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Monroe Local Schools January 2010 Financial Report
Monday, February 22, 2010 1:59:20 PM - Monroe Ohio
by Kelley Thorpe, Monroe Local Schools Treasurer

The Monroe Local School District has now completed seven months of the 2009‐2010 fiscal year. Total cash on hand on January 31 was $1,150,902, a decrease of $1,230,069 from the beginning of the month. January is typically a deficit month when comparing revenue to expenses. Initial advaces from the county auditor occasionaly occur in January but have been held until February both this year and last.

The General, Emergency Levy, and Fiscal Stabilization Fund revenues have exceeded expenses by $468,825 for the year to date. We are in the midst of a downhill slope for cash flow. This trend will continue through the winter until the spring tax settlements are disbursed in February/March. An email received from Nancy Nix, Butler County Treasurer, indicated that tax bills would be mailed around February 11. We generally receive our first advance one week after the bills are sent out with the bulk of the remainder due being paid once tax bills are due March 1.

The Special Revenue Funds are comprised of the state and federal grants under our control as well as the athletics fund. Combined, these funds ended January with a balance of $305,094. The detail list of these funds is included in this report. The Capital Projects Fund, also known as the Permanent Improvement Fund, shows the available balance for permanent improvement items and major capital investments is currently in the negative by $790,853 due to the purchase of Bern’s.

The bonds were closed on February 2, 2010 so February’s report will show this fund back in the black. The Food Service Fund and School Supply Fund make up the Enterprise Fund section. These funds combined finished January with a balance of $31,467. Both of these funds are being watched closely this year as they have fluctuated around the break‐even point. Trust and Agency Funds make up the remaining total cash on hand for the district. These funds are trust accounts and student activity funds. These accounts represent less than 11% of January’s ending balance.

We are still seeing big differences in interest being received. As of January 31, 2010, we have received $8,570 in interest for the year. For the first seven months last year, we had earned $35,398 in interest. I am hopeful this trend will turn around.

On the expenditure side, expenses are pretty even with last year’s figures. We spent almost xactly the same this year as last year in expenditures overall. Salaries and benefits are slightly igher han last January by less than 4%, with overall expenditures less than 1% higher.

The ending fund balance for the General, Emergency Levy, and Fiscal Stabilization Funds was $1,222,115 for December. Operating revenues have exceeded operating expenditures by 956,391. This is quite a bit better than where we ended last January and gives us a good cash low position.

With 58.33% of the year complete, revenues came in well above budgeted amounts at over 60%. This is due, in part, to the error by the Ohio Department of Education that resulted in an overpayment of foundation funds. You will notice that tax revenue is under budget because we have not yet received any advances from the county auditor. Personnel costs ended the month at 57% of the forecasted budget with total expenditures finishing at 57.74% of estimated – right on target with the budget. The figures used here are consistent with the Five Year Forecast included with the January 2010 Tax Budget.

Full Report with Graphs: Monroe Local Schools Financial Report ending Jan 31, 2010

Discuss this on The Voice: Monroe Schools Financially Better vs Last Year
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