Sycamore Academy of Science and Cultural Artsof Science and Cultural Arts

Fi i l U d t 11/12 B d tFinancial Update • 11/12 Budget

May 17, 2011

T: 310.279.5018 F: 510.663.3503 • 13323 W. Washington Blvd., Loa Angeles, CA 90066 ©2011 EdTec Inc.

Discussion Agenda

Overview: context for school finance 10/11

YTD revenues & expenses update

Cash flow and net income forecastCash flow and net income forecast

2011/12 BudgetingOutlook for school finance 10/12Outlook for school finance 10/12

Budget for approval

2

2011/10 State Budget OutlookCA b d t h tf ll i t l dCA budget shortfall is not resolved.

CDE certified P1 funding rates:

Sli htl hi h t id d id f th h lSlightly higher rates provided an upside for the school.

Higher rates aren’t ongoing source of funding, given deferrals and uncertainty in the state budgetdeferrals and uncertainty in the state budget

Current funding rates for 10/11 (in $/ADA):

Grade Level Per ADA Funding (Certified at P-1)

SSC Rates (Used for Planning) Increase

K-3 5,077 5,030 474-6 5,153 5,106 947-8 5,306 5,252 54

9-12 6 158 6 097 619-12 6,158 6,097 61Categorical 500 410 110

3

Take-away: The funding rate gain in 10-11 will stay this year, but we can’t depend on these increasing in the future.

2010/11 State Budget OutlookI t t t d t

Governor’s budget does not provide any significant mid-year

Important current year programs were spared cuts.

adjustments to K-12 education.Funding rates remain unchanged from October 2010 budget (no cuts).

Categorical block grant for new schools ($127/ADA) remains in place.

Other categorical programs – most notably CSR – remain frozen & flexed and not accessible to new schoolsflexed and not accessible to new schools.

Per pupil mandated cost reimbursements funded.

Deferrals for 10/11 (and 11/12) have been signed into lawDeferrals for 10/11 (and 11/12) have been signed into law.Total spring deferrals (state aid, categorical): $715k, with $546k deferred to next year.

Approx. 39% of Sycamore’s Feb-Jun receipts will be deferred to next year.

4

Take-away: The funding rate gain in 10-11 will stay this year, but cash deferrals at the end of FY 2010-11 increased.

2010/11 SASCA Budget UpdateCh i d h t i j tiChanges improved cash, net income projections.

Revenues:

Public Charter Schools Grant Program: additional $125k award added to budget

UCR Scribes grant $30k added to the budget

Expenses:p

SpEd encroachment for 10/11 will be significantly lower than budgeted: adjusted forecast from $107k to $80k.

Utilities costs have been lower to-date than budgeted; adjusted forecast from $30k to $20k.

Take-away: unbudgeted revenue and expense upsides will boost

5

Take away: unbudgeted revenue and expense upsides will boost net income for 10/11.

10/11 Year-to-Date: AprilM j d i li ith b d t

Revenues (ahead of expectation $75 6k to date)

Major revenue and expenses in line with budget.

model base: 305 ADARevenues (ahead of expectation $75.6k to date)

State aid, prop. tax, categorical – caught up after March deferral

Federal income: ahead of expectation to date (all 1st PCSGP award in)

305 ADA

Federal income: ahead of expectation to date (all 1 PCSGP award in)

Supplemental categorical block grant 1st installment received

Fundraising exceeded target for the year! $28k raised to date

Expenses (worse than budget -$35.7k to date)Salary & Benefits: over-spent -$9k, within budget for the yeary p g y

Books & supplies: over-spent -$23k, raised forecast to $47k.– $7k computers purchased through fundraising

– $10k unused in textbooks

Services & operating expenses: overspent -$3k, in line with budget expectation

6

expectation Take-away: the school had an operating profit of $77k for

the months of March (-$97k) and April ($175k).

2010/11 Cash OutlookT d f l SASCA i t i d tiTo prepare deferrals, SASCA maintained a conservative

position on both spending and revenues.The current forecast is very conservative:The current forecast is very conservative:

In additional to state deferrals other receipts are also pushed (in part) past June 30:pushed (in part) past June 30:

Remainder of $127/ADA supplemental categorical block grant

PCSGP (increase from current award) of $125k( )

Remaining ARRA EdJobs entitlement

Lottery

Expenses are not deferred into FY 11-12.

Take-away: cash will still be tight throughout the spring but no

7

Take away: cash will still be tight throughout the spring, but no additional financing will be needed at this point.

Net Income & Cash Flow ForecastTh h/NI tl k i d ith ti t d ADA

Th t NI j ti i $303k ( l di d i ti )

The cash/NI outlook improved with one-time grants and ADA increases.

The current NI projection is $303k (excluding depreciation).One time increases: PCSGP, UCR grant

O i i f hi h ll t d ll t tt dOngoing increase from higher enrollment and excellent attendance

Cash flow:Th iti h b l d d ti l i t f ti i t dThe positive cash balance depends on timely receipt of anticipated receivables (April, May, June).

No significant payables can be moved to July.g p y y

SASCA will not need to access extra financing to weather the deferrals in 10/11.

8

Take-away: Cash flow in the spring will depend on continued conservative spending and upkeep of enrollment.

Outlook and Budget

2011/12Outlook and Budget

9

2011/12 State Budget OutlookCA b d t h tf ll i t l dCA budget shortfall is not resolved.

The Governor’s 11/12 proposed budget does not include cuts t K 12 d ti b t it l d d t d tto K-12 education, but it also depends on voter-approved tax increases. Additionally:

General purpose categorical block funding are mostly staticGeneral purpose, categorical block funding are mostly static.

Categorical programs remain frozen/flexed for two more years, including K-3 class size reduction.

Increases end-of-year deferral from $1.7B to $2.1B.

With no tax extensions, K-12 funding may be cut: estimates range from $330-$800/ADA

To prepare for this, cuts and larger cash deferrals are included in the 11/12 budget.

10

Take-away: SASCA will budget conservatively with the best info. available from the state. Cash will be monitored closely.

2011-2012 Budget OverviewA per ADA loss required revisions to operations and the budgetA per-ADA loss required revisions to operations and the budget.

With a cut of $350/ADA for 360 students, the School has approximately $120k less anticipated revenueapproximately $120k less anticipated revenue.

School leaders created savings by limiting incremental costs:Li it d hi i f th dd d t hi id i i ti lLimited hiring for growth – added teaching aides in existing classroom to support increased enrollment (vs. full-time employees)

Implementing bonus structure with small salary increase (3%).p g y ( )

PD, capacity building supported by 10/11 grant funds

And increasing revenues by growing & adding a revenue g y g g gstream:

Expending enrollment – added ~40 students to total 360

Lease extra space – adds $25k to budget

The budget was created using a $735/ADA cut: we will

11

breakeven if we face doomsday-scale cuts.

2011/12 Sycamore Budget Summary2010/11 2010/11 2011/122010/11 2010/11 2011/12

Forecast Budget - Approved 11/16/10

Proposed Budget

SUMMARYSUMMARYRevenue

General Block Grant 1,722,443 1,577,461 1,761,081 Federal Income 244,810 116,141 - Other State Income 94,594 73,489 93,487 Other Local Revenue 22,238 - 29,664 Fundraising and Grants 60,075 9,000 12,000 Total Revenue 2,144,159 1,776,091 1,896,232

ExpensesExpensesCompensation and Benefits 757,546 730,179 917,255 Books & Supplies 46,910 22,760 49,837 Services & Operating Exp. 1,007,146 821,297 836,383 Capital Outlay - - - T t l E 1 811 602 1 574 235 1 803 475Total Expenses 1,811,602 1,574,235 1,803,475

Operating Income (excluding Depreciation) 332,557 201,856 92,757

Operating Income (including Depreciation) 289,881 159,179 50,080 p g ( g p ) , , ,

Fund BalanceBeginning Balance (Unaudited) 188,642 188,642 521,200 Audit Adjustment - B i i B l (A dit d) 188 642

12

Beginning Balance (Audited) 188,642 Operating Income (including Depreciation) 289,881 159,179 50,080

Ending Fund Balance (including Depreciation) 478,523 347,821 571,279

2011/12 Revenue OverviewADA increase helps to soften loss of one time revenuesADA increase helps to soften loss of one-time revenues.

2,200,000Revenue Bridge 2010 11 to2011 2012

2,100,000

2,150,000

1 950 000

2,000,000

2,050,000

1,850,000

1,900,000

1,950,000

1,800,000

, ,

2010 2011Forecast

IncrementalEnrollment

Otherrevenues

Fundraisingforecast

Othergrants

One timefederal

2011 2012Budget

PCSGP EdJobs are one time federal funds

Revenues$2,112K

Government$70k

$6k $16k $32k support$245k

$1,896K

13

PCSGP, EdJobs are one-time federal funds

State revenues increase even with $350/ADA cut

2011/12 Expense OverviewADA increase helps to soften loss of one time revenuesADA increase helps to soften loss of one-time revenues.

2,100,000 Expense Bridge 2010 11 to2011 12

1,900,000

2,000,000

1 700 000

1,800,000

, ,

1,600,000

1,700,000

1,500,000

2010 2011Forecast

Expenditures

Salaryincrease, newhires $160k

PD (Grant)$30k

SpEdEncroachment

$22k

Other$40K

CSRwrite off$176k

2010 2011Budget

Expenditures

Salary & benefits are largest expense increase

p$1,809k

$ $ p$1,775k

14

Salary & benefits are largest expense increase

CSR write-off is a one-time expense

2011-2012 Budget Risk FactorsWhile projections are conservative there are several risk factorsWhile projections are conservative, there are several risk factors.

Enrollment

Maintaining a positive budget depends realizing enrollment and ADA targets

F 11/12 360 b d t d 380 i dFor 11/12 360 budgeted, 380 signed up

Funding Rates

Funding rates are subject to change.

Any further deterioration of CA’s economy may have a negative impact on funding rates beyond the current projected cut of $350 per ADA.

Expenses

Maintaining a cash cushion will be a challenge if funding t hi h th j t d

15

cuts are higher than projected

•YTD financials cash flow•YTD financials, cash flow

•10/11 vs. 11/12 budget detail

•11/12 projected cash flow

EXHIBITS11/12 projected cash flow

16

Sycamore Academy of Arts and SciencesBudget vs ActualsAs of April 30, 2011

Budget

Feb Mar Apr Actual YTD Budget YTDVariance

(YTD less Budget) Budget - Approved

05/03/10 Budget - Approved

11/16/10 Budget %Current Forecast Forecast %

Variance (Budget less

Forecast)Budget

RemainingForecast

Remaining

SUMMARYRevenue

General Block Grant 137,387 14,657 231,313 971,136 965,116 6,020 1,596,790 1,577,461 88.82% 1,690,754 80.04% 113,293 606,325 719,618 Federal Income 13,763 - 17,487 102,255 86,630 15,625 62,500 116,141 6.54% 244,810 11.59% 128,669 13,886 142,555 Other State Income 7,531 5,921 27,221 50,717 37,174 13,544 252,200 73,489 4.14% 94,594 4.48% 21,105 22,772 43,877 Local Revenues 695 227 40 17,847 - 17,847 - - 0.00% 22,238 1.05% 22,238 (17,847) 4,390 Fundraising and Grants 1,766 4,734 6,341 30,075 7,500 22,575 9,000 9,000 0.51% 60,075 2.84% 51,075 (21,075) 30,000 Total Revenue 161,142 25,538 282,402 1,172,030 1,096,419 75,611 1,920,490 1,776,091 100.00% 2,112,470 100.00% 336,379 604,061 940,440

ExpensesCompensation and Benefits 67,302 64,044 58,983 620,546 611,778 (8,768) 1,044,418 730,179 46.38% 757,546 41.87% (27,368) 109,633 137,000 Books and Supplies 496 11,717 1,229 30,696 7,167 (23,529) 22,760 22,760 1.45% 46,910 2.59% (24,150) (7,936) 16,214 Services and Other Operating Expenditures 40,135 47,648 47,227 588,475 585,058 (3,417) 804,138 821,297 52.17% 1,004,647 55.53% (183,350) 232,822 416,172 Capital Outlay - - - - - - 36,000 - 0.00% - 0.00% - - - Total Expenses 107,934 123,409 107,439 1,239,717 1,204,003 (35,714) 1,907,316 1,574,235 100.00% 1,809,103 100.00% (234,868) 334,519 569,386

Operating Income (excluding Depreciation) 53,208 (97,872) 174,963 (67,686) (107,584) 39,897 13,174 201,856 303,367 571,247 269,542 371,054

Operating Income (including Depreciation) 53,208 (97,872) 174,963 (67,686) (107,584) 39,897 41,974 159,179 260,691 571,247 226,866 328,377

Fund BalanceBeginning Balance (Unaudited) (9,344) 43,865 (54,007) 188,642 188,642 93,721 188,642 188,642 Audit Adjustment - - - - - Beginning Balance (Audited) 188,642 188,642 93,721 188,642 188,642 Operating Income (including Depreciation) 53,208 (97,872) 174,963 (67,686) (107,584) 41,974 159,179 260,691

Ending Fund Balance (including Depreciation) 43,865 (54,007) 120,956 120,956 81,059 135,695 347,821 449,333

Actual Budget vs. Actual Budget

5/12/2011 1 of 4

Budget

Feb Mar Apr Actual YTD Budget YTDVariance

(YTD less Budget) Budget - Approved

05/03/10 Budget - Approved

11/16/10 Budget %Current Forecast Forecast %

Variance (Budget less

Forecast)Budget

RemainingForecast

Remaining

Actual Budget vs. Actual Budget

DETAIL

EnrollmentK to 3 - - - 200 189 196 7 4 to 6 - - - 120 112 127 15 7 to 8 - - - - - - - 9 to 12 - - - - - - - Total Enrollment - - - 320 301 323 22

ADAK to 3 190 180 187 8 4 to 6 114 106 118 12 7 to 8 - - - - 9 to 12 - - - - Total ADA - - - 304 286 305 19

Economically Disadvantaged 27 25 27 2 Free Lunch 39 37 40 3 Reduced Lunch 14 13 14 1 English Language Learners 14 13 14 1

REVENUE

General Block Grant8015 State Aid 81,801 13,362 141,755 655,012 649,524 5,488 1,103,657 1,103,837 62.15% 1,234,459 58.44% 130,622 448,825 579,447 8096 Property Tax 46,024 75,819 242,656 242,656 - 361,661 349,228 19.66% 325,248 15.40% (23,980) 106,572 82,592 8480 Charter Schools Categorical Block Grant 9,562 1,295 13,739 73,468 72,936 532 131,472 124,396 7.00% 131,047 6.20% 6,651 50,928 57,579

SUBTOTAL - General Block Grant 137,387 14,657 231,313 971,136 965,116 6,020 1,596,790 1,577,461 88.82% 1,690,754 80.04% 113,293 606,325 719,618

Federal Income8298 Implementation Grant (PCSGP) 13,763 17,487 62,500 46,875 15,625 62,500 62,500 3.52% 187,500 8.88% 125,000 - 125,000 8299 ARRA: Ed Jobs and Medicaid Asst. Act Funds 39,755 39,755 - - 53,641 3.02% 57,310 2.71% 3,669 13,886 17,555 8299 All Other Federal Revenue - - - - - 0.00% - 0.00% - - -

SUBTOTAL - Federal Income 13,763 - 17,487 102,255 86,630 15,625 62,500 116,141 6.54% 244,810 11.59% 128,669 13,886 142,555

Other State Income8434 Class Size Reduction, Grades K–3 - - - 214,200 - 0.00% - 0.00% - - - 8560 State Lottery Revenue 8,229 15,637 18,587 (2,950) 38,000 37,174 2.09% 39,707 1.88% 2,534 21,536 24,070 0000 Supplemental Categorical Block Grant for New Schools 18,992 18,992 - 18,992 - 36,316 2.04% 38,791 1.84% 2,475 17,324 19,799 8019 State Aid - Prior Years 606 606 - 606 - - 0.00% - 0.00% - (606) (606) 8311 Other State Apportionments - Current Year - - - - - 0.00% - 0.00% - - - 8319 Other State Apportionments - Prior Years 7,531 (614) 9,553 - 9,553 - - 0.00% 10,167 0.48% 10,167 (9,553) 614 8590 All Other State Revenue 5,929 5,929 - 5,929 - - 0.00% 5,929 0.28% 5,929 (5,929) -

SUBTOTAL - Other State Income 7,531 5,921 27,221 50,717 37,174 13,544 252,200 73,489 4.14% 94,594 4.48% 21,105 22,772 43,877

Local Revenues8650 Leases and Rentals 145 77 4,022 - 4,022 - - 0.00% 4,000 0.19% 4,000 (4,022) (22) 8699 All Other Local Revenue 550 150 40 13,181 - 13,181 - - 0.00% 17,593 0.83% 17,593 (13,181) 4,412 8999 Uncategorized Revenue 644 - 644 - - 0.00% 644 0.03% 644 (644) -

SUBTOTAL - Local Revenues 695 227 40 17,847 - 17,847 - - 0.00% 22,238 1.05% 22,238 (17,847) 4,390

Fundraising and Grants8803 Fundraising 1,066 4,734 6,341 28,225 7,500 20,725 9,000 9,000 0.51% 28,225 1.34% 19,225 (19,225) - 8802 Donations - Private 700 1,850 - 1,850 - - 0.00% 1,850 0.09% 1,850 (1,850) - 8811 UCR Scribes Grant - - - - - 0.00% 30,000 1.42% 30,000 - 30,000 0000 School defined - - - - - 0.00% - 0.00% - - -

SUBTOTAL - Fundraising and Grants 1,766 4,734 6,341 30,075 7,500 22,575 9,000 9,000 0.51% 60,075 2.84% 51,075 (21,075) 30,000

TOTAL REVENUE 161,142 25,538 282,402 1,172,030 1,096,419 75,611 1,920,490 1,776,091 100.00% 2,112,470 100.00% 336,379 604,061 940,440

5/12/2011 2 of 4

Budget

Feb Mar Apr Actual YTD Budget YTDVariance

(YTD less Budget) Budget - Approved

05/03/10 Budget - Approved

11/16/10 Budget %Current Forecast Forecast %

Variance (Budget less

Forecast)Budget

RemainingForecast

Remaining

Actual Budget vs. Actual Budget

- - - - - -

EXPENSES

1000 Certificated Employees1100 Teachers (Cert) 38,965 36,945 36,945 354,407 343,776 (10,632) 649,778 420,170 26.69% 420,170 23.23% - 65,763 65,763 1103 Substitutes (Cert) 800 2,050 2,500 7,100 7,920 820 12,600 9,900 0.63% 9,900 0.55% - 2,800 2,800 1300 Administration (Cert) 8,384 8,384 8,384 76,938 75,457 (1,482) 108,500 92,225 5.86% 92,225 5.10% - 15,287 15,287

SUBTOTAL - Certificated Employees 48,149 47,379 47,829 438,446 427,153 (11,293) 770,878 522,295 33.18% 522,295 24.72% - 83,850 83,850

2000 Classified Employees2400 Clerical (Class) 2,459 2,459 3,118 24,075 26,726 2,651 38,430 32,666 2.08% 32,666 1.81% - 8,590 8,590 2900 Classified Other Salaries 660 755 755 5,703 5,361 (343) - - 0.00% 6,552 0.36% (6,552) (5,703) 849 2904 Security/Yard Duty (Class) - 5,793 5,793 12,908 7,080 0.45% 7,080 0.39% - 7,080 7,080 2935 Substitute (Class) 988 486 1,182 6,087 7,855 1,768 - - 0.00% 9,600 0.53% (9,600) (6,087) 3,513

SUBTOTAL - Classified Employees 4,107 3,700 5,056 35,865 45,735 9,870 51,338 39,746 2.52% 55,898 3.09% (16,152) 3,881 20,033

3000 Employee Benefits3401-2 Health Insurance 7,774 8,453 (1,991) 77,844 80,000 2,156 120,000 96,000 6.10% 96,000 5.31% - 18,156 18,156 3301-4 Social Security/Medicare/ETT 948 907 1,017 8,550 9,324 774 15,830 11,189 0.71% 12,439 0.69% (1,250) 2,639 3,888 3501-2 Unemployment Insurance - State 361 (729) (1) 3,277 3,504 228 5,026 3,982 0.25% 4,470 0.25% (488) 706 1,194 3513-14 Unemployment Insurance - Federal (FUTA) 286 81 41 917 - (917) - - 0.00% 1,000 0.06% (1,000) (917) 83 3101 STRS 3,972 3,909 3,946 36,172 33,818 (2,354) 62,558 42,273 2.69% 42,273 2.34% - 6,101 6,101 3202 PERS 334 344 344 3,026 2,643 (384) 3,089 3,172 0.20% 3,172 0.18% - 145 145 3601-2 Worker's Comp 1,371 2,742 16,450 9,602 (6,848) 15,699 11,522 0.73% 20,000 1.11% (8,478) (4,928) 3,550

SUBTOTAL - Employee Benefits 15,046 12,965 6,098 146,235 138,891 (7,344) 222,202 168,137 10.68% 179,353 8.49% (11,216) 21,902 33,118

4000 Books & Supplies4100 Approved Textbooks & Core Curricula Materials 6,358 6,689 331 7,000 7,000 0.44% 7,000 0.39% - 642 642 4200 Books and Other Reference Materials - 478 478 500 500 0.03% 500 0.03% - 500 500 4300 Materials & Supplies 196 331 174 1,899 - (1,899) 10,760 10,760 0.68% 10,760 0.59% - 8,861 8,861 4325 Instructional Materials & Supplies 1,507 443 6,699 - (6,699) - - 0.00% 7,000 0.39% (7,000) (6,699) 301 4330 Office Supplies 300 2,645 6,006 - (6,006) - - 0.00% 7,000 0.39% (7,000) (6,006) 994 4345 Non Instructional Student Materials & Supplies 453 483 1,987 - (1,987) - - 0.00% 2,000 0.11% (2,000) (1,987) 13 4400 Noncapitalized Equipment - - - 4,500 4,500 0.29% 4,500 0.25% - 4,500 4,500 4420 Computers (individual items < $5k) 6,781 7,617 - (7,617) - - 0.00% 8,000 0.44% (8,000) (7,617) 383 4430 Office Furniture, Equipment & Supplies 130 130 - (130) - - 0.00% 150 0.01% (150) (130) 20

SUBTOTAL - Books and Supplies 496 11,717 1,229 30,696 7,167 (23,529) 22,760 22,760 1.45% 46,910 2.59% (24,150) (7,936) 16,214

5/12/2011 3 of 4

Budget

Feb Mar Apr Actual YTD Budget YTDVariance

(YTD less Budget) Budget - Approved

05/03/10 Budget - Approved

11/16/10 Budget %Current Forecast Forecast %

Variance (Budget less

Forecast)Budget

RemainingForecast

Remaining

Actual Budget vs. Actual Budget

5000 Services and Other Operating Expenditures5210 Conference Fees 675 - (675) - - 0.00% 675 0.04% (675) (675) - 5215 Travel - Mileage, Parking, Tolls 829 829 - (829) - - 0.00% 1,000 0.06% (1,000) (829) 171 5220 Travel and Lodging 548 548 - (548) - - 0.00% 600 0.03% (600) (548) 52 5225 Travel - Meals & Entertainment 65 65 - (65) - - 0.00% 100 0.01% (100) (65) 35 5300 Dues & Memberships 3,356 4,955 1,599 5,185 5,185 0.33% 5,185 0.29% - 1,829 1,829 5305 Dues & Membership - Professional - - - - - 0.00% - 0.00% - - - 5310 Subscriptions 480 480 - (480) - - 0.00% 500 0.03% (500) (480) 20 5400 Insurance - - - - - 0.00% - 0.00% - - - 5450 Insurance - Other 1,395 2,789 16,736 13,319 (3,418) 17,700 16,649 1.06% 17,865 0.99% (1,217) (88) 1,129 5500 Operations & Housekeeping - - - - - 0.00% - 0.00% - - - 5510 Utilities - Gas and Electric 3,318 1,163 1,353 35,000 33,647 42,000 42,000 2.67% 20,000 1.11% 22,000 40,647 18,647 5515 Janitorial, Gardening Services & Supplies 1,536 1,533 7,774 12,500 4,726 15,000 15,000 0.95% 15,000 0.83% - 7,226 7,226 5520 Security 137 137 137 1,365 - (1,365) - - 0.00% 1,680 0.09% (1,680) (1,365) 315 5605 Equipment Leases 274 274 3,540 3,750 210 4,500 4,500 0.29% 4,500 0.25% - 960 960 5610 Rent 33,567 33,567 33,567 369,238 337,879 (31,359) 405,455 405,455 25.76% 405,455 22.41% - 36,217 36,217 5615 Repairs and Maintenance - Building 944 4,947 1,667 (3,280) 2,000 2,000 0.13% 6,000 0.33% (4,000) (2,947) 1,053 5617 Repairs and Maintenance - Other Equipment 133 330 - (330) - - 0.00% 400 0.02% (400) (330) 70 5699 Other Rentals, Leases & Repairs 30 - (30) - - 0.00% 40 0.00% (40) (30) 10 5803 Accounting Fees 800 4,882 - (4,882) 8,750 8,750 0.56% 8,750 0.48% - 3,868 3,868 5809 Banking Fees 3 81 160 79 200 200 0.01% 200 0.01% - 119 119 5812 Business Services 17,469 8,735 87,371 99,633 12,261 125,833 119,559 7.59% 133,441 7.38% (13,882) 32,188 46,070 5815 Consultants - Instructional 351 351 - (351) - - 0.00% 400 0.02% (400) (351) 49 5820 Consultants - Non Instructional 173 173 - (173) - - 0.00% 200 0.01% (200) (173) 28 5824 District Oversight Fees 2,184 2,226 10,963 12,620 1,657 15,968 15,775 1.00% 16,908 0.93% (1,133) 4,812 5,945 5830 Field Trips 264 489 - (489) - - 0.00% 500 0.03% (500) (489) 11 5833 Fines and Penalties 24 2,385 - (2,385) - - 0.00% 2,390 0.13% (2,390) (2,385) 5 5836 Fingerprinting 90 - (90) - - 0.00% 90 0.00% (90) (90) - 5839 Fundraising Expenses 780 (5,636) 452 11,707 5,075 (6,631) 6,344 6,344 0.40% 17,000 0.94% (10,656) (5,363) 5,293 5843 Interest Expense 2,937 2,716 2,708 28,263 31,663 3,401 6,325 37,996 2.41% 37,996 2.10% - 9,734 9,734 5845 Legal Fees 638 2,025 4,659 7,500 2,841 10,000 10,000 0.64% 10,000 0.55% - 5,341 5,341 5848 Licenses and Other Fees 572 - (572) - - 0.00% 572 0.03% (572) (572) 0 5851 Marketing and Student Recruiting 150 354 250 754 375 (379) 500 500 0.03% 1,000 0.06% (500) (254) 246 5854 Consultants - Other 500 500 4,000 3,500 5,000 5,000 0.32% 5,000 0.28% - 4,500 4,500 5857 Payroll Fees 231 217 236 2,460 3,090 630 3,708 3,708 0.24% 3,708 0.20% - 1,248 1,248 5860 Printing and Reproduction - 800 800 1,000 1,000 0.06% 1,000 0.06% - 1,000 1,000 5861 Prior Year Operating Expenses 288 - (288) - - 0.00% 288 0.02% (288) (288) 1 5863 Professional Development 1,878 750 (1,128) 1,000 1,000 0.06% 2,000 0.11% (1,000) (878) 122 5872 Special Education Encroachment (27,852) 1 - (1) 114,616 107,810 6.85% 80,000 4.42% 27,810 107,809 79,999 5875 Staff Recruiting 880 - (880) - - 0.00% 880 0.05% (880) (880) 0 5878 Student Assessment 547 1,156 2,250 1,094 3,000 3,000 0.19% 3,000 0.17% - 1,844 1,844 5881 Student Information System 173 7,590 2,733 (4,857) 3,605 3,416 0.22% 7,600 0.42% (4,184) (4,174) 10 5884 Substitutes 1,513 3,128 160 5,971 - (5,971) - - 0.00% 6,000 0.33% (6,000) (5,971) 29 5887 Technology Services 112 - (112) - - 0.00% 112 0.01% (112) (112) 0 5899 Miscellaneous Operating Expenses 745 (1,379) 248 840 592 1,050 1,050 0.07% 1,700 0.09% (650) 802 1,452 5900 Communications - 4,500 4,500 5,400 5,400 0.34% - 0.00% 5,400 5,400 - 5915 Communications - Postage and Delivery 60 108 465 - (465) - - 0.00% 3,000 0.17% (3,000) (465) 2,535 5920 Communications - Telephone & Fax 308 14 310 2,922 - (2,922) - - 0.00% 6,000 0.33% (6,000) (2,922) 3,078 5999 5000 series 1099 reimbursable expenses - - - - - 0.00% - 0.00% - - -

SUBTOTAL - Services & Other Operating Exp. 40,135 47,648 47,227 588,475 585,058 (3,417) 804,138 821,297 52.17% 1,004,647 55.53% (183,350) 232,822 416,172

6000 Capital Outlay6100 Sites & Improvement of Sites - - - - - 0.00% - 0.00% - - - 6200 Buildings & Improvement of Buildings - - - 36,000 - 0.00% - 0.00% - - - 6410 Computers - - - - - 0.00% - 0.00% - - - 6420 Furniture - - - - - 0.00% - 0.00% - - - 6430 Other Equipment - - - - - 0.00% - 0.00% - - -

SUBTOTAL - Capital Outlay - - - - - - 36,000 - 0.00% - 0.00% - - -

TOTAL EXPENSES 107,934 123,409 107,439 1,239,717 1,204,003 (35,714) 1,907,316 1,574,235 100.00% 1,809,103 100.00% (234,868) 334,519 569,386

5/12/2011 4 of 4

Sycamore Academy of Arts and SciencesMonthly Cash FlowsAs of April 30, 2011

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Forecast AP/ARActual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Projected

Beginning Cash 9,428 62,496 175,795 210,802 59,489 69,125 125,973 202,131 289,478 45,950 301,890 209,852

RevenueGeneral Block Grant - - 117,090 3,339 72,448 212,176 182,726 137,387 14,657 231,313 103,403 54,014 1,690,754 562,201 Federal Income - - - 39,755 - 31,250 - 13,763 - 17,487 - - 244,810 142,555 Other State Income - - - - - - 10,045 7,531 5,921 27,221 3,728 900 94,594 39,249 Local Revenues - 600 - 645 2,433 17,665 (4,457) 695 227 40 2,195 2,195 22,238 - Fundraising and Grants 95 925 180 3,320 8,250 3,196 1,268 1,766 4,734 6,341 17,598 - 60,075 12,402 Total Revenue 95 1,525 117,270 47,059 83,131 264,287 189,582 161,142 25,538 282,402 126,924 57,109 2,112,470 756,407

Expenses

Compensation & Benefits 24,513 66,676 60,137 66,746 76,411 57,553 78,181 67,302 64,044 58,983 68,890 67,647 757,546 463 Books & Supplies 3,053 (736) 380 549 3,161 8,689 2,157 496 11,717 1,229 11,696 4,519 46,910 0 Services & Other Operating Expenses 55,622 56,671 91,462 54,350 53,259 94,097 48,003 40,135 47,648 47,227 82,406 157,854 1,004,647 175,912 Capital Outlay - - - - - - - - - - - - - -

Total Expenses 83,188 122,611 151,978 121,645 132,832 160,340 128,341 107,934 123,409 107,439 162,991 230,020 1,809,103 176,375

Operating Cash Inflow (Outflow) (83,093) (121,086) (34,708) (74,587) (49,701) 103,947 61,241 53,208 (97,872) 174,963 (36,067) (172,911) 303,367 580,032

Prior Year Revenue 75,070 431,685 93,083 - - 15,867 29,677 - - - - - Prior Year Expenses (38,649) (188,027) (48,004) - - (65,410) - - - - - - Change in Accounts Receivable (current yr) (256) 256 - 5,152 - (69,452) 14,157 - - Change in Accounts Payable (current yr) (11,269) (7,961) (3,807) (6,844) 10,491 200 42,505 22,963 (34,068) - - Summerholdback for Teachers - 3,365 2,878 2,906 3,012 2,945 1,300 2,644 2,523 $2,566.18 - -

2010/11Actual & Projected

Loan Proceeds 75,000 - 41,618 - 64,244 - - - - - - - Loan Payments - (1,793) (12,240) (75,923) (931) (11,355) (21,772) (11,371) (962) (970) (55,970) (978) Capital Expenditure - - - - - - - - - - - Other Balance Sheet Changes (prepaids etc) 24,740 423 343 353 (401) 364 360 361 (100,729) 99,291 - -

Ending Cash 62,496 175,795 210,802 59,489 69,125 125,973 202,131 289,478 45,950 301,890 209,852 35,963

Sycamore Academy of Arts and SciencesBudget SummaryAs of April 30, 2011

2010/11 2010/11 2011/12

Forecast Budget - Approved 11/16/10

Proposed Budget Notes

SUMMARYRevenue

General Block Grant 1,690,754 1,577,461 1,761,081 Federal Income 244,810 116,141 - Other State Income 94,594 73,489 93,487 Other Local Revenue 22,238 - 29,664 Fundraising and Grants 60,075 9,000 12,000 Total Revenue 2,112,470 1,776,091 1,896,232

ExpensesCompensation and Benefits 757,546 730,179 917,255 Books & Supplies 46,910 22,760 49,837 Services & Operating Exp. 1,004,647 821,297 836,383 Capital Outlay - - - Total Expenses 1,809,103 1,574,235 1,803,475

Operating Income (excluding Depreciation) 303,367 201,856 92,757

Operating Income (including Depreciation) 260,691 159,179 50,080

Fund BalanceBeginning Balance (Unaudited) 188,642 188,642 492,010 Audit Adjustment - Beginning Balance (Audited) 188,642 Operating Income (including Depreciation) 260,691 159,179 50,080

Ending Fund Balance (including Depreciation) 449,333 347,821 542,089

CDE Recommended Reserve (5% of Expenses) 90,455 78,712 90,174

2010/11 2010/11 2011/12

Forecast Budget - Approved 11/16/10

Proposed Budget Notes

DETAIL

EnrollmentK to 3 196 189 208 4 to 6 127 112 152 Total Enrollment 323 301 360

REVENUE8015 State Aid 1,234,459 1,103,837 1,247,304 includes $350/ADA cut8096 Property Tax 325,248 349,228 364,230 8480 Charter Schools Categorical Block Grant 131,047 124,396 149,546

SUBTOTAL - General Block Grant 1,690,754 1,577,461 1,761,081

Federal Income8181 Special Education - Entitlement - - - 8182 Special Education Reimbursement - - - 8220 Child Nutrition Programs - - - 8291 Title I - Basic Grant - - - 8298 Implementation Grant (PCSGP) 187,500 62,500 - 0000 Title I - ARRA - - - 8299 ARRA: Ed Jobs and Medicaid Asst. Act Funds 57,310 53,641 - 8299 All Other Federal Revenue - - -

SUBTOTAL - Federal Income 244,810 116,141 -

Other State Income8560 State Lottery Revenue 39,707 37,174 43,947 8591 Supplemental Hourly Revenue - - - 8590 Arts & Music Block Grant - - - 8590 After School Education & Safety Grant - - - 8590 Physical Education Teacher Incentive Grant - - - 8590 Charter School Facilities Incentive Grant Program - - - 0000 Supplemental Categorical Block Grant for New Schools 38,791 36,316 43,434 8019 State Aid - Prior Years - - - 8311 Other State Apportionments - Current Year - - - 8319 Other State Apportionments - Prior Years 10,167 - - 8590 All Other State Revenue 5,929 - 6,106

SUBTOTAL - Other State Income 94,594 73,489 93,487

2010/11 2010/11 2011/12

Forecast Budget - Approved 11/16/10

Proposed Budget Notes

Local Revenues8650 Leases and Rentals 4,000 - 29,000 $25k Riversprings8699 All Other Local Revenue 17,593 - - 8999 Uncategorized Revenue 644 - 664

SUBTOTAL - Local Revenues 22,238 - 29,664

Fundraising and Grants8803 Fundraising 28,225 9,000 12,000 8804 Fundraising - Fund Development - - - 8801 Donations - Parents - - - 8802 Donations - Private 1,850 - - 8811 UCR Scribes Grant 30,000 - -

SUBTOTAL - Fundraising and Grants 60,075 9,000 12,000

TOTAL REVENUE 2,112,470 1,776,091 1,896,232

EXPENSES

1000 Certificated Employees1100 Teachers (Cert) 420,170 420,170 436,970 10 FT, 2 PT teachers1101 Stipends (Cert) - - 20,000 1103 Substitutes (Cert) 9,900 9,900 5,400 3% teacher absence rate1300 Administration (Cert) 92,225 92,225 166,879 2 admin

SUBTOTAL - Certificated Employees 522,295 522,295 629,249 02000 Classified Employees2100 Instructional Aide (Class) - - 52,326 6 paraprof @ $87212400 Clerical (Class) 32,666 32,666 39,958 2 office/clerical 2900 Classified Other Salaries 6,552 - - 2904 Security/Yard Duty (Class) 7,080 7,080 - 2935 Substitute (Class) 9,600 - - 2940 Summer (Class) - - - 0

SUBTOTAL - Classified Employees 55,898 39,746 92,284

2010/11 2010/11 2011/12

Forecast Budget - Approved 11/16/10

Proposed Budget Notes

3000 Employee Benefits3401-2 Health Insurance 96,000 96,000 96,000 $8000 per insured3301-4 Social Security/Medicare/ETT 12,439 11,189 17,841 3501-2 Unemployment Insurance - State 4,470 3,982 6,494 3513-14 Unemployment Insurance - Federal (FUTA) 1,000 - 43 3101 STRS 42,273 42,273 49,818 3202 PERS 3,172 3,172 3,879 3701-2 Other Retirement - - - 3601-2 Worker's Comp 20,000 11,522 21,646

SUBTOTAL - Employee Benefits 179,353 168,137 195,722

4000 Books & Supplies4100 Approved Textbooks & Core Curricula Materials 7,000 7,000 10,000 4200 Books and Other Reference Materials 500 500 1,850 4300 Materials & Supplies 10,760 10,760 12,352 4325 Instructional Materials & Supplies 7,000 - 7,210 4326 Art & Music Supplies - - - 4330 Office Supplies 7,000 - 7,210 4335 PE Supplies - - - 4340 Professional Development Supplies - - - 4345 Non Instructional Student Materials & Supplies 2,000 - 2,060 4400 Noncapitalized Equipment 4,500 4,500 - 4410 Classroom Furniture, Equipment & Supplies - - 7,000 4420 Computers (individual items < $5k) 8,000 - 2,000 4430 Office Furniture, Equipment & Supplies 150 - 155 4999 4000 series 1099 reimbursable expenses - - -

SUBTOTAL - Books and Supplies 46,910 22,760 49,837

5000 Services and Other Operating Expenditures5100 Subagreements for Services - - - 5200 Travel & Conferences - - 1,000 5210 Conference Fees 675 - 695 5300 Dues & Memberships 5,185 5,185 5,341 5450 Insurance - Other 17,865 16,649 20,509 5510 Utilities - Gas and Electric 20,000 42,000 19,200 5515 Janitorial, Gardening Services & Supplies 15,000 15,000 12,000 5520 Security 1,680 - 1,730

2010/11 2010/11 2011/12

Forecast Budget - Approved 11/16/10

Proposed Budget Notes

5605 Equipment Leases 4,500 4,500 4,635 5610 Rent 405,455 405,455 408,211 rent & CAMS5615 Repairs and Maintenance - Building 6,000 2,000 6,180 5616 Repairs and Maintenance - Computers - - - 5617 Repairs and Maintenance - Other Equipment 400 - 412 5699 Other Rentals, Leases & Repairs 40 - 41 5800 Other Service & Operating Expenses - - - 5803 Accounting Fees 8,750 8,750 7,500 5809 Banking Fees 200 200 206 5812 Business Services 133,441 119,559 127,699 EdTec5824 District Oversight Fees 16,908 15,775 17,611 1% oversight5830 Field Trips 500 - 515 5833 Fines and Penalties 2,390 - 2,462 5836 Fingerprinting 90 - 93 5839 Fundraising Expenses 17,000 6,344 10,000 5843 Interest Expense 37,996 37,996 12,712 5845 Legal Fees 10,000 10,000 10,300 5848 Licenses and Other Fees 572 - 589 5851 Marketing and Student Recruiting 1,000 500 1,030 5854 Consultants - Other 5,000 5,000 5,150 5857 Payroll Fees 3,708 3,708 3,819 5860 Printing and Reproduction 1,000 1,000 1,030 5861 Prior Year Operating Expenses 288 - 297 5863 Professional Development 2,000 1,000 30,000 5872 Special Education Encroachment 80,000 107,810 102,600 $300/ADA estimate5875 Staff Recruiting 880 - 906 5878 Student Assessment 3,000 3,000 3,090 5881 Student Information System 7,600 3,416 9,270 5884 Substitutes 6,000 - - 5887 Technology Services 112 - 115 5898 Bad Debt Expense 175,912 - - 5899 Miscellaneous Operating Expenses 1,700 1,050 1,751 5900 Communications - 5,400 - 5915 Communications - Postage and Delivery 3,000 - 1,800 5920 Communications - Telephone & Fax 6,000 - 3,000 5999 5000 series 1099 reimbursable expenses - - -

SUBTOTAL - Services & Other Operating Exp. 1,004,647 821,297 836,383

6000 Capital Outlay

2010/11 2010/11 2011/12

Forecast Budget - Approved 11/16/10

Proposed Budget Notes

6100 Sites & Improvement of Sites - - - 6200 Buildings & Improvement of Buildings - - - 6410 Computers - - - 6420 Furniture - - - 6430 Other Equipment - - -

SUBTOTAL - Capital Outlay - - -

TOTAL EXPENSES 1,809,103 1,574,235 1,803,475

Depreciation - Prior Years - - - Depreciation - Current Year 42,677 42,677 42,677

6900 SUBTOTAL - Depreciation 42,677 42,677 42,677

TOTAL EXPENSES including Depreciation 1,851,780 1,616,912 1,846,152

Sycamore Academy of Arts and SciencesMonthly Cash FlowsAs of April 30, 2011

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Forecast AP/ARProjected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected Projected

Beginning Cash 35,963 109,280 95,053 239,435 402,404 275,395 265,605 258,665 476,959 398,200 282,566 251,990

RevenueGeneral Block Grant - 19,515 39,030 183,053 26,020 148,915 148,915 374,224 77,329 29,264 125,420 59,259 1,761,081 530,136 Federal Income - - - - - - - - - - - - - - Other State Income - - 611 611 611 611 11,597 611 11,469 11,597 611 611 93,487 54,549 Local Revenues - - 66 66 66 66 66 66 66 66 66 66 29,664 29,000 Fundraising and Grants 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 - Total Revenue 1,000 20,515 40,707 184,730 27,697 150,592 161,579 375,901 89,865 41,928 127,097 60,936 1,896,232 613,685

ExpensesCompensation & Benefits 10,127 79,379 83,348 83,017 82,363 82,363 83,344 82,690 82,494 82,429 82,429 82,429 917,255 841 Books & Supplies - 4,740 8,539 4,062 4,062 4,062 4,062 4,062 4,062 4,062 4,062 4,062 49,837 0 Services & Other Operating Expenses 49,538 51,674 70,986 57,863 57,863 73,468 57,863 57,863 68,968 57,863 57,863 174,568 836,383 0 Capital Outlay - - - - - - - - - - - - - -

Total Expenses 59,665 135,793 162,873 144,943 144,289 159,894 145,269 144,616 155,525 144,354 144,354 261,059 1,803,475 841

Operating Cash Inflow (Outflow) (58,665) (115,278) (122,166) 39,787 (116,592) (9,302) 16,310 231,285 (65,660) (102,426) (17,257) (200,123) 92,757 612,843

Prior Year Revenue 157,046 166,469 276,965 133,599 - 9,927 - - - - - - Prior Year Expenses (463) - - - - - - - - - - -

2011/12Projected

Change in Accounts Receivable (current yr)Change in Accounts Payable (current yr)Summerholdback for Teachers (24,601) - - - - - - - - - - - Loan Proceeds - - - - - - - - - - - - Loan Payments - (65,417) (10,417) (10,417) (10,417) (10,416) (23,249) (12,991) (13,099) (13,208) (13,318) (13,429) Capital ExpenditureOther Balance Sheet Changes (prepaids etc)

Ending Cash 109,280 95,053 239,435 402,404 275,395 265,605 258,665 476,959 398,200 282,566 251,990 38,438