CEDAR FALLS COMMUNITY SCHOOL DISTRICT District Financial Report February 10, 2014
IASB Key Financial Dashboard Indicators
#1 Certified Enrollment #2 Financial Solvency Ratio #3 Unspent Budget Authority
#3A Unspent Budget Authority Ratio #4 Annual Unspent Budget Authority Ratio #5 Salaries & Benefits to Total Budget Ratio Background Color
Green = Increase of 0.01% or greater Yellow = 0.00 to 5.00% decrease Orange = Greater than 5.00% decrease
Certified Enrollment History Key Trend Dashboard Indicator #1
4,000
4,200
4,400
4,600
4,800
5,000
5,200
5,400
5,600
10/2006 10/2007 10/2008 10/2009 10/2010 10/2011 10/2012 10/2013
Certified less PLS PLS OE In Tuition In River Hills Tuition In
Increase of 13.2% over the last 8 years. 4 year old pre-school students not included.
CAR General Fund Balance
$0
$2
$4
$6
$8
$10
$12
$14
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Mill
ions
Total Assets (Cash/Receivables/Inventory)Fund Balance (Assets less Payables)
$203,618 increase in cash on hand and $952,241 increase in fund balance.
General Fund Revenue/Expenditure History Includes Instructional Support Fund
$30
$35
$40
$45
$50
$55
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Mill
ions
Revenue Expenditures
Revenue increased by $4,109,844 and expenditures increase by $4,335,395 from 2011-12 to 2012-13.
ISL (only) Revenue/Expenditure Detail
$1.84 $1.92
$2.03 $2.09 $2.10 $2.15
$2.20
$2.03
$1.81
$1.64
$1.85 $1.91
$2.12 $2.01
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
$2.2
$2.4
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Mill
ions
Revenue Expenditures
History of General Fund Revenue
$16.07 $15.93 $16.53 $17.33 $18.36 $19.34 $20.62
$3.55 $18.27 $19.95 $20.93 $17.99
$21.45 $24.62
$24.48 $0.96 $1.07 $1.47 $4.50
$2.26 $2.36
$1.79
$0$5
$10$15$20$25$30$35$40$45$50$55
2006-06 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Mill
ions
Local Local RH State Federal
History of General Fund Expenditures
$27.64 $29.02 $31.48 $31.64
$3.54
$2.50 $2.55
$2.51
$2.62
$4.18 $4.36
$4.68
$4.94
$3.19 $3.10
$3.39
$3.62
$0.98 $0.98
$1.17
$1.20
$1.88 $1.95
$1.93
$1.93
$21
$24
$27
$30
$33
$36
$39
$42
$45
$48
$51
2009-10 2010-11 2011-12 2012-13
Mill
ions
Instruction Inst. RH Spt. Srv. Admin. Maint. Transp. Flow Thru
Spt. Srv. = Guidance, health, media and technology services.
Admin. = BOE, district & building administration, business, purchasing, printing and personal services.
Financial Solvency Ratio Key Trend Dashboard Indicator #2
8.67%
10.70% 10.94%
8.68% 8.38%
10.69%
11.90%
0%
2%
4%
6%
8%
10%
12%
14%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Assigned & unassigned fund balance/General fund revenue less AEA flow thru. Measures the District’s fund equity position. IASB recommended minimum 5%. Goal 10%
Staffing History (in FTE)
341.5 347.1 352.7 359.5 373.4
7.1 7.1
83.0 89.6 95.6 94.0 85.1 43.0 42.0 42.0 41.5 44.0 35.1 33.6 34.0 36.7 36.4 18.6 19.0 19.0 19.0 19.0 22.0 22.0 22.0 23.0 25.5 15.7 15.7 16.8 17.3 18.9
200.0
250.0
300.0
350.0
400.0
450.0
500.0
550.0
600.0
650.0
2008-09 2009-10 2010-11 2011-12 2012-13
Teacher Hlth. Serv. ParaProf. Cust./MaintClerical Admin. Transp. Other
Food Service staff is not included.
Student Teacher Ratio History
12.0
12.2
12.4
12.6
12.8
13.0
13.2
13.4
13.6
13.8
14.0
FY06 FY07 FY08 FY09 Fy10 Fy11 Fy12 Fy13
Enro
llmen
t per
FTE
Students served (Resident/OE In/Tuition In & Dual Enroll/PT Students) / Teacher FTE (Reg./Sp. Ed./ Guidance/Media) as of October 1. Pre-School students & staff are not included.
History of Unspent Budget Authority Key Trend Dashboard Indicator #3
$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0$8.0$9.0
$10.0
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Mill
ions
Total Unspent Authority Unassigned/Unrestricted Unspent Authority
Assumes SBRC approval of special education deficit request!
History of Unspent Budget Authority Ratio Key Trend Dashboard Indicator #3A
6.52%
8.25% 8.30%
11.14%
13.47% 14.87% 15.23%
4.65%
6.19% 5.59%
8.84%
11.50% 13.17% 13.71%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Total Unspent Authority RatioUnassigned/Unrestricted Unspent Authority Ratio
A goal of 10% unassigned/unrestricted unspent authority over expenditures ($5.00 million) is desired. District is at 13.71% for 2011-12. Assumes SBRC approval of special education deficit request!
Annual Unspent Budget Authority Ratio Key Trend Dashboard Indicator #4
-0.45%
1.31%
2.32%
0.63%
3.78%
3.39%
2.92%
1.98%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
2006 2007 2008 2009 2010 2011 2012 2013
Assumes SBRC approval of special education deficit request! Ratio would have been 2.14% if not for the addition of River Hills School.
Cash vs. Unspent Budget Authority
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
$11.0
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Mill
ions
Total Unspent Authority Cash Balance
Assumes SBRC approval of special education deficit request!
Unspent Budget Authority As Percentage of Maximum Budget Authority
5%
7%
9%
11%
13%
15%
17%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Total Unspent Authority w/o Sp Ed Deficit Total Unspent Authority
Measures the percent of District’s budget authority at the end of each year. Assumes SBRC approval of special education deficit request!
Fund Balance As a Percentage of Unspent Authority
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Measures the percent of the District’s ability to finance it’s unspent budget authority.
Days Net Cash Ratio
60
65
70
75
80
85
90
6/30/07 6/30/08 6/30/09 6/30/10 6/30/11 6/30/12 6/30/13
Days
Cash & investments/Avg. daily cash expenditures. A goal of 90 days is desired.
Fund Balance As a Percentage of Expenditures
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Measures the percent of the District’s cash available to cover non-funded months. – Goal 10%
Salaries & Benefits to Total Expenditures Ratio Key Trend Dashboard Indicator #5
82.10% 81.32%
82.32% 81.97% 81.13%
80.30% 80.07%
77.85%
74.33%
73.0%
74.0%
75.0%
76.0%
77.0%
78.0%
79.0%
80.0%
81.0%
82.0%
83.0%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Measures the percent of the District’s budget dedicated to labor costs. 80.07% w/o increase in tuition out (PLS Fy12, RH Fy13).
History of Assessed Valuation
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Fy13 Fy14 Fy15
Billi
ons
Basic Valuation Valuation w/ TIF
Basic Valuation increased 10.4% from Fy12 to Fy13 & 66.6% over the past 10 years. Valuation w/ TIF increased 9.5% from Fy12 to Fy13 & 78.9% over the past 10 years.
Combined District Cost Property Tax/State Aid History
62.92% 62.73% 62.51% 62.48% 62.53% 62.84% 61.80%
37.08% 37.27% 37.49% 37.52% 37.47% 37.16% 38.20%
20%25%30%35%40%45%50%55%60%65%70%
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
State Aid Property Tax
Financial Dashboard
FY13 Certified Enrollment
Rank = 17th Largest CF = 4,862.4 Fy13/4859.1 Fy14
1 346
FY12 Solvency Ratio
Rank = 254 out of 346 State Avg. = 16.46% CF = 10.69% Fy12/11.90% Fy13
+97% -17%
FY12 UBA Per Pupil
Rank = 271out of 346 State Avg. = $2,830 CF = $1,659 Fy12/$1,859 Fy13
+$18,686 -$1,771
FY13 Valuation/Pupil
Rank = 155 out of 346 State Avg. = $343,003 CF = $322,044 F13/$363,143 F14
$1,127,884 $151,006
FY13 General Fund Tax Rate
Rank = 162 out of 346 State Avg. = $11.6795 Cedar Falls = $11.3508/$10.9004
$7.30955 $17.75894
FY13 Total Tax Rate
Rank = 118 out of 346 State Avg. = $14.49445 Cedar Falls = $13.7380/$12.8253
$8.33450 $23.06096
Budget Highlights
Courtesy www.art-saloon.ru
Budget Highlights
May, 2013 - Iowa Legislature and Governor Branstad agree to a 2% increase in cost per pupil funding for the 2013-14 school year. ($6,128)
May, 2013 – Iowa Legislature and Governor Branstad also agree to an additional one time allocation equal to 2% for the 2013-14 school year. ($583,488)
May, 2013 – Iowa Legislature and Governor Branstad agree to a 4% increase in cost per pupil funding for the 2014-15 school year. ($6,373)
Budget Highlights
October, 2013 – District certified enrollment dips 3.3 students to 4,859.1. 121.0 students are open enrolled out other Districts.
October, 2013 – Total students served (includes 4 yr. old & River Hills) by the District increases 14.1 students to 5,218.7. 353.0 students are open enrolled in from other Districts. 107.0 students attend River Hills School 48.5 students (weighted) enrolled in 4 yr. old program 97 actual students
Enrollment is projected to continue increasing creating more pressure to keep student-teacher ratios down as the District works with limited resources. 5 yr. avg. inc. (Fy09 – Fy13) - 118.7 students/yr. (includes OE in) 10 yr. avg. inc. (Fy04 – Fy13) - 73.4 students/yr. (includes OE in) River Hills students are not included
History of Supplemental State Aid (Allowable Growth)
0%
1%
2%
3%
4%
5%
6%
7%
8%
State Avg. Cedar Falls CF w/o PLS "Plus 2"
Projected Fy15 Settlements vs. Fy15 Supplemental State Aid
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
5% 4% 3% 2%
Mill
ions
Fy15 3.93% AG
Additional costs resulting from required changes in the school year calendar and implementation of the Patient Protection Affordable Health Care Act are NOT included.
Other District Funds
Other District funds: Management Physical Plant & Equipment Levy (PPEL) Secure A Vision for Education (SAVE) (formally LOT) Activity Nutrition
These are specific use funds that are subject to laws and regulations established by the Code of Iowa and Iowa Administrative Code.
Management Fund
Restricted fund Board of Education Controlled Used for property/liability/auto/workman
compensation/etc. insurance premiums Property loss not covered by deductibles Early severance benefits
Management Fund
$573
$482
$579
$748
$985
$1,145 $1,209
$564
$476 $579
$578
$888
$1,127 $1,200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Thou
sand
s
Total Assets Fund Balance
Secure A Vision for Education (SAVE) – Formally LOT
Restricted fund Construction, remodeling, repairing and furnishing of
new or existing buildings Purchase or improve school grounds Procure or open roads to buildings Emergency repairs Payment of principle and interest or retirement of
general obligation bonds
Secure A Vision for Education (SAVE) – Formally LOT
$6.87
$3.80
$16.12
$6.87
$14.73
$12.46
$6.12 $6.59
$3.80
$14.73
$5.96
$14.43
$11.45
$5.47
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Mill
ions
Total Assets Fund Balance
Physical Plant & Equipment Levy
Restricted fund with two parts Board of Education Controlled – up to $0.33/$1,000
(regular) Voters approved additional $1.34/$1,000 levy Can be used for: Purchase or improvement of grounds Construction, repairing or remodeling of schoolhouses or roads to
schoolhouses including debt for same Purchase or lease of equipment greater that $500 per unit
Technology bundling included Purchase or lease of school buses or other vehicles Leasing or renting of facilities
Physical Plant & Equipment Levy
$0.64
$1.56
$2.80
$3.27 $3.41
$2.23
$2.83
$0.56
$1.38
$2.55
$3.09
$2.49
$1.54
$2.68
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Mill
ions
Total Assets Fund Balance
Activity Fund
Restricted fund Account for student-related activities Admissions Activity Fees Student Dues Student Fund Raising Events Student related co-curricular or extra-curricular activities
Activity Fund
$560 $534
$486
$603
$627
$588
$629
$522 $509 $475
$573
$621
$584
$615
$300
$350
$400
$450
$500
$550
$600
$650
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Thou
sand
s
Total Assets Fund Balance
Nutrition Fund
Restricted fund Considered an Enterprise Fund Business type activity
Fund for which a fee is charged to external users for good or services
Account for all transactions for nutrition programs authorized under Iowa Code Chapter 283A
Nutrition Fund
$483 $501
$678
$846 $857
$794 $788
$418 $436
$589
$745 $773
$730 $722
$300
$400
$500
$600
$700
$800
$900
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Thou
sand
s
Total Assets Fund Balance
Summary
As of June 30, 2013 District’s financial condition: State fully funds cost per student for Fy13 District increases General Fund cash balance
Increase of $203,618 (June 20, 2013)
Increase in Districts unspent budget authority is primarily due to our special education deficit ($656,770)
Summary
Increases in enrollment without increases in supplemental state aid (allowable growth) puts more pressure on general fund
Commercial property tax reform legislation will impact overall district assessed valuation Possible higher residential property tax rate
Continued requirements and changes in curriculum may necessitate additional teaching staff
Changes in the weighting matrix for special needs students has significantly reduced funding for entitled services District must still meet the needs of students Medicaid funding helped reduce special education deficit (Fy13) Patient Protection and Affordable Health Care Act will increase
special education staff costs Special education deficit will continue
Summary
Legislative changes in the school day may significantly impact the District’s Authorized Unspent Budget Authority in the future
We must continue to closely monitor budget and funding changes in order to make decisions that Maintain a positive learning environment Maintain a positive financial condition
Special thank you to Denelle Gonnerman, Carrie DeBerg and the District Business Office Staff for their assistance.
Questions?
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