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General Operating Fund Analysis Report for September, 2013. Prepared by: Karen Obratil, Treasurer/CFO October 28, 2013. Monthly Revenue by the Numbers. Monthly Revenue – September . FY14 = $2.4M. Forecast = $2.7M. FYTD Revenue by the Numbers. FYTD Revenue (July - September).

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general operating fund analysis report for september 2013

General Operating FundAnalysis Report for September, 2013

Prepared by: Karen Obratil, Treasurer/CFO

October 28, 2013

monthly revenue september
Monthly Revenue – September

FY14 = $2.4M

Forecast = $2.7M

fytd revenue july september
FYTD Revenue (July - September)

$16,345,415

95.6%

7.91%

86.25%

89.8%

89.8%

91.3%

monthly expenditure september
Monthly Expenditure - September

FY14 = $3,380,213

Forecast = $3,371,348

tax revenue 70 8 of total operating revenue
Line 1.010 – General Property Tax (Real Estate)

66.6% of Total Operating Revenue

Real property is divided into two classes:

Class I – Residential and Agricultural

Class II – Commercial and Industrial

Line 1.020 – Tangible Personal Property Tax

(Public Utility Taxes)

4.2% of Total Operating Revenue

Tax Revenue = 70.8% of Total Operating Revenue
tax revenue estimate for fy14
Tax Revenue Estimate for FY14

Res/Ag $750,842 x 28.94 = $21,727,720

C/Ind $153,156 x 30.84 = 4,722,922

P/U $25,931 x 61.56 = 1,596,332

Inside Mills x 4.97 = 4,624,378

Tax Revenue estimate = $32,671,352

other local revenue 3 8 of total revenue
Other Local Revenue = 3.8% of Total Revenue
  • Interest Earnings on Investments
  • Tuition(from other districts and kindergarten)
  • Pay to Participate Fees
  • School Fees
  • Rentals
  • Administrative Fees for Auxiliary Service
  • Payment In Lieu of Taxes (PILOT)
  • Miscellaneous
state revenue 25 4 of total revenue
State Revenue = 25.4% of Total Revenue

Line 1.035 - Unrestricted Grants-in-Aid 11.5% of Total Revenue

School Foundation program

Line 1.040 – Restricted Grants-in-Aid

Catastrophic Aid for special education students

Line 1.050 – Property Tax Allocation 13.8% of Total Revenue

Percentage of individual property tax bills paid by the State

12.5% of taxes due on all residential/agricultural property

also includes tangible personal property replacement revenue.

other financing sources
Other Financing Sources

Line 2.040 - Operational Transfers-in

Money transferred from other funds into the General Fund.

Line 2.050 – Advances-in

Money returned to the General Fund for repayment of advances from other funds

Line 2.070 – All Other Financing Sources

Refunds of prior year expenditures

personal services line 3 010 51 5 of total expenditures
Personal Services – Line 3.01051.5% of Total Expenditures
  • Employee Salaries
  • Classified Substitutes
  • Supplementals
  • Overtime
  • Termination Payments (Severance)
  • Board Members
  • Student Workers
employees retirement insurance benefits line 3 020 20 6 of total expenditures
Employees’ Retirement/Insurance Benefits Line 3.020 (20.6% of Total Expenditures)
  • Retirement – 14% of employees’ salaries
  • Medicare – 1.45% of employees’ salaries
  • Workers’ Comp rate – .008421
  • Insurance Premiums
    • Medical : 94% Single, 88% Family
    • Dental
    • Vision
    • Life – 100%
    • Board paying 80% for Administrators
  • Unemployment Compensation
board cost for insurance benefits
Board Cost for Insurance Benefits

Family

Medical (SuperMed+) $1,315.86 (renewal 7/14)

Dental $146.98

Vision $38.95

Life 4.66

Total Family $1,506.45 ($18,077.40 annual*)

*Monthly premium holidays July and August, 2013.

Single

Medical (SuperMed+) $560.19

Dental $78.21

Vision $15.41

Life 4.66

Total Single $658.47 ($7,901.64 annual*)

purchased services line 3 030 18 9 of total expenditures
Purchased Services – Line 3.03018.9% of Total Expenditures
  • Utility Costs

(electricity, natural gas, trash removal, telephones, water & sewer)

  • Transportation Services (Petermann)
  • Teacher Substitutes (Rachel Wixey Associates)
  • Legal Fees
  • Health Services (PSI)
  • Professional Meetings
  • Special Education Transportation
  • Special Education Tuition to Other Districts
  • GAAP Conversion
  • Legal Advertisements
  • Repairs & Maintenance (buildings & vehicles)
  • Data Processing (NEONET) and Technology (Smart Solutions)
  • Fleet and Property Insurances
supplies materials line 3 040 5 of total expenditures
Supplies & Materials – Line 3.0405% of Total Expenditures
  • Core curriculum materials
  • Instructional materials
  • Textbook Replacements
  • Technology supplies and software
  • Custodial supplies
  • Maintenance supplies
  • Fuel
  • Library books
  • Administrative supplies
capital outlay line 3 050 1 3 of total expenditures
Capital Outlay – Line 3.0501.3% of Total Expenditures
  • New Equipment
  • Replacement Equipment
  • Technology
  • Site Improvements
  • Classroom Furnishings
  • Maintenance vehicles
  • Vans
other objects line 4 300 2 7 of total expenditures
Other Objects – Line 4.3002.7% of Total Expenditures
  • Summit County Auditor and Treasurer Fees

Fees are assessed based on approximately 1.5% of the tax collections.

  • Summit County Land Bank fees
  • Summit County ESC fees

Fees for services provided by the Summit County Educational Service Center.

  • Election Costs
  • Delinquent Tax Assessment Fees

Fees are approximately .2% of tax collections

  • Liability Insurance
  • State Administrative fees

Fees are assessed based approximately 1% of rollback and homestead collections.

  • Professional membership fees
  • Bank fees
  • State Auditor fees
hb264 energy conservation project
HB264 Energy Conservation Project
  • $729,743.96 Energy Conservation Improvement Bonds, Series 2013 issued to pay for project on September 11, 2013.
  • Bonds purchased by First Merit Bank at 3.39% interest.
  • Interest and principal payments are considered a transfer
  • in the Forecast since this is a general fund debt obligation.
  • The money from the energy savings will be transferred to
  • the bond retirement fund to pay the interest and principal
  • payments in June and December.
other financing uses
Other Financing Uses

Line 5.010 – Operational Transfers-Out

Money transferred into another fund.

Line 5.020 – Advances-Out

Money temporarily advanced to other funds