Date: March 23, 2011
To: Michael Green, Superintendent
Subject: February Financial/Enrollment Report
From: Stacy Brown, Director of Business Services
Attached are the February 2011 monthly cash flow statement for the general fund and budget status reports for all funds for the month of February. I have also included the 10-11 Sources/Uses and Projected Fund Balance spreadsheet with updated numbers for this year.
The cash flow statement (10-11 Budget vs. Actual and Comparison to 09-10) shows revenues $35,000 greater than expected, payroll about as expected and accounts payable approximately $49,000 greater than expected. Revenues are greater than expected because OSPI suggested we spend and claim the Edujobs funds as soon as possible. So, I charged to this grant and claimed about 3 months worth of expenditures in just this one month, increasing the amount of revenues in comparison with what was expected. Accounts payable is greater than expected as we paid some large fuel bills, attorney's fees and made payment for a big lighting project at WHS (a large portion of this will come back in rebates from Cowlitz PUD).
The Projected Sources/Uses/Ending Fund Balance spreadsheet calculates an unreserved increase in fund balance of approximately $186,000. All departments and buildings continue to be very expense conscious and it looks like we will finish the year with an unreserved fund balance just over $2,000,000. The projections include cuts approved in the 10-11 supplemental budget. This is down from the last month, because of some adjustments made to KWRL (Supts decided to upgrade all bus radios to digital this summer using some of the unused unfunded available for this school year - $65,000 total) and I now also have a better idea of what the attorneys fees will be for the year as most of the bills have been paid or at least received. This figure was also increased by about $20,000. There are some positives in Special Ed. We qualified for $14,000 in Safety net funding and have submitted an application for another $20,000. We are very confident that the second application will also be approved. Of course, with the good, also comes the bad. We have two more students who require out of district placement for the reminder of the year. Considering the issues we have had in the district this year that have resulted in increased expenditures, with increased enrollment and Edujobs funds, I feel the district is in a good position moving into the next biennium. The board recommends a fund balance of 5%, which equates to just over $1,000.000. The increase in fund balance we have made over the past few years should help to lessen the blow of state cuts and the end of the Stimulus funds.
Fund balance statements for all funds for February are attached. We will make the final payment for the portable the end of this month. I believe this was a good use of impact fees as we were getting close to the point where we needed to spend some of the original fees that we received. You may remember that several years ago we set aside about $26,000 in the capital projects fund to be used for a future portable purchase. These funds could be used for part of the final payment on the new TEAM portable or remain in the capital projects fund for future use. I advise using impact fees for the portable as the $26,000 reserve does not have a timeline in which it must be used and the impact fees do. This is something that you may wish to discuss with the board. Other than that I do not see any specific areas identified on these reports that need explanation, that are not explained through the cash flow and projections summary.
The enrollment spreadsheets are attached, with summaries by headcount for September through March and a comparison of budgeted FTE to actual average FTE. We gained 8 heads and 9.22 FTE The March count was 68.33 FTE greater than budget and the average continues to hold at greater than budget. However, I ran a report of enrollments and withdrawals since count day and we have lost a net of 16 students, 15 being at the secondary level. We still have a little more than a week until the April count day and we may pick up some students (we also may lose them). With a decrease of 15 FTE, the average is still exactly 60 above budget. With only one count left after April, it looks like we will end the year around 58-60 greater than budgeted.
Please let me know if you have any questions.