Berea City School District
Monthly
Financial Report
FISCAL YEAR 2021 REVENUE AND EXPENDITURE ANALYSIS THROUGH JULY
3
FISCAL YEAR 2021 MONTHLY REVENUE ANALYSIS ‐ JULY
4
FISCAL YEAR 2021 REVENUE ANALYSIS ‐ JULY
5
FISCAL YEAR 2021 MONTHLY EXPENDITURE ANALYSIS ‐ JULY
6
FISCAL YEAR 2021 EXPENDITURE ANALYSIS ‐ JULY
7
Table of Contents
FISCAL YEAR 2021 REVENUE AND EXPENDITURE ANALYSIS THROUGH JULY CURRENT MONTH CASH BALANCE CASH BALANCE FY 2020 Year‐End CYear‐End Cash 15,211,489 $ $ 16,644,946 $ 15,375,234 ‐7.6% YOY Change in Cash Balance $ 15,211,489 $ (1,269,712) compared to prior A Decrease Of Fiscal Year 2021 TO FORECAST 3. FISCAL YEAR 2021 REVENUE SHORTFALL/SURPLUS ANALYSIS (BASED UPON ACTUAL/ESTIMATED VARIANCE) Cash Balance June Cash Balance 16,644,946 $ $ 15,375,234 $16,644,946 $15,375,234 FY 2020 June Cash Balance June Cash Balance $‐ $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 $45,000,000 $50,000,000 July Actual August Projected September Projected October Projected November Projected December Projected January Projected February Projected March Projected April Projected May Projected June Projected
Prior Year Actual/Estimated Cash Balance 5 Year Forecast Projected Cash Balance
FISCAL YEAR 2021 REVENUE AND EXPENDITURE ANALYSIS THROUGH JULY
LESS THAN LAST JULY
JULY CASH BALANCE IS
$13,755,004
1. ACTUAL COMPARED TO FORECAST VARIANCE AND NET FAVORABILITY ANALYSIS
3. FISCAL YEAR 2021 REVENUE SHORTFALL/SURPLUS ANALYSIS (BASED UPON ACTUAL/ESTIMATED VARIANCE)
2. VARIANCE AND CASH BALANCE COMPARISON
FAVORABLE COMPARED TO
FORECAST
CURRENT YEAR‐TO‐DATE
REVENUE COLLECTIONS
INDICATE A
$30,626
UNFAVORABLE COMPARED TO
FORECAST
CURRENT YEAR‐TO‐DATE
EXPENDITURES INDICATE A
$91,015
UNFAVORABLE IMPACT ON THE
CASH BALANCE
POTENTIAL NET IMPACT
WOULD RESULT IN A
$60,389
WILL DECREASE THE CASH BALANCE
BY THE END OF THE FISCAL YEAR
OPERATING DEFICIT OF
$(1,269,712)
LESS THAN THE FORECASTED
AMOUNT
JULY CASH BALANCE IS
$(60,389)
FISCAL YEAR 2021 MONTHLY REVENUE ANALYSIS ‐ JULY
1. JULY REVENUE COLLECTIONS COMPARED TO PRIOR YEARJULY FY2021 REVENUE JULY FY2020 REVENUE
Actual Revenue Prior Year Actual
Collections Revenue Compared to
For July Collections Last Year
Local Tax Revenue 1,132,000 13,709,000 (12,577,000) State Revenue 818,631 939,606 (120,975) All Other Revenue 802,531 1,030,199 (227,667) Total Revenue 2,753,162 15,678,804 (12,925,642) 2. ACTUAL REVENUE RECEIVED THROUGH JULY COMPARED TO THE PRIOR YEAR PRIOR YEAR REVENUE COLLECTIONS ACTUAL REVENUE COLLECTIONS FOR JULY PRIOR YEAR REVENUE COLLECTIONS
Actual Revenue Prior Year Revenue Current Year Collections Collections Compared to
For July For July Last Year
1,132,000 13,709,000 (12,577,000) State Revenue 818,631 939,606 (120,975) All Other Revenue 802,531 1,030,199 (227,667) $12,925,642 Total Revenue 2,753,162 15,678,804 (12,925,642) Local Tax Revenue Due to the implications of the COVID Crisis, real estate tax collections are down in comparison to the previous year. This is thought to be due to timing and are expected to increase back to normal levels next month. ‐ 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 JULY FY2021 REVENUE JULY FY2020 REVENUE
Local Tax Revenue State Revenue All Other Revenue
FISCAL YEAR 2021 MONTHLY REVENUE ANALYSIS ‐ JULY
1. JULY REVENUE COLLECTIONS COMPARED TO PRIOR YEAR
$12,925,642
Actual revenue for the month was down compared to last year.2. ACTUAL REVENUE RECEIVED THROUGH JULY COMPARED TO THE PRIOR YEAR
COMPARED TO THE SAME
PERIOD, TOTAL REVENUES ARE
LOWER THAN THE PREVIOUS
YEAR
$12,925,642
‐ 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 ACTUAL REVENUE COLLECTIONS FOR JULY PRIOR YEAR REVENUE COLLECTIONSFISCAL YEAR 2021 REVENUE ANALYSIS ‐ JULY
3. POSSIBLE CASH FLOW VARIANCE FROM FORECAST DUE TO FYTD ACTUAL RESULTS
Cash Flow Current Year Forecast Actual/Estimated Forecast Annual Revenue Calculated Compared to
Estimates Annual Amount Actual/Estimated Local Tax Revenue 66,196,888 66,286,943 90,055 State Revenue 10,412,591 10,387,297 (25,294) All Other Revenue 5,014,203 4,980,068 (34,135)
FYTD Percentage of Annual Revenue by Yea Total Revenue 81,623,682 81,654,308 30,626
2. ACTUAL REVEN July 2018 2019 2020 3 Yr Avg 2021
#REF! COLLECTED EQUALED ESTIMATES BY How does estimated revenue collections for August ‐ June compare to last yea 2020 Actual Received JULY The district's current cash flow, both actual and estimated indicate a favorable variance of $30,6262021 Estimated A $ $ Last Year FF Adjusted #VALUE! higher August ‐ June FY20DURING JULY Est. August ‐ June FY2021 $30,626 4. REVENUE VARIANCE ANALYSIS OF POTENTIAL IMPACT over $ 81,623,682 3.41%
The district s
total revenue in
2021 5‐Year Forecast To$ 81,623,682 0Results through
July indicate
July Actual Revenue Coll$ 84,407,470.3favorable
Total FY 2021 Cash flow improved. over Collected Last Year Adjusted for Forecast Change FYTD actual is Remaining Estimate Challenge Cash Flow Vs Forecast August ‐ June Total revenue projections are consistent with the amounts projected in the May forecast. 81,623,682 81,654,308 2021 5‐Year Forecast Total Revenue July Actual Revenue Collected To‐ date plus August ‐ June Estimated Revenue CollectionsComparison of 5 Year Forecast Total
Revenue with Actual + Estimated Monthly
Cash Flow
FISCAL YEAR 2021 REVENUE ANALYSIS ‐ JULY
3. POSSIBLE CASH FLOW VARIANCE FROM FORECAST DUE TO FYTD ACTUAL RESULTS
4. REVENUE VARIANCE ANALYSIS OF POTENTIAL IMPACT
Results through July indicate that Fiscal Year 2021
actual/estimated revenue could total $81,654,308, a
favorable variance of $30,626 compared to the annual
forecast total revenue. This means the forecast cash
balance could be improved.
FAVORABLE COMPARED TO FORECAST
CURRENT YEAR‐TO‐DATE REVENUE
COLLECTIONS INDICATE A
$30,626
The district's current cash flow, both actual and estimated indicate a favorable variance of $30,626
FISCAL YEAR 2021 MONTHLY EXPENDITURE ANALYSIS ‐ JULY
1. JULY EXPENDITURES COMPARED TO PRIOR YEARJULY FY2021 EXPENSES JULY FY2020 EXPENSES
Actual Prior Year Actual
Expenses Expenditure Compared to
For July Incurred Last Year
ar's actual revenue collected? Salaries and Benefits 5,061,268 4,986,301 74,967 Purchased Services 982,763 1,034,131 (51,368) All Other Expenses (1,857,412) 555,258 (2,412,669) Total Expenditures 4,186,620 6,575,690 (2,389,070) 2. ACTUAL EXPENSES INCURRED THROUGH JULY COMPARED TO THE PRIOR YEAR ACTUAL EXPENSES INCURRED FOR JULY PRIOR YEAR EXPENDITURES INCURRED
Actual Prior Year Actual $2,389,070
Expenses Expenditures Compared to
For July Incurred Last Year
Salaries and Benefits 5,061,268 4,986,301 74,967 Purchased Services 982,763 1,034,131 (51,368) All Other Expenses (1,857,412) 555,258 (2,412,669) Total Expenditures 4,186,620 6,575,690 (2,389,070) The posting of a negative amount to the advances out account caused total expenses to be lower than the amount expended in July of the previous year. This posting will be corrected in August resulting in no impact on the forecast. (3,000,000) (2,000,000) (1,000,000) ‐ 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 ACTUAL EXPENSES INCURRED FOR JULY PRIOR YEAR EXPENDITURES INCURRED (3,000,000) (2,000,000) (1,000,000) ‐ 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 JULY FY2021 EXPENSES JULY FY2020 EXPENSES
Salaries and Benefits Purchased Services All Other Expenses
FISCAL YEAR 2021 MONTHLY EXPENDITURE ANALYSIS ‐ JULY
1. JULY EXPENDITURES COMPARED TO PRIOR YEAR
$2,389,070
Actual expenses for the month was down compared to last year.2. ACTUAL EXPENSES INCURRED THROUGH JULY COMPARED TO THE PRIOR YEAR
Compared to the same period,
total expenditures are
$2,389,070
lower than the previous year
FISCAL YEAR 2021 EXPENDITURE ANALYSIS ‐ JULY
3. POSSIBLE CASH FLOW VARIANCE FROM FORECAST DUE TO FYTD ACTUAL RESULTS
Cash Flow Forecasted Forecasted Actual/Estimated amount
Annual Calculated compared to
Expenses Annual Amount Actual/Estimated
Salaries and Benefits 66,180,161 66,376,993 196,832 Purchased Services 11,295,706 11,141,605 (154,101) All Other Expenses 5,357,138 5,405,423 48,284 Total Expenditures 82,833,005 82,924,020 91,015 ACTUAL EXPENDITURES EQUALED ESTIMATES BY How does estimated revenue collections for
2020 Actual Received The district's current cash flow, both actual and estimated expenditures indicate a unfavorable variance2021 Estimated $ $ Last Year FF Adjusted #VALUE! FY043612 DURING higher Est. FYDistrict IRN $91,015
4.
under $ (91,015) 0.11% 2021 5‐Year Forecast To$ 82,833,005Results
July Actual Expended to‐$ 82,924,020unfavorable
Total FY 2021 Cash flow $ 82,924,020.2reduced.
less than Spent Last Year Adjusted for Forecast Change FYTD actual is Remaining Estimate Challenge Cash Flow Vs Forecast $ (91,015.20) 2021 July August ‐ June 82,833,005 82,924,020 2021 5‐Year Forecast Total Expenditures July Actual Expended to‐date plus August ‐ June Estimated ExpendituresComparison of 5 Year Forecast Total
Expenditures with Actual + Estimated
Monthly Cash Flow
FISCAL YEAR 2021 EXPENDITURE ANALYSIS ‐ JULY
3. POSSIBLE CASH FLOW VARIANCE FROM FORECAST DUE TO FYTD ACTUAL RESULTS
4. EXPENDITURE VARIANCE ANALYSIS OF POTENTIAL IMPACT
Results through July indicate that Fiscal Year 2021
actual/estimated expenditures could total $82,924,020
which has a unfavorable expenditure variance of $91,015.
This means the forecast cash balance could be reduced.
UNFAVORABLE COMPARED
TO FORECAST
CURRENT YEAR‐TO‐DATE
EXPENDITURES INDICATE A
$91,015
The district's current cash flow, both actual and estimated expenditures indicate a unfavorable variance of $91,015.