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Finance Committee

03/29/23

Financial Dashboard

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FY23 LCPS Fiscal Dashboard

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<~45 ADA>

<46>

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TODAY: FY23 Summary of Key Metrics for Bond Covenant (end of Feb close)

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Key Metrics / Bond Covenant

Current (Feb, 2023)

Dashboard

Our Debt Coverage Ratio is important

  • This is defined as LCPS’s ability to cover our debt service
  • Our bond covenant sets this at 1.1

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  • 1.92 debt coverage ratio

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Our Days Cash on Hand is important

  • This is defined as our current cash divided by our operating expenses divided by 365 days; our daily cash rate is ~$88K
  • Our bond covenant sets our days cash at 45 days

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  • 69 days (+8 days) from December) of cash on hand projected for end of year

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  • 70 days “hard” cash on hand as of end of February

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Bond Covenant (June 2023 Projections)

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  • The bond covenant includes cash and 3 months of accounts receivables�
  • 106 days (+6) Bond Covenant cash on hand

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  • 69 days (+8) “hard” cash projected at the end of fiscal year

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Highlights

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Enrollment and Attendance = ADA

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  • FY23 Enrollment =

Current Enrollment ~ 1,554 vs. 1,600 Budgeted (June, 2022)

  • FY23 ADA =

Current ADA ~ 1,395 (89.8% attendance rate) vs. budgeted 1,440 (90%)

  • Current Enrollment in Aeries: 1554
  • Current ADA in Aeries: 1395
  • Gaps at Lodestar in K, 4th, 7th, and HS grades (~10 students per grade)
  • Projected Enrollment (Intent to Return + New Offers Accepted): 1614 as of 3/27

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Cash

  • FY23 cash = to 69 days cash on hand (Daily operating expenses are ~$88k)
  • Current average of 69 days cash on hand does not include days liquidity
  • Based on updated cash flow projections, days liquidity is closer to ~106 Days

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Budget to Actual FY 23

Jul 2022-Feb 2023

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FY23 Year to Date Actual Expense (% of Year Completed = 67%)