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2007-2008 1 st Interim Financial Report

2007-2008 1 st Interim Financial Report. Wednesday, December 12, 2007. Financial Leadership Team. Vince Matthews – State Administrator Leon Glaster – Chief Financial Officer Roberta Saddler – Interim Controller Jason Willis – Budget Director. Financial Support Team.

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2007-2008 1 st Interim Financial Report

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  1. 2007-2008 1st InterimFinancial Report Wednesday, December 12, 2007

  2. Financial Leadership Team • Vince Matthews – State Administrator • Leon Glaster – Chief Financial Officer • Roberta Saddler – Interim Controller • Jason Willis – Budget Director

  3. Financial Support Team • Sandra Anderson-Knox – Financial Services Manager • Waly Ndiaye – Financial Accountant II • Quyen Nyo – Financial Accountant II • Azeb Legesse – Financial Accountant I • Minh Co – Financial Accountant I • Michael Ezeh – Financial Accountant I • David Lewis – Financial Accountant I • Adan Hernandez – Accounting Technician, Receivables Billing

  4. Financial Support Team • Roxanne Dunn – Financial Services Associate II • Linda Wu – Financial Services Associate II • Katema Slocum – Financial Services Associate II • Diane O’Hara – Financial Services Associate I • Keisha Smith – Financial Services Associate I • Marla Williams – Financial Services Associate I

  5. Agenda • OUSD Enrollment Trends • General Fund Overview • California’s Economic & Fiscal Outlook • 1st Interim Financial Overview • Towards Fiscal Sustainability • Audit Findings / Cash Flow

  6. OUSD Enrollment Trends

  7. General Fund Overview ($ in ,000s)

  8. General Fund ReviewExplanation of Major Changes to Unrestricted

  9. General Fund ReviewExplanation of Major Changes to Unrestricted

  10. General Fund ReviewExplanation of Major Changes to Unrestricted

  11. California’s Economic & Fiscal Outlook • Economy Projected to Slow into 2008 • Housing industry downturn due to sub-prime market collapse and pricing corrections • Continued increase in fuel prices (oil may break $100/barrel in coming months) • Weakening dollar compared to other currencies • Consumer spending expected to slow by almost one-third next year to 2.0% from 2.9% in 2007 • Source: California Legislative Analyst’s Office, 2007, “California’s Fiscal Outlook: LAO Projections, 2008-09 through 2010-11”.

  12. 1st Interim Financial Overview ($ in ,000s)

  13. 1st Interim Financial Overview (cont.) ($ in ,000s)

  14. 1st Interim Financial Overview (cont.) ($ in ,000s)

  15. Towards Fiscal SustainabilityUnrestricted Gen’l Fund Budget Projections ($ in 000’s)

  16. Towards Fiscal SustainabilityRestricted Gen’l Fund Budget Projections ($ in 000’s)

  17. Towards Fiscal Sustainability Despite our progress towards a balanced budget in 2007-08, we must continue to implement strategies to achieve and maintain financial solvency. Some of these include: Hiring control process on Central Office positions funded from General Purpose dollars; Full funding to cover substitute teachers at school sites; Change in Custodial Services model to increase quality and efficiency; Implement and maintain cost control of consultants through guidelines and ranges for hourly charge released this fall.

  18. Parcel Tax Impact 2007-08 is the last allocation year for current parcel tax (Measure E): $20,000,000 In February 2008 Measure G will be brought before voters.

  19. Audit Findings Update($ in 000’s)

  20. Cash Flow Analysis

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