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Home My WebLink AboutAgenda - 04-30-2007-d20B South Cameron Street Post Office Box 8181 Hillsborough, NC 27278 / ) r r it r r i r� i 7 9 9.7WT;4 ORANMCMAM oftimpft woM casou" cu."".. to ago Y"" Kenneffi T. Chalons, Finance Director MEMORANDUM TO: Board of County Commissioners FROM: Ken Chavious, Finance Director DATE: September 24, 2004 SUBJECT: School Fund Balance Policy Tel (919) 245 -2480 Fax (919) 6443324 www.co.oranflem us The Board has asked for a review of the school fund balance policy adopted in 1986. 1 recently met with the Finance Directors of both school districts to discuss current fund balance issues and the applicability of the 1986 policy in the current financial environment. The 1986 policy establishes percentages of fund balance at 5.5% of expenditures for the Chapel Hill Carrboro City Schools (CHCCS) and 2.7 °l0 of expenditures for the Orange County Schools (OCS). Attached is a copy of the memo from'Gordon Baker, County Finance Director In 1986. The Baker memo states that the aforementioned percentages represent "fund balance available but unappropriated." 'Fund balance available" is defined as the sum of cash and investments minus liabilities, encumbrances and-deferred revenue arising from cash receipts as those figures stand at the end of the fiscal year. This is the calculation used by the Local Government Commission In calculating a city or county's fund balance relative to their 8% guideline. There Is no similar guideline for school districts. Orange County uses a more conservative approach by also deducting the amount of fund balance appropriated for the subsequent year's budget, prior to calculating the percentage. Using a similar analysis to the Baker approach, which remains a valid approach as It,relates to fund balance as a cash flow or working capital tool, the 1986 percentage for CHCCS, could remain as this system's fund balance target During the pasf several years the CHCCS fund balance has been in the 2% to 3%. range and the district has experienced cash flow difficutties sometimes to the degree that the district has requested and the County has advanced monthly allocations. On the other hand, the OCS fund balance percentage target should be adjusted upward slightly in the range of 3 to 3.5 %, mainly for Increased cash needs above the monthly County appropriation. OCS receives approximately $2.1 million annually in revenues from other sources, excluding any fund balance that they may have appropriated. if receipt of some or ail of this Income is delayed, OCS could experience cash flow challenges with Insufficient fund balance available. It Is important to note that the fund balance levels mentioned above and In the Baker memo are relative to cash flow only. An Equal Opportunity/Affirmative Action Employer Aside from the significant dollar increase In County current expense funding allocated to the school systems, the major difference between1986 and the current fiscal environment is funding for capital projects. From the late 1970s up to the 1988 bond referendum there were no concerns related to funding start up costs for new facilities. Capital Westment Programming was a new concept for Orange County government. This issue is significant because fund balance has been the major source of start up costs for new facilities for OCS. The CHCCS has used the district tax as a source for start up costs related to new facilities. This practice could also become an issue if the move toward funding equity gains momentum. The Finance Directors have identified three major issues related to fund balance policy that must be given consideration prior, to setting and maintaining concrete fund balance targets. ® Funding for Start up costs — As mentioned above, OCS has historically used fund balance as a source to pay the onetime costs associated with opening new schools and the CHCCS has mainly used district taxes. If concrete fund balance targets are established and adhered to, an altemative source for start up costs would have to be identified for OCS. Ukewise, if the district tax is frozen or reduced and/or eventually eliminated in the pursuit of equity funding, other funding sources would need to be identified. Emergencies and Unforeseen Events — In addition to cash flow considerations, units of govemment also use fund balance to handle emergency situations and/or unforeseen events. If fund balance targets are established and followed, a clear statement should be made regarding response to emergencies or unforeseen events. Use of Fund Balance for operating Expenditures - This is another policy issue related to use of fund balance. Both school systems have used fund balance to pay for recurring operational Initiatives in the past. The most recent example of this is the OCS use of $12 million in fund balance in their 20042005 budget to fund several operational initiatives. In addition, CHCCS appropriated $1.6 million. Use of fund balance to pay for ongoing operating costs could present funding challenges for these types of expenditures in future years as reserves become scarce (note the last full paragraph in Superintendent Carraway's September 22, 2004 memo on school fund balance). A sound fund balance policy should also address when and under what circumstances fund balance should be considered for funding ongoing operational expenditures As mentioned above, the 1986 memo from Gordon Baker that resulted in the current policy only addressed fund balance as a cash flow tool. The Finance Directors agreed that a sound fund balance policy should be more comprehensive and Include not only percentage targets related to the levels required to meet cash flow needs, but also address issues involving the how and when it can be accumulated and used. . :r F•'at'�..•r J. 5 FINANCE DEPARTMENT ._ �WM as To County. commissioners From: . Fjnanca Director Subject: Recommended Policy on Fund 3� Date: February , 1 A.H� M tv or •FL �� a A • *��7i catsH�� ORANGE COUNT' rof School Systems. GORDON S. BAKM nutEcroR -1 . During the 1955--86 budget process, it was decided that a policy should be of fund balan but developed regarding the appropriate amount ce available would unappropriated that each school system should maintain. This policy be agreed upon by the County Commissioners and the Boards of Fducatian. This recommended policy regarding the fund balance applies to the local current available but expense fund and addresses the =='t�m�m amount of fundgbal anceof each fiscal unappropriated that each system should have at the beginning year. The• school systems should maintain only the fund balance necessary th arya appropriations cash flcm.aeeds and to make relatively minor adjustments their .PF oP during the pear. . of The Local. Go'v'ernment Commission monitors the fund balsa They haveGestablished a all tax levying units of government in Horth Catalina. policy that such -units of• government nmamauhould main t0 it least fBX of the totil Fund fund- •balance available ear. The expenditures on 'which this expeudd,tures of the General Fund for the nditures for the school systems' local B�,is- computed includes the County Is capital outlay. Thus, in meeti=ng the Local current expense as wallas for their P the County's fund balance avail— Government Commission's minimum standard of 8x, able for the General Fund includes a substantial enuntochat ission, does enot oh��n ditures for the school systems- conclude such a minimum standard for the school systems themselves. �Cecfund balance from this that they rely on the counties to.ma3ntain as adeq level-for the school systems. Schools have The superintendent and the finance director for orange County ro riated expressed their desire to se fund tofanlevelao£e$120,Q� Ze This in would fa the local Curren equal approximacel 2.7x1))of the budgeted a pendi orange in isSchoolsorecej -ve8 as originally adoptei3't their Based to on the the;.major- portion•of their localcurrent the raveUUM from the County standard irt a-W,equal amount each month, and g - gaugepead2.•7%� fund. balance- level: 'should.be adequate. r The Chapel Hill- Carrboro Schools rely on the supplemental; school district tax in addition to the monthly County appropriation. The supplemental tax is approximately 113 of their local current expense fund revenues and is received primarily.during the months of January and February. Because of this reliance on the district tax and again, using the County's 82 mini mum standard as ar gacige, a 5.52 fund balance level should be adequate for the Chapel Hill - Carrboro Schools. In addition to my own analyses of the above percentages, I have discussed the fund balance level appropriate fbr school systems with others in state and local goverameat who are familiar with school-and county finances. The consensus was that the fund balance level for school systems should be somewhat lower than that of the County's 82 standard and that a system, relying on a supplemental tax would need,a higher level than otherwise necessary. Based on my analyses -and discussions, I recoammend that the following policies be established: L. Orange County Schools begin each.'£iscal year, to the extent possible, with fund balance available but unappropriated in the local current expense fund that is equal to na-more than 2.7% of the budgeted expenditures in that fund for that year, and; 2. Chapel Hill- Carrboro Schools begin each fiscal year, to the extent possible, with a fund balance available but uaapproptiat he local current expense fund that is equal to ao more that 5.52 o the, budgeted expenditures in that fund for that year.- It must be noted that, based on'the local current expense budgets as. originally adopted for 1985 -86, Orange County. Schools fund balance level was approximately $86,000 short of the level• recommended in this draft,polidy. Also, Chapel 114 11 Schools fund balance level was approximately $204,000 short of the recommended level. Considering the federal cut -back in assistance to local governments, the County should not be expected to build -up the school systems fund balance levels in one fiscal years I rec end "that this be. accomplished gradually over a period of several fiscal years. V r' r The Chapel Hill- Carrboro Schools rely on the supplemental; school district tax in addition to the monthly County appropriation. The supplemental tax is approximately 113 of their local current expense fund revenues and is received primarily.during the months of January and February. Because of this reliance on the district tax and again, using the County's 82 mini mum standard as ar gacige, a 5.52 fund balance level should be adequate for the Chapel Hill - Carrboro Schools. In addition to my own analyses of the above percentages, I have discussed the fund balance level appropriate fbr school systems with others in state and local goverameat who are familiar with school-and county finances. The consensus was that the fund balance level for school systems should be somewhat lower than that of the County's 82 standard and that a system, relying on a supplemental tax would need,a higher level than otherwise necessary. Based on my analyses -and discussions, I recoammend that the following policies be established: L. Orange County Schools begin each.'£iscal year, to the extent possible, with fund balance available but unappropriated in the local current expense fund that is equal to na-more than 2.7% of the budgeted expenditures in that fund for that year, and; 2. Chapel Hill- Carrboro Schools begin each fiscal year, to the extent possible, with a fund balance available but uaapproptiat he local current expense fund that is equal to ao more that 5.52 o the, budgeted expenditures in that fund for that year.- It must be noted that, based on'the local current expense budgets as. originally adopted for 1985 -86, Orange County. Schools fund balance level was approximately $86,000 short of the level• recommended in this draft,polidy. Also, Chapel 114 11 Schools fund balance level was approximately $204,000 short of the recommended level. Considering the federal cut -back in assistance to local governments, the County should not be expected to build -up the school systems fund balance levels in one fiscal years I rec end "that this be. accomplished gradually over a period of several fiscal years. V :m MY ORANGE COUNTY COADaSaIONE.RS • - 106 :EAST MARGARET LArrE • ' Fj .LSBOROUGH, N. C. •'27278 April 2, 1986 Mr. Norman Haithcock, Chairman Orange County Board of Education.. 200 East King Street Hillsborough,-North Carolina 27278 Dear Mr. Haithcock:. it-was suggested during the 1985-86 budget deliberations that • the ..Board- of.- .County. Commissioners and ..the Berard of Education far epech..school system agree on a policy-regarding' • the 'fund balance of the Local Current Expense- -Fund. Asa result, the orange County Board of Commissioners agreed on•a policy at the February 18, 1986• meeting.' The policy • agreed upon concerns ;the 'amount of:� .1 fund • balance available but unappropriated far= the Local . barent' Expense . Fund • ': a,. r.:i. .: J,IS ::F• •• 4; y °. ri`c.• sc for;tYie"Oan e County The key i --of the. - 01. ,.,., g element; Y.r.. School System • �; Irv. .. •..+.:5 :�.-� :K.�.:'. °�'='�NSIi:G: ^�.. -.; 1.•. •�.'f'."..'•1�,` Y ^t }. r,, rt '•YOTrre:itxi:tir}�f r�wr�=,r ,� �i•i..,..: y --- t-°r 7'•-- •;p�: •,.- A]:�yi ,r� ��' ii3ci.' �--•---. u-,-- M. M „- n- �..•:�.w•:. +:t..::.a:^'tec� .: _ ,' ::; .: ?: v,;r .;, F r x"`iai 3 • (tY3 19a:.• ..a„ r. • r.: uni r o.ur f”, •'r ^. u nom:: v but it :o f ;fund. ",baanl . The ; naxim unappropr a6ed' atctiie: beginning o year wild'..,; :. be: an; -,amopn equal f,; to 2.-7-.-..:., of .,:thd budgeted #allv:..:.aoued::.for� the Local Cur.rent::4xpense; 'r 'r:' •a- ,ti%FSC. _•_- '.IF^` ..•. +7't:f�t7• %'LL`tw,�'.°:.• -r. 2. Any fund balance available in excess of the amount determined above will be appropriated. 3. There is a distinction between fund balance available but unappropriated and a contingency appropriation. The available but unappropriated fund balance will not be appropriated without the prior approval of the Board of County Commissioners in as much as such an appropriation will entail a higher based budget level in the following year which the County will have to support. 4•. Realizing that the School System was short of the amount of fund balance available but unappropriated at the beginning of the 1985 -86. fiscal year that this policy calls for,. this amount will be raised Mr: Norman,Haithcoek; chairman Page 2 April 2, :1986 . over an unspecified period of time until the amount• equals the-2.7% target level. •. The Board is aware of the fact that the exact'amount -of fund balance available will not be uknown oft.fund time' balance budget adoption. Therefore, the.'aan e available but unappropriated will be estimate based on the best information available at: the time. The. Board feels that this policy ..is.:- .fair•both to the It is • oped that. 'your' Boe.rd County and to the School Systems: olic. as• -well. wil_ 1 * concur and ..:make. this, a matter.' of . p . Y Z,will -be. glad to discuss this with you further if needed. Sincerely, Don- W llhoit;' Chair Board of:County Commissioners' DW/ srs ORANGE COUNTY COLOESSIONERS 106 EAST MARGARt P AISM H1I..LS330RO"qGH, 19�• C. 27278• MaMSCAIMi -33EN LWYD senuzy a Llnmver.t. NORMAN WALKER. Dw WUMMOrr April 10y. 1:986 Mrs. Sue Baker, Chair I d*of Education Chapel Hill-C.arrboro B oar 622 Wells Court Chapel Hill, North Carolina 27514 Dear Mrs. Baker: It was s-suggested during thel deliberations. budget Board of that the *Board of County' Commissioners.. and the Education 'for each school system agree on a. policy. regarding the fund balance of the Local Current Expense Fund. As a result, the Orange,.County Board.of Commissioners I agreed on a policy at the February 18, 1986 meeting. The r - policy agreed upon concerns the amount of. _,fund balance available 'brit unappropriated the Local...*-Current Expense Fund. 61 _: ha p Hill- .y key po ic ' N s y Ca •o Schoqlt--� ptdm:ttarq..-,,g4 -_'&,j.-,.AV#ilable but 1. lant The 4%maxiid Aj�j6 ja_ ij..6,f fund: unappVPpr--,1._., -h'&,".bec_riPfting** P `fiscal year I V amont7,5 budgeted wi gru j the Local e dn t Q a cil -YGat 2. Any fund ba7.ance� available in excess of the amount determined above will be appropriated. 3. There is a distinction between fund balance available but unappropriated and a contingehcy appropriation. The available but unappropriated fund balance will not be appropriated witho-Lit the prior approval of.the Board of•Countv Commissioners An as much as such an appropriation will entail 'a higher based budget level in the following year which the County will have to support. 4.- Realizing that the School system was short of the amount of fund balance available but unappropriated at the beginning . of the 1985-86 'fiscal year that this policy 0 alls for, this amount will be raised Mrs. Sue Baker, Chair - Page 2 over an unspecified period of time until.the amount equals the 5.5% target level. -The Board is aware of the fact that the exact amount-of - - -- - ~-'=fund balance available will not be known at the time of "budget adoption. Therefore, the amount of -fund balance •avail able but unappropriated will be an estimate based on the ::best information.available at the time. The Board feels that .this policy is fair both to** the.' County and to the School System. It is hoped,that your Board will concur and make this a matter of policy as well. I' will be glad to discuss 'this 'with you' further if needed. S f erely., I Don Willhoit, Chair Board of County Commissioners DW /sr• s Orange County Schools 200 East King Street ffillsborough, NC 27278 Dr.* Shirley Carraway (919) 732-8126 Telephone Superintendent (919) 732-8120 Fax www.orange.k12.nc.us April 27, 2007 TO: Orange County Board of County Commissioners FROM: Shirley Carraway, Superintendent RE: Local Fund Balance As we prepare for the upcoming 2007-08 budget discussions, we thought it would be helpful to provide you with information about our district's fund balance. During the past few years when local appropriations have just covered budgetary mandates, we have had to use our fund balance for any new initiative we have been able to provide for our students. We've used fund balance for startup costs for Pathways Elementary School, Cedar Ridge High School, and most recently, for Gravelly IEII Middle School. We have used it to upgrade our existing middle schools in order to provide comparable facilities for all our middle school students. And though it is not the soundest of practices, we have used fund balance to pay for some recurring costs; in fact, this is how we staffed Gravelly Hill. Although the Board of County Commissioners set our district's maximum fund balance at 2.75% in 1986, we believe and our auditors . believe that this percentage now needs to be higher. The auditors have indicated that our enterprise funds, Child Nutrition and School-Community Relations, should have enough capital in their undesignatedfimd balance to last for three months. Since we have no other source of revenue to provide for emergencies, we think the district should follow this sound principle, as well. As one of the larger employers in the county, we must ensure that, in the event of an emergency, the work of the district can continue — and that we can continue to meet payroll. Our local expenditures, most of which are for personnel, are about $1.7 million per month; our current fund balance could sustain us for just one month. I am including a chart with our local fund balance history and our projection for the current year. U C m t0 C13 'o C LL tl b G C O LL C N Q m E mU N O 'G .0c O L Z C 0 U m m r- a 11 u 00 M N � O M N 0 O M U r t07 O O1 O tO M N CD N O co CD N Il) to tD N h- co O -- t v' v O W- N - cq n' co M' N N co N r M � p 0 COD- M VOA' C co r I tD U co (D 0)) N to O 00 Iq M N a- ti C7 O N e- N N M 't r N N to M m to N to co o tt) O tq a0- ti cc h to NO N ti CCD co t j d. N CD V' (D N O t` co O O O N O N C) M IZ N to in V' IO tT co W t-- o d' t"i R M LOO co V' COD t�- OR p Co V- cr tf) fD d' Z co N w co Or M N a) Mo V• ttoo /D m t+i t+) O N M O n cc) V• U) (D v to o M q W r co to M N O co 'd ham- O C 1 O (DD OT tfl m t- O Cl) N P, 1n (D mot O N co N N N O N N tO co O 0 N Ch M m W V* O LOO 1D c0 CD f% 'Od' M O M W N W O W O co r0 VT' r M N ti co U) D~) co 1 r O h 1` M t) N n V' M O ti 1. to 0 to r C+) N Cl) h co U) V' c0 N O N CD 1` co v _ O O 0) N c0 N tt) 00 Cl to G 'Od' VM' W n CO d' O to C. tD CD Cl) M N N O to t : CCD 11 CLn U) N O m U) co N co U) tt�.-} C', In O O Cl) O O M COO O cMo N (O�. 1P) VM' CO M co O } CD O to r tf) C7 M N r N c0 tD V' co N U) r to n M w COD O coo N N W 9 ti C f- ti � C tj g O O r to U) M 00 M tt V' Cl) m r } C m a m a cn ID U m 0 N N 'O N W c m O G m ym CL �x( N V C O W m G co CO m Q' N D LL o c m m v m c m -i ti c a= c j C LL m m G m u'� c m m �, m c c v i0 F� m W LL ti LL �- April 25, 2007 TO: Orange County Board of County Commissioners FROM: Neil G. Pedersen, Superintendent RE: Local Fund Balance In anticipation of the upcoming 2007 -08 budget discussions, we are providing some historical data on the fund balance in the Local Fund of Chapel Hill — Carrboro City Schools ( CHCCS). In tbis*discussion we will explain how the district has used Local fund balance in prior years as well as how we plan to use in the future. In 1986 the Board of County Commissioners adopted a school fund balance policy which established a maximum fund balance of 5.5% of expenditures for CHCCS and 2.75% for Orange County Schools. The fund balance percentage was described as "fiend balance available but unappropriated." Fund balance is reported in the annual financial statements. The Local fund balance serves as a cash flow or working capital. CHCCS receives equal, monthly payments from the County appropriated ad valorem tax, however, the majority of the special district tax revenue is collected on a cyclical schedule in late November through February. When the Local fund balance amount is low in the Fall, prior to receiving an allotment of the special district tax revenue, the district has experienced cash flow problems. A few years ago, the General Assembly adopted a law requiring school districts to pay teachers a full month of pay for the month of August even though schools were not allowed to open prior to August 25. This situation contributed to the cash flow problem for CHCCS since the amount collected. from our Local budget. The OrangeyCounty� not enough to cover monthly expenditure g Finance Director has helped us through those cash flow issues by advancing payments to us until the special district tax funds were collected. It has been the practice of CHCCS to increase the Local budget using unappropriated fund balance for items that are not covered by the projected revenues in a given year. These budgeted items should be non - recurring expenditures and not recurring costs such as salaries and benefits, although this has not always been the case. A chart is attached with the Local fund balance history for the past several years and a projected fund balance for the current fiscal year. Current plans are to use $500,000 to fund opening costs for Carrboro High School that are not budgeted in the Capital Fund. These are one -time start-up costs for athletic and band equipment that had to be removed from the capital budget because of the funding shortfall. The CHCCS Board of Education has also earmarked $500,000 of fund balance to complete the financing of Elementary #10. ' Our Board is also discussing the need to use additional fund balance to cover the cost of non - recurring expenditures such as replacement of old technology and installation of security equipment. The district experienced an almost zero fund balance just two years ago and implemented many financial constraints to restrict spending to rebuild it. This was successfully done in a timely manner which enables the district to meet two major funding needs, Carrboro High and Elementary #10. It is the Board's intention to maintain a fund balance close to the recommended 5.5% each year. We believe this fund balance target will be sufficient to cover the cash flow needs of the Local fund. As long as fund balance is used to balance the Local fund, the district will need to maintain its current pattern of un.derspending -the total budget to ensure that the target is reached. A reduction of the appropriated fund balance will require an influx of new revenues to cover the revenue shortfall. Fund balance is also needed for unforeseen emergencies and events. Fortunately, there have not been any events that have required the use of fund balance, but maintenance of a material fund balance is, certainly, important for this purpose. In summary, the use of Local fund balance is needed for school one -time start-up costs, for unforeseen emergencies and events, for cash flow, and to balance the budget when the current revenues are not sufficient to fund priority budget requests. After appropriating $1,000,000 to support the 2007 -08 budget, the district projects to have a 6.88% undesignated fund balance at the end of 2006 -07. We believe this is a reasonable and fiscally responsible level. Lincoln Center, 750 S. 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