october 2014 principals’ meetings budget update palm springs unified school district 1
TRANSCRIPT
1O C T O B E R 2 0 1 4 P R I N C I P A L S ’ M E E T I N G SB U D G E T U P D A T E
PALM SPRINGSUNIFIED SCHOOL DISTRICT
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OUR REVENUES
83.76%
6.06%
10.18%
2014-15
LCFF Entitlement
Federal Funding
All Other State/Local Funding
100% = 198,811,065
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LCFF ENTITLEMENTS
11.90%
88.10%
2014-15
LCFF Minimum Propor-tionality Percentage (MPP)
Net LCFF Entitlement
Of the $166,517,588 in LCFF funds we receive, $19,737,444 comprise the MPP. The MPP funds are used to de-velop the Local Control Accountability Plan (LCAP).
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UNAUDITED ACTUALS REPORT
• The Unaudited Actuals Report included a reconciliation of all of the District’s funds:
• General Fund/County School Service Fund (01)• Charter Schools Special Revenue Fund (09)• Adult Education Fund (11)• Child Development Fund (12)• Cafeteria Special Revenue Fund (13)• Deferred Maintenance Fund (14)• Special Reserve Fund for Other Than Capital Outlay Projects (17)• Building Fund (21)• Capital Facilities Fund (25)• Special Reserve Fund for Capital Outlay Projects (40)• Bond Interest and Redemption Fund (51)• Self-Insurance Fund (67)
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RECONCILIATION OF ESTIMATED ACTUALS TO UNAUDITED ACTUALS
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2014-15 UNRESTRICTED BUDGET (03) AFTER CLOSING
Description 2014-2015 (Budget)
2014-2015 (Closing)
Difference
Total Revenues $169,779,095
Total Expenditures ($160,469,295)
INCREASE (DECREASE) $9,309,800
Other Sources $5,183,487
Other Uses ($1,123,475)
Contributions ($14,862,867)
Net INCREASE (DECREASE) ($1,493,055)
Beginning Balance, July 1, 2014 $11,046,892
Ending Balance, June 30, 2015 $9,553,837
Revolving Cash/Stores $270,000
Unassigned- Economic Uncertainties (3%) $6,324,583
Unassigned Lottery $34,603
LCFF Supplemental and Concentration MPP $4,283,161
Assigned for Carryover $0
Excess/(Shortfall) ($1,358,510)
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2014-15 UNRESTRICTED BUDGET (03) AFTER CLOSING
Description 2014-2015 (Budget)
2014-2015 (Closing)
Difference
Total Revenues $169,779,095 $171,607,310 $1,828,215
Total Expenditures ($160,469,295) ($160,469,295) $0
INCREASE (DECREASE) $9,309,800 $11,138,015 $1,828,215
Other Sources $5,183,487 $5,183,487 $0
Other Uses ($1,123,475) ($1,123,475) $0
Contributions ($14,862,867) ($14,862,867) $0
Net INCREASE (DECREASE) ($1,493,055) $335,160 $1,828,215
Beginning Balance, July 1, 2014 $11,046,892 $18,576,598 $7,529,706
Ending Balance, June 30, 2015 $9,553,837 $18,911,758 $9,357,921
Revolving Cash/Stores $270,000 $270,000 $0
Unassigned- Economic Uncertainties (3%) $6,324,583 $6,324,583 $0
Unassigned Lottery $34,603 $102,890 $68,287
LCFF Supplemental and Concentration MPP $4,283,161 $5,633,718 $1,350,557
Assigned for Carryover $0 $6,790,163 $6,790,163
Excess/(Shortfall) ($1,358,510) ($209,596) $1,148,914
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IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS
• The Universal Availability Act, part of the IRS 403b regulations, mandates that the district must provide employees with the opportunity to make or change an elective deferral to a supplemental retirement plan.
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IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS
• The district must notify employees of the availability to make this contribution to a deferred compensation account.
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IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS
• The district must provide all employees:• The enrollment procedures for the plan• The types of contributions permitted (Pre-tax, Roth,
Catch-up, etc.)• How and when contributions can be made• Sources for additional information
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IRS-MANDATED NOTIFICATION OF SUPPLEMENTAL RETIREMENT PLANS
Jonathan Garnant
714 809-5015