School Finance Financial Transparency Adam Williams School Finance Division April 2015

Agenda Financial December Data Pipeline Update: FY14-15 Financial Transparency Looking Ahead: FY15-16 Mill Levy Override Revenue Report Update BrightBytes Presentation 2

Financial December Data Pipeline Update: FY14-15 Wrapping up the FY14-15 Reviews Year-end review letters sent Letter approach – communicate with primary pipeline business official via email to address all review items 3

Financial December FY14-15: Top Three Issues Financial Transparency webpages: Non-Compliance Template not followed Document posting – current year and previous two years Financial staff listing Link to CDE website 4

Financial December FY14-15: Top Three Issues Expenditures in excess of appropriated amounts Working with identified districts to ensure effort is made to avoid expenditures in excess can be avoided 5

Financial December FY14-15: Top Three Issues Food Service Fund Issues Commodities Coding Expenditures in Excess Negative “unassigned” fund balance, and other fund balance/fund equity coding issues Food service fund is now a Special Revenue Fund, not a Proprietary Fund Ensure Chart of Accounts is followed Work with independent auditor to ensure the pipeline data submitted matches the audit 6

Financial Transparency Looking Ahead: FY15-16 Only two months left in FY15-16 Important to remember that your FY15-16 data is the first data that will be used for the Financial Transparency Public Website View – this data will tell a story to the public Basic Consideration Guide Expenditure Analytics: FY12-13, FY13-14 Ensure FY15-16 webpage template is followed Small Rural exemption Exempt from tying expenditures to unique school codes NOT exempt from posting financial data on district’s financial transparency webpage 7

Financial Transparency Looking Ahead: FY15-16 Post your FY15-16 financial data file when your audit is completed What financial data will I post on my district’s webpage? Can be the Financial December Pipeline file Can be another financial data file MUST follow the Chart of Accounts MUST be the standard 48 bit account length When CDE reviews the FY15-16 audit, we will review the financial transparency webpage to ensure all required documents are posted – including the FY15-16 financial data file for use in the Public Website View: BrightBytes 8

Mill Levy Override Revenue Report: FY14-15 Report Update FY14-15 – all districts reported mill levy override revenue information in Fund 90 Source 1170 Amount Authorized – Voter Approved Overrides Source 1171 Amount Collected – Voter Approved Overrides Source 1172 Amount Distributed to Charter Schools – Voter Approved Overrides Source 1173 Amount Distributed to Non-Charter Schools – Voter Approved Overrides Source 1174 Amount Retained by District – Voter Approved Overrides 9

Mill Levy Override Revenue Report: FY14-15 Report Update Preliminary Report on CDE website Addendums Per CRS 22-2-113.8 a district or charter school may request an addendum Capital Construction and Facilities Fund Technology Funding Other Funding that the school districts distributes to charter schools of the district CDE is collecting this addendum information from districts Report to be published in mid-May 10

Financial Transparency: Web Resources All Financial Transparency information is located on the CDE website: http://www.cde.state.co.us/cdefinance http://www.cde.state.co.us/cdefinance/sfFinancialTransparency 11

School Finance Questions CASB