Los Gatos Union School DistrictUnaudited Actuals

FY 2007-08

Cynthia Shieh

September 9, 2008

2008-09 Budget Reporting Calendar

• Budget Adoption: 6/17/08

• Year end closing for FY 2007/08 (Unaudited Actuals): 9/08

• 45-Day Budget Revision: after Governor signs the Budget into Law (Budget Act)

• Audited Report: 11/08 (will be presented by Auditors)

• 1st Interim: cutoff 10/31/08: 12/08

• 2nd Interim: cutoff 1/31/08: 3/09

• Estimated Actuals for 2008/09 & Budget Adoption for

2009/10: 6/09

• Year end closing for FY 2008/09: 9/09

Summary - FY 2007/08Financial Highlights:• Parcel Tax was passed in June with 83% voter approval.

• Overall, the total property taxes grew $1,025,161 to $16,289,509, a 7% increase from FY 2006/07 to FY 2007/08.

• Employees were offered a 6% salary increase, and a 6% Health & Welfare Benefits increase.

Financial Challenges:• Enrollment grew by 120 students (based on CBEDS; 2,587 in FY 2006/07 and 2,797 in FY 2007/08).

• Deficit Spending by $605,045.

General Fund Total Revenue: $25,613,901

Unrestricted Amount: $19,247,139; 75% of total revenueRestricted Amount: $6,366,762; 25% of total revenue

General Fund Total Expenditure: $25,907,302Unrestricted Amount: $19,852,185; 77% of total revenueRestricted Amount: $6,055,116; 23% of total revenue

Unrestricted General Fund Summary –FY 2007/08

• The Unrestricted ending balance was lower than anticipated by $80K.

The variance in Revenue: 0.36% ($19,247,141 vs. $19,316,323)

The variance in Expenditure: 0.06% ($19,852,187 vs. $19,840,691)

• Components of ending balance• Unrestricted Ending Balance $2,100,998

• Lottery (1,268)

• Net Unrestricted Ending Balance $2,099,730

(including 7% Reserve $1,813,511)

• 7% = $1,813,511

Budget Monitoring: General Fund Unrestricted

Los Gatos Union School District 2007-08 2007-08 2007-08 2007-08 2007-08

Projection - FY 2007-08 Original 1st Interim 2nd Interim Estimated Actuals Unaudited Actuals

General Fund – Unrestricted

Projected Revenues 19,062,371 19,122,177 19,202,172 19,316,323 19,247,139

Projected Expenditures 18,779,602 19,125,471 19,563,988 19,840,691 19,852,185

Excess (Deficiency) 282,769 (3,294) (361,816) (524,368) (605,046)

Beginning Unrestricted 2,706,043 2,706,043 2,706,043 2,706,043 2,706,043

Unrestricted Ending Balance @ 6/30/08

2,988,812 2,702,749 2,344,227 2,181,675 2,100,997

Unrestricted General Fund

Los Gatos Union School District 2007/08 2007/08 Variance Percentage Variance

Note

Projection – FY 2007/08 Estimated Actuals

Unaudited Actuals

General Fund -Unrestricted

Projected Revenues 19,316,323 19,247,139 (69,184) 0.36% 1

Projected Expenditures 19,840,691 19,852,185 11,494 -0.06% 2

Excess (Deficiency) (524,368) (605,046) (57,690)

Beginning Unrestricted Balance 2,706,043 2,706,043

Unrestricted Ending Balance @ 6/30/08 2,181,675 2,100,997 (80,678)

Notes to Unaudited ActualGeneral Fund

1. REVENUE

Revenue Limit

Principal Apportionment – to COE Program (134,919)

State Revenue

Mandated Cost and Lottery 326

Local Revenue

Parcel Tax (8,763)

Lease Rental 7,900

Interest 42,055

Transfer In from Developer Fee Fund (3% Administrative Cost) (6,558)

Contribution – Special Education 30,777

TOTAL (69,182)

2. EXPENDITURES

Salaries and Benefits 7,153

Book and Supplies 10,719

Service and Other Operating – Utilities, Telephone 24,463

Capital Outlay (20,166)

Other Outgo – Indirect Cost (10,674)

TOTAL 11,495

Ending Balance: FY 2005/06 to FY 2007/08

Special Revenue Funds – FY 2007/08Cafeteria Fund

Total Revenue $526,343

Total Expenditure $531,234

Beginning Balance $66,920

Ending Balance $62,029

Deferred Maintenance Fund

Total Revenue $216,466

Total Expenditure $170,479

Beginning Balance $128,477

Ending Balance $174,464

Special Reserve-Retiree Benefits Fund

Total Revenue $255,143

Total Expenditure $0

Beginning Balance $1,066,275

Ending Balance $1,321,418

Capital Project Funds – FY 2007/08Building Fund

Total Revenue $370,537

Total Expenditure $3,198,518

Beginning Balance $9,129,410

Ending Balance $6,301,562

Capital Facility Fund

Total Revenue $238,361

Total Expenditure $106,752

Beginning Balance $51,464

Ending Balance $183,073

County School Facility Fund

Total Revenue $34,694

Total Expenditure $323,833

Beginning Balance $289,281

Ending Balance $142

Special Reserve-Capital Outlay Fund

Total Revenue $262,126

Total Expenditure $31,230

Beginning Balance $5,220,775

Ending Balance $5,451,671