1. OVERVIEW OF FINANCIAL STATUS
Presented To: Harpursville CSD
Presented On: December 12, 2018
Presented By: Kathy Blackman, C.P.A.
Controller, Central Business Office

2. Tonight’s Topics 2018-19 Projected Performance Long Range Plan
Fiscal Stress Calculation
Questions
Harpursville Central School District

3. Projection of 2018-2019 2018-2019 Projected Revenues $19,551,538
Projected Expenditures
$19,702,766
Projected Operating Surplus/(Deficit)
($151,228)
Projected Gain (Loss) in Total Fund Balance
Note: This projection is expected to be refined as additional information on such things as staffing changes, boces services, tuition costs and utilities become available.
Harpursville Central School District

4. Projected 18-19 performance
Factors that have contributed to the projection:
Revenue
Additional Revenue for BOCES classrooms
Higher than anticipated Excess Cost Aid (Special Education Placements)
Increased BOCES surplus
Expenditures
Savings on Special Education placements, including open positions related to special education services
Capital Project
The additional revenue & reduced expenditures have enabled the district to allocate additional resources to the upcoming capital project. This will reduce the overall cost to the taxpayers over the entire life of the project.
Harpursville Central School District

5. Projected Status of Fund Balance 6/30/2019
Projected
Increase/ (Decrease)
Restricted Reserves
$2,820,529
$2,533,098
($287,431)
Appropriated FB
$500,000
-0-
Encumbrances
$815 $0
($815)
Unassigned FB
$777,226
$914,244
$137,018
TOTAL FUND BALANCE
$4,098,570
$3,947,342
($151,228)
Harpursville Central School District

6. Assumptions in the long range projection
Revenues:
Foundation Aid would increase 2% for each year
Expenditure Driven State Aid (excluding Building Aid) would increase between 2%- 5% each year
The tax levy is projected at an estimated amount each year
Harpursville Central School District

7. Assumptions in the long range projection
Expenditures:
Staff is based on current staff of record plus 2 positions (1 instructional + 1 non-instructional)
Health Insurance is projected at an estimated % increase in and then a change each year thereafter (to 12%, 11%, and 10% respectively).
Teacher Retirement System (TRS) costs are projected to drop for then moderately increase, while the Employee Retirement System (ERS) costs are projected to be relatively flat
ERS rates are assumed to increase, but at the same time, more employees are being hired at the Tier 6 level which is a lower cost rate.
Harpursville Central School District

8. Long Range Projection 2018-19 2019-20 2020-21 2021-22 2022-23
Tax Levy %
3.08%
3.00%*
3.25%
4.12%
2.56%
State Aid %
3.54%
2.00%
Beginning Fund Balance
$4,098,570
$3,947,342
$4,048,702
$3,545,878
$2,415,978
Operating Surplus/ (Deficit)
$(151,228)
$101,360
$(502,824)
$(1,129,900)
$(1,767,564)
Ending Fund Balance
$648,414
*projected tax levy limit in is 5.45%
Harpursville Central School District

9. Long Range Projection
Average expenditures are projected to be 4.7%, while average revenues over the same period are projected to be 2.82%.
Harpursville Central School District

10. Revenue Anticipation Notes (RANS)
Borrowed $2M – July 2017
Borrowed $1M – July 2018
RAN is due in March 2019
No additional borrowing will be needed
Harpursville Central School District

11. Fiscal Monitoring System
Office of State Comptroller
Budgetary Solvency Perspective
Based on a 100-point scale
Financial Indicators
Fiscal Score
Designation
Provides a score to reflect the ability of a school district to generate enough revenues to meet expenditures
Harpursville Central School District

12. Scoring classifications
Significant fiscal distress
65%
100%
Moderate fiscal distress
45%
64.9%
Susceptible fiscal distress
25%
44.9%
No designation 0%
24.9%
Harpursville Central School District

13. Reliance on Short Term Debt
Financial indicators
Fund Balance
Unassigned
Total
Operating Deficit
Each of the past three years
Cash
Cash Ratio
Cash % of Monthly Expenditures
Reliance on Short Term Debt
% Change in Short-term Debt Issued
Harpursville Central School District

14. Fund Balance Year-end Fund Balance - Weighted 50% Weighting 0.0%
Unassigned Fund Balance/ Expenditures
4.1% (Prior year 3.2%)
Zero Points (Prior year 0 points)
Total Fund Balance/Expenditures
21.7% (Prior year 19.2%)
Zero Points
(Prior year 0 points)
Weighting 0.0%
Harpursville Central School District

15. Revenue - Expenditures/ Expenditures
Operating deficits
Operating Deficits - Weighted 20%
Revenue - Expenditures/ Expenditures
-8%
1 Point
-3.1%
1.7%
0 points
Weighting 16.4%
Harpursville Central School District

16. Operating deficits
Harpursville Central School District

17. Cash indicators Cash Indicators - Weighted 20% Weighting 3.3%
Cash + Investments/
Current Liabilities
Cash % of Monthly Expenditures
Cash Ratio
100.0% (Prior year 49.8%)
0 Points (Prior year 3 points)
(Cash + Investments)/(Expenditures/12 months)
71.5% (Prior year 28.4%)
3.3 Points
(Prior year 10 points)
Weighting 3.3%
Harpursville Central School District

18. Reliance on Short-term Cash flow Debt
Use of Short Term Debt - Weighted 10%
Short term debt issued current year – prior year/ Short term debt issued prior year
Short term debt issuance
0.0%
(Prior year %)
0 Points
(Prior year 10 points)
Weighting 10.0%
Harpursville Central School District

19. Harpursville Classification: No Designation
Summary
Indicator
Calculation
Calculation
Fund Balance
0.0%
Operating Deficit
13.4%
20.0%
Cash
3.3%
16.7%
Short-term Debt
10.0%
TOTAL
50.0%
36.7%
Harpursville Classification: No Designation
Harpursville Central School District

20. Questions