August 2008
EXECUTIVE SUMMARY
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
FISC A L Y EA R 2008 -2009
Financial Report
August 2008 Year To Date
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
August 2008 Beginning Fund Balance
(Unaudited)
($ 10,509)
APPROVED REVENUE BUDGET
YTD REVENUES
$324,973
$ 23,851
APPROVED EXPENDITURE BUDGET
YTD EXPENDITURES
$346,067
$ 23,855
JUNE 30, 2009 Projected Ending Fund Balance
Saint Louis Public Schools
August 2008 Monthly Financial Report
($ 31,603)
August 2008
EXECUTIVE SUMMARY
YEAR-TO-DATE SUMMARY
• $346.1M - GOB Budget
$476.3M - District Total Budget
• Total District Cash - $175.3M
• GOB Revenues in line with budget
• GOB Expenditure Variance Analysis
Salaries & Benefits – fewer FTEs (classroom teachers & administrators), delay in
allocation of retirement expenses.
Non-Payroll Expenditures – variances due to timing, additional expenditures for Early
Retirement, Acuity Benchmark, and Long Range Plan.
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
CONCERNS AND RISKS
• State Tax Commission protested tax rulings
• Equitable distribution of funds to charter schools
• Charter School Enrollment
• Unanticipated expenditures
• Unforeseen expenditures/impact of using 07/08 actuals as 08/09 budget base
Saint Louis Public Schools
August 2008 Monthly Financial Report
August 2008
EXECUTIVE SUMMARY
*
* 08/09 Year End Projections assume no corrective action taken. Options are currently under review to mitigate potential deficit of $20M.
August 2008
EXECUTIVE SUMMARY
GOB Unrestricted Fund Balance
(in thousands)
-$5,000
(10,509)
(12,945)
-$15,000
-$25,000
(25,987)
(24,915)
*
-$35,000
(31,617)
(37,848)
-$45,000
FY 2004
FY 2005
FY 2006
FY 2007
FY 2008
Unaudited
FY 2009
Projected
*
08/09 Year
End
Projections
assume no
corrective
action taken
to mitigate
potential
deficit.
August 2008
EXECUTIVE SUMMARY
GOB Projected Cash Balance
July 2008 - June 2009
(in millions)
$75
$62.1
$63.7
$65
$55
$45
$36.0
$28.2
$35
$36.1
$22.9
$25
$15
$5
$3.5
($5)
$4.3
$0.0
($2.2)
$1.5
($15)
($17.3)
($25)
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
August 2008
EXECUTIVE SUMMARY
August 2008
Second Budget Amendment
* 08/09 Year End Projections assume no corrective action taken. Options are currently under review to mitigate potential deficit of $20M.
August 2008
Second Budget Amendment
*
* 08/09 Year End Projections assume no corrective action taken. Options are currently under review to mitigate potential deficit of $20M.
August 2008
Second Budget Amendment
August 2008
Second Budget Amendment
August 2008
Second Budget Amendment
August 2008
Second Budget Amendment
Tax Increm ent Financing (TIF)
September 25 2008,
May 5 2008,
Update
Status
What is TIF?
Revenue funds derived mainly from
property taxes used to finance
redevelopment projects
How is TIF used?
Notes/bonds are issued to pay
redevelopment costs and property
tax pay-off notes over 23 years.
58% of taxes are from SLPS tax
base
What is MODESA?
A super TIF which also captures
state taxes (use of state taxes
restricted to infrastructures).
How much has been approved?
111 TIF projects that cost $3.5B with 100 TIF projects that cost $3.4B with
TIFs of $0.6B.
TIFs of $0.5B
How many projects are
completed?
98 projects that cost $1.7B with
TIFs of $0.2B.
60 projects that cost $1.5B with TIFs
of $0.2B
What is the current impact on
SLPS?
$155M TIF assessments(market
value $631M) = $5.9M/ yr loss
$142M TIF assessments (market
value $568M) = $5.3M/yr loss
What additional projects are
pending public hearing?
9 projects totaling $130.5m with
TIFs of $18.3M. Potential fiscal
impact on SLPS: $0.7M.
9 projects totaling $520.8M with
TIFs of $79.2M. Potential fiscal
impact on SLPS: $5M.
SLPS
60% of taxes are from SLPS tax
base
SLPSRS Worst Case Scenario
A DEEPER LOOK AT EVALUATING INVESTMENT PERFORMANCE
 Top performing money managers typically beat not only their
comparative style index but also exhibit above median performance
in their peer group for longer periods (i.e. 5 years+).
 Active managers should not be expected to outperform in every
month, quarter, or year. However, persistent underperformance (i.e.
5 years+) should warrant concern and a re-investigation of the
manager’s process, philosophy and people.
 As of 6/30/08, SLPSRS engaged 6 traditional managers with belowmedian peer returns for the trailing 5 years. These managers
oversee a combined $197 million under management.* Three of the
six underperformed more than 70% of their peers in that timeframe.
*Source: PSRS Investment “Flash” Report, dated 6/30/08 and PSN.
Past performance is not indicative of future performance.
WORST CASE SCENARIOS
 Six of the equity managers (totaling $197 million in assets) have below
median performance for the 5 years ending 6/30/08.
 Using only those manager’s returns and calculating the difference
between their returns and the return of the median of each manager’s
peer group, the dollar return differential was $9 million over 5 years.
Buford, Dickson, Harper, Sparrow
Return amount below the median manager:
$21,256,989
($1,000,932)
Monetary Management
Return amount below the median manager:
$61,125,673
($487,443)
New Amsterdam Partners
Return amount below the median manager:
$33,350,246
($825,460)
Edgar Lomax
Return amount below the median manager:
$30,415,669
($2,527,300)
Systematic Financial
Return amount below the median manager:
$28,258,552
($2,935,843)
Dimensional Fund Advisors
Return amount below the median manager:
$22,571,984
($1,579,047)
Total Assets for Worst Case Managers
Combined amount below the median manager:
$196,979,113
($9,356,025)
*Source: PSRS Investment “Flash” Report, dated 6/30/08 and PSN.
Past performance is not indicative of future performance.
Quartile Report Slides
NON GOB Financial Summary
August 2008 Monthly Financial Report
NON GOB Financial Summary
August 2008 Monthly Financial Report
A/C Fund Balance
DESEG Fund Balance
= $ 19,008,577 M
= $ 99,600,771 M
CAPITAL FUNDS
NON GOB Financial Summary
August 2008 Monthly Financial Report
DEBT SERVICE
NON GOB Financial Summary
August 2008 Monthly Financial Report
FEDERAL FUNDS
NON GOB Financial Summary
August 2008 Monthly Financial Report
FOOD SERVICE
NON GOB Financial Summary
August 2008 Monthly Financial Report
TRUST & AGENCY