COLLEGE OF THE REDWOODS
SPECIAL REPORT
Three Year Budget Plan to Resolve OPEB Financing
and
Cash Flow Plan for the Next Three Years
Submitted by:
College of the Redwoods
7351 Tompkins Hill Road
Eureka CA 95501-9300
Submitted to:
Accrediting Commission for Community and Junior Colleges,
Western Association of Schools and Colleges
April 15, 2014
Certification
To:
Accrediting Commission for Community and Junior Colleges,
Western Association of Schools and Colleges
From:
Kathryn G. Smith, President/Superintendent
College of the Redwoods
7351 Tompkins Hill Road
Eureka CA 95501-9300
I certify there was broad participation by the campus community and believe this Special Report
accurately reflects the nature and substance of this institution.
Signatures:
_________________________________________________________________________
Kathryn G. Smith, President/Superintendent
Date
_________________________________________________________________________
Dr. Colleen Mullery, President, Board of Trustees
Date
_________________________________________________________________________
Thomas E. Henry, State Special Trustee
Date
_________________________________________________________________________
Lee Lindsey, Chief Business Officer
Date
_________________________________________________________________________
Bob Brown, Co-President, Academic Senate
Date
_________________________________________________________________________
Jose Ramirez, President, California School Employees Association
Date
Report Preparation
This Special Report was prepared with input from the College of the Redwoods Executive
Cabinet, comprised of Kathryn G. Smith, President/Superintendent; Dr. Keith Snow-Flamer,
Chief Instructional Officer and Chief Student Services Officer; Ahn Fielding, Chief Human
Resources Officer; and Lee Lindsey, Chief Business Officer, and with input from Thomas
Henry, State Special Trustee. Additional support was provided by employees in the College’s
Business Office, including Carla Spalding, Controller; Doug Edgmon, Accounting Manager; and
Lorie Walsh, Assistant to the Vice President. Additionally, Total Compensation Systems
provided a special actuarial report that was relied upon in the preparation of this Special Report.
Drafts of this report were vetted through the College’s participatory governance processes,
including distributing the report and soliciting feedback from the Budget Planning Committee
and the Expanded Cabinet, which include faculty, management, staff, and student representation.
The reports were placed on the College’s accreditation website, the Budget Planning Committee
website and the Board of Trustees website, all of which are available for public viewing via
internet. An email was sent to all college employees and the leadership of the Associated
Students College of the Redwoods (ASCR) soliciting feedback on the report. A preliminary
draft of this report was included as an agenda item on the April 1, 2014 Board of Trustees
meeting for discussion and to solicit feedback.
-3 Response to the Commission Letter
1. Develop and Submit a Three Year Budget Plan to Resolve OPEB Financing
Accreditation Standard III.D.1.c. requires that “When making short-range financial plans, the
institution considers its long-range financial priorities to assure financial stability. The
institution clearly identifies, plans, and allocates resources for payment of liabilities and future
obligations.” Accreditation Standard III.D.3.c. requires that “The institution plans for and
allocates appropriate resources for the payment of liabilities and future obligations, including
Other Post-Employment Benefits (OPEB), compensated absences, and other employee related
obligations. In the letter dated February 7, 2014, the Accrediting Commission for Community
and Junior Colleges, Western Association of Schools and Colleges (ACCJC) acted to direct that
the College develop and submit a three year budget plan to resolve OPEB financing.
The College’s Business Office webpage includes an archive of various financial reports on the
Redwoods Community College District and related entities. Specifically, two reports that
provide analyses of Redwoods’ OPEB position are the annual audited financial statements and
the biennial “Actuarial Study of Retiree Health Liabilities.” Both sets of reports are produced by
subject matter experts who are not employed by Redwoods. These reports are referenced and
incorporated into this Special Report in their entirety by this reference. Note 13 on page 30 of
the Financial Statements for the year ending June 30, 2013 describes the plan as:
The Redwoods Community College District Health Plan (the Plan) is a singleemployer defined benefit healthcare plan administered by the District. The
District provides medical, dental, and vision insurance coverage to all
employees who retire from the District and meet the age and service
requirement for eligibility. Group medical coverage is provided for academic
retirees hired before January 1, 2008, classified retirees hired before July 1,
2006, and administrative, managerial, and confidential employees hired before
September 1, 2006. Group medical coverage is also provided for board
members meeting certain eligibility requirements. Membership of the Plan
consists of 70 retirees currently receiving benefits and 188 eligible active plan
members.
The College’s funding policy is disclosed as:
The contribution requirements are established and may be amended by the
District and the District’s bargaining units. The required contribution is based
on projected pay-as-you-go financing requirements with an additional amount
to prefund benefits as determined annually. For the year ended June 30, 2013,
the District contributed $974,949 to the Plan.
The District’s annual OPEB cost (expense) is calculated based on the annual
required contribution of the employer (ARC), an amount actuarially determined
in accordance with GASB Statement No. 45. The ARC represents a level of
funding that, if paid on an ongoing basis, is projected to cover normal costs
-4 each year and amortize any unfunded actuarial accrued liabilities (UAAL) (or
funding costs) over a period not to exceed 30 years.
The annual OPEB cost, the percentage of annual OPEB cost contributed to the
Plan, and the net OPEB obligation for fiscal year 2013 and the two preceding
years were:
Year Ended
June 30, 2011
June 30, 2012
June 30, 2013
Annual
OPEB Cost
824,359
822,292
781,176
Actual
Percentage
Employer
Contributed
Contributions
856,746
921,851
974,949
103.93%
112.11%
124.81%
Net Ending
OPEB
Obligation
(125,537)
(319,310)
The Actuarial Study of Retiree Health Liabilities as of September 1, 2013, prepared by Total
Compensation Systems, Inc. (OPEB Study) discloses that not all employees are included as an
OPEB liability. Specifically, page 5 of the most recent OPEB Study discloses the employee
groups included in the OPEB liability fund and the specifics of the benefits. Certain retiree
benefits are available to faculty hired before January 1, 2008; classified staff hired before July 1,
2006; management hired before September 1, 2006; and Board of Trustees members who first
served before January 1, 1995. All employees hired after the dates noted are not eligible for
retiree benefits. In general, for eligible faculty and staff medical, dental and vision coverage is
provided at no cost to the retired employee starting at age 55 who served at least 10 years. The
benefits terminate after the lesser of six years or the attainment of age 65. For managers there is
an additional benefit of a total of $13,500 lifetime maximum available after age 65. As noted in
the annual financial statements, there are 70 retirees and 188 eligible employees.
The College set aside a fund in its financial information system within its unrestricted general
fund called, “Employee Benefit Trust-Retiree Health & Welfare Benefit Trust” (OPEB fund).
This fund holds monies set aside for OPEB liabilities. Although the State Chancellor’s Office
includes these monies in the unrestricted general fund for State reporting purposes, established
practice at the College is to treat these monies as restricted for OPEB liabilities only. At its
November 7, 2012 meeting, the Board of Trustees authorized the President/Superintendent to
transfer funds from the OPEB fund to the unrestricted general fund if necessary to close the
books on fiscal year 2012-13 with at least a 5% ending fund balance.
(http://www.redwoods.edu/District/Board/documents/December42012packet.pdf). The books
were closed above 5% and without the need to transfer funds from the OPEB fund. This is the
only time that such authority was granted, and this limited authority to transfer funds from the
OPEB fund has now expired.
Total Compensation Systems, Inc. completed a special analysis of the OPEB fund. The concern
was that the OPEB fund’s fund balance was falling. The actuary assisted the College’s Business
Office in determining the amount of annual transfers necessary to ensure that the fund balance in
the OPEB fund would not drop below a conservative, prudent, and reasonable minimum balance
over the life of the plan. Given the uncertainties of forecasting out to fiscal year 2029-30 and
-5 beyond, a relatively high minimum balance target was requested. Total Compensation provided
a letter summarizing their findings. Total Compensation concluded that the College’s proposed
long term funding plan would result in the fund balance decreasing to no less than $1.7 million,
which would occur in fiscal year 2022-23 after which the fund balance would begin to increase
again. The College believes that this funding plan is conservative, prudent, and reasonable and
that it will result in a sufficiently large minimum fund balance to assure a high degree of safety
and trust for its retirees who rely on these benefits.
The College has been implementing this funding plan and continues to implement this plan in its
budget forecast. The plan is to increase the transfer from the general fund to the OPEB fund by
at least $50,000 per year until the transfer reaches $300,000 per year. In 2012-13, the College
transferred $100,000, which was increased to $150,000 for 2013-14. After increasing the
contribution to $300,000 annually, the College will continue to transfer that same amount each
year until the actuary advises that additional transfers are no longer necessary. Each time the
actuary produces the standard biennial actuarial study of retiree health liabilities, the College will
also request that the actuary update the long term funding spreadsheet to ensure that the funding
plan continues to maintain the minimum $1.7 million fund balance forecast, and to recommend
adjustments as necessary to maintain a conservative, prudent and reasonable plan for the OPEB
fund.
The ACCJC requested a three year budget plan to resolve OPEB financing. As noted above and
in the OPEB reports referenced and incorporated into this Special Report in their entirety by
reference, the College has a plan to fund its OPEB liabilities in a conservative, prudent and
reasonable manner. The funding plan as recommended by the College’s actuary is incorporated
in the College’s Cash Flow Plan for the next three years. Specifically, the three year cash flow
plan includes a $75,000 increase in the transfer to the OPEB fund in 2014-15, and another
$75,000 increase in 2015-16 and a sustained $300,000 transfer in 2016-17 and thereafter.
-6 Response to the Commission Letter
2. Develop and Submit a Cash Flow Plan for the Next Three Years
Accreditation Standard III.D.3.a requires that “The institution has sufficient cash flow and
reserves to maintain stability, strategies for appropriate risk management, and develops
contingency plans to meet financial emergencies and unforeseen occurrences.”
To develop the three year cash flow plan, first, a three year budget forecast was prepared for
2014-15, 2015-16, and 2016-17. The budget forecast included funding proposals included in
California Governor Jerry Brown’s Proposed 2014-15 Budget published in January 2014. The
budget forecast for College of the Redwoods is summarized below:
Three year Budget Forecast
Unrestricted General Fund
Funded FT ES
Beginning Fund Balance
Revenue
Expenditures
T ransfers and Other
Budget Savings
Net Revenue
Ending Fund Balance
Fund Balance Percent
2014-15
2015-16
2016-17
4137
4137
4220
1,421,416
1,458,845
1,516,345
26,221,462
26,938,817
667,907
1,422,691
37,429
26,729,563
27,704,156
742,907
1,775,000
57,500
27,806,928
28,681,452
817,907
1,775,000
82,570
1,458,845
1,516,345
1,598,914
5.3%
5.3%
5.4%
The previous chart identifies Full-Time Equivalent Students (FTES) eligible for State funding.
In 2014-15 the enrollment forecast assumes that Fall and Spring terms will enroll a similar
number of students as Fall and Spring of 2013-14, along with the inclusion of two Summer
terms. For 2015-16, it is assumed that actual enrollments reported for State funding will include
only the Fall and Spring terms and the portion of Summer term enrollments that must be reported
in 2015-16. Therefore, the College is planning to receive enrollment stability funding at the
2014-15 actual FTES level. FTES for 2016-17 are estimated to increase by 2% as several
initiatives, such as increasing non-credit, dual enrollment, distance education, and programs with
the California Department of Corrections, are expected to increase enrollment levels.
Revenues for 2014-15 are adjusted for anticipated State funding through the State’s
apportionment funding model. For 2014-15, a 0.86% cost of living adjustment (COLA) is
included; a 1.3% COLA is included in 2015-16 and 2016-17. Expenditures include payroll cost
increases of a magnitude that is based on historical trends for increases in health and welfare
benefits (about 6.5% annually), and other employer paid personnel costs along with typical costs
for employee step increases. No COLA or base increase to employee salary step schedules is
included in the three years reviewed. A modest increase in non-payroll costs is included to keep
up with inflation. The Budget Planning Committee (BPC) recommended and the
President/Superintendent approved a $180,000 annual increase in the general fund capital outlay
-7 to provide funding for a schedule of BPC recommended minor capital improvement projects
across College of the Redwoods. In the Transfers and Other section, a planned reduction in State
Special Trustee and recovery costs was included as the Special Trustee reduces his workload at
the College.
As a result, the College identified a $1.4 million budget shortfall that must be eliminated for
2014-15. The BPC met and made recommendations to the President/Superintendent to close the
$1.4 million budget gap. The BPC’s recommendations are noted below:
($1,400,000) 2014-15 Projected budget shortfall
200,000 2012-13 One-time relief from CO deficit reduction
200,000 2013-14 One-time relief from CO deficit reduction
180,000 Defer planned 2014-15 augment to capital outlay budget
820,000 To be determined: Payroll savings and/or reorganization and reduction in force
(Payroll savings are not within the purview of the BPC to address, since they
may involve negotiable items)
$1,400,000 Subtotal BPC budget solutions
$0 2014-15 Net shortfall after BPC budget solutions
The Chancellor’s Office (CO) deficit reduction for 2012-13 and 2013-14 at $200,000 per year
relates to the College’s practice of reserving a portion of its apportionment revenue in the event
the CO institutes a mid-year deficit reduction cut. Chancellor’s Office representatives are
reporting that the deficit reduction amount for these years is expected to be lower than previously
reported. Therefore, the BPC has recommended using this “freed up” reserve to help cover the
2014-15 projected budget shortfall. The $180,000 savings arises from a proposed increase in the
general fund capital outlay budget. The BPC identified minor capital projects to be funded from
this resource. However, given the projected budget shortfall, the BPC has now proposed to defer
that funding augment for a year or more until the budget forecast improves.
With these solutions, the BPC narrowed the 2014-15 budget shortfall to $820,000 which the
Committee identified for payroll reductions. Because some payroll reductions require collective
bargaining negotiations, the BPC did not further specify the source of these budget savings. The
Executive Cabinet has prepared a 2014-15 Round One Reorganization and Reduction in Force
(RIF) in the $820,000 range and a Round Two RIF of about $610,000 for a combined
reorganization and RIF savings of over $1.4 million.
Implementing both reorganizations would be the College’s secondary budget solution in the
event that no payroll savings could be negotiated with collective bargaining units in a timely
manner. The preferred and primary solution would be to meet and confer with collective
bargaining teams and successfully negotiate a payroll savings solution. However, the
combination of the BPC identified solutions bringing the shortfall down to $820,000 plus both
reorganizations would provide Redwoods with a budget solution that could be implemented
without the contingency of negotiated payroll savings. Also, this solution could account for an
additional drop in revenue equating to about an additional 120 FTES reduction. If enrollments
were to drop by a greater amount or expenditures needed to increase in excess of the forecast, the
-8 College could also implement additional tactical budget savings solutions, including a travel
freeze, partial hiring freeze, increase support from auxiliary operations, or a round three mid-year
reorganization and RIF.
College of the Redwoods has a recent history of successfully closing its identified budget gap.
To balance its 2013-14 budget, the College implemented a combination of two reorganizations
and RIFs and negotiated payroll concessions with all employees plus budget cuts from the Board
of Trustees’ budget. The College negotiated significant permanent employee salary concessions
(-9.0 percent for President and administrators, -8.7 percent for full-time faculty and managers, 8.0 percent for part-time faculty, and -6.5 percent for classified and confidential) and fiscal
stability clauses with its two collective bargaining units, the College of the Redwoods Faculty
Organization (CRFO) and California School Employees Association College of the Redwoods,
Chapter 509 (CSEA).
The participatory governance process for College of the Redwoods is that the Budget Planning
Committee (BPC) reviews a three year budget forecast and recommends to the
President/Superintendent potential solutions for closing any identified budget gap in the next
year. While a three year budget is reviewed, the BPC focuses primarily on the next fiscal year
when developing recommended budget solutions. The three year forecast identifies an additional
$375,000 budget shortfall for 2015-16.
This 2015-16 shortfall arises primarily due to the assumption of a small COLA and no increase
in FTES. Each year that the State provides less than a 2.0% COLA creates a structural budget
deficit for the College due to costs of employee salary steps, health and welfare benefit cost
increases and increases in other personnel expenditures as well as necessary inflationary
increases to non-payroll budgets. When the State provides an insufficient COLA, then the
College must increase enrollments to increase revenue. However, it is unsustainable to expect
continued community college net enrollment growth statewide on a year-over-year-over-year
basis. Alternatively, the College must implement expenditure budget cuts to balance its budget.
For 2015-16 College of the Redwoods will likely implement a package of budget savings
solutions similar to the BPC’s proposed solutions for 2014-15. Because the College expects to
receive enrollment stability funding in 2015-16, additional funding from increased FTES will not
provide a solution in 2015-16. The BPC would make recommendations on the $375,000
identified shortfall as well as closing $400,000 of the previous year’s gap that had been solved
on a one-time basis. If the enrollment trend is not favorable during 2014-15, then the College
would be best served by implementing permanent budget solutions for the entire budget gap.
Instead, if the enrollment trend is more favorable, the College might continue with some
additional tactical, one-time solutions.
Student Enrollment Forecast Preparation
The following chart shows College of the Redwoods’ enrollment and course section scheduling
forecast for the period reviewed. The chart shows that the College plans to schedule a sufficient
number of course sections to generate the FTES included in the budget forecast. Also, the
College plans to offer additional course sections in hopes of exceeding this enrollment budget. If
additional students enroll during 2014-15, then 2015-16 stability funding budget will increase
proportionately as well.
-9 Year
T erms Included for CO rpting
FT ES Reported
Funded FT ES
Non-Resident FT ES
Non-Credit FT ES
T otal FT ES
T erms included for Redwoods bgt
Minimum course sections
Section Forecast
Extra sections
Potential additional FT ES
2014-15
Su/F/Sp/Su
Actual
4,137
102
51
4,290
2015-16
F/Sp
Stability
4,137
112
51
4,300
2016-17
Su/F/Sp/Su
Actual
4,220
119
151
4,490
F/Sp/Su
1,495
1,540
45
129
F/Sp/Su
1,498
1,543
45
129
F/Sp/Su
1,564
1,611
47
135
College of the Redwoods is implementing several enrollment growth initiatives to help stabilize
and increase FTES. The College is planning to increase course sections to accommodate the
overall student enrollment targets. The BPC recommended and the President/Superintendent
approved a $50,000 augment to the marketing budget. During spring 2014, the College is
preparing to distribute a mailer to households promoting the College’s offerings. Additional
outreach including television and radio ads, targeted mailings, internet marketing, and face-toface events are planned. Part of this outreach is aimed at informing the public that College of the
Redwoods has been cleared of Show Cause sanctions and its accreditation has been reaffirmed.
The College experienced a “Show Cause drop” in enrollments as has been noted at other
colleges. This drop in enrollments precipitated the College’s fiscal crisis. The College had to
correct the Show Cause deficiencies and recover from the fiscal crisis caused partially by the
negative publicity of the Show Cause finding.
College of the Redwoods is increasing its non-credit course offerings. There has been strong
demand for each additional non-credit course section offered, so the College anticipates adding
another six to eight sections for 35 FTES in 2014-15, another 35 FTES in 2015-16 while under
stability funding, and another 35 FTES again in 2016-17. The College will adjust this forecast
up or down each year, contingent on continued enrollment demand, availability of faculty, and
successful negotiations to ensure that non-credit courses can be offered in a fiscally positive
faculty cost structure.
Dual enrollment offerings are being increased with high schools. Demand for dual enrollment
courses is strong. It is anticipated that dual enrollment could contribute as much as 50 FTES in
2014-15 between offerings at Eureka High, Arcata High, and McKinleyville High. Another 50
FTES is planned for 2015-16 while under stability funding, and another 50 FTES again in 201617 as the program continues to expand at these schools and additional schools in the Redwoods
Community College District.
The College is revitalizing its distance education programs. In particular by fall 2014, the
College will reintroduce video streamed course sections using new technology. This will allow
for a live course at the Eureka campus to be two-way video streamed to the College’s locations
- 10 and one additional mobile site (such as a dual enrollment high school class). Also, a student
could connect remotely from another site (i.e. home) with the necessary technology and internet
bandwidth. The College’s current distance education offerings garner a higher average number
of students per section than face-to-face courses, and distance education courses tend to fill up
sooner. It is expected that this additional video functionality along with a generally revitalized
distance education program could contribute about 50 to 100 FTES in 2014-15, another 50 to
100 FTES in 2015-16 while under stability funding, and another 50 to 100 FTES again in 201617.
The College is inventorying the current configuration of its classrooms to identify classrooms
that may be upgraded to accommodate more seats in each room and is planning for larger
classrooms in upcoming capital projects. While maintaining academic quality, this could allow
for an increase in the average FTES in certain course sections. This could impact about 10
classrooms and increase the maximum seats in each room which could generate 30 additional
FTES each year.
A state correctional facility is located within the Redwoods Community College District. The
College is in the early stages of developing a program to offer credit and/or non-credit courses to
inmates. It is expected that this new group of students could start with eight to ten sections
which could contribute about 45 FTES in 2015-16 while under stability funding, and expand to
another 45 FTES again in 2016-17.
The College is in preliminary discussions with the Mendocino-Lake Community College District
(MLCCD) for Mendocino College to potentially offer courses and programs at the College of the
Redwoods Mendocino Coast Educational Center in Fort Bragg, California. This center is
expected to enroll 172.2 FTES during summer, fall, and spring 2013-14. As a result, the College
expects to reduce its FTES if Mendocino College begins offering classes in fall 2014, which is
already included in the enrollment forecast discussed earlier in this report.
Cash Flow Forecast Preparation
The cash flow analysis that follows was prepared based upon the above budget forecast. The
College participates in the Community College League of California tax and revenue anticipation
note (TRAN) program which provides for short term cash flow requirements. Each year the
College prepares a detailed cash flow report to document its TRAN requirement. For this cash
flow forecast, the TRAN cash flow spreadsheet has been extended to 2016-17. The following
chart shows a summary of the cash flow analysis and verifies that sufficient cash balances will be
maintained over the period reviewed.
Cash Flow Summary
Low Cash
Add T RAN
Cash With T RAN
High Cash
2014-15
(2,198,387)
2,900,000
701,613
9,035,603
2015-16
(2,139,285)
2,839,285
700,000
6,630,635
2016-17
(2,048,174)
2,748,174
700,000
6,564,917
The detailed cash flow spreadsheet includes two minimum cash balance targets during each year
of the forecast. In the fall, the annual TRAN targets a $700,000 minimum monthly cash balance.
The mid-year TRAN targets a $500,000 minimum monthly cash balance. The cash target for the
- 11 mid-year TRAN is lower because the cash shortfall is much smaller in the spring (the May
shortfall is in the $700,000 range) as opposed to the fall (the November shortfall is in the $2
million range). Also, the largest single month for a cash increase typically occurs in June, and
June and July are typically light months for student payments. As a result, it is considered
prudent and conservative to target a slightly higher minimum cash balance in the fall when there
are larger negative swings in cash balances.
Short-term borrowing needs are steadily reducing over the period covered by the cash flow
forecast primarily due to the State paying down its payment deferrals. Another factor
contributing to the steady improvement is the plan for balanced budgets each year and a steadily
increasing fund balance forecast. However, the forecast does anticipate that the College will
need to participate in both annual and mid-year TRANs to maintain a conservative, prudent, and
reasonable minimum available cash during the forecast period.
Overall, this cash flow forecast is considered to be a reasonable and conservative estimate. For
example, it is assumed that there is a modest decrease in TRAN borrowing as a result of the State
paying down its deferrals. A more aggressive cash flow might have assumed much smaller
TRAN borrowings after all deferrals are paid off by the State. However, the goal of this exercise
is to create a conservative cash flow forecast.
Previously, Moody’s lowered College of the Redwoods’ bond rating and added a negative
outlook to its rating. The College has worked to improve its financial strength by reducing
expenditures to balance its budgets and increasing its reserves. These actions by the College
resulted in Moody’s recent upgrade of its appraisal of the College by removing the negative
ratings watch. The College’s budget and cash flow forecast includes trends that should be
viewed favorably by rating agencies. The College is actively working to reclaim its previous
rating status. Given the success that the College has experienced in obtaining TRANs in the past
and a clear focus by the College on maintaining and improving its bond ratings, it is anticipated
that the College will continue to be able to access short term cash flow borrowing at favorable
rates and low costs.
- 12 Appendices
- 13 2013-14
July-13
Actual
BEGINNING CASH INCLUDING TRAN
$3,404,378
BEGINNING CASH EXCLUDING TRAN
($595,622)
RECEIPTS
Revenue Limit
Property Taxes
0
Principal Apportionment
861,963
Education Protection Acct (EPA)
Other - Enrollment
187,500
Federal Revenue
Other State Revenue
201,854
Other Local Revenue
44,534
Interfund Transfer In
Other Financing Sources
Other Receipts/Non-Revenues
TOTAL RECEIPTS
1,295,851
DISBURSEMENTS
Certificated Salaries
308,705
Classified Salaries
550,011
Employee Benefits
472,821
Books, Supplies and Services
717,141
Capital Outlay
3,197
Other Outgo
10,083
Interfund Transfers Out
0
TOTAL DISBURSEMENTS
2,061,957
PRIOR YEAR TRANSACTIONS
2012-13 Deferrals
3,967,430
Accounts Receivable
680,000
Accounts Payable
956,349
TOTAL PY TRANSACTIONS
3,691,081
NET INCREASE/DECREASE
2,924,975
TRAN
FY TRAN Receipts
FY TRAN Disbursements
Cross FY TRAN Receipts
Cross FY TRAN Disbursements
ENDING CASH EXCLUDING TRAN $2,329,353
TRAN BALANCE AVAILABLE
4,000,000
ENDING CASH INCLUDING TRAN 6,329,353
2013-14 Cash Flows (Actuals)
August-13
Actual
$6,329,353
$2,329,353
September-13
Actual
$4,517,898
$1,127,898
October-13
Actual
$4,439,675
$1,049,675
November-13
Actual
$3,147,563
($242,437)
December-13
Projected
$1,015,371
($1,774,629)
January-14
Projected
$4,732,908
$1,942,908
February-14
Projected
$2,393,206
$998,206
March-14
Projected
$894,845
($500,155)
0
854,020
0
1,284,077
861,823
93,750
313,969
385,117
71,611
28,328
1,071,450
153,785
964,305
318,306
857,160
0
597,898
56,250
93,750
187,500
93,750
232,023
162,815
208,822
37,847
4,518,570
535,725
861,823
187,500
313,969
222,703
66,778
185,617
10,481
381,940
63,741
0
191,070
861,823
93,750
313,969
488,631
37,440
187,500
185,621
29,952
April-14
Projected
$3,980,241
($1,154,759)
May-14
Projected
$1,797,327
($1,942,673)
191,070
191,070
93,750
93,750
381,940
295,341
381,940
June-14
Projected
$246,309
($3,493,691)
Accruals*
Projected
3,434,612
191,070
861,823
93,750
158,705
488,631
14,485
500,000
2,923,622
Total
$3,404,378
$3,404,378
313,969
402,320
300,000
8,953,601
10,714,500
3,447,292
1,462,500
1,414,581
4,147,159
835,025
0
300,000
0
31,274,658
1,257,093
3,010,347
1,550,866
1,458,509
6,707,068
1,559,064
1,137,329
1,986,683
962,101
666,760
5,543,076
4,139,911
937,513
598,199
654,587
186,517
7,246
74,486
0
1,144,306
616,571
678,052
624,817
20,269
4,553
0
1,138,248
640,277
678,993
290,571
3,640
91,250
0
1,142,603
634,062
671,589
209,426
13,507
2,608
316,905
995,648
643,351
652,112
390,698
7,291
5,531
294,900
845,578
548,412
601,117
466,684
37,273
4,701
0
1,045,224
512,928
604,562
353,435
52,830
66,711
0
1,178,345
522,436
610,744
252,774
42,797
34,193
0
710,225
386,494
553,956
71,639
10,656
17,045
0
630,685
558,872
615,360
393,201
19,660
0
0
540,587
359,211
566,784
393,199
29,490
5,064
0
180,196
279,436
28,588
591,152
39,320
0
0
2,458,548
3,088,570
2,842,978
2,990,701
2,989,531
2,503,765
2,635,690
2,641,287
1,750,015
2,217,778
1,894,335
1,118,692
10,797,862
6,850,261
7,389,265
4,941,254
287,177
316,225
611,805
31,193,848
0
3,021,219
3,967,430
680,000
956,349
3,691,081
80,810
0
(1,201,455)
0
(78,223)
0
(1,292,112)
0
(1,532,192)
0
3,717,537
2,790,000
0
(1,498,361)
1,395,000
3,400,000
$1,127,898
3,390,000
4,517,898
0
(944,701)
3,740,000
600,000
$1,049,675
3,390,000
4,439,675
($242,437)
3,390,000
3,147,563
($1,774,629)
2,790,000
1,015,371
$1,942,908
2,790,000
4,732,908
$998,206
1,395,000
2,393,206
0
(654,604)
($500,155)
1,395,000
894,845
($1,154,759)
5,135,000
3,980,241
0
(787,914)
0
(1,551,018)
0
3,648,741
1,395,000
($1,942,673)
3,740,000
1,797,327
($3,493,691)
3,740,000
246,309
$155,049
3,740,000
3,895,049
2,790,000
2,790,000
3,740,000
4,000,000
$155,049
3,740,000
3,895,049
2014-15
July-14
Projected
BEGINNING CASH INCLUDING TRAN
$3,895,049
BEGINNING CASH EXCLUDING TRAN
$155,049
RECEIPTS
Revenue Limit
Property Taxes
0
Principal Apportionment
825,050
Education Protection Acct (EPA)
0
Other
187,500
Federal Revenue
0
Other State Revenue
201,854
Other Local Revenue
44,534
Interfund Transfer In
Other Financing Sources
Other Receipts/Non-Revenues
TOTAL RECEIPTS
1,258,938
DISBURSEMENTS
Certificated Salaries
308,705
Classified Salaries
527,657
Employee Benefits
472,821
Books, Supplies and Services
717,141
Capital Outlay
3,197
Other Outgo
10,083
Interfund Transfers Out
0
TOTAL DISBURSEMENTS
2,039,604
PRIOR YEAR TRANSACTIONS
2013-14 Deferrals
2,923,622
Accounts Receivable
1,216,289
Accounts Payable
1,118,692
TOTAL PY TRANSACTIONS
3,021,219
NET INCREASE/DECREASE
2,240,553
TRAN
FY TRAN Receipts
2,900,000
FY TRAN Disbursements
Cross FY TRAN Receipts
Cross FY TRAN Disbursements
ENDING CASH EXCLUDING TRAN $2,395,603
TRAN BALANCE AVAILABLE
6,640,000
ENDING CASH INCLUDING TRAN 9,035,603
2014-15 Cash Flows (Projected)
August-14
Projected
$9,035,603
$2,395,603
September-14
Projected
$4,645,306
$1,184,306
October-14
Projected
$4,119,606
$658,606
November-14
Projected
$2,598,422
($862,578)
December-14
Projected
$701,613
($2,198,387)
January-15
Projected
$5,018,972
$2,118,972
February-15
Projected
$2,606,444
$1,156,444
March-15
Projected
$1,351,477
($98,523)
April-15
Projected
$2,684,303
($101,166)
May-15
Projected
$1,101,484
($233,985)
June-15
Projected
$500,000
($835,469)
Accruals*
Projected
0
825,050
0
187,500
0
185,621
29,952
0
825,050
861,823
93,750
313,969
385,117
71,611
28,328
825,050
0
56,250
0
232,023
162,815
153,785
825,050
0
93,750
0
208,822
37,847
4,518,570
825,050
861,823
187,500
313,969
222,703
66,778
318,306
825,050
0
187,500
0
185,617
10,481
0
825,050
0
93,750
0
381,940
63,741
0
825,050
861,823
93,750
313,969
488,631
37,440
0
825,050
0
93,750
0
381,940
295,341
0
825,050
0
93,750
0
381,940
0
3,434,612
801,480
861,823
93,750
158,705
488,631
14,485
500,000
Total
$3,895,049
$3,895,049
0
313,969
402,320
0
300,000
8,953,601
9,877,030
3,447,292
1,462,500
1,414,581
4,147,159
835,025
0
300,000
0
30,437,188
1,228,123
2,551,320
1,304,466
1,319,254
6,996,393
1,526,954
1,364,481
2,620,663
1,596,081
1,600,740
5,853,486
1,216,289
937,513
575,845
654,587
189,743
7,246
74,486
0
2,439,420
1,144,306
594,217
678,052
635,623
20,269
4,553
0
3,077,020
1,138,248
617,923
678,993
295,596
3,640
91,250
0
2,825,650
1,142,603
611,708
671,589
213,048
13,507
2,608
0
2,655,063
995,648
620,997
652,112
397,455
7,291
5,531
0
2,679,034
845,578
526,058
601,117
474,755
37,273
4,701
0
2,489,482
1,045,224
490,574
604,562
359,547
52,830
66,711
0
2,619,448
1,178,345
500,082
610,744
257,145
42,797
34,193
0
2,623,306
710,225
364,140
553,956
72,878
10,656
17,045
0
1,728,900
630,685
536,518
615,360
400,001
19,660
0
0
2,202,224
540,587
336,857
566,784
399,999
29,490
5,064
180,196
279,428
28,588
591,152
39,320
0
1,878,781
1,118,684
10,797,863
6,582,004
7,389,265
5,004,083
287,176
316,225
0
30,376,616
97,605
2,923,622
1,216,289
1,118,692
3,021,219
60,572
0
(1,211,297)
0
(525,700)
0
(1,521,184)
0
(1,335,809)
0
4,317,359
0
(962,528)
0
(1,254,967)
1,450,000
3,179,000
$1,184,306
3,461,000
4,645,306
1,335,469
561,000
$658,606
3,461,000
4,119,606
* Accruals indicate unpaid amounts to be paid or received in the following fiscal year
($862,578)
3,461,000
2,598,422
($2,198,387)
2,900,000
701,613
$2,118,972
2,900,000
5,018,972
$1,156,444
1,450,000
2,606,444
0
(2,643)
($98,523)
1,450,000
1,351,477
($101,166)
2,785,469
2,684,303
0
(132,819)
0
(601,484)
0
3,974,705
1,450,000
($233,985)
1,335,469
1,101,484
($835,469)
1,335,469
500,000
$3,139,236
1,335,469
4,474,705
2,900,000
2,900,000
1,335,469
3,740,000
$3,139,236
1,335,469
4,474,705
2015-16
July-15
Projected
BEGINNING CASH INCLUDING TRAN
$4,474,705
BEGINNING CASH EXCLUDING TRAN
$3,139,236
RECEIPTS
Revenue Limit
Property Taxes
0
Principal Apportionment
865,427
Education Protection Acct (EPA)
0
Other
187,500
Federal Revenue
0
Other State Revenue
201,854
Other Local Revenue
44,534
Interfund Transfer In
Other Financing Sources
Other Receipts/Non-Revenues
TOTAL RECEIPTS
1,299,315
DISBURSEMENTS
Certificated Salaries
308,705
Classified Salaries
568,328
Employee Benefits
472,821
Books, Supplies and Services
717,141
Capital Outlay
3,197
Other Outgo
10,083
Interfund Transfers Out
0
TOTAL DISBURSEMENTS
2,080,275
PRIOR YEAR TRANSACTIONS
2014-15 Deferrals
0
Accounts Receivable
1,216,289
Accounts Payable
1,118,684
TOTAL PY TRANSACTIONS
97,605
NET INCREASE/DECREASE
(683,355)
TRAN
FY TRAN Receipts
2,839,285
FY TRAN Disbursements
Cross FY TRAN Receipts
Cross FY TRAN Disbursements
ENDING CASH EXCLUDING TRAN $2,455,881
TRAN BALANCE AVAILABLE
4,174,754
ENDING CASH INCLUDING TRAN 6,630,635
2015-16 Cash Flows (Projected)
August-15
Projected
$6,630,635
$2,455,881
September-15
Projected
$4,751,309
$1,244,290
October-15
Projected
$4,225,315
$718,296
November-15
Projected
$2,703,837
($803,182)
December-15
Projected
$700,000
($2,139,285)
January-16
Projected
$5,017,065
$2,177,780
February-16
Projected
$2,634,600
$1,214,958
March-16
Projected
$1,379,339
($40,303)
April-16
Projected
$2,654,533
($43,240)
May-16
Projected
$1,101,778
($176,353)
June-16
Projected
$500,000
($778,131)
Accruals*
Projected
0
865,427
0
187,500
0
185,621
29,952
0
865,427
861,823
93,750
313,969
385,117
71,611
28,328
865,427
0
56,250
0
232,023
162,815
153,785
865,427
0
93,750
0
208,822
37,847
4,518,570
865,427
861,823
187,500
313,969
222,703
66,778
318,306
865,427
0
187,500
0
185,617
10,481
0
865,427
0
93,750
0
381,940
63,741
0
865,427
861,823
93,750
313,969
488,631
37,440
0
865,427
0
93,750
0
381,940
295,341
0
865,427
0
93,750
0
381,940
0
3,434,612
865,427
861,823
93,750
158,705
488,631
14,485
500,000
Total
$4,474,705
$4,474,705
1,268,500
2,591,697
1,344,843
1,359,631
7,036,770
1,567,331
1,404,858
2,661,040
1,636,458
1,641,117
5,917,433
1,216,289
8,953,601
10,385,124
3,447,292
1,462,500
1,414,581
4,147,159
835,025
0
300,000
0
30,945,282
937,513
616,516
654,587
189,743
7,246
74,486
0
2,480,091
1,144,306
634,888
678,052
635,623
20,269
4,553
0
3,117,691
1,138,248
658,594
678,993
295,596
3,640
91,250
0
2,866,321
1,142,603
652,379
671,589
213,048
13,507
2,608
0
2,695,734
995,648
661,668
652,112
397,455
7,291
5,531
0
2,719,705
845,578
566,729
601,117
474,755
37,273
4,701
0
2,530,153
1,045,224
531,245
604,562
359,547
52,830
66,711
0
2,660,119
1,178,345
540,753
610,744
257,145
42,797
34,193
0
2,663,977
710,225
404,811
553,956
72,878
10,656
17,045
0
1,769,571
630,685
577,189
615,360
400,001
19,660
0
0
2,242,895
540,587
377,528
566,784
399,999
29,490
5,064
180,196
279,435
28,559
591,152
39,320
0
0
1,118,662
10,797,863
7,070,063
7,389,236
5,004,083
287,176
316,225
0
30,864,646
97,627
0
1,216,289
1,118,684
97,605
80,636
0
313,969
402,320
0
300,000
0
(1,211,591)
0
(525,994)
0
(1,521,478)
0
(1,336,103)
0
4,317,065
0
(962,822)
0
(1,255,261)
1,419,643
667,735
$1,244,290
3,507,020
4,751,309
1,278,131
667,735
$718,296
3,507,020
4,225,315
* Accruals indicate unpaid amounts to be paid or received in the following fiscal year
($803,182)
3,507,020
2,703,837
($2,139,285)
2,839,285
700,000
$2,177,780
2,839,285
5,017,065
$1,214,958
1,419,643
2,634,600
0
(2,937)
($40,303)
1,419,643
1,379,339
($43,240)
2,697,774
2,654,533
0
(133,113)
0
(601,778)
1,919,452
0
3,997,981
1,419,643
($176,353)
1,278,131
1,101,778
($778,131)
1,278,131
500,000
$3,219,850
1,278,131
4,497,981
2,839,285
2,839,285
1,278,131
1,335,469
$3,219,850
1,278,131
4,497,981
2016-17
July-16
Projected
BEGINNING CASH INCLUDING TRAN
$4,497,981
BEGINNING CASH EXCLUDING TRAN
$3,219,850
RECEIPTS
Revenue Limit
Property Taxes
0
Principal Apportionment
955,211
Education Protection Acct (EPA)
0
Other
187,500
Federal Revenue
0
Other State Revenue
201,854
Other Local Revenue
44,534
Interfund Transfer In
Other Financing Sources
Other Receipts/Non-Revenues
TOTAL RECEIPTS
1,389,099
DISBURSEMENTS
Certificated Salaries
308,705
Classified Salaries
656,017
Employee Benefits
472,821
Books, Supplies and Services
717,141
Capital Outlay
3,197
Other Outgo
10,083
Interfund Transfers Out
0
TOTAL DISBURSEMENTS
2,167,964
PRIOR YEAR TRANSACTIONS
2015-16 Deferrals
0
Accounts Receivable
1,216,289
Accounts Payable
1,118,662
TOTAL PY TRANSACTIONS
97,627
NET INCREASE/DECREASE
(681,238)
TRAN
FY TRAN Receipts
2,748,174
FY TRAN Disbursements
Cross FY TRAN Receipts
Cross FY TRAN Disbursements
ENDING CASH EXCLUDING TRAN $2,538,612
TRAN BALANCE AVAILABLE
4,026,305
ENDING CASH INCLUDING TRAN 6,564,917
2016-17 Cash Flows (Projected)
August-16
Projected
$6,564,917
$2,538,612
September-16
Projected
$4,716,355
$1,329,116
October-16
Projected
$4,192,456
$805,217
November-16
Projected
$2,673,073
($714,166)
December-16
Projected
$700,000
($2,048,174)
January-17
Projected
$5,019,160
$2,270,986
February-17
Projected
$2,684,346
$1,310,259
March-17
Projected
$1,431,180
$57,093
April-17
Projected
$2,604,788
$56,251
May-17
Projected
$1,099,683
($74,767)
June-17
Projected
$500,000
($674,450)
Accruals*
Projected
0
955,211
0
187,500
0
185,621
29,952
0
955,211
861,823
93,750
313,969
385,117
71,611
28,328
955,211
0
56,250
0
232,023
162,815
153,785
955,211
0
93,750
0
208,822
37,847
4,518,570
955,211
861,823
187,500
313,969
222,703
66,778
318,306
955,211
0
187,500
0
185,617
10,481
0
955,211
0
93,750
0
381,940
63,741
0
955,211
861,823
93,750
313,969
488,631
37,440
0
955,211
0
93,750
0
381,940
295,341
0
955,211
0
93,750
0
381,940
0
3,434,612
955,175
861,823
93,750
158,705
488,631
14,485
500,000
Total
$4,497,981
$4,497,981
1,358,284
2,681,481
1,434,627
1,449,415
7,126,554
1,657,115
1,494,642
2,750,824
1,726,242
1,730,901
6,007,181
1,216,289
8,953,601
11,462,496
3,447,292
1,462,500
1,414,581
4,147,159
835,025
0
300,000
0
32,022,654
937,513
704,205
654,587
189,743
7,246
74,486
0
2,567,780
1,144,306
722,577
678,052
635,623
20,269
4,553
0
3,205,380
1,138,248
746,283
678,993
295,596
3,640
91,250
0
2,954,010
1,142,603
740,068
671,589
213,048
13,507
2,608
0
2,783,423
995,648
749,357
652,112
397,455
7,291
5,531
0
2,807,394
845,578
654,418
601,117
474,755
37,273
4,701
0
2,617,842
1,045,224
618,934
604,562
359,547
52,830
66,711
0
2,747,808
1,178,345
628,442
610,744
257,145
42,797
34,193
0
2,751,666
710,225
492,500
553,956
72,878
10,656
17,045
0
1,857,260
630,685
664,878
615,360
400,001
19,660
0
0
2,330,584
540,587
465,217
566,784
399,999
29,490
5,064
180,196
279,434
28,588
591,152
39,320
0
0
1,118,690
10,797,863
8,122,330
7,389,265
5,004,083
287,176
316,225
0
31,916,942
97,599
0
1,216,289
1,118,662
97,627
105,712
0
313,969
402,320
0
300,000
0
(1,209,496)
0
(523,899)
0
(1,519,383)
0
(1,334,008)
0
4,319,160
0
(960,727)
0
(1,253,166)
1,374,087
639,066
$1,329,116
3,387,240
4,716,355
1,174,450
639,066
$805,217
3,387,240
4,192,456
* Accruals indicate unpaid amounts to be paid or received in the following fiscal year
($714,166)
3,387,240
2,673,073
($2,048,174)
2,748,174
700,000
$2,270,986
2,748,174
5,019,160
$1,310,259
1,374,087
2,684,346
0
(842)
$57,093
1,374,087
1,431,180
$56,251
2,548,537
2,604,788
0
(131,018)
0
(599,683)
2,007,141
0
4,000,040
1,374,087
($74,767)
1,174,450
1,099,683
($674,450)
1,174,450
500,000
$3,325,590
1,174,450
4,500,040
2,748,174
2,748,174
1,174,450
1,278,131
$3,325,590
1,174,450
4,500,040