Download pptx - Plumas Lake Elementary School District 2013-14 Budget Adoption Presentation June 20, 2013 Each student will reach their fullest potential as we strive

Plumas Lake Elementary School District

2013-14 Budget Adoption PresentationJune 20, 2013

Each student will reach their fullest potential as we strive for District excellence through sound leadership, effective communication, accountability, and investment in our staff.

Financial Reporting Cycle• 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 15, 2013• Second Interim – Due March 15, 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 • Changes how schools receive State Aid – Local Control Funding Formula

• Every district has a unique target base grant that will restore funding to 2007-08 funding levels

• Districts will move toward the target each year• Governor will sign or veto budget bill• We won’t have budget details until July 2012

• 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 developme

nt is a continuous

process

General Fund – Fund 01

Budget Assumptions

2012-13 Budget atSecond Interim

2012-13 Estimated Actuals – Budget Development

2013-14 Budget Development

Statutory COLA 3.24% 3.24% 1.565%

Deficit Factor 22.272%$0.77728 per $1.00

22.272%$0.77728 per $1.00

18.997%$0.81003 per $1.00

Revenue Limit (RL) w/ COLARL w/ deficitLoss per ADA

$6,912.36$5,372.84$1,539.74

$6,912.36$5,372.84$1,539.74

$7,013.26$5,680.95$1,332.31

State Categorical ProgramsCOLA

0 0 0

Ed Jobs Funds ($222,813 final entitlement)

$12K $12K

Federal Funds COLA 0 0 0

Average Daily Attendance (ADA) 1045 K-8 plus 6.19 County – 1051.19

1050.5 K-8 plus 6.68 County – 1056.68

1050.5 K-8 plus 6.68 County – 1056.68

Lottery BaseLottery Prop 20

$124.25$30.00

$124.00$30.00

$124.00$30.00

Budget Assumptions (continued)

Set aside five percent for economic uncertainty

Commit funds for one Certificates of Participation (COP) Debt Service Payment

Assign funds for Local Control Funding Formula – possible decrease in revenue

Reserves

Categorical Programs – 7.29 percent

Cafeteria Fund – 5.31 percent

Indirect Costs

Projected Enrollment as of 6/18/13

• We can use current year projections or prior year P2 data for Revenue Limit calculations.▫ Prior year ADA, i.e., 2012-13 P2 Data for Revenue Limit calculations:

1050.50 District K-8 6.18 County SDC 1056.68 Total

▫ Projected District K-8 ADA based on current enrollment projections: 1079 x 97.0% = 1046.6 6.18 County SDC 1052.81 Total

TK K 1 2 3 4 5 6 7 8 Total

CB 14 60 43 64 49 39 38 307

Rio 20 59 61 82 82 65 74 443

SDC 5

RM 121 111

92 324

Total (SDC included in last column only)

34 119 104 146 131 104 112 121 111

92 1079

Plumas Lake ESD Organizational Chart

Governing Board

Superintendent

Principal

Site Staff

Principal

Site Staff

Principal

Site Staff

Director FMOT

Maintenance WorkerGroundskeepers/

Maintenance (2 positions)

Bus Drivers/Custodians

Site Custodians

FMOT Secreta

ry

Director Curriculum/Instruction

and Sp Ed

Sp Ed Secreta

ry

Site Sp Ed Staff

School Psychologist

Counselor

Academic Coach

Director of Business Services

Account Technicians

Food Services Manager

Site Food Services Workers

Administrative Assistant Program Technician

Computer Technician

Site StaffCobblestone Rio Del Oro Riverside

Meadows

Office AdministratorSite Secretary

AdministratorSite SecretaryOffice Clerk (3 hrs)

AdministratorSite SecretaryOffice Tech (8 hrs)

Regular Classroom Teachers

15 FTE Teachers(includes TK classroom)

20 FTE Teachers 12 FTE Teachers

Special Ed 1 FTE Teacher2 Paras Learning Center (LC)

2 FTE Teachers2 Paras SDC2 Paras LC1 Paras One-on-One

1 FTE Teacher4 Paras LC1 Para One-on-One

Other 0.4 FTE PE Teacher0.375 FTE Library0.8125 FTE TK Para

0.6 FTE PE Teacher0.375 FTE Library Clerk0.8125 FTE TK Para

2 FTE PE Teacher0.4 FTE Band Teacher0.375 FTE Library Clerk

Yard Duty/Campus Supervision

6 hours Yard Duty 6 hours Yard Duty2 hours Crossing Guard

1.75 hours Yard Duty5.5 hours Campus Monitor

Custodial 1.875 FTE 2 FTE 2 FTE

Shared positions Health Clerk – 6 hoursAcademic Coach – 1 FTE

Counselor – 1 FTEPsychologist – 1 FTE

General Fund Revenue

Local Control Funding Formula

• Local Control Funding Formula (LCFF) will replace revenue limits• Most categoricals will now be included in the formula (see slide

with Tier III categoricals)• Economic Impact Aid and Class-Size Reduction will also be a part of

the LCFF• Categoricals that are excluded:

▫ Transportation▫ Targeted Instructional Improvement Grant (TIIG)▫ Special Ed ▫ Child Nutrition

• Transportation and Targeted Instructional Improvement Grants will be add-ons and can be used for any educational purpose

Local Control Funding Formula• Districts will receive a base grant amount based on grade-level• Adjustments will be made for class size reduction• Districts will receive supplemental funding based on percentage of

low income, English learners and students in foster youth

K-3 4-6 7-8

Base Grant Amount (based on May Revise)

$6,845 $6,947 $7,154

Adjustment Factors (Class size reduction)

$712

Enrollment eligibility (percent low income, English learners, or in foster youth)

40% 40% 40%

Supplemental (35%) for English learners, low income and in foster youth

$548 $556 $572

Concentration (35%) for English learners, low income and in foster youth above 50%

- - -

Local Control Funding FormulaK-3 4-6 7-8

Amount per grade level $8,104 $7,503 $7,726

Enrollment 494.12 360.23 196.15

$4,004,586 $2,702,719 $1,515,518

Add TIIG $4,433

Add Transportation $48,697

Total Funding $8,275,953

Revenue Limit and Categoricals

Revenue Limit Sources (2012-13) $6,229,268

Economic Impact Aid $43,757

Class Size Reduction $457,317

Tier III Categoricals $251,309

Targeted Instructional Improvement

$4,433

Transportation $48,697

Total $7,034,781

Districts will receive 11.75% of the gap between the LCFF and RL calculations methods:

$8,275,953 - $7,034,781 = $1,241,172 x 11.75% = $145,838

Revenue Limit Calculations

•Revenue Limit Calculations▫Used the School Services of California

Dartboard assumptions to calculate revenue limit

▫Will make adjustments once there is more information available California Department of Education will have

to make changes to the software

Revenue SourcesRevenue Source

2012-13Second Interim Budget

2012-13 Estimated Actuals Budget

2013-14Budget

Variance (Est Act vs Budget)

Note

Revenue Limit Sources

$6,195,621 $6,229,268 $6,529,561 4.8%

Federal Revenue

$300,873 $305,960 $277,734 -9.2% Sequester cuts, no Ed Jobs funding

Other State Revenue

$1,033,966 $1,031,176 $1,047,997 1.6% Mandated costs block grant

Other Local Revenue

$487,567 $492,894 $491,348 -0.3% Less interest and misc. revenue

Interfund Transfers In

$26,300 $26,300 $23,000 -12.5% CFD Admin costs

Total Revenue

$8,044,327 $8,085,598 $8,369,640 -3.6%

Federal Revenue• No Child Left Behind (NCLB) Funding

▫ Title I Improving the Academic Achievement of the Disadvantaged Part 1 – $76,670

▫ Title II Preparing, Training, and Recruiting High Quality Teachers and Principals - $6,078

▫ Title III – English Language Acquisition, Language Enhancement and Academic Achievement for Limited English Proficient (LEP) Students - $6,532

• Special Education ▫ Local Assistance Grants - $83,261▫ SPED IDEA Mental Health funds - $12,693

• Federal Impact Aid (unrestricted) – $32,500• Medi-Cal Administrative Activities (MAA) - $35,000 • Medi-Cal Option Billing (grant thru YCOE) - $30,000

Other State Revenue

Prop 20 Lottery Funds - $30 per ADA = $32,250

Economic Impact Aid - $43,757

Lottery (unrestricted) - $124 per ADA =

$133,300

Tier III Categoricals and other State

Revenue - $283,276

Transportation - $48,697

Class-Size Reduction K-3 -

$457,317

Other State Revenue - Tier III Categorical Flexibility

Education Code Section 42605 allows complete flexibility in the use of funds appropriated in the State budget for fiscal years 2008-09 through 2014-15 for numerous programs and can be used for any educational purpose. Grants included in this flexibility are:Closed Programs:

• Administrator Training - $4,849 • Art and Music Block Grant - $15,115 • California Peer Assistance & Review Program - $5,148 • CAHSEE Intensive Instruction - $800 • Community Based English Tutoring- $4,478 • Math and Reading Professional Development - $9,018• Professional Development Block Grant - $11,597• School Safety and Violence Prevention - $7,990• Supplemental Hourly Programs - $24,143• Targeted Instructional Improvement - $3,914

Tier III Categorical Flexibility (continued)• Closed Programs (continued)

• Gifted and Talented Education – $66,473• School Library Improvement Block Grant - $10,437

• Programs closed but operating with original intent of program

• Instructional Materials Funding Realignment Program - $56,959 - funding is used to purchase approved curriculum

• Deferred Maintenance - $33,382

• Routine Restricted Maintenance – flexibility to transfer one percent of expenditures (previously was three percent of General Fund expenditures)

NOTE: With new funding method, all these categoricals with the exception of Targeted Instructional Improvement Grant will

become a part of the LCFF funding formula.

Other Local Revenue and Other Financing Sources

•Other Local Revenue▫Interest Earnings - $20,000▫Leases and Rentals – $56,300▫Other revenue $9,800▫Bus Fees - $13,000▫Sp Ed Transfer from YCOE – $392,248

•Other Financing Sources▫Interfund Transfers In - $23,000 (From

Fund 52 for CFD Admin costs)

General Fund Expenditures

Expenditures2012-13 Second Interim Budget

2012-13 Estimated Actuals Budget

2013-14 Budget Adoption

Change

Certificated Staff $3,744,745 $3,860,051 $3,887,597 0.7%

Classified Salaries $1,313,915 1,346,178 1,396,058 3.7%

Employee Benefits $1,585,382 $1,604,179 $1,593,126 -0.7%

Books and Supplies $388,352 $421,884 $337,067 -20.1%

Services/Op Expenses

$1,037,871 $1,027,339 $1,014,091 -1.3%

Capital Outlay $14,600 $0 $0

Other Outgo $273,100 $265,693 $268,852 1.2%

Indirect ($9,734) ($9,916) ($12,486) 25.9%

Interfund Transfers Out

$24,503 $28,172 $38,711 37.4%

Total Expenditures $8,372,734 $8,543,580 $8,523,014

Salaries and BenefitsCategory 2012-13

Budget Second Interim

2012-13 Budget Estimated Actuals


Change

Notes

Certificated $3,744,745 $3,860,051

$3,887,597 0.7% Includes step increase

Classified $1,313,915 $1,346,178

$1,396,056 3.7% Includes step increase

Benefits $1,585,382 $1,604,179

$1,593,126 -0.7% District contribution:

STRS $304,880 $313,072 $319,927 8.25%

PERS $138,037 $140,062 $145,852 11.417%

OASDI/Medicare

$142,173 $146,655 $152,149 6.2%/1.45%

Health $825,876 $825,074 $828,768 $10,000 per FTE

Unemployment $62,069 $63,667 $11,021 0.05%

Worker’s Comp $96,192 $98,882 $117,075 2.2246%

PERS Reduction/Othe

r

$$16,155 $16,667 $18,334 1.603%

Books and SuppliesCategory 2012-13




Change Note

Approved Textbooks and Core Curricula Materials

$73,616 $77,370 $20,000 -74.2% No adoptions planned

Books and other reference materials

$9,664 $16,295 $10,350 -36.5

Materials and supplies

$233,841 $247,079 $205,217 1.3%

Non-capitalized Equipment

$71,231 $81,140 $56,500 -30.4% SmartBoards

Total $388,352 $421,884 $337,067 -20%

SmartBoards and clickers – $45,500 ( Title I and Lottery)

One-Time Expenditur

es

Transitional kindergarten startup - $5,000

Total $50,500

Services and Other Operating ExpendituresCategory 2012-13



2013-14Budget

Change

Subagreements $96,450 $95,399 $67,000 -29.8%

Travel and Conferences

$42,528 $41,105 $42,022 2.2%

Dues and Memberships

$4,475 $4,475 $5,040 12.6%

Insurance $85,243 $85,243 $85,305 0.1%

Ops/Housekeeping $269,129 $269,129 $277,980 3.3%

Rentals/Leases $85,220 $82,562 $88,720 7.1%

Directs Costs Interfund

($34,996) ($34,996) ($35,774) 2.2%

Consulting/Professional

$438,561 $433,039 $435,938 0.7%

Communications $51,261 $51,083 $47,860 -6.3%

Total $1,037,871 $1,027,339 $1,014,091 -1.3%

Other OutgoCategory 2012-13



2013-14 Budget

Change

Payments to County Offices

$266,500 $259,093 $268,852 3.8%

Debt Service

$6,600 $6,600 -100%

Transfers of Indirect -Fund 13

($9,734) ($9,916) ($12,468) 25.9%

Contracted Services and Other Outgo

• Health Services▫ Nurse – $30,000

• Special Education▫ Occupational Therapist = $50,000▫ Behavior Specialist - $36,336▫ Special Behavior Assessments - $1,000▫ Excess Program Costs - $268,852

Yuba County Office of Education Sutter County Superintendent of Schools

▫ Transportation – Marysville Joint Unified School District - $51,000• Technology

▫ Advanced Technology Group - $55,000▫ Yuba County Office of Education - $79,400

• Professional Development▫ District-wide - $37,290

• Audit - $15,000• Legal Counsel - $13,500

Contributions to Restricted Programs

Category Transportation

Routine Restricted Maintenance

Special Education

Revenue $61,697 No State Funding $475,509

Contribution from unrestricted & RL transfer (SPED only)

$102,004 $310,289 $596,547

Total Revenue $163,701 $310,289 $1,072,056

Certificated Staff $300,675

Classified Staff $45,348 $138,290 $222,951

Benefits $20,528 $58,109 $158,290

Materials & Supplies 17 $73,600 $2,450

Services & Other Operating Expenditures

$11,010 $19,207 $66,550

SPED Transportation Costs

$30,000 $268,852

Excess Program Costs/Indirect

$9,920 $21,083 $52,288

Total Expenditures $149,173 $310,289 $1,072,056

General Fund Activity and ReservesCategory 2012-13 Budget

Second Interim2012-13 Budget Estimated Actuals

2013-14 Budget

Beginning Balance $3,077,693 $3,077,693 $2,619,711

Revenue $8,044,327 $8,085,598 $8,369,640

Expenditures $8,372,734 $8,543,580 $8,523,014

Net Increase/Decrease

($328,407) ($457,982) ($153,374)

Ending Fund Balance $2,749,286 $2,619,711 $2,466,337

Economic Uncertainty $417,322 $425,864 $425,001

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

Restricted Funds $80,444 $75,443 $57.955

Committed - COP Debt Service

$410,188 $410,188 $410,188

Assigned - Salary Increase

$115 355 $115,355

Local Control Funding Formula Impact

$193,730 $193,700

Available for budget shortfalls

$1,720,878 $1,394,061 $1,374,393

Multi-Year Projections (MYP) Budget Assumptions

2013-14 Budget Development

2014-15Projection

2015-16Projection

Statutory COLA 1.565% 1.80% 2.20%

Deficit Factor 18.997%$0.81003 per $1.00

18.997%$0.81003 per $1.00

18.997%$0.81003 per $1.00

Revenue Limit (RL) w/ COLARL w/ deficitLoss per ADA

$7,013.36$5,681.03$1,332.33

$7,131,.36$5,776.62$1,354.74

$7,278.36$5,895.69$1,382.67

State Categorical ProgramsCOLA

0 1.8% 2.2%

Federal Funds COLA 0 0 0

Average Daily Attendance (ADA) 1050.5 K-8 plus 6.18 County = 1056.68

1050.5 K-8 plus 6.18 County = 1056.68

1050.5 K-8 plus 6.18 County = 1056.68

Lottery BaseLottery Prop 20

$124$30

$124$30

$124$30

California Consumer Price Index 2.3%% 2.20% 2.30%

MYP Budget Assumptions (continued)

•Salaries and Benefits:▫No changes to staffing▫Included step increase for all eligible

employees▫No changes to statutory benefits▫Health, Dental, Vision contribution –

$10,000 per FTE

MYP Assumptions That May Impact the Budget

Issue Current Assumption

Current Status Impact

Enrollment/ADA and Revenue Limit

2012-13 P2 Data1050.50

Enrollment as of 6/18/13 is 1079 x 97% = 1046.63 ADA

Unknown Current law allows district to use prior year ADA

Local Control Funding Formula

Using School Services of California (SSC) Dartboard for Revenue Limit Calculations

Based on information from SSC District will receive less funding with Local Control Funding Formula

($193,700) Less State Aid

Multi-Year Projections2012-13 Budget 2013-14

Projection2014-15 Projection

Beginning Fund Balance $2,619,711 $2,466,337 $2,199,626

Revenue $8,369,641 $8,492,005 $8,673,753

Expenditures $8,523,014 $8,758,717 $8,894,740

Net Increase (Decrease) in Fund Balance

($153,374) ($266,712) ($220,987)

Ending Fund Balance $2,466,337 $2,199,626 $1,978,639

Revolving Fund & Restricted

$63,055 $63,055 $63,055

Commitment- COP $410,188 $409,563 $408,788

Reserved for Economic Uncertainty

$425,001 $437,936 $444,737

Assigned – Local Control Funding Formula Impact

$193,700

Available for budget shortfalls

$1,374,393 $1,289,072 $1,062,057

Cash• Current cash balance in county treasurer for the

General Fund - $538,052 (as of May 31, 2013)• Deferrals continue to be a concern – we monitor

cash closely every month and will continue to do so throughout the year:▫State Budget includes funding to buy back deferrals▫No information available on payment schedule

• Education Protection Account (EPA) – approximately 20 percent of our State Aid▫2012-13 – the 20 percent will be released June 27,

2013▫2013-14 – will be paid quarterly

Cafeteria Fund – Fund 13

Fund 13 Assumptions

• Revenue • Food Sales

• Paid lunches will increase by $0.25• Decreased food sales due based on actuals for this year

• Catering services - $33,462• Contribution from General Fund - $38,711

• Expenditures • Salaries and benefits

• Step increases for all staff• Includes additional position – Catering Lead

• Food and supplies – additional cost for catering services• Transfer of Direct Costs– Garbage (40 percent) and PG&E (15

percent)• Indirect costs – 5.31 percent

Fund 13 - Cafeteria FundCategory 2012-13



2013-14 Budget

Change

Beginning Balance $500 $500 $500

Revenue $410,600 $410,600 $427,512 4.1%

Expenditures $434,403 $438,772 $466,223 6.3%


($23,803) ($28,172) ($38,711) 37.4%

Transfer In (From General Fund)

$24,503 $28,172 $38,711

Ending Balance $500 $500 $500

Deferred Maintenance Fund Fund 14

Fund 14 Assumptions and Summary• Deferred Maintenance Program is a Tier III

Categorical▫ Program was closed in 2008-09▫ Funds can be used for any educational purpose

State funding was transferred under flexibility in 2008-09 Funding was deposited in Fund 01 since 2008-09

▫ State funding is budgeted in Fund 14 for 2013-14

• Fund balance was committed at 2011-12 at First Interim for Deferred Maintenance Projects

• Revenue▫ State funding and interest

• Expenditures▫ Riverside Meadows Paint Project and Rio Seal Coat Project

Fund 14 - Deferred MaintenanceCategory 2012-13



2013-14 Budget

Change

Beginning Balance $100,139 $100,139 $86,239

Revenue $1,100 $1,100 $34,482 3,034.7%

Expenditures $15,000 $15,000 $35,000 133.3%


($13,900) ($13,900) ($518) -96.3%

Ending Fund Balance

$86,239 $86,239 $85,721

Committed – Deferred Maintenance

$86,239 $86,239 $85,721

Capital Facilities Fund Fund 25

Fund 25 Assumptions and Summary –

• Revenue ▫ Impact Fees and interest

▫ Transfer from Fund 52 - $526,035• Expenditures

▫ Debt Service Payments COP Principal and Interest Payment = $410,188 Refi COP Interest only payment = $152,013

Consulting fees - $21,500 for fee study, disclosures, trustee fees and developer negotiations

Developer Impact Fees Collected

2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

$27K $196K $250K $239K $170K $76,957

Fund 25 – Capital Facilities FundCategory 2012-13 Budget


2013-14 Budget

Change

Beginning Balance $518,966 $518,966 $18,792

Revenue $60,005 $70,102 $59,445 -15.2%

Expenditures $8,415,34 $8,415,344 $585,480 -93.0%


($8,355,339) ($8,345,242) ($526,035) -93.7%


$169,702 $139,075 $526,035 278.2%

Transfers Out/Others Uses

$12,864,007 $12,864,007 0 -100%

Ending Fund Balance $39,322 $500,713 $18,792

Cash w/ fiscal agent $39,322 $6,512 $6,512

Assigned – Capital Facilities projects

$12,280 $12,280

Debt Service Fund Fund 52

Fund 52 Assumptions and Summary – • Revenue - $682,010

• Community Facilities District (CFD) Mello Roos taxes are collected in January and June:

• CFD #1 - $320 per home annual for total of $506,560• CFD #2 - $400 per home annual for total of $170,000

• Interest earnings for cash at county and cash with fiscal agent• Expenditures - $1,092,413

• Report fees - $600• Debt Service payments

• CFD #1-2005- Principal and Interest debt service payment $306,720• CFD #2 2007- Principal and Interest debt service payment $90,672

• CFD Administrative Costs $23,000 – Administrative costs paid out of General Fund and reimbursed from Fund 52

• Transfer to Fund 25 for COP payments - $526,035

Other notes: Cash flow will be an issue. We will probably have to loan funds from the General Fund to make the debt service payments for the February payments.

Fund 52 – Debt Service FundCategory 2012-13


2013-14 Budget Change

Beginning Balance

$1,021,873 $1,021,873 $1,145,390

Revenue $682,300 $682,505 $681,572 -0.1%

Expenditures $2,972,620 $2,972,620 $397,392 -86.6%


$2,579,007 $2,579,007 0 -100%

Interfund Transfers Out

$196,002 $165,375 $549,035 232%

Net Increase (Decrease)

$92,715 $123,517 ($264,855) -314.4%

Ending Fund Balance

$1,114,588 $1,145,390 $880,535

Cash w/ fiscal agent

$402,658 $402,559 $402,559

Assigned – Debt Service

$711,929 $742,831 $477,976

Fund 52 Multi-Year Projections2012-13 2013-14 2014-15

Beginning Balance

$1,021,873 $1,145,390 $800,535

Revenue $682,505 $681,572 $681,572

Expenditures $2,972,620 $397,392 $396,916

Transfers In $2,579,007

Transfer Out $165,375 $549,035 $599,856

Net Increase or decrease in fund

$123,517 ($264,855) ($315,200)

Ending Fund Balance

$1,145,390 $800,535 $565,335

Cash with fiscal agent

$402,559 $402,559 $402,559

Funds available for Aug/Sept payments

$742,831 $477,976 $162,776

Debt Service ScheduleDebt Service

Due Date Principal Interest Total Due

CFD #1 – Series 2005

August 1 $115,000 $97,233 $209,488

CFD #2 – Series

August 1 $25,000 $33,188 $58,188

COP 2012 September 1 $76,006 $76,006

COP 2012 Refi September 1 $185,000 $113,981 $298,981

CASH NEEDED

$642,663

CFD #1 – Series 2005

February 1 $97,233 $97,233

CFD #2 – Series

February 1 $32,484 $32,484

COP 2012 March 1 $76,006 $76,006

COP 2012 Refi March 1 $111,206 $111,206

CASH NEEDED

$316,929

Any questions?