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PUBLIC SCHOOL FINANCE UPDATE July, 2011. Leanne Emm Assistant Commissioner 303-866-6202 emm_l@cde.state.co.us. Where we have been Where we are Where we are going Other items of interest. Agenda. Where We Have Been FY2009-10 & FY2010-11. Produced by the Office of the State Auditor

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public school finance update july 2011

PUBLIC SCHOOL FINANCE UPDATEJuly, 2011

Leanne Emm

Assistant Commissioner

303-866-6202

emm_l@cde.state.co.us

agenda
Where we have been

Where we are

Where we are going

Other items of interest

Agenda
fy2009 10 fiscal health analysis
Produced by the Office of the State Auditor

One district – three warning indicators

Five districts – two warning indicators

Two or more indicators – districts provide information incorporated into report

Present to Legislative Audit Committee

August 22nd

FY2009-10 Fiscal Health Analysis
fy2010 11 year end
FY2010-11 Year-End

Final Per Pupil Funding

  • “Rescissions with Per Pupil Funding” spreadsheet posted on the CDE website
  • ADE financial data & allocations to Charters and CPP
fy2010 11 accreditation report
Two new questions - Financial Transparency

C.R.S. 22-44-301 through 304

Has the school district complied with all of the reporting requirements of the Public School Financial Transparency Act?

Has the school district’s charter school(s) complied with all the reporting requirements of the Public School Financial Transparency Act?

FY2010-11 Accreditation Report
financial transparency
HB 10-1036 requires each “Local Education Provider” (LEP) to post financial information on-line, in a downloadable format, for free public access.

LEP is defined as:

A School District:

A Board of Cooperative Services (BOCES);

A Charter School Institute;

A District Charter School; and

An Institute Charter School.

Financial Transparency
financial transparency1
Commencing July 1, 2010:

District Adopted Budget for FY09-10 and FY10-11

District Financial Audit

Quarterly Financial Statements

Salary Schedules or Policies

Additionally Commencing July 1, 2011:

Accounts Payable Check Registers

Credit, Debit and Purchase Card Statements

Financial Transparency
financial transparency2
Additionally Commencing July 1, 2012:

Investment Performance Reports

Personal information relating to payroll, including but not limited to payroll deductions or contributions, or any other information that is confidential or otherwise protected from public disclosure is not required to be posted.

Financial Transparency
financial transparency3
Available online and updated within sixty days after the completion or receipt of the applicable report, statement, or document

Maintain the prior two budget years’ financial information on-line until the end of the current budget year

CDE Website – template as prescribed by HB 10-1036

http://www.cde.state.co.us/cdefinance/sfFinancialTransparency.htm

Financial Transparency
per pupil funding base
Per Pupil Funding - Base
  • 2011-2012
    • Base Funding - $5,634.77
      • Increase of $105.06 from prior year
      • Inflation of 1.9%
  • Amendment 23 1% is no longer in effect in 2011/2012
per pupil funding factors
Per Pupil Funding - Factors
  • Base funding is adjusted by factors
    • Cost of Living
    • Personnel costs
    • Size of district
    • At-risk funding
    • On-Line funding

Creates Total Program

  • 2011-2012
    • SB230 - Negative Factor of 12.97% applied to Total Program
june 2011 revenue forecasts
June 2011 Revenue Forecasts
  • Legislative Council and OSPB
    • Both better than the March 2011 forecast.
  • $67.5 million from SB11-230 potentially available
  • Solid evidence of recovery – still evidence of struggles – slow recovery
67 5 million
$67.5 Million
  • Supplemental appropriation process – next legislative session
  • Changes in enrollment, at-risk, assessed values and specific ownership tax
  • Not available until appropriated!
risks to economic recovery
Risks to Economic Recovery
  • Nationally, 8.8 million jobs lost between January 2008 and February 2010
  • Jobs added: 1.8 million
  • Debt, housing, European economy, Japan, monetary policy and the Middle East will impact the recovery.
colorado risks
Colorado Risks
  • Tight credit for businesses and consumers.
  • High debt and unemployment
  • Uncertainty in financial and housing markets.
fy2012 13 june forecast
FY2012-13 – June Forecast

Late February 2012 – actual inflation

fy2012 13
FY2012-13
  • Potential is high for further reductions
  • Growth in students and caseloads continue to pressure the General Fund
  • State Education Fund balance diminishing
slide38

SB11-230 Bonded Indebtedness

  • Changes the date in which the limit to bonded indebtness is determined
    • Mainly benefits those districts that are hitting their limit and is declining in assessed value
    • Changes the date to measure the limit to previous December valuation
alternative school finance models
Alternative School Finance Models
  • Pilot program authorized by HB10-1183 to encourage school districts and charter schools to collect data that will be used to compare the effects of alternative school finance funding models with those of the current funding method.
  • Districts/charter schools apply to participate – applications available in August
  • Additional information and the application may be accessed on the CDE website:

http://www.cde.state.co.us/index_finance.htm

upcoming training sessions
Student October Webinar Trainings from 9:30 – 11:30 on the following dates.

Tuesday, August 9th

Wednesday, August 17th

Monday, August 22nd

Friday, September 2nd

Wednesday, September 7th

The PSFU Audit Office will be providing resources and answering questions about pupil count audits.

You may register for one of the trainings at:

http://www.cde.state.co.us/scripts/StuOctWorkshop11/start.asp

Upcoming Training Sessions
upcoming training sessions1
On-line Pupil Count Webinar

Wednesday, August 24th at 10:00 am

Chart of Account Changes for FY2011-12 and FPP Handbook Update Webinar

October timeframe

Assuming the FPP Handbook changes have been approved by the FPP committee by this time

Upcoming Training Sessions
other topics
Possible Federal requirement for individual charter schools to have a separate independent annual financial audit performed and issued to its authorizer and the Department.

The Governmental Accounting Standards Board (GASB) has recently issued exposure drafts related to “Pension Accounting and Financial Reporting”. These exposure drafts may impact the financial reporting and disclosures for school districts. If you have concerns, the GASB requests comments by September 30, 2011.

Other Topics