal Basics

• Home Rule

• Governing body has authority to take any action as long as it is not prevented by state or Federal law

• Applies to cities and counties

• Dillon’s Rule

• Governing body has the authority to take action only if specifically stated in the law

• Applies to Iowa public school districts, AEA’s and community colleges

• 2017 passage of HF573 provides some “wiggle room” but did not grant full Home Rule status

Fund Accounting – CFCSD Funds

• General Fund • Includes Instructional Support Levy

• Management Fund

• Capital Projects Fund (new for FY17)

• Secure A Vision for Education (Statewide 1¢ sales tax)

• Physical Plant & Equipment Levy

• Activity Fund

• Nutrition Fund

• Debt Service Fund

• Trust & Agency Funds

Goals & Principals of Iowa School’s

Foundation Formula (General Fund)

• Equity in expenditures

• Property tax relief

• Equalization of method of taxation

• Uniform state aid allocation formula

• Predictable

• Pupil-driven

• Provide for local discretion and incentives

• ESTABLISHES MAXIMUM SPENDING CONTROL

• Same formula for all Iowa K-12 public schools and AEA’s

Four Key Factors

Iowa Public School Foundation Formula • 1. Enrollment

• Number of students enrolled on October 1st determines budget and spending

authority for the following school year

• 2. Equalization

• Legislature established a law that “cost per student” across the state will be

nearly equal to ensure every student equal access to a quality education

Iowa Public Schools District Cost per Pupil

0

20

40

60

80

100

120

140

160

180

FY17 District Cost per Pupil

Cedar Falls = $6,598

162 = $6,591 per pupil

172 > $6,591 per pupil

Iowa Public Schools District Cost per Pupil

$6,560

$6,580

$6,600

$6,620

$6,640

$6,660

$6,680

$6,700

$6,720

$6,740

$6,760

$6,780

FY

17 D

istr

ict

Co

st

per

Pu

pil

Cedar Falls

162 = $6,591 per pupil

172 > $6,591 per pupil

Four Key Factors

Iowa Public School Foundation Formula • 3. Supplemental State Aid Growth (SSA)

• Legislature & Governor control the annual increase in dollars available per

student

• Basically the State Foundation Formula is the Cost per Student x State percent of

growth (SSA) x Oct. 1st enrollment

• State foundation formula sets the expenditure ceiling for each school

district’s total spending authority and tells the school district how to fund its

spending authority.

Spending Authority (General Fund)

• Spending Authority is similar to the maximum limit on a credit

card.

• Maximum limit does not necessarily mean you have the cash to

spend to that limit.

• Spending authority is a calculation. It does not generate its own

cash.

• Any unused spending authority (permission) carries forward to the

following fiscal year.

Spending Authority Calculation (General Fund)

• Combined District Cost

• + SBRC Dropout Prevention

• + SBRC Allowable Growth (increased enrollment, ELL, other misc.)

• + SBRC Special Education Deficit Allowable Growth

• + 4 yr. old pre-school funding

• + Instructional Support Levy

• + Other miscellaneous income

• + Previous year unspent budget authority

• = Maximum Authorized Budget

• - Expenditures

• = Unspent Authorized Budget Balance

Cedar Falls CSD Unspent Authorized Budget Worksheet Line 32 = Legal Limit on General Fund Spending

Authority Data Source

Actual

FY14

Actual

FY15

Actual

FY16

Actual

FY17

1 Formula AidLevy 4.3/5.1 Regular Program District Cost 29,796,787 30,967,044 31,666,807 33,333,756

2 Formula AidLevy 4.8/5.2 Regular Program Budget Adjustment + 0 0 0 0

3 Formula AidLevy 4.11/5.3 Supplementary Weighting District Cost + 357,875 439,278 466,358 506,291

4 Formula AidLevy 4.14/5.4 Special Ed District Cost + 3,650,817 3,659,185 3,889,933 4,043,914

5 Formula AidLevy 4.22/5.5 Teacher Salary Supplement District Cost + 2,510,214 2,611,037 2,670,602 2,812,555

6 Formula AidLevy 4.30/5.6 Professional Development Suppl District Cost + 299,427 310,837 317,748 334,297

7 Formula AidLevy 4.38/5.7 Early Intervention Supplement District Cost + 296,217 308,650 315,883 332,984

8 Formula AidLevy 4.46/5.8 Teacher Leadership Supplement District Cost + 0 0 0 0

9 Formula AidLevy 4.49/5.9 AEA Special Ed Support + 1,487,076 1,538,702 1,579,693 1,660,185

10 Formula AidLevy 4.54/5.10 AEA Special Ed Support Adjustment + 0 0 0 0

11 Formula AidLevy 4.60/5.11 AEA Media Services + 259,760 270,542 277,293 291,378

12 Formula AidLevy 4.63/5.12 AEA Educational Services + 290,330 302,249 309,759 325,389

13 Formula AidLevy 4.66/5.13 AEA Sharing District Cost + 0 0 0 0

14 Formula AidLevy 4.74/5.14 AEA Teacher Salary Suppl District Cost + 191,309 196,413 201,174 210,511

15 Formula AidLevy 4.82/5.15 AEA Professional Dev Suppl District Cost + 21,942 22,548 23,087 24,190

16 Board/SBRC AidLevy 5.17 SBRC Modified Suppl Amt Dropout Prev + 663,421 744,414 738,732 773,047

17 Board/SBRC SBRC SBRC Modified Supplemental Amt Other #1 + 0 80,675 102,442 100,596

18 Board/SBRC SBRC SBRC Modified Supplemental Amt Other #2 + 132,022 314,189 942,912 634,990

19 SBRC SBRC/DE Special Ed Deficit Modified Suppl Amt + 0 675,685 807,534 972,951

20 SBRC SBRC/DE Special Ed Positive Balance Reduction - 0 0 0 0

21 Board/SBRC SBRC/DE AEA Special Ed Positive Balance - 0 0 0 0

22 Board/SBRC SBRC Allowance for Construction Projects + 0 0 0 0

23 SBRC SBRC Unspent Allowance for Construction - 0 0 0 0

24 Auditor AidLevy 5.18 Enrollment Audit Adjustment + 0 0 0 -17,810

25 Calculated AidLevy 5.16 AEA Prorata Reduction - 198,163 198,163 198,163 231,049

26 Calculated Calculated Maximum District Cost = 39,759,034 42,243,285 44,111,794 46,108,175

27 Board/Vote AidLevy 7.35 Total Preschool Foundation Aid + 192,812 388,324 412,544 425,120

28 Board/Vote AidLevy 10.27 Instructional Support Authority + 2,373,016 2,399,326 2,444,994 2,549,366

29 Board AidLevy 11.3 Ed Improvement Authority + 0 0 0 0

30 Board See Note 1 Other Miscellaneous Income + 9,965,205 7,446,734 5,873,635 7,673,278

31 Calculated Calculated Unspent Auth Budget - Previous Year + 8,888,612 9,191,056 8,630,990 8,609,170

32 Calculated Calculated Maximum Authorized Budget = 61,178,679 61,668,725 61,473,957 65,365,109

33 Board See Note 2 Expenditures - 51,987,623 53,037,735 52,864,787 56,831,461

34 Calculated Calculated Unspent Authorized Budget (UAB) = 9,191,056 8,630,990 8,609,170 8,533,648

$1,678,957

Four Key Factors

Iowa Public School Foundation Formula • 4. Balance

• The ratio of property tax & state aid supporting a district’s budget varies by

district. “Property rich districts” will receive less state aid.

• Uniform Levy - $5.40/$1,000

• State Foundation Percentage – to 87.5% level

• Supplemental State Aid – covers property tax increase as a result of an increase

in “cost per pupil”

• Additional Levy – varies from district to district

12.57% $ 838 per Student

Additional Levy

Combined District Cost –

Foundation Dollar Level

62.82% $4,191 per Student

State Foundation Aid =

Foundation Dollar Level – Uniform Levy

Foundation dollar cost per pupil as set

by the State of Iowa x Weighted

Enrollment - Uniform Levy

+ SSA Prop Tax Replacement Payment

24.61% $1,642 per Student

Uniform Levy =

$5.40 per $1,000 assessed valuation x

school district assessed valuation

Cedar Falls 2016/17 Cost per Pupil = $6,771

Other District Funds

• All other District funds are restricted (specific purpose) • Cannot be used to support the General Fund

• Management

• Capital Projects (New for FY17)

• Secure A Vision for Education (SAVE) (Statewide 1¢ sales tax)

• Physical Plant & Equipment Levy

• Activity

• Nutrition

• Debt

• Agency & Trust

Purpose

• This report will provide information on:

• Individual fund revenue & expenditures

• Individual fund balances

• General Fund key financial indicators

General Fund Key Financial Indicators

• The Iowa Association of School Boards (IASB) has developed key

financial indicators to create a snapshot of a District’s financial health

• Key General Fund dashboard indicators include: • #1 Certified Enrollment

• #2 Financial Solvency Ratio

• #3 Unspent Budget Authority

• #3A Unspent Budget Authority Ratio

• #4 Annual Unspent Budget Authority Ratio

• #5 Salaries & Benefits to Total Budget Ratio

• Background Color

• Green = Increase of 0.01% or greater

• Yellow = 0.00 to 5.00% decrease

• Orange = Greater than 5.00% decrease

Enrollment History Key Trend Dashboard Indicator #1

4,000

4,200

4,400

4,600

4,800

5,000

5,200

5,400

5,600

10/2010 10/2011 10/2012 10/2013 10/2014 10/2015 10/2016 10/2017

Stu

de

nts

Certified Enrollment OE In Tuition In

Increase of 14.1% over the last 8 years. 4 year old pre-school students not included.

-40%

-20%

0%

20%

40%

60%

80%

100%

1 5 9

13

17

21

25

29

33

37

41

45

49

53

57

61

65

69

73

77

81

85

89

93

97

101

105

109

113

117

121

125

129

133

137

141

145

149

153

157

161

165

169

173

177

181

185

189

193

197

201

205

209

213

217

221

225

229

233

237

241

245

249

253

257

261

265

269

273

277

281

285

289

293

297

301

305

309

313

317

321

325

Iowa Schools Certified Enrollment Percentage Change 2006/17 to 2016/17

District Enrollment Projections

4,500

4,700

4,900

5,100

5,300

5,500

5,700

5,900

6,100

6,300

Oct2007

Oct2008

Oct2009

Oct2010

Oct2011

Oct2012

Oct2013

Oct2014

Oct2015

Oct2016

Oct2017

Oct2018

Oct2019

Oct2020

Oct2021

Oct2022

Oct2023

Oct2024

Oct2025

Oct2026

Stu

den

ts

Projected ActualRSP & Associates projections – Updated Jan. 2017

CAR General Fund Balance

$10.10 $10.95

$12.26

$14.04 $13.34

$11.94 $11.89

$4.20

$5.37 $6.33

$8.02 $7.10

$5.48 $4.88

$0

$2

$4

$6

$8

$10

$12

$14

$16

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Milli

on

s

Total Assets (Cash/Receivables/Inventory) Fund Balance (Assets less Payables)

$48,673 decrease in cash on hand and $606,649 decrease in fund balance.

General Fund Revenue/Expenditure History Includes Instructional Support Fund

$42.09

$46.33

$50.44

$53.68

$52.12 $51.25

$56.22

$41.96

$45.15

$49.49

$51.99 $53.04 $52.86

$56.83

$30

$35

$40

$45

$50

$55

$60

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Milli

on

s

Revenue Expenditures

Revenue increased by $4,973,166 and expenditures increased by $3,966,674 from 2015-16 to 2016-17.

ISL (only) Revenue/Expenditure Detail

$2.10 $2.15 $2.20

$2.36 $2.41

$2.52 $2.61

$1.91

$2.12

$2.01 $2.06 $2.07

$2.29

$2.08

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

$2.4

$2.6

$2.8

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Milli

on

s

Revenue Expenditures

History of General Fund Revenue

$15.47 $16.14 $17.18 $19.13 $17.51 $17.21 $18.62

$2.91 $3.20 $6.99

$7.04 $5.20 $3.58 $3.67

$21.45 $24.62

$24.48 $25.33

$27.33 $28.30 $31.65

$2.26

$2.36

$1.79 $2.18

$2.08 $2.15

$2.28

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

$60

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Milli

on

s

Local - Prop Tax Local - Other State Federal

History of General Fund Revenue

36.76% 34.85% 34.05% 35.64% 33.60% 33.58% 33.12%

6.90% 6.91% 13.86% 13.11%

9.97% 6.99% 6.53%

50.96% 53.15% 48.55% 47.19%

52.44% 55.23% 56.29%

5.38% 5.10% 3.55% 4.06% 3.99% 4.20% 4.06%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Local - Prop Tax Local - Other State Federal

Due to rounding percentages may not total 100.0%

Financial Solvency Ratio Key Trend Dashboard Indicator #2

8.38%

10.69%

11.90%

13.66%

12.59%

9.78%

7.94%

0%

2%

4%

6%

8%

10%

12%

14%

16%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Assigned & unassigned fund balance/General fund revenue less AEA flow thru. Measures the District’s fund equity position. IASB recommended minimum 5%. Goal 10%

History of Unspent Budget Authority (In Dollars) Key Trend Dashboard Indicator #3

$6.53

$7.89

$8.89 $9.19

$8.63 $8.61 $8.53

$5.70

$7.26

$8.34 $8.13 $7.83 $7.93 $7.96

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Mill

ion

s

Total Unspent Authority Unassigned/Unrestricted Unspent Authority

History of Unspent Budget Authority Ratio Key Trend Dashboard Indicator #3A

13.47%

14.87% 15.23% 15.02% 14.00% 14.00%

13.06% 11.75%

13.69% 14.28%

13.28% 12.69% 12.89%

12.17%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Total Unspent Authority Ratio Unassigned/Unrestricted Unspent Authority Ratio

A goal of 10% unassigned/unrestricted unspent authority over expenditures ($5.68 million) is desired. District is at 12.17% for 2016-17.

Annual Unspent Budget Authority Ratio Key Trend Dashboard Indicator #4

3.39%

2.92%

1.98%

0.58%

-1.07%

-0.04% -0.13%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

2011 2012 2013 2014 2015 2016 2017

Measures the annual amount in UAB as a percentage of expenditures each year.

Net Fund Balance As a Percentage of Unspent Authority

50%

55%

60%

65%

70%

75%

80%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Measures the percent of the District’s ability to finance it’s unspent budget authority.

General Fund - Days Net Cash Ratio

60

65

70

75

80

85

90

6/30/11 6/30/12 6/30/13 6/30/14 6/30/15 6/30/16 6/30/17

Day

s

Cash & investments/Avg. daily cash expenditures. A goal of 90 days is desired.

Net Fund Balance As a Percentage of Expenditures

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Measures the percent of the District’s cash available to cover non-funded months. – Goal 10%

Salaries & Benefits to Total Expenditures Ratio Key Trend Dashboard Indicator #5

81.13%

77.85%

74.33%

74.74%

78.77%

80.30% 80.07% 79.89%

81.66%

82.64%

83.80%

73.0%

75.0%

77.0%

79.0%

81.0%

83.0%

85.0%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Measures the percent of the District’s budget dedicated to labor costs.

History of Assessed Valuation

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

Bill

ion

s

Basic Valuation Valuation w/ TIF

Basic Valuation increased 10.35% from FY17 to FY18 & 54.70% over the past 10 years.

Valuation w/ TIF increased 3.19% from FY17 to FY18 & 45.13% over the past 10 years.

General Fund Combined District Cost

Property Tax/State Aid History

62.53% 62.84% 61.79% 58.83%

63.08% 63.76% 63.93%

37.47% 37.16% 38.21% 41.17%

36.92% 36.24% 36.07%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

State Aid Property Tax

Financial Dashboard – All Iowa Schools

Oct. 1, 2016 Certified Enrollment

Rank = 16th Largest

CF = 5,146.8 (10/1/16) 5,127.5 (10/1/17)

1 334

FY16 Solvency Ratio

Rank = 256 out of 336

State Avg. = 17.10%

CF = 9.78% Fy16 7.94% Fy17

+98.7% -9.0%

FY16 UBA Per Pupil


State Avg. = $2,641

CF = $1,704 Fy16 $1,658 Fy17

+$23,563 -$4,040

FY17 Valuation per Pupil


State Avg. = $390,874

CF = $337,564 Fy17 $365,653 Fy18

$1,260,406 $162,804

FY17 General Fund Tax Rate


State Avg. = $10.7986

CF = $10.8065 Fy17 $11.0437 Fy18

$6.7155 $16.5164

FY17 Total Tax Rate


State Avg. = $13.7953

CF = $12.7697 Fy17 $14.2727 Fy18

$7.6525 $22.0520

Financial Dashboard – 25 Largest Iowa Schools

Oct. 1, 2016 Certified Enrollment

Rank = 16th Largest

CF = 5,146.8 (10/1/16) 5,127.5 (10/1/17)

1 (32,979.2) 25 (3,742.0)

FY16 Solvency Ratio

Rank = 17 out of 25

Average = 11.79%

CF = 9.78% Fy16 7.94% Fy17

+23.5% +1.0%

FY16 UBA Per Pupil

Rank = 11 out of 25

Average = $1,812

CF = $1,759 Fy15 $1,704 Fy16

+$4,222 +$344

FY17 Valuation per Pupil

Rank = 5 out of 25

Average = $289,708

CF = $337,564 Fy17 $365,653 Fy18

$576,105 $162,804

FY17 General Fund Tax Rate

Rank = 2 out of 25

Average = $12.9391

CF = $10.8065 Fy17 $11.0437 Fy18

$8.4206 $16.1609

FY17 Total Tax Rate

Rank = 1 out of 25

Average = $15.9328

CF = $12.7697 Fy17 $14.2727 Fy18

$12.4445 $20.3175

General Fund Tax Rate

$8.00

$9.00

$10.00

$11.00

$12.00

$13.00

$14.00

FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

Per

$1,0

00 A

sses

sed

Valu

ati

on

Cedar Falls 25 Largest Avg State Avg

Total Tax Rate

$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

$16.00

$17.00

2013 2014 2015 2016 2017 2018

Per

$1,0

00 A

sses

sed

Valu

ati

on


Net Assessed Value per Student

$200,000

$220,000

$240,000

$260,000

$280,000

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

2013 2014 2015 2016 2017


TIF Valuation Not Included

History of Supplemental State Aid

(Allowable Growth)

0%

1%

2%

3%

4%

5%

6%

7%

8%

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19

State Avg. Cedar Falls CF w/o PLS One Time Funds

Other District Funds (Restricted) • Other District funds:

• Management

• Capital Projects Fund

• Secure A Vision for Education (SAVE) (Statewide 1¢ sales tax)

• Physical Plant & Equipment Levy (PPEL)

• Debt

• Activity

• Nutrition

• These are restricted use funds that are subject to laws and regulations established by the Code of Iowa and Iowa Administrative Code.

• Definitions: • Total Assets = Cash, Receivables and Inventory on hand.

• Fund Balance = Total Assets minus Payables and Accrued Expenses due.

Management Fund

• Restricted fund

• Board of Education Controlled

• Used for property/liability/auto/workman compensation/etc. insurance

premiums

• Property loss (deductible only)

• Unemployment payments

• Early severance benefits (not used)

Management Fund

$985

$1,145 $1,209

$1,071 $1,005

$948 $942

$888

$1,127

$1,200

$1,063 $1,000

$938 $933

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17

Th

ou

sa

nd

s

Total Assets Fund Balance

Secure A Vision for Education (SAVE) Formally Local Option One Cent Sales Tax

• Restricted fund

• Construction, remodeling, repairing and furnishing of new or existing

buildings

• Purchase or improve school grounds

• Procure or open roads to buildings

• Emergency repairs

• Payment of principle and interest or retirement of general obligation bonds

SAVE - Revenue/Expense History

• Fiscal Year

Ending

June 30

Beginning

Balance

Sales Tax

Revenue Interest

Sale of

BAN's/

Bonds

Other

Revenue

Total

Available

Project

Expense

BAN/Bond

Payment

(P & I) EOY Balance

Less Req.

Bond

Reserve

Net

Available

2000 $3,398 $2,389,728 $63,619 $5,000,000 $0 $7,456,745 $656,624 $0 $6,800,121

2001 $6,800,121 $3,139,300 $515,092 $680,967 $11,135,480 $2,804,086 $250,300 $8,081,094

2002 $8,081,094 $3,289,359 $445,141 $357,970 $12,173,564 $5,800,954 $250,300 $6,122,310

2003 $6,122,310 $3,415,544 $356,005 $331,387 $10,225,246 $3,224,358 $5,250,300 $1,750,588

2004 $1,750,588 $3,575,011 $22,946 $118,184 $5,466,729 $1,250,748 $0 $4,215,981

2005 $4,215,981 $3,418,807 $85,233 $235,256 $7,955,277 $3,983,234 $0 $3,972,043

2006 $3,972,043 $4,090,224 $217,071 $5,046,303 $3,300 $13,328,941 $8,263,024 $147,594 $4,918,323

2007 $4,918,323 $3,839,801 $260,884 $0 $9,019,008 $2,256,054 $175,400 $6,587,554

2008 $6,587,554 $4,376,493 $272,527 $0 $11,236,574 $2,265,992 $5,175,400 $3,795,182

2009 $3,795,182 $4,516,507 $170,853 $10,016,194 $17,500 $18,516,236 $3,547,264 $240,564 $14,728,408

2010 $14,728,408 $4,514,284 $186,794 $56,616 $19,486,102 $13,258,036 $265,682 $5,962,384

2011 $5,962,384 $3,607,002 $44,403 $20,500,000 $1,365 $30,115,154 $5,119,637 $10,563,845 $14,431,672 $1,834,533 $12,597,139

2012 $14,431,672 $3,672,221 $85,127 $20,900 $18,209,920 $4,925,138 $1,835,232 $11,449,550 $1,834,533 $9,615,017

2013 $11,449,550 $4,468,108 $48,818 $0 $15,966,476 $8,731,307 $1,770,141 $5,465,028 $1,834,533 $3,630,495

2014 $5,465,028 $4,227,019 $49,678 $9,999,287 $39,920 $19,780,932 $7,415,222 $3,331,454 $9,034,256 $2,829,533 $6,204,723

2015 $9,034,256 $4,613,875 $35,647 $0 $13,683,778 $1,958,675 $3,272,592 $8,452,511 $2,829,533 $5,622,978

2016 $8,452,511 $4,682,586 $41,635 $1,398 $13,178,130 $341,056 $2,775,355 $10,061,719 $2,829,533 $7,232,186

2017 $10,061,719 $4,831,500 $52,038 $0 $14,945,257 $1,781,175 $4,979,369 $8,184,713 $995,000 $7,189,713

Totals $70,667,369 $2,953,511 $50,561,784 $1,864,763 $77,582,584 $40,283,528

Secure A Vision for Education (SAVE) Formally Local Option One Cent Sales Tax

$14.73

$12.46

$6.12

$9.65 $8.47

$10.26

$8.19

$14.43

$11.45

$5.47

$9.03 $8.45

$10.06

$8.18

$12.60

$9.62

$3.63

$6.20 $5.62

$7.23 $7.19

$2

$4

$6

$8

$10

$12

$14

$16

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17

Milli

on

s

Total Assets Fund Balance Unrestricted Fund Balance

History of SAVE Fund Expense

High School 9.92%

Cedar Heights 9.63%

District Wide/Legal 0.28%

Hansen 17.18%

Holmes 15.08%

Lincoln 12.41%

North Cedar 0.24%

Orchard Hill 1.97%

Peet 15.60%

Southdale 14.38%

Aldrich 2.30%

New High School 1.01%

Statewide Sch. Infrastructure Sales & Service Tax

Projected Future Fund Balance (Cash Basis)

$8.02 $8.57

$7.76

$4.13

$2.30

$3.67

$4.60

$5.78

$6.91

$8.10

$9.26

$7.02 $7.58

$6.76

$3.13

$1.30

$2.67

$3.60

$4.79

$5.91

$7.11

$8.27

$10.27

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23

Mil

lio

ns

Total Fund Balance Net Available Fund Balance

As of December 31, 2017

Outstanding Revenue Bond Debt

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

$20,000,000

Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023 Jun 2024 Jun 2025 Jun 2026 Jun 2027 Jun 2028 Jun 2029

Series 2013 $9.95 Million (2.375% TIC) Series 2016 $15.58 Million Refi (2.100% TIC)

Physical Plant & Equipment Levy (PPEL) • Restricted fund with two parts

• Board of Education Controlled – up to $0.33/$1,000 (regular)

• Voter approved additional $1.34/$1,000 levy

• Voters approved extension of levy on December 6, 2016

• Levy now expires at the end of the 2027-28 school year

• Can be used for:

• Purchase or improvement of grounds

• Construction, repairing or remodeling of schoolhouses or roads to schoolhouses including debt for same

• Purchase or lease of equipment greater that $500 per unit

• Technology bundling included

• Purchase or lease of school buses or other vehicles

• Leasing or renting of facilities

Physical Plant & Equipment Levy (PPEL)

$3.41

$2.23

$2.83 $2.80

$3.42 $3.40

$4.06

$2.49

$1.54

$2.68

$2.29

$2.79

$3.18

$3.83

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17

Mil

lio

ns


Debt Service Levy

• Voters of a school district may approve bonded indebtedness for a

period of up to 20 years

• Proceeds from the sale of General Obligation Bonds are

deposited in the Capital Project Fund to be used for the cost of

the approved project

• Revenue from the Debt Service Levy are deposited in the Debt

Service Fund to be used to retire principal and interest on the

bonds

Debt Service Levy

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17

Th

ou

sa

nd

s


Outstanding General Obligation Bond Debt

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

Jun2017

Jun2018

Jun2019

Jun2020

Jun2021

Jun2022

Jun2023

Jun2024

Jun2025

Jun2026

Jun2027

Jun2028

Jun2029

Jun2030

Jun2031

Jun2032

Jun2033

Jun2034

Jun2035

Jun2036

Series 2017 $32.00 Million (3.078% TIC)

20 year bond paid in 19 years.

Activity Fund

• Restricted fund

• Account for student-related activities

• Admissions

• Activity Fees

• Student Dues

• Student Fund Raising Events

• Student related co-curricular or extra-curricular activities

Activity Fund

$627

$588

$629

$608

$580

$638

$603 $621

$584

$615

$571 $568

$612 $585

$400

$450

$500

$550

$600

$650

$700

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17

Th

ou

sa

nd

s


Nutrition Fund

• Restricted fund

• Considered an Enterprise Fund

• Business type activity

• Fund for which a fee is charged to external users for good or services

• Account for all transactions for nutrition programs authorized under Iowa

Code Chapter 283A

Nutrition Fund $857

$794 $788

$723 $721 $721

$877

$773 $730

$722

$647 $634

$350

$491

$630

$770

$300

$400

$500

$600

$700

$800

$900

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17

Th

ou

sa

nd

s

Total Assets Fund Balance Fund Balance w/o Pension

Summary • As of June 30, 2017

• District’s financial condition:

• District General Fund cash balance

• Decrease of $125,554 from June 30, 2016

• Days Net Cash Ratio 70 – down from 76

• Cash reserve levy increased in FY18

• Unspent budget authority (UBA) decreased by $75,522

• UBA Ratio 14.00% FY16 13.06% FY17

• UBA will decrease in FY18 & FY19 with the opening of Aldrich Elementary

• District will apply to the School Budget Review Committee for initial staffing & supply costs

• Increases in enrollment without increases in supplemental state aid (allowable growth) puts more pressure on general fund

• Continued requirements and changes in enrollment and curriculum may necessitate additional staff

Summary • Special Education

• District continues to meet the needs of students

• Medicaid funding helped reduce special education expenses

• Net FY17 receipts = $974,468

• FY17 deficit = $972,951

• Projected FY18 deficit = $843,415

Summary

• We must continue to closely monitor budget and funding changes

in order to make decisions that • Maintain a positive learning environment

• Maintain a positive financial condition

• Special thank you to Denelle Gonnerman, Carrie DeBerg and the

entire District Business Office staff for their assistance.

• Questions?

Documents

Cedar Falls Community School Dsitrict€¦ · •Secure A Vision for Education ... Iowa Schools Certified Enrollment Percentage Change 2006/17 to 2016/17 . District ... 5,300 5,500