WATERLOO COMMUNITY SCHOOL DISTRICT

ANNUAL FINANCIAL HEALTH REPORT

Prepared by
ANDREW MIEHE

Date
11/18/2014

TABLE OF CONTENTS

Description of Financial Indicator Ratios-----------------------------------

Executive Summary-----------------------------------------------------------------

Ten Point Financial Condition Test-----------------------------------------

Balance Sheet Comparisons----------------------------------------------------

Revenue and Expenditures Comparison------------------------------------

Creditor's Equity Ratio------------------------------------------------------------

Contribution Ratio-------------------------------------------------------------------

Current Ratio--------------------------------------------------------------------------

Day's Net Cash Ratio---------------------------------------------------------------

10

Employee Cost Ratio---------------------------------------------------------------

11

Foundation Aid Ratio---------------------------------------------------------------

12

Financial Solvency Ratio----------------------------------------------------------

13

Investment Income Ratio---------------------------------------------------------

14

Receivables & Inventory Ratio--------------------------------------------------

15

Student Transportation Ratio---------------------------------------------------

16

Unspent Balance Ratio------------------------------------------------------------

17

Certified Enrollment Tend-------------------------------------------------------

18

General Fund Per Pupil Cost---------------------------------------------------

19

Tax Rate History by Fund--------------------------------------------------------

20

Description of Financial Indicator Ratios

The ten ratios (not factoring in the "contribution ratio") selected for inclusion in this report were identified as being the most efficacious predictors
of financial health for Iowa K-12 public schools as supported by formal quantitative research.
An operational definition has been constructed for each ratio used in this report. There is not one single standard under which all ratios have a
consistent definition. For the purpose of this report the most commonly identified methods were used to construct the ratio definition. Where a
common computational method was not identified, a logical best guess candidate was used and applied consistent with Iowa school business
best practice. Benchmarks have been included that are also consistent with prior research reviews. Where no ratio benchmark was drawn from
literature, none was included with the working definition. The source of the data for most of the ratios used is the Certified Annual Report (CAR)
required by the Iowa Department of Education each year. Data for the unspent balance is available from the Iowa Department of Management's
website.
Creditors Equity Ratio (CER):
The Creditors Equity Ratio is designed to measure the amount of the current assets that are provided by creditors. The amount of short-term
borrowing would be symptomatic of how dependent the school is on credit to cash flow business operations. One would expect to see an
inverse relationship of this indicator to that of the Days Net Cash Ratio. Logic would suggest that as a school increases available cash to
service operations, the less dependent on short-term debt it would become. The operational equation is: [creditors equity ratio = Iowa Schools
Cash Management Program restricted assets / current assets]. Ideally the minimum ratio would be zero. This indicates a condition where no
short-term borrowing is required.
Current Ratio (CR):
The Current Ratio is one of the most widely used measures of short-term liquidity for both public and private sector organizations. It is used to
predict the schools ability to meet its current obligations from current assets from continuing operations. If this were a private business it would
in essence measure working capital. The operational equation is: [current ratio = current assets / current liabilities]. The minimum target range
for this indicator is 1.0. An indicator of less than 1.0 would indicate a condition where the district has more current liabilities than assets.
Days Net Cash Ratio (DCR):
The Days Net Cash Ratio is typically calculated at the end of a fiscal period and gives a good indication of how long a district can operate
without the additional infusion of revenue. One of the limitations of this indicator is that district expenditures are most generally made in large
amounts on only a few days each month. An example would be monthly or bi-monthly payroll and board approved vendor payments once or
twice per month. At the same time, most schools receive revenue in large amounts only a few times per month. An example would be state aid
distributions, which are received once per month, or property tax distributions that are received twice per year. The timing of these receipts and
expenditures is important in maintaining effective business operations. For this reason the Days Net Cash Ratio is important. Inadequate cash
on hand to service expenditure obligations requires the school to borrow funds creating added debt expense not directly tied to student
instruction. "Excessive" accumulations of cash from community taxpayers does not fit well within the purpose of most K-12 school operations.
The operational equation is: [days net cash ratio = (cash + investments) / (total general fund expenditures / 365)]. The target range for this
indicator is 90 to 120 days. In Iowa, it is especially important to note that state foundation aid to schools ends each fiscal year in mid-June. The
first payment of state aid for the new fiscal year does not begin again until mid-September, a full 90 day gap. In addition to this gap, districts
typically secure new fiscal year supplies during the summer months so expenditures increase during a time when revenue are typically at their
lowest levels.
Direct Foundation Aid Ratio (FAR):
The Foundation Aid Ratio measures the amount of total General Fund revenue coming directly in the form of state aid. Since state aid is pupil
driven under the Iowa funding formula, assumptions are this ratio would fluctuate in direct relationship to enrollment trends. While this is
technically true, the Iowa funding formula does provide schools with a type of safety net when experiencing enrollment decline. This scale
down provision has the effect of softening or delaying the revenue declines caused by the loss of students. State aid is the largest single
source of school revenue. The operational equation is: [foundation aid ratio = direct state aid / general fund revenue]. No suggested target
range for Iowa schools can be determined for the indicator at this time.

Description of Financial Indicator Ratios - Continued

Interest Income Ratio (IIR):
The Interest Income Ratio measures earnings on idle monies. This indicator can tell how aggressively the districts money has been managed
and what contribution the investment income is making to total revenue. It is anticipated that this ratio should rise and fall in direct relationship
to the Days Net Cash Ratio. One reservation about using this ratio is that it is very susceptible to market fluctuations that are not within the
control of district management. The operational equation is: [interest income ratio = interest income / revenue]. The target for this ratio is simply
the higher the better. A low ratio could indicate poor money management, few liquid cash assets, poor market conditions, or a combination of
these factors.
Receivables and Inventory Ratio (RIR):
The Receivables and Inventory Ratio provides a measure of total current assets tied up in accounts receivable and inventory. Accounts
receivable and inventory items are not truly available as working capital and are not available for the district to pay bills with. It is possible that
when a greater proportion of the current assets are in receivables and inventory, the district balance sheet would look healthy but the district
does not have the ability to meet immediate expenditure needs. This ratio may also provide insight on the timeliness of state aid payments and
other intergovernmental obligations owed to the district. The ratio also gives an indication of how well the district is managing accounts
receivable and if inventory stockpiling is occurring. The operational equation is: [receivables and inventory ratio = (receivables + inventories) /
current assets]. The target for this ratio should be as close to zero as possible.
Student Transportation Ratio (STR):
The Student Transportation Expenditure Ratio measures the amount of the school budget spent on transportation costs. Examples would
include operating and maintaining bus routes, driver costs, equipment purchases, and fuel. A higher ratio may suggest to management that a
disproportionate amount of resources are being spent in this area or the district's service territory is greater than most comparable districts. The
operational equation is: [student transportation ratio = transportation expenditures / general fund expenditures]. No suggested target range for
Iowa schools can be determined for the indicator at this time.
Unspent Balance Ratio (UBR):
The Unspent Balance Ratio measures the amount of cumulative district spending authority not spent at the end of each fiscal year. This ratio is
unique to Iowa schools. Iowa schools are funded according to a state formula, which is different than any other in the country. Because
spending authority is vitally important to the financial health of any Iowa district, it must be included as an indicator in any test group of ratios
designed to assess fiscal health. The data for this indicator are provided by the Iowa Department of Management on the report titled Unspent
Balance Calculations. The operational equation is: [unspent balance ratio = unspent cumulative spending authority / maximum budget
authority]. The target range for this indicator logically is roughly equal to that of fund balance. This is because fund balance is the closest
approximation of this indicator defined in previous research done in other states. The suggested minimum target for this indicator should be 5%.
Financial Solvency Ratio (FSR):
This is a measure of financial health that resulted from the Study of School Corporation Financial Operations study conducted in 1990 by
Ehlers and revised in 2011. The ratio of unassigned plus assigned general fund balance to actual revenues is defined in the following
operational equation: (financial solvency ratio = unassigned plus assigned general fund balance / general fund revenues-AEA flowthrough). The
target ranges and classification criteria established by the Ehlers study are as follows: (a) target solvency position equals 5.00% through
10.00%, (b) acceptable solvency position equals 0.00% through 4.99%, (c) solvency alert equals -3.00% through -0.01%, and (d) solvency
threat equals less than -3.00% (ISCAP, 1991).
Employee Cost Ratio (ECR):
This ratio was not a part of the original empirical study conducted on financial health measures in 2005. Because education is a service based
industry, staffing costs represent the single largest category of General Fund expenditures for schools. This ratio has been added because it
illustrates important trend changes in staff costs as a percent of total General Fund expenditures. Historically, budget data show districts
spending from 75 to 85 percent of their General Fund on staff related costs. The operational equation is: [wages plus benefits / general fund
expenditures]. The suggested target range for Iowa schools is less than 80%. Districts exceeding this percentage over time typically exhibit
General Fund financial stress.

Executive Summary
The District's overall financial condition increased during Fiscal Year 2013- 2014.
The Districts unassigned General Fund balance increased from $8,305,614 in FY2013
to $10,558,668 in FY2014.
The financial solvency ratio increased from 1.95% in FY2013 to 3.95% for FY2014.
This ratio still fails to meet the target of 10% recommended for this key financial ratio.
Bond rating agencies put great weight on this indicator when analyzing the District's
credit rating. Returning to a level within this recommended target range will position
the District well when sales tax or general obligation bonds are issued.
The certified enrollment of 10,239 was taken on October 1, 2013. This count
represents an increase of 136 students from the prior year. Student growth is always a
postitive sign and our lower grade levels are experiencing an increase. The district has
had a fairly steady enrollment over the past five years with a recent increase
The District ended FY2013 with a total General Fund balance of $3,960,185. For
FY2014 this balance increased to $6,226,936. This increase of $2,226,751 is a good
indicator that the district is managing its funds and working to reduce spending
Using the ten financial indicators to measure the district's financial health reveals
that we are either on target or approaching our targets in eight out of our ten
indicators which indicates a relatively healthy financial picture.
One of the most ambitious initiatives will be the continued exploration and eventual
action on our twenty first century high school recommendations. These
recommendations are going to require significant facility modifications and alterations.
With this new programming will come the need for facility and staffing changes which
will have a significant impact on district funding. Though this inintiative will certainly
require a bond referrendum it is hyper critical that we be able to demonstrate fiscal
responsibility throughout this process to help ensure a positive vote once the bond
issue is introduced.
The Day's Net Cash Ratio shows that the District's cash flow capacity is declining
slightly but remains stable. On June 30, 2014, the District had a combination of cash
and investments on hand totaling $13,820,713. This amount when divided by FY2014
average daily expenditures of $329,269 yields 42 days of operating cash flow. The
target for this measure is 90 days.

Ten Point Financial Condition Test

Ratio Indicators
Assessment

Benchmark

District Ratio Values

Best
Trend
Direction

Recommended
Target Value

District Value
2013

District Value
2014

Creditor Equity Ratio

Lower

0.0%

0.00%

0.00%

Current Ratio

Higher

100% or above

107.60%

112.10%

Day's Net Cash Ratio

Higher

90 days or
above

40 days%

42 days%

Employee Cost Ratio

NA

75 - 85%

75.00%

78.00%

Foundation Aid Ratio

NA

Range (see ratio

definition)

46.50%

46.30%

Financial Solvency Ratio

Higher

(Recommended not
to exceed 25%)

1.95%

3.95%

Investment Income Ratio

Higher

NA

0.05%

0.06%

Receivables & Inventory Ratio

Lower

0.0%

9.11%

12.22%

Student Transportation Ratio

Lower

NA

4.18%

3.99%

Unspent Balance Ratio

Higher

(Recommended not
to exceed 25%)

6.31%

8.08%

Indicator Ratio

10%

10%

Color Key:
Green - indicator is within target range
Yellow - indicator is nearing target range
Red - indicator is below the target range

Simple Balance Sheet Comparisons

General Fund Only
FY13

FY14

$ Change

% Change

Cash & Investments

$13,479,842

$13,820,713

$340,871

2.5%

Receivables

$42,008,951

$43,391,533

$1,382,582

3.3%

$244,425

$463,085

$218,660

89.5%

Borrowing / ISCAP

$0

$0

$0

0.0%

Other Assets

$0

$0

$0

0.0%

$55,733,218

$57,675,331

$1,942,113

3.5%

$8,885,794

$8,044,453

($841,341)

-9.5%

$0

$0

$0

0.0%

Payroll benefits

$5,717,386

$6,774,839

$1,057,453

18.5%

Other Liabilities

$0

$216,825

$216,825

0.0%

$37,187,834

$36,412,278

($775,556)

-2.1%

$51,791,014

$51,448,395

($342,619)

-0.7%

$0

$266,418

$266,418

0.0%

$1,157,379

$1,316,639

$159,260

13.8%

$0

$0

$0

0.0%

$2,223,794

$3,363,588

$1,139,794

51.3%

Unassigned

$579,011

$1,280,291

$701,280

121.1%

Total Fund Balance

$3,960,185

$6,226,936

$2,266,751

57.2%

Assets:

Prepaid

Total Assets
Liabilities:
Payables
Borrowing

Deferred Inflows
Total Liabilities
Fund Balance:
Nonspendable
Restricted
Committed
Assigned

Simple Revenue & Expenditures Comparison

General Fund Only
FY13

FY14

$ Change

% Change

Local sources

$40,203,763

$39,999,417

($204,346)

-0.5%

State sources

$67,886,163

$73,059,753

$5,173,590

7.6%

Federal sources

$10,566,243

$9,351,830

($1,214,413)

-11.5%

$9,498

$39,075

$29,577

$118,665,667 $122,450,075

$3,784,408

3.2%

Revenues:

Other sources
Total revenues
Expenditures:
Instruction

$83,768,346

$79,593,653

($4,174,693)

-5.0%

Support services

$36,985,224

$40,545,687

$3,560,463

9.6%

Community Ed

$0

$0

$0

0.0%

Other expenditures

$0

$43,984

$43,984

#DIV/0!

$120,753,570 $120,183,324

($570,246)

-0.5%

Total expenditures
Changes of Rev over Exp

($2,087,903)

$2,266,751

$4,354,654

208.6%

$0

$38,175

$38,175

#DIV/0!

$9,498

$900

($8,598)

-90.5%

$9,498

$39,075

$29,577

311.4%

$118,675,165 $122,489,150

$3,813,985

3.2%

$4,384,231

210.9%

Other Financing Sources:

Transfers
Sale of Assets
Total financing sources
Total revenues plus Other
Changes of Fund Balance

($2,078,405)

$2,305,826

Creditor's Equity Ratio

Formula:

Current Restricted Assets

Total Current Assets

Financial Information and Computation:

Year

ISCAP

Total Assets

CAR reference

BalSheet C1L8

BalSheet C1L11

Ratio

2010

$0

$55,551,414

0.0%

2011

$0

$61,898,246

0.0%

2012

$0

$59,296,914

0.0%

2013

$0

$55,751,200.00

0.0%

2014
$0
$57,675,331
0.0%
Ratio explanation: Short-term borrowing represents xx.x% of total current assets

100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
2010

2011

2012

2013

2014

Purpose:

Measures how much of the District's current

General Fund equity is funded with borrowed
money.

Trend:

Stable

Target:

Ideally the ratio would be zero. This would indicate a condition where no short-term borrow

Need/Concern:

No concern at this time

Corrective Action:

This indicator is at the desired level at this time.

Contribution Ratio
Formula:

Line Source Revenue

Total Revenue

Financial Information and Computation:

FY 2013
Amount

Ratio

Line
Source

Local

$40,203,763

33.9%

State

$67,886,163

57.2%

Federal

$10,566,243

Other
Total

$9,498
$118,665,667

Year
2010
2011
2012
2013
2014

Line
Source

FY 2014
Amount

Ratio

Local

$39,999,417

32.7%

State

$73,059,753

59.7%

8.9%

Federal

$9,351,830

7.6%

0.0%
100.0%

Other
Total

$39,075
$122,450,075

0.0%
100.0%

Local

State

Federal

Other

34.7%
32.6%
32.9%
33.9%
32.7%

50.5%
56.3%
56.4%
57.2%
59.7%

14.8%
10.8%
10.6%
8.9%
7.6%

0.1%
0.1%
0.2%
0.1%
0.1%

Purpose:

Measures local taxation effort.

Trend:

NA

Target:

NA

Need/Concern:

Corrective Action:

FY2014 represents a continuation in the decrease of federal funding

received by the district subsequent to the federal stimulus years. This
also shows and increase in the percentage of our budget covered by
state funding streams.

NA

Current Ratio
Formula:

Total Current Assets

Total Current Liabilities

Financial Information and Computation:

Year

Assets

Liabilities

CAR reference

BalSheet C1L11

BalSheet C1L26 + 27:29

Ratio

2010

$55,551,414

$48,225,699

115.2%

2011

$61,898,246

$51,045,313

121.3%

2012

$59,296,914

$50,649,821

117.1%

2013

$55,751,200

$51,791,014

107.6%

2014
$57,675,331
$51,448,395
112.1%
Ratio explanation: Short-term solvency represents xx.x% of assets to liabilities

125.0%
120.0%
115.0%
110.0%
105.0%
100.0%
2010

2011

2012

2013

2014

Purpose:

Measures the District's short-term solvency position .

Trend:

Higher

Target:

A minimum target would be 100%. An indicator less than 100%

would indicate a condition where the District has more liabilities than
assets.

Need/Concern:

This indicator is above the minimum target value and has shown a
slight increase for 2014

Corrective Action:

None needed at this time

Day's Net Cash Ratio

Formula:

Cash & Investments

Average Daily Cash Expenditures

Financial Information and Computation:

Year

Cash &
Investments

Total
Expenditures

CAR reference

BalSheet C1L1

ExpGF C8L43

Daily (365)
Expenditures

Ratio
In Days

2010

$18,079,597

$109,422,545

$299,788

60

2011

$22,182,525

$110,317,491

$302,240

73

2012

$19,480,334

$118,705,519

$325,221

60

2013

$13,497,843

$123,352,577

$337,952

40

2014

$13,820,713

$120,183,325

$329,269

42

Ratio explanation: Number of days the district can carry expenditures without cash infusion

120
100
80
60
40
20
0
2010
Purpose:

2011

2012

2013

2014

Measures short-term solvency and the ability to

cash flow expenditures without receiving additional
revenue.

Trend:

Higher

Target:

90 days.

Need/Concern:

This indicator has shown a pattern of decline and

has not improved during the past two fiscal years.

Corrective Action:

None at this time

10

Employee Cost Ratio

Formula:

Wages and Benefit Costs

Total General Fund Expenditures

Financial Information and Computation:

Year

Wages and
Benefits

Total GF
Expenditures

CAR reference

ExpGF C1&2L43

ExpGF C8L43

Ratio

2010

$79,657,701

$109,422,545

73%

2011

$81,181,514

$110,317,491

74%

2012

$88,211,003

$118,705,518

74%

2013

$92,292,602

$123,352,576

75%

2014
$93,823,843
$120,183,325
78%
Ratio explanation: What xx.xx% of total GF expenditures does staffing costs represent?

80%
78%
76%
74%
72%
70%
2010

2011

2012

2013

2014

Purpose:

Measures the percent dedicated to staffing costs which is the single

largest category of expenditures in the General Fund budget.

Trend:

Higher

Target:

Between 75% and 85%

Need/Concern:

An increasing ratio indicates more of the total district

resources are going into employee costs.

11

Foundation Aid Ratio

Formula:

Direct State Aid

Total General Fund Revenue

Financial Information and Computation:

Year

State Aid

Total Revenue

CAR reference

Rev. C1L24

Rev. C1L57

Ratio

2010

$41,868,266

$107,916,966

38.8%

2011

$50,929,475

$113,844,708

44.7%

2012

$53,055,920

$116,499,678

45.5%

2013

$55,190,123

$118,665,669

46.5%

2014
$56,645,494
$122,450,075
46.3%
Ratio explanation: What xx.x% of total revenue does foundation aid represent.

50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
2010

2011

2012

2013

2014

Purpose:

Measures resource contribution.

Trend:

Higher

Target:

No target is established for this ratio. Under the school aid formula
when the District's property wealth grows a smaller percentage of
the total revenue is contributed in the form of state aid.

Need/Concern:

None at this time

Corrective Action:

None needed at this time

12

Financial Solvency Ratio

Formula:

Assigned + Unassigned Fund Balance (AFB+UFB)

Total GF Revenue - AEA Flowthrough

Financial Information and Computation:

Year

CAR reference

AFB +
UFB

Revenue Flowthrough

Balsheet C1L29 +
C1L30

(Rev. C1L57) (ExpC8L36)

Ratio

2010

$5,603,561

$102,950,870

5.44%

2011

$3,117,027

$108,712,066

2.87%

2012

$342,999

$111,810,518

0.31%

2013

$2,223,794

$114,017,589

1.95%

2014
$4,643,879
$117,553,381
3.95%
Ratio explanation: What xx.x% of total revenue does fund equity represent.

14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2010

2011

2012

2013

2014

* new formula used

Purpose:

Measures the District's Fund Equity position.

Trend:

Higher

Target:

Short-term 5% / Long-term 10%.

Need/Concern:

This indicator is below the desired long-term

target position.

Corrective Action:

Continue current work to increase above

5%

13

Investment Income Ratio

Formula:

Interest Income
Total General Fund Revenue

Financial Information and Computation:

Year

Interest

Total Revenue

CAR reference

Rev. C1L9

Rev. C1L57

Ratio

2010

$58,700

$107,916,966

0.05%

2011

$42,832

$113,844,708

0.04%

2012

$3,953

$116,499,678

0.00%

2013

$58,974

$118,665,669

0.05%

2014
$72,959
$122,450,075
0.06%
Ratio explanation: What xx.xx% of total revenue does interest in idle funds represent.

0.50%
0.40%
0.30%
0.20%
0.10%
0.00%
2010

2011

2012

2013

2014

Purpose:

Measures operating results.

Trend:

Higher

Target:

Upward trends are desirable for this indicator.

Need/Concern:

The overall economic interest rate climate continues to be low this

past year on investments. Lower interest earnings also reflected by
lower cash balances in the general fund.

Corrective Action:

Monitor idle funds closely and take advantage of any improving

market conditions.

14

Receivables & Inventory Ratio

Formula:

Receivables and Inventory

Total Current Assets

Financial Information and Computation:

Year

Receivables &
Inventory

Total Assets

CAR reference

Balsheet C1L3:7

BalSheet C1L11

Ratio

2010

$2,176,970

$55,551,414

3.92%

2011

$3,878,167

$61,898,246

6.27%

2012

$3,404,781

$59,296,914

5.74%

2013

$5,076,508

$55,751,200

9.11%

2014
$7,048,400
$57,675,331
12.22%
Ratio explanation: What xx.xx% of total revenue does rec. / inv. represent.

14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2010

2011

2012

2013

2014

Purpose:

Measures movement and distribution of current assets.

Trend:

Higher

Target:

Stable to lower is desirable for this indicator.

Need/Concern:

None at this time.

Corrective Action:

Awareness of the funds yet to be received by the district is

always valuable information, however some receivables such as
income surtax and special education tuition billings are not
generally within management's control to influence
15

Student Transportation Ratio

Formula:

Student Transportation Expense

Total General Fund Expenditures

Financial Information and Computation:

Year

Transportation

Total Expenditures

CAR reference

ExpGF C8L29

ExpGF C8L43

Ratio

2010

$2,768,654

$109,422,545

2.53%

2011

$3,860,689

$110,317,491

3.50%

2012

$3,980,603

$118,705,518

3.35%

2013

$5,153,118

$123,352,576

4.18%

2014
$4,790,354
$120,183,325
3.99%
Ratio explanation: What xx.xx% of total expenditures does std. transportation represent.

5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
2010

2011

2012

2013

2014

Purpose:

Measures resource distribution results.

Trend:

Lower

Target:

Stable to lower trends are desirable for this indicator.

Need/Concern:

Continue to be efficient in routing buses as we transition through

student growth, and realignment of attendance boundaries. Focus
on route efficiency

Corrective Action:

None at this time

16

Unspent Balance Ratio

Formula:

Unspent Spending Authority

Maximum Budget Authority

Financial Information and Computation:

Year

Maximum
Authorized

Regular UB
Ratio

Unreserv. UB
Ratio

2010

$119,415,803

$9,993,257

$1,722,153

8.37%

1.44%

2011

$123,849,866

$13,532,375

$1,360,451

10.93%

1.10%

2012
2013

$131,191,440

$12,485,921

$1,097,124

9.52%

0.84%

$131,658,191

$8,305,614

$1,157,379

6.31%

0.88%

2014

$130,741,993

$10,558,668

$1,316,639

8.08%

1.01%

1.60%
1.40%
1.20%
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
2010

Regular
Unreserved
Unspent Bal. Unspent Bal.

2011

2012

2013

2014

*Estimated

Purpose:

Measures the District's unbudgeted spending reserves.

Trend:

Higher

Target:

Total Unspent Balance at 10 to 15 percent.

Available Unspent Balance > 5 percent.

Need/Concern:

An adequate level of budget reserves are important so the District can respond to
emergencies and student growth. Conventional wisdom suggests a minimum of 5%
to 10% contingency expenditures.

Corrective Action:

Continue to closely monitor spending and work to increase regular unspent balance

17

Certified Enrollment Trend

Information and Computation:
Year

Enrollment

# Increase

% Increase

2009

10,068.0

0.0

0.00%

2010

10,070.0

2.0

0.02%

2011

10,020.0

-50.0

-0.50%

2012

10,103.0

83.0

0.83%

2013

10,239.0

136.0

1.35%

October 1, xxxx

12,000.0
11,000.0
10,000.0
9,000.0
8,000.0
7,000.0
6,000.0
2009

2010

2011

2012

2013

Purpose:

Measures enrollment trend for financial forecasting.

Trend:

Higher

Target:

Stable to Higher is better for this indicator

Need/Concern:

WCSD continues to experience steady student enrollment growth

which represents increased resources but also puts pressure on
existing facility space and support systems, this is especially true in
our Pre-K programming and lower grade levels.

Corrective Action:

18

General Fund Per Pupil Cost

Formula:

Total General Fund Expenditures

Certified Enrollment

Financial Information and Computation:

Year

Total
Expenditures

CAR reference

ExpGF C8L43

Certified
Enrollment

District Per
Pupil Cost

State Average
Per Pupil Cost

2010

$109,422,545

10,070.0

$10,866

$9,485

2011

$110,317,491

10,020.0

$11,010

$9,562

2012

$118,705,518

10,103.0

$11,750

$10,328

2013

$123,352,576

10,239.0

$12,047

$10,553

2014

$120,183,325

10,611.0

$11,326

NA

$13,000
$12,000
$11,000
$10,000
$9,000
$8,000
$7,000
$6,000
2010

2011

2012

2013

2014

Purpose:

One measure of efficency within the general fund.

Trend:

Stable to falling

Target:

Stable or a reduction would be the desired trend

Need/Concern:

A continued evaluation of fiscal responsibility when looking at classroom instruction and operatio

Corrective Action: None at this time

19

Total Tax Rate History by Fund

Year

General

Management

PPEL

Debt

Total Rate

2010

$14.60544

$0.85202

$1.00000

$0.00000

$16.45746

2011

$14.59819

$0.83878

$1.00000

$0.00000

$16.43697

2012

$14.46480

$0.81661

$1.00000

$0.00000

$16.28141

2013

$13.73398

$1.06867

$1.00000

$0.00000

$15.80265

2014

$13.53810

$1.18947

$1.00000

$0.00000

$15.72757

$18.00000
$17.00000
$16.00000
$15.00000
$14.00000
$13.00000
2010

2011

Purpose:

Measures local taxation effort.

Trend:

Lower

Target:

Stable is desirable for this indicator.

Need/Concern:

None

Corrective Action:

None

2012

20

2013

2014