Transcript Palm Springs Unified School District

PALM SPRINGS
UNIFIED SCHOOL DISTRICT
OCTOBER 2014 PRINCIPALS’ MEETINGS
BUDGET UPDATE
1
OUR REVENUES
2014-15
10.18%
6.06%
LCFF Entitlement
Federal Funding
All Other State/Local
Funding
83.76%
100% = 198,811,065
2
LCFF ENTITLEMENTS
2014-15
11.90%
LCFF Minimum
Proportionality
Percentage (MPP)
Net LCFF Entitlement
88.10%
Of the $166,517,588 in LCFF funds
we receive, $19,737,444
comprise the MPP. The MPP
funds are used to develop the
Local Control Accountability
Plan (LCAP).
3
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)
4
RECONCILIATION OF ESTIMATED
ACTUALS TO UNAUDITED ACTUALS
5
2014-15 UNRESTRICTED BUDGET (03) AFTER CLOSING
Description
Total Revenues
Total Expenditures
2014-2015
(Budget)
Other Sources
$5,183,487
($1,123,475)
($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
Unassigned- Economic Uncertainties (3%)
Unassigned Lottery
LCFF Supplemental and Concentration MPP
Assigned for Carryover
Excess/(Shortfall)
Difference
($160,469,295)
$9,309,800
Contributions
(Closing)
$169,779,095
INCREASE (DECREASE)
Other Uses
2014-2015
$270,000
$6,324,583
$34,603
$4,283,161
$0
($1,358,510)
6
2014-15 UNRESTRICTED BUDGET (03) AFTER CLOSING
Description
Total Revenues
2014-2015
(Budget)
2014-2015
(Closing)
Difference
$169,779,095
$171,607,310
$1,828,215
($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
($1,123,475)
($1,123,475)
$0
($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
$270,000
$270,000
$0
$6,324,583
$6,324,583
$0
$34,603
$102,890
$68,287
$4,283,161
$5,633,718
$1,350,557
$0
$6,790,163
$6,790,163
($1,358,510)
($209,596)
$1,148,914
7
Total Expenditures
Other Uses
Contributions
Revolving Cash/Stores
Unassigned- Economic Uncertainties (3%)
Unassigned Lottery
LCFF Supplemental and Concentration MPP
Assigned for Carryover
Excess/(Shortfall)
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.
8
IRS-MANDATED NOTIFICATION OF
SUPPLEMENTAL RETIREMENT PLANS
• The district must notify employees of the availability
to make this contribution to a deferred
compensation account.
9
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, Catchup, etc.)
• How and when contributions can be made
• Sources for additional information
10
IRS-MANDATED NOTIFICATION OF
SUPPLEMENTAL RETIREMENT PLANS
Jonathan Garnant
714 809-5015
[email protected]
11