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JEROME SD BOARD MEETING

JONATHAN GILLEN

CHARTER IMPACT

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AGENDA

  • Onboarding update
  • Financial Statement Packet
  • Financial Projections for FY 25-26

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ONBOARDING UPDATE

  • Edstruments is up and running
  • Innova Team came out last week and work on through payroll implementation
  • We did our first monthly close of your financial statements

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ADDITIONAL ONBOARDING STEPS

  • Working through some balance sheet reconciliations
  • Reviewing budget to actual’s
  • Preparing reporting to go to directors and budget managers
  • Doing a little bit of account access maintenance

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FINANCIAL STATEMENT PACKET

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AGENDA

  • Combined Financial Statement
    • Budget vs Actual
    • Statement of financial position
    • Check register
    • AP Aging
  • Fund Financial Statements
  • SBAA Reports

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COMBINED FINANCIAL STATEMENT

  • Budget vs Actual
    • Entity-wide data – all funds consolidated
    • Great opportunity to see where all the revenues and all of the spend goes
    • Focus will be largely on fund-by fund financial statements
    • Provide this information periodically throughout the year

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STATEMENT OF FINANCIAL POSITION

  • Balance sheet
    • Breakdown of your assets and liabilities and overall fund equity for the organization
    • Cash
    • Federal and other receivables
    • Accounts payable
    • Deferred Revenue
    • Salaries payable
    • Other liabilities

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CHECK REGISTER

  • Entity wide – checks written
    • Broken down by specific location / account
  • Provided for your reference

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AP AGING

  • Provided for you reference

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FUND FINANCIAL STATEMETNS

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PLAN FOR THE FUND FINANCIAL STATEMENTS

  • Each month we will share the General Fund
  • We will identify a few other funds each month to share and plan to discuss the revenue and expense composition of that fund

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GENERAL FUND

  • Major revenues
    • Discretionary
    • Salary Based Apportionment
    • Transportation
    • Local Taxes
  • Major expenditures
    • Salary and benefits
    • Consumables
    • Contracted Services
    • Capital

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GENERAL FUND UPDATE

  • Outline of the budget to actual for General Fund was provided
  • Projections for the General fund were ran - will be discussed later on in the presentation

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DRIVERS EDUCATION – FUND 241

  • Major revenues
    • Other Local
      • Fees associated with drivers education
    • State Revenues
      • Payment from the state for drivers education program
  • Major expenses
    • Salaries and benefits associated with employees for the program

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STATE TECH – FUND 245

  • Revenues
    • Funded based on our ADA
      • Receive a payment later in the calendar year after ISEE data is finalized
    • Also includes federal funding associated with E-rate
  • Expenses
    • Student end user items
    • Licenses, subscriptions, infrastructure, end user devices

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LITERACY PROFICIENCY – FUND 247

  • Major revenues
    • State funding includes two components based on enrollment and the proficiency of students
  • Major expenses
    • All day K
    • Salaries and benefits associated with K-3 teachers and

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PROJECTIONS – FY 25-26

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PROJECTION PROCESS

  • Projected Expenses
    • Compared to budget
  • Some unknowns
  • Next steps

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PROJECTED EXPENSES

  • Initial approved budget included a projected overage of expenditures over revenues of $1.442 million

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  • After initial projections I am projecting an overage of $1.524 million

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SOME UNKNOWNS

  • Projection refinement
  • Special Education Costs could impact financial projections
  • State Budget impacts

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NEXT STEPS

  • Continue to monitor spending
  • Identify places where we can save or delay costs
  • Monitor state funding and potential budget impacts

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QUESTIONS