Second Interim Budget Fiscal Year 2006 - 2007

Leon Glaster, Assistant Superintendent Business ServicesMadeline Gabel, Director Business Services

March 20, 2007

Acknowledgments

The development of the 2006-2007 Second Interim Report would not be made possible without the dedicated work of certain individuals who deserve special recognition today…..

Doug D’Amour, Accounting Manager

Kathy Lan, Budget Technician

Teresa Zumbo, Community Services/AP

Overview

This is the second of two interim reports filed during the fiscal year on the District’s financial status.

A positive certification is assigned when the District will meet its financial obligations for the current and two fiscal years

Revenue Comparison Between Reporting Periods

Funds

2006-2007 First Interim

Reporting

2006-2007 Second Interim

Reporting Difference

General Unrestricted + Restricted $67,411,758 $69,213,517 $1,801,759

Adult $5,015,527 $5,741,794 $726,267

Cafeteria $2,536,899 $2,536,899 $0

Deferred Maintenance $717,556 $717,556 $0

Special Reserves $591,736 $591,736 $0

Building Fund $30,446,216 $32,919,886 $2,473,670

Capital Facilities $451,555 $451,555 $0

County School Facilities $0 $0 $0

Self Insurance $1,414,907 $1,414,907 $0

Total $108,586,154 $113,587,850

Revenue Variances Between Reporting Periods General Fund

Additional equalization funding $4.19/ADA and 60 Revenue Limit ADA +$368,203 (Unrestricted) Increase in Hourly Programs +$277,276 (Unrestricted) Decrease Prior Year Revenue Limit Adjustments -$284,978 (Unrestricted) ASES Prop 49 +$562,500 (Restricted ) Arts and Music Block Grant +$141,829 (Restricted) Microsoft Voucher Program +399,434 (Restricted one-time)

Adult Fund Chabot College donation $500,000 Head Start matching fund $250,000

Building Fund General Obligation Bond Series A closed on March 7, 2007 at higher rates

Expense Comparison Between Reporting Periods

Funds

2006-2007 First Interim

Reporting

2006-2007 Second Interim

Reporting Difference

General Unrestricted + Restricted $68,557,019 $70,730,430 $2,173,411

Adult $6,274,473 $6,829,806 $555,333

Cafeteria $2,705,383 $2,705,587 $204

Deferred Maintenance $801,330 $818,110 $16,780

Special Reserves $0 $0 $0

Building Fund $31,349,378 $19,998,227 ($11,351,151)

Capital Facilities $2,024,698 $1,995,712 ($28,986)

County School Facilities $0 $0 $0

Self Insurance $1,633,811 $1,639,877 $6,066

Total $113,346,092 $104,717,749

Expense Comparison Between Reporting PeriodsGeneral Fund – mainly found in the Services and Other Expense category

ASES Prop 49 +$531,362 (Restricted) Title 1 +89,718 (Restricted) Special Ed Transportation +482,322 (Restricted)

Adult Fund – related to the new Community Learning Center construction costs

Building Fund – shifted the expenditures of bond projects out into subsequent years

General Fund Unrestricted Summary

Description

2006-2007 First Interim

Reporting

2006-2007 Second Interim

Reporting Difference

Revenues 50,572,773 50,960,467 387,694

Expenditures 46,652,522 47,126,536 474,014

Other Financing Sources/Uses (4,354,267) (4,179,100) 175,167

Net Increase/ (Decrease) in Fund Balance (434,016) (345,169) 88,847

Beginning Fund Balance July 1st 648,300 648,300 0

Ending Fund Balance June 30th 214,284 303,131 88,847

Special Reserve Fund    

Designated for Reserves 2,056,710.57 2,121,912.90 65,201

RESERVE LEVEL 3% 3%  

General Fund Restricted Summary

Description

2006-2007 First Interim

Reporting

2006-2007 Second Interim

Reporting Difference

Revenues 15,821,375 17,235,440 1,414,065

Expenditures 20,539,194 22,224,633 1,685,439

Other Financing Sources/Uses 4,006,574 3,817,449 (189,125)

Net Increase /(Decrease) in Fund Balance (711,245) (1,171,744) (460,499)

Beginning Fund Balance July 1st 1,743,922 1,743,922 0

Ending Fund Balance June 30th 1,032,677 572,178 (460,499)

Unrestricted General Fund Multi Year Assumptions

Unrestricted General Fund 2006-07 2007-08 2008-09

Average Daily Attendance (ADA) 8,322.78 8,387.20 8,387.20

Revenue Limit COLA 5.92% 4.04% 2.70%

Revenue Limit COLA $/ADA $308 $225 $156.19

Revenue Limit Deficit 0 0 0

Ongoing Equalization $/ADA $53.42 0 0

Prior Year Revenue Limit Adjust ($284,978) 0 0

Indirect Cost Rate 4.54% 1.35% 4.00%

Multi-Year ProjectionGeneral Fund Unrestricted

Description 2006-07 2007-08 2008-09

Revenues $50,960,467 $52,648,750 $54,012,972

Expenditures $47,126,536 $49,484,913 $49,720,352

Other Financing Sources/Uses ($4,179,100) ($2,990,278) ($3,090,658)

Net Increase / (Decrease) in Fund Balance ($345,169) $173,559 $1,201,962

Beginning Fund Balance July 1st $648,300 $303,131 $476,690

Ending Fund Balance June 30th $303,131 $476,690 $1,678,652

Special Reserve Fund (Fund 17)      

Designated for Economic Uncertainties $2,121,912 $2,185,761 $2,197,303

RESERVE LEVEL 3% 3% 3%

Second Interim Budget Summary

All funds balance General Fund Unrestricted resources continue to

deficit spend and has minimal available reserves Governor’s May Revise proposal could negatively

impact future year projections.

Thank you!