FINANCIAL STATEMENTS JUNE 2018

Transcription

1 EXHIBIT T-1 SHAKER HEIGHTS CITY SCHOOL DISTRICT OFFICE OF THE TREASURER Parkland Drive Shaker Heights, Ohio (216) Bryan C. Christman Treasurer FINANCIAL STATEMENTS JUNE 2018

2 INDEX SECTION # SECTION NAME 1. FINANCIAL AND MISCELLANEOUS BRIEFS 2. CHARTS 3. CONSOLIDATED INVESTMENT PORTFOLIO 4. FINANCIAL SUMMARY FOR GENERAL FUND 5. FINANCIAL REPORT BY BANK 6. FINANCIAL REPORT BY FUND 7. REVENUE ACCOUNT SUMMARY 8. BUDGET ACCOUNT SUMMARY 9. SUMMARY CHECK REGISTER ALL CHECKS 10. BOND ISSUE EXPENDITURE SUMMARY

3 1. FINANCIAL AND MISCELLANEOUS BRIEFS

4 SHAKER HEIGHTS BOARD OF EDUCATION SHAKER HEIGHTS, OHIO August 3, 2018 TO: FROM: SUBJECT: Members, Shaker Heights Board of Education Bryan C. Christman, Treasurer Financial and Miscellaneous Briefs I. JUNE 2018 FINANCIAL OVERVIEW The revenue activity for the month and for the fiscal year-to-date June 2018 has been similar to the same reporting period for the prior year with the following exceptions: Advance and Settlement tax amounts received this year vs. last for the period January through March totaled $4.9 million more, attributable to the acceleration of property tax payments at the end of December due to the Federal Tax Reform legislation. This is simply a shift from the second half of calendar 2018 collections to the first half and thus is a timing difference that crosses fiscal year end. Excluding this advance difference, there is a remaining unfavorable difference of $731,176, $126,000 of which is attributable to the favorable timing difference in the early 2 nd half advance received last May and $260,000 of which is attributable to the unfavorable timing difference in the early 2 nd half advance received this May, which leaves a $345,176 2 nd half 2017 settlement permanent unfavorable variance; State Foundation funding was anticipated to approximate the same core funding in Fiscal 2018 as in Fiscal 2017 due to being on the guarantee since having reached the previous gain cap limit now no longer in effect due to declining enrollment coupled with a very small increase in the State formula per pupil funding amount. We ultimately received an increase in preschool special education funding and special education transportation funding for the year since those funding calculations are outside the guarantee calculation. This amount combined with the reduction in Charter school deductions for the year (recorded on our books as a reduction of the District s State Foundation revenue), less an offset for a prior year adjustment resulted in the $194,162 favorable variance for the year. Included in Other Local Revenue is the receipt of $1.7 million of capital expenses (primarily the Middle School flat roof and cafeteria ceiling projects) paid for by the General Fund prior to the issuance of the bonds, reimbursed from the bond issuance proceeds received in late December. Additionally, $363,000 of SF-14 & SF-14H payments for the first semester were received in March, April and May this year, but not until after the end of last fiscal yearend in July Partially offsetting these increases was the $92,000 reduction of SF-6 payments received in March, April and May for this year vs last. Total Revenues are $6.7 million or 6.8% more than prior year; and $6.8 million or 6.9% above budget for the year due to larger tax advance and capital expense reimbursement; but only $2.3 million or 2.33% above budget when adjusting for the timing difference in the receipt of property taxes. As previously reported, we concluded the bond issuance process in April. As you know, we received $9.9 million from the issuance of the bond anticipation notes on December 28th which were recorded in the Capital Projects Fund 004. On

5 Financial & Miscellaneous Briefs August 3, 2018 Page 2 of 10 March 20th, we priced the Series 2018A, $20.1 million of bonds at an all-in true interest cost of 3.08% and on April 4th, we priced the Series 2018B, $8.395 million of bonds, proceeds of which will be used to refund the bond anticipation notes issued in December, at an all-in true interest cost of 3.44%, for a blended all-in true interest cost of 3.23%. Closing for Series A was concluded on April 11th and for Series B on April 25th. Accordingly, the District now has all $30 million from the bond issuances available to carry out the District s facilities plan. From a financial perspective, we will now shift our focus to monitoring and recording the capital expenditures so as to minimize the District s exposure to the I.R.S. arbitrage rebate requirements for one or both bond issuance tranches. Not reflected in the General Fund financial statements are the $652,957 Permanent Improvement taxes collected YTD for the period January through June. The cash expenditure activity for the month and for the fiscal year was $4.8 million or 5.2% more than the prior year amount due to payments totaling approximately $2.0 million for the Middle School roof & cafeteria ceiling project reimbursed from the bond issuance in December combined with expected increases in costs during the year. Through the end of the fiscal year, cash expenditures were above budget by $1.4 million or 1.5%, but $0.6 million or 0.6% below budget after netting the $2.0 million decrease in yearend outstanding encumbrances due to the Middle School roof project. The total net income (income less expenses) net favorable budget variance including the favorable variance ($2.0 million decrease) in outstanding encumbrances is $7.4 million, or $2.9 million after excluding the $4.5 million net accelerated property tax collections received in the first half of calendar 2018, which represent a timing variance from the next fiscal year. II. JUNE 2018 FINANCIAL DETAIL REVIEW A. GENERAL FUND (As of June 30, 2018) REVENUE 1. Real Estate Taxes: $4.2 million or 6.1% more than prior year; Advance and Settlement tax amounts received this year vs. last for the period January through March totaled $4.9 million more, attributable to the acceleration of property tax payments at the end of December due to the Federal Tax Reform legislation. This is simply a shift from the second half of calendar 2018 collections to the first half and thus is a timing difference that crosses fiscal year end. Excluding this advance difference, there is a remaining unfavorable difference of $731,176, $126,000 of which is attributable to the favorable timing difference in the early 2 nd half advance received last May and $260,000 of which is attributable to the unfavorable timing difference in the early 2 nd half advance received this May, which leaves a $345,176 2 nd half 2017 settlement permanent unfavorable variance; 106.1% of estimated amount received this year vs % last year; $4.2 million or 6.1% above budget for the year due to the larger advance, but $0.3 million below budget when adjusting for the timing difference in the receipt of property taxes.

6 Financial & Miscellaneous Briefs August 3, 2018 Page 3 of Investment Earnings: $971,803 received this year; $342,857 or 54.5% more than prior year; 154.5% of estimated amount received this year vs % last year; $342,803 or 54.5% above budget for the year; Cash-basis interest income varies month-to-month and year-to-year due to the varying maturity dates of the investment portfolio; At their July 26, 2017, September 20, 2017, and November 1, 2017 meetings, the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 1 to 1-1/4 percent. At their December 13, 2017 meeting the Committee increased the target range to 1-1/4 to 1-1/2 percent (last adjusted in June 2017). The Committee made no change at their January 31, 2018 meeting, but increased the target range for the federal funds rate by 1/4 percent to 1-1/2 to 1-3/4 percent at their March 21, 2018 meeting. The Committee made no change at their May 2, 2018 meeting. The Committee raised rates by ¼ percent to 1-3/4 to 2 percent at their June 13, 2018 meeting, and maintained those rates at their August 1, 2018 meeting. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction, and it anticipates doing so until normalization of the level of the federal funds rate is well under way. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions. We continue to monitor all aspects of our portfolio and the interest rate markets, in consultation with our investment advisor, the Redtree Investment Group. Market Updates for this month include: The Fed raised rates in June as expected and the market is predicting at least one further rate hike in The yield curve has continued to flatten; at the end of June there were about 30 basis points (0.30%) between the 2-year and 10-year treasury yield. A flat or inverted yield curve can signify an overheating economy. Trade concerns regarding imposed tariffs have investors nervous of the possible implications. Operating Portfolio activity summary comments for this month include: Yield on invested securities increased by 10 bps to 1.78% The portfolio is structured to meet upcoming liquidity needs of the District. In July, over $3.7 million of the portfolio is maturing; RedTree will work with the District to reinvest these funds. We are targeting three to six-month maturities for reinvestment, given the market s rate expectations Bond Proceeds Portfolio activity summary comments for this month include: Yield on invested securities increased to 2.14% from 1.90% as maturing positions were reinvested. The short term positioning of this portfolio should reflect favorably in today s rising interest rate environment.

7 Financial & Miscellaneous Briefs August 3, 2018 Page 4 of 10 As securities mature and are reinvested, RedTree will maintain communication on future spending needs Bond Proceeds Portfolio activity summary comments for this month include: Portfolio funded in April 2018 and is invested in commercial paper, US Treasury Bills, and US Treasury Notes. Similar to the 2017 Construction Funds account, RedTree will maintain communication and coordinate any upcoming spending needs. 3. Other Local Revenue: $2.1 million or 110.6% more than prior year, mostly attributable to the receipt of $1.7 million of capital expenses (primarily the Middle School flat roof and cafeteria ceiling projects) paid for by the General Fund prior to the issuance of the bonds, reimbursed from the bond issuance proceeds received in late December. Additionally, $363,000 of SF-14 & SF-14H payments for the first semester were received in March, April and May this year, but not until after the end of last fiscal yearend in July Partially offsetting these increases was the $92,000 reduction of SF-6 payments received in March, April and May for this year vs last. First half of Fiscal 2017 collections included a delayed SF-6 tuition collection, while the first half of Fiscal 2018 included the delayed (from prior fiscal year) receipt in July of $246,010 from the State for the 1 st semester Fiscal 2017 and $359,192 for the 2 nd semester Fiscal 2017 of SF- 14 & SF-14H payments (thusly accounting for a portion of the low collections in Fiscal 2017); 229.8% of estimated amount received this year vs. 89.7% last year; and $2.3 million or 129.8% above budget for the year. 4. State Foundation: $194,162 or 1.1% more than prior year; 101.1% of estimated amount received this year vs. 97.8% last year; $194,162 or 1.1% above budget for the year; State Foundation payments are merely estimates until the ADM counts are finalized and adjusted starting in January up through the end of the fiscal year with final adjustments in the next fiscal year; however We anticipated receiving approximately the same core funding in Fiscal 2018 as in Fiscal 2017 due to being on the guarantee since having reached the previous gain cap limit now no longer in effect due to declining enrollment coupled with a very small increase in the State formula per pupil funding amount. We ultimately received an increase in preschool special education funding and special education transportation funding for the year since those funding calculations are outside the guarantee calculation. This amount combined with the reduction in Charter school deductions for the year (recorded on our books as a reduction of the District s State Foundation revenue), less an offset for a prior year adjustment resulted in the $194,162 favorable variance for the year. 5. Homestead Exemption & Rollback (HERB): $51,249 or 0.6% less than prior year; 99.4% of estimated amount received this year vs. 98.4% last year; $51,249 or 0.6% below budget for the year.

8 Financial & Miscellaneous Briefs August 3, 2018 Page 5 of Other State Revenue: $65,893 or 6.3% less than prior year; 92.9% of estimated amount received this year vs. 88.8% last year; $74,698 or 7.1% below budget for the year, primarily due to the lower catastrophic aid reimbursement percentage. 7. Federal Receipts: $34,427 or 8.0% less this year primarily due to $15,000 lesser current and $20,000 lesser annual Medicaid settlement reimbursements received this year vs. last year. 90.1% of estimated amount received this year vs % last year; $43,390 or 9.9% below budget for the year. 8. Total Revenue: $6.7 million or 6.8% more than prior year; Variance due to differences highlighted above, but primarily due to the $4.9 million larger tax advance received this year vs. last during the period January through March, plus the $1.7 million from the bond proceeds received in December for the reimbursement of capital expenses paid by the General Fund % of estimated amount received this year vs. 99.5% last year; $6.8 million or 6.9% above budget for the year due to larger tax advance and capital expense reimbursement, but only $2.3 million or 2.33% above budget when adjusting for the timing difference in the receipt of property taxes. EXPENDITURES 9. Salaries & Wages: Payrolls averaged $2,336,024 YTD this year vs. $2,254,943 for prior YTD, for a 3.6% increase from last year s payrolls for the same number of year-to-date pay dates; Excluding sick leave severance payments, increase of 3.5% from prior year; Overall change reflects cumulative effect of contractual and step increases, retirements and replacements that went into effect over the last 12 months, including the increase retroactive to January payment for all teachers in accordance with the new SHTA contract that was paid/adjusted in March; YTD total salaries and wages (including severance payments) are 3.6% above prior year, the same as above as there were no timing differences of grant fund chargebacks; $1,942,251 or 3.6% more than prior year; Variance due to increased salary and wage costs; $267,070 or 0.5% below budget for the year; Classified overtime paid in June 2018 was $1,741 less than June 2017, while the cumulative YTD payments totaled $26,271 or 2.5% more than the prior YTD; Classified temporary wages this YTD are $85,037 more than last YTD, while certified temporary wages this YTD are $6,530 less than prior YTD; Sick leave severance payments increased by $42,724 or 16.0% to $309,977 through this YTD from $267,253 for prior YTD; Amount and timing of such payments vary from year to year depending on number of retirements.

9 Financial & Miscellaneous Briefs August 3, 2018 Page 6 of Capital Outlay: $1.8 million or 99.1% more than prior YTD; $2.9 million or 356.9% above budget for YTD; but only $0.7 million over budget for the year net of the $2.1 million favorable reduction in encumbrances (the Middle School roof and cafeteria ceiling projects) which were carried over from the prior fiscal year end. 11. Total Expenditures: $4.8 million or 5.2% more than prior year; Variance due to timing differences in payments and expected growth in certain expenses, primarily salaries and fringe benefits, including payments totaling approximately $2.0 million for the Middle School roof & cafeteria ceiling project in August, September and November; Encumbrances current month-end total of $5.1 million, which includes $1.9 million for out-of-district tuition, are $2.0 million less than prior year. Encumbrance variance primarily attributable to $0.6 million decrease in out-of-district tuition, $2.1 million decrease in capital outlay, $0.03 million decrease in pupil transportation, $0.1 million increase in textbooks, materials & supplies, and $0.3 million increase in professional & technical services. Through the end of the fiscal year, cash expenditures were above budget by $1.4 million or 1.5%, but $0.6 million or 0.6% below budget after netting the $2.0 million decrease in yearend outstanding encumbrances due primarily to the f i s c a l y e a r e n d 6 / 3 0 / 1 7 $1.8 million encumbrance for the Middle School roof project which was funded by the General Fund pending being reimbursed from the first bond issue in December The reimbursement was included in the Other Local Revenue line of the financial statement. The t o t a l net income (income less expenses) net favorable budget variance including the favorable variance ($2.0 million decrease) in outstanding encumbrances is $7.4 million, or $2.9 million after excluding the $4.5 million net accelerated property tax collections received in the first half of calendar 2018, which represent a timing variance from the next fiscal year. As planned, we successfully lived within our Five-Year Forecast Spending Caps budget as is demonstrated by the chart below. We were once again successful in maximizing the utilization of our discretionary funds while able to maintain an appropriate balance in the health self-insurance fund.

10 Financial & Miscellaneous Briefs August 3, 2018 Page 7 of 10 $ % $ % FYE 2018 FYE 2017 Inc/(Dec) Inc/(Dec) FYE 2016 Inc/(Dec) Inc/(Dec) Budget: "Spending Caps" Budget $95,487,277 $96,091,976 ($604,699) -0.6% $92,725,298 $3,366, % + Carryover Encumbrances from prior yearend 7,129,543 5,679,649 1,449, % 5,252, , % Total Spending Authority 102,616, ,771, , % 97,977,830 3,793, % Expenditures: Cash Payments 96,936,798 92,159,120 4,777, % 89,432,642 2,726, % + Yearend Encumbrances 5,081,976 7,129,543 (2,047,567) -28.7% 5,679,649 1,449, % Total Expenditures 102,018,774 99,288,663 2,730, % 95,112,291 4,176, % Expenditures Below "Spending Caps" $598,046 $2,482,962 ($1,884,916) --- $2,865,539 ($382,577) -0.4% Var. vs. Spending Authority 0.6% 2.4% 2.9% Fav/(Unfav) Encumbrances at June 30, 2018 are $2,047,567 lower than the prior year. The primary categories of the outstanding yearend encumbrances as compared to the prior year are as follows: FYE 2018 FYE 2017 Net Increase (Decrease) Salary & Wages $3,469 $1,233 $2,236 Fringe Benefits 78,785 76,574 2,211 Out-of-District Tuition 1,896,353 2,452,182 (555,829) Utilities 22,172 21, Repairs & Maintenance 390, , ,511 Professional & Technical Services 1,148, , ,239 Outside Pupil Transportation 297, ,151 (32,176) Materials & Supplies 715, , ,651 Other Primary Object Categories 66,108 73,394 (7,286) All Other Purchased Services 159, ,527 33,274 Capital Outlay 302,508 2,452,258 (2,149,750) Total $5,081,976 $7,129,543 $(2,047,567) The $2.0 million decrease is primarily attributable to the $1.8 million Middle School roof project encumbrance at 6/30/ Debt Service Payments: Semi-annual debt service payments on the District s previously issued and outstanding voted General Obligation (G.O.) debt totaling $194,158, all representing interest, were made on the semi-annual June 2018 payment

11 Financial & Miscellaneous Briefs August 3, 2018 Page 8 of 10 date. Such payments are paid from the Bond Retirement Fund 002. The principal balance outstanding at June 30, 2018 totals $11.3 million (after repaying the $1.7 million principal payment last December) for the previously issued and outstanding voted G.O. debt, plus the $30.0 million ($28.5 million net of the premium received offset) of the newly issued voted G.O. debt, for a grand total of $39.8 million of voted G.O. debt. Additionally, semi-annual debt service payments on the District s unvoted general obligation debt totaling $27,312, all representing interest, were made on the semi-annual June 2018 payment date. Such payments are paid from the General Fund and the non-bond portion of Fund 004. The District s unvoted debt principal balance at June 30, 2018 totals $2.6 million consisting of the $0.4 million unvoted debt issued for the stadium improvements; $0.5 million for bus purchases; and $1.7 million for energy conservation projects. B. CASH BALANCES 1. Cash Balance: The General Fund cash balance reflects an increase of $8.5 million from that of one year ago. This is due to the $6.6 million higher beginning of year balance, increased by the $1.9 million larger excess of revenues over expenditures for the current YTD vs. the prior YTD. 2. Cash Deficits - Grant Funds: The following cash deficits are due to a delay in the receipt of state or federal fund cash requests from the State: Fund $149; and Fund $ Unencumbered Fund Balance: The General Fund unencumbered fund balance (cash less encumbrances) at June 30, 2018 was $50.8 million, an increase of $10.5 million from the prior year. The balance is $7.4 million higher than the original budget for the year, due primarily to the accelerated tax advances received due to the December federal tax law change and the receipt of $1.7 million of capital expenses (primarily the Middle School flat roof and cafeteria ceiling projects) paid for by the General Fund prior to the issuance of the bonds, reimbursed from the bond issuance proceeds, combined with the net $0.6 million favorable budget variance for expenditures (including the net change in encumbrances) all detailed as follows: Category & Brief Explanation of Major Variances Revenue: Variance Favorable/ (Unfavorable) Real Estate Property Taxes-accelerated collections due to federal tax law changes $ 4,177,736 Tangible Personal Property Taxes 23,526 Homestead Exemption & Rollback (51,249) Interest on Investments-rising interest rates and higher cash balances 342,803 State Foundation increased preschool & special education funding combined with a decrease in charter school payments (netted) 194,162 Sp. Ed. Catastrophic Aid Reimbursement lower State % paid (74,005) Other State Revenues (693)

12 Financial & Miscellaneous Briefs August 3, 2018 Page 9 of 10 Federal-Medicaid Reimbursements (43,390) Tuition, primarily from other Districts-early collection of SF14 receipts partially offset by reduction in SF-6 receipts 342,281 Prescription Drug Program Rebates 158,517 Reimbursement of Middle School Roof costs 1,743,051 Other Local Revenues 7,701 Total Revenue Variance $6,820,440 Expenditures: Salaries & Wages replacement savings & open positions 264,835 Health Insurance full 10% rate increase in January (133,831) All Other Fringe Benefits (162,593) Out-of-District Tuition 678,318 Utilities 149,936 Pupil Transportation 106,372 Repairs & Maintenance (387,067) Professional & Technical Services 44,389 All Other Purchased Services 501,488 Materials & Supplies 402,774 Capital Outlay (705,550) Transfers Out 5,000 County Auditor Fees (165,464) Other (561) Total Expenditures Variance (net of change in encumbrances) 598,046 Total Net Favorable Variance $7,418,486 C. OTHER ITEMS 1. Final Fiscal Year Results Compared to Forecasts: Included in Section 4 for your reference is a comparison of the final fiscal yearend results to the May 2018 and the October 2017 Five-Year Forecasts. 2. All Funds Summary: Included in Section 4 for your reference is a summary of all funds including beginning of year cash balances, receipts, expenditures and end-of-year cash balances broken down by fund type including local, state and federal grant funds. 3. Bureau of Workers Compensation (BWC) Rebates: As discussed during the Treasurer s report at the May Board meeting, Governor Kasich proposed and the BWC approved another rebate program dubbed the $1.5 Billion Back Program providing for as much as $48 million being refunded to Ohio public school districts. The District received its rebate totaling $279,353 in early July. The rebate, will once again be receipted in the District s BWC claims reserve Fund 027 to support the ten-year runoff of claims obligations as they come due for the claims years prior to calendar 2015 (when the District switched to the Group Retro program from the individual Retro program).

13 Financial & Miscellaneous Briefs August 3, 2018 Page 10 of 10 Additionally, the District recently received its second rebate amounting to $52,886 for the 2015 claims year and the first rebate amounting to $23,060 for the 2016 claims year under the BWC s Group Retro program in which the District participates. Both of these rebates are deposited to Fund 022 where they are used to reduce the current premium expense paid to the BWC. 4. Special Education Catastrophic Aid Reimbursement Received: As we reported in the May month-end report, the District prepared and submitted a request for reimbursement of special education catastrophic costs for fiscal 2017 totaling $2,056,633 which represented a $9,607 or 0.5% increase from the fiscal 2016 reimbursement calculation amount of $2,047,026. The percent of the submission that gets paid by the State varies each year based upon the number and volume of dollar reimbursement requests submitted by districts statewide relative to the State s budget for the reimbursement. The fiscal 2017 payment of $718,995 or 35.0% of claims submitted was received in early June and recorded in Other State Revenue. The amount received, which the State paid at a 35.0% rate as compared to 38.4% for fiscal 2016, was $74,005 below the budgeted $793, Enterprise Resource Planning System Status Update: NEOnet presented an overview of the efinanceplus system to the staff of the Human Resources and Treasurer s departments on June 18 th at the Admin building; a next steps meeting with the Treasurer and Assistant Treasurer on July 3 rd ; and an efinanceplus kickoff meeting with the Human Resources and Treasurer s department staff on August 6 th. With the closing of the fiscal year, as a first step in the conversion process, we have begun the process of transferring the District s finance files from Connect, our current Information Technology Center (ITC), to NEONet, who will guide us through the conversion process.

14 2. CHARTS

15 SHAKER HEIGHTS CITY SCHOOL DISTRICT GENERAL FUND CASH BALANCE $75,000,000 $70,000,000 $65,000,000 $60,000,000 $55,000,000 $50,000,000 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN June 30, 2018

16 SHAKER HEIGHTS CITY SCHOOL DISTRICT GENERAL FUND (Fiscal Year to Date) $110,000,000 $100,000,000 $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $0 RECEIPTS $105,403,626 EXPENDITURES $96,936,798 June 30, 2018

17 SHAKER HEIGHTS CITY SCHOOL DISTRICT GENERAL FUND RECEIPTS $28,000,000 $26,000,000 $24,000,000 $22,000,000 $20,000,000 $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 June 30, 2018 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN

18 SHAKER HEIGHTS CITY SCHOOL DISTRICT GENERAL FUND EXPENDITURES $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN June 30, 2018

19 3. CONSOLIDATED INVESTMENT PORTFOLIO

20 Monthly Investment Report June 2018 Operating Funds Call Maturity Trade Yield Wtd Security Coupon Date Date Date Quantity Cost Basis Market Value at Cost Maturity CASH STAR Ohio-General 6/30/2018 $5,598, $5,598, $5,598, Huntington - Operating 6/30/2018 $2,586, $2,586, $2,586, Cash Subtotal $8,184, $8,184, $8,184, % 0.00 SHAKER HEIGHTS CASH TOTAL $8,184, $8,184, $8,184, % 0.00 REDTREE OPERATING PORTFOLIO CERTIFICATES OF DEPOSIT Everbank, FL /30/2018 7/30/2015 $248, $248, $247, Sallie Mae Bank, UT /30/2018 7/30/2014 $247, $247, $246, Pulaski Bank, MO /31/2018 7/31/2015 $249, $249, $248, MB Financial Bank, IL /6/2018 8/6/2015 $249, $249, $248, Compass Savings Bank, PA /7/2018 8/7/2015 $249, $249, $248, ConnectOne Bank, NJ /7/2018 8/7/2015 $249, $249, $248, Worlds Foremost Bank, NE /20/2018 8/20/2015 $200, $200, $199, Medallion Bank, UT /31/2018 8/31/2015 $248, $248, $247, Comenity Capital Bank, UT /19/ /17/2014 $249, $249, $248, Discover Bank, DE /4/2019 6/4/2014 $247, $247, $246, Barclay's Bank, DE /2/2019 7/2/2014 $247, $247, $246, American Express Nat'l Bank, UT (formerly AmE /31/2019 7/31/2014 $247, $247, $245, First Business Bank, WI /31/2019 7/31/2015 $247, $247, $245, Synchrony Bank, UT /1/2019 8/1/2014 $247, $247, $246, American Express Nat'l Bank, UT (formerly AmE /30/2020 4/30/2015 $247, $247, $243, CIT Bank, UT /30/2020 7/30/2015 $247, $247, $244, Capital One, National Assoc, Mclean, VA /5/2020 8/5/2015 $247, $247, $241, Wells Fargo Bank, SD /16/ /14/2016 $249, $248, $238, Brokered Certificates of Deposit Subtotal $4,413, $4,412, $4,383, % 0.85 COMMERCIAL PAPER General Electric Capital Corp Treasury - 7/20/2018 2/23/2018 $1,000, $991, $998, ING US CP - 7/23/2018 2/23/2018 $1,025, $1,016, $1,023, Toyota Motor Credit - 7/27/2018 2/26/2018 $1,015, $1,006, $1,013, JP Morgan - 8/24/ /29/2017 $1,230, $1,213, $1,226, Credit Agricole NY - 8/27/2018 4/27/2018 $450, $446, $448, General Electric Capital Corp Treasury - 8/27/ /29/2017 $990, $977, $986, BNP Paribas - 9/21/2018 5/21/2018 $800, $793, $796, General Electric Capital Corp Treasury - 9/21/2018 5/24/2018 $760, $754, $756, JP Morgan - 9/21/2018 6/29/2018 $1,600, $1,591, $1,592, MUFG Bank - 9/25/2018 5/24/2018 $690, $684, $686, Toyota Motor Credit - 9/26/2018 5/29/2018 $660, $654, $656, Natixis NY - 9/28/2018 5/29/2018 $1,070, $1,061, $1,064, Bank of Montreal - 10/29/2018 6/27/2018 $1,770, $1,756, $1,756, General Electric Capital Corp Treasury - 10/29/2018 5/30/2018 $500, $495, $496, Credit Agricole NY - 11/5/2018 6/29/2018 $1,900, $1,884, $1,884, JP Morgan - 11/20/2018 5/29/2018 $1,750, $1,729, $1,733, Natixis NY - 11/26/2018 6/28/2018 $2,000, $1,980, $1,980, MUFG Bank - 11/27/2018 6/27/2018 $3,500, $3,465, $3,466, TD USA - 11/28/2018 6/27/2018 $1,700, $1,683, $1,683, BNP Paribas - 11/29/2018 6/28/2018 $2,000, $1,980, $1,980, Canadian Imp Holdings - 12/27/2018 6/27/2018 $2,000, $1,975, $1,976, Commercial Paper Subtotal $28,410, $28,142, $28,207, % 0.31 MONEY MARKET FUNDS First American Treasury Obligations Fund 6/30/2018 $32, $32, $32, Money Market Subtotal $32, $32, $32, % 0.00 US AGENCY GOVERNMENT NOTES Federal Natl Mtg Assoc /13/ /13/ /13/2015 $750, $750, $747, Federal Home Ln Mtg /15/2019 3/18/2016 $4,505, $4,503, $4,463, Federal Home Ln Mtg /24/2018 5/24/2019 7/14/2016 $2,855, $2,855, $2,825, Federal Natl Mtg Assoc /28/2018 6/28/2019 6/27/2016 $3,500, $3,500, $3,460, Federal Home Ln Mtg /19/2019 7/26/2016 $4,855, $4,836, $4,778, Federal Home Ln Bank /5/2019 8/8/2016 $3,000, $2,989, $2,949, Federal Natl Mtg Assoc /27/2018 7/27/2020 7/25/2016 $2,000, $2,000, $1,947, Federal Natl Mtg Assoc /28/2018 8/28/2020 8/26/2016 $3,700, $3,700, $3,601, Federal Farm Credit Bank /6/ /19/2020 8/29/2016 $3,280, $3,280, $3,189, Federal Natl Mtg Assoc /24/2018 8/24/2021 8/26/2016 $3,380, $3,380, $3,251, U.S. Agency Government Notes Subtotal $31,825, $31,794, $31,214, % 1.48 U.S. TREASURY NOTES US Treasury Note /30/2018 5/30/2018 $2,875, $2,864, $2,866, U.S. Treasury Bills Subtotal $2,875, $2,864, $2,866, % 0.30 U.S. TREASURY BILLS US Treasury Bill - 10/18/2018 4/18/2018 $1,875, $1,856, $1,864, US Treasury Bill - 12/27/2018 6/28/2018 $2,060, $2,038, $2,039, U.S. Treasury Bills Subtotal $3,935, $3,895, $3,903, % 0.40 REDTREE OPERATING PORTFOLIO TOTAL $71,490, $71,141, $70,606, %

21 Monthly Investment Report June 2018 Bond Proceeds Accounts Call Maturity Settle Yield Wtd Security Coupon Date Date Date Quantity Cost Basis Market Value at Cost Maturity REDTREE 2017 BOND PROCEEDS PORTFOLIO COMMERCIAL PAPER Toyota Motor Credit - 10/5/2018 1/4/2018 $2,440, $2,405, $2,425, General Electric Capital Corp Treasury - 10/22/2018 1/26/2018 $1,020, $1,005, $1,012, Toyota Motor Credit - 10/26/2018 1/29/2018 $895, $881, $888, Bank of Montreal - 10/29/2018 6/27/2018 $1,000, $992, $992, MUFG Bank - 10/31/2018 6/29/2018 $380, $376, $376, Credit Agricole NY - 11/5/2018 6/29/2018 $550, $545, $545, BNP Paribas - 11/29/2018 6/28/2018 $1,000, $990, $990, Canadian Imp Holdings 12/27/2018 6/27/2018 $1,000, $987, $988, Commercial Paper Subtotal $8,285, $8,185, $8,219, % 0.34 MONEY MARKET FUNDS First American Treasury Obligations Fund 6/30/2018 $6, $6, $6, Money Market Subtotal $6, $6, $6, % 0.00 REDTREE 2017 BOND PROCEEDS PORTFOLIO TOTAL $8,291, $8,191, $8,226, % 0.34 REDTREE 2018 BOND PROCEEDS PORTFOLIO COMMERCIAL PAPER MUFG Bank - 7/13/2018 4/13/2018 $755, $750, $754, Toyota Motor Credit - 7/16/2018 4/16/2018 $750, $745, $749, General Electric CP - 7/30/2018 4/26/2018 $1,075, $1,068, $1,073, TD USA - 7/30/2018 4/27/2018 $1,080, $1,073, $1,078, MUFG Bank - 7/31/2018 4/26/2018 $305, $303, $304, JP Morgan - 8/10/2018 4/12/2018 $760, $754, $758, JP Morgan - 8/23/2018 4/26/2018 $305, $302, $304, Credit Agricole NY - 8/27/2018 4/27/2018 $1,410, $1,399, $1,405, Natixis NY 9/27/2018 4/27/2018 $1,980, $1,960, $1,969, Commercial Paper Subtotal $8,420, $8,358, $8,396, % 0.13 MONEY MARKET FUNDS First American Treasury Obligations Fund 6/30/2018 $6, $6, $6, Money Market Subtotal $6, $6, $6, % 0.00 U.S. Treasury Bills US Treasury Bill - 9/20/2018 4/19/2018 $625, $619, $622, US Treasury Bill 10/18/2018 4/18/2018 $2,000, $1,980, $1,988, U.S. Treasury Bills Subtotal $2,625, $2,600, $2,610, % 0.28 U.S. Treasury Notes US Treasury Note /31/2018 4/11/2018 $2,800, $2,789, $2,792, US Treasury Note /30/2018 4/12/2018 $2,800, $2,786, $2,790, US Treasury Note /31/2018 4/11/2018 $2,800, $2,788, $2,790, U.S. Treasury Notes Subtotal $8,400, $8,365, $8,373, % 0.41 REDTREE 2018 BOND PROCEEDS PORTFOLIO TOTAL $19,451, $19,329, $19,387, % 0.27 REDTREE INVESTMENT PORTFOLIO's TOTAL $99,232, $98,663, $98,220, % 0.71 SHAKER HEIGHTS GRAND TOTAL $107,417, $106,848, $106,405, %

22 Monthly Summary June 2018 Market Update The Fed raised rates in June as expected and the market is predicting at least one further rate hike in The yield curve has continued to flatten; at the end of June there were about 30 basis points(0.30%) between the 2yr and 10yr treasury yield. A flat or inverted yield curve can signify an overheating economy. Trade concerns regarding imposed tariffs have investors nervous of the possible implications. Operating Portfolio: Summary of Monthly Activity Yield on invested securities increased by 10bps to 1.78% The portfolio is structured to meet upcoming liquidity needs of the District. In July, over $3.7 million of the portfolio is maturing, RedTree will work with the District to reinvest these funds. We are targeting three to sixth month maturities for reinvestment, given the market s rate expectations Bond Proceeds: Summary of Monthly Activity Yield on invested securities increased to 2.14% from 1.90% as maturing positions were reinvested. The short term positioning of this portfolio should reflect favorably in today s rising interest rate environment. As securities mature and are reinvested, RedTree will maintain communication on future spending needs Bond Proceeds: Summary of Monthly Activity Portfolio funded in April 2018 and is invested in commercial paper, US Treasury Bills, and US Treasury Notes. Similar to the 2017 Construction Funds account, RedTree will maintain communication and coordinate any upcoming spending needs. Maturity Distribution Months to Maturity > < 12 $3,629,000 $9,474,000 $9,090,000 $85,224,704 $0 $25,000,000 $50,000,000 $75,000,000 $100,000, % 2.00% 1.50% 1.00% 0.50% 0.00% 1.91% 2.06% Yield Comparison 0.05% Shaker Heights Star Ohio *Huntington Earnings Credit 2.33% US Treas 1yr BAML Index 30% 17% 4% Investment Allocation 8% Money Market Funds Commercial Paper 42% Certificates of Deposit US Agency Notes US Treasury Securities *Earnings credit to offset bank charges; does not pay actual interest 3

23 Monthly Transaction Summary Operating Portfolio June 2018 Redeemed Securities : Sales, Calls, and Maturities Security CUSIP Transaction Date Original Cost Basis Income Received General Electric Capital Bank CD 6/6/ CQT0 6/6/2018 $248,000 $1, ING USA CP 6/28/ W1FU5 6/28/2018 $3,621, $28, TD USA CP 6/28/ BFU5 6/28/2018 $4, $31, Natixis CP 6/28/ KFU6 6/28/2018 $1,509, $10, MUFG Bank CP 6/28/ CFU0 6/28/2018 $3,949, $30, BNP Paribas CP 6/28/ CFU7 6/28/2018 $1,236, $8, BNP Paribas CP 6/29/ CFV5 6/29/2018 $2,257, $17, Total Redeemed Securities $17, $128, Purchased Securities Security CUSIP Transaction Date Cost Basis Projected Annual Income Bank of Montreal CP 10/29/ HKV8 6/28/2018 $1,756, $13, Canadian Imp Holdings CP 12/27/ BMT8 6/28/2018 $1,975, $24, MUFG Bank CP 11/27/ MLT8 6/28/2018 $3,465, $34, TD USA CP 11/28/ BLU8 6/28/2018 $1,683, $16, US Treasury Bill 12/27/ QQ5 6/28/2018 $1,197, $12, BNP Paribas CP 11/29/ KLV0 6/29/2018 $1,980, $19, Credit Agricole NY CP 11/5/ UL50 6/29/2018 $1,884, $15, JP Morgan CP 9/21/ QJM4 6/29/2018 $1,591, $8, Natixis NY CP 11/26/ KLS4 6/29/2018 $1,980, $19, US Treasury Bill 12/27/ QQ5 6/29/2018 $841, $8, Total Security Purchases $18,355, $174, Interest Earnings Received Asset Class Total Income Received Cash (Star Ohio, Star Plus, Huntington) $15, Money Market Funds $3, Commercial Paper + Bankers Acceptances $126, Certificates of Deposit $6, U.S. Agency Notes $21, Total Interest Earnings for the period $172, Realized Gains and Losses Security N/A for June Total Realized Gains and Losses for the period Total Realized Gains and Losses 4

24 Monthly Transaction Summary 2017 Bond Proceeds June 2018 Redeemed Securities : Sales, Calls, and Maturities Security CUSIP Transaction Date Original Cost Basis Income Received JP Morgan CP 7/3/ QG39 6/25/2018 $1,570, $13, Natixis CP 6/29/ KFV4 6/28/2018 $397, $2, BNP Paribas CP 6/29/ CFV5 6/29/2018 $1,146, $8, Natixis CP 6/29/ KFV4 6/29/2018 $744, $5, Total Redeemed Securities $3,858, $31, Purchased Securities Security CUSIP Transaction Date Cost Basis Projected Annual Income Bank of Montreal CP 10/29/ HKV8 6/28/2018 $992, $7, Canadian Imperial Holdings CP 12/27/ BMT8 6/28/2018 $987, $12, Credit Agricole NY CP 11/5/ UL50 6/29/2018 $545, $4, MUFG Bank CP 10/31/ MKX0 6/29/2018 $376, $3, BNP Paribas CP 11/29/ KLV0 6/29/2018 $990, $9, Total Security Purchases $3,892, $37, Interest Earnings Received Asset Class Total Income Received Money Market Funds $14.26 Commercial Paper + Bankers Acceptances $31, Total Interest Earnings for the period $31, Realized Gains and Losses Security Total Realized Gains and Losses N/A for June Total Realized Gains and Losses for the period $0 5

25 Monthly Transaction Summary 2018 Bond Proceeds June 2018 Redeemed Securities : Sales, Calls, and Maturities Security CUSIP Transaction Date Original Cost Basis Income Received US Treasury Bill 9/20/ PZ6 6/29/18 $729, $2, Total Redeemed Securities $729, $2, Purchased Securities Security CUSIP Transaction Date Cost Basis Projected Annual Income N/A June Total Security Purchases $0.00 $0.00 Interest Earnings Received Asset Class Total Income Received Money Market Funds $41.31 Commercial Paper + Bankers Acceptances $0 U.S. Treasury s $2, Total Interest Earnings for the period $2, Realized Gains and Losses Security Total Realized Gains and Losses N/A for June Total Realized Gains and Losses for the period $0 6

26 4. FINANCIAL SUMMARY FOR GENERAL FUND

27 SCHOOL DISTRICT General Fund - Financial Statement Fiscal Year Ending June 30, A B CD E F G H I J K L M N O P Q R Month of June Year-To-Date June Year-To-Date June Actual F18 Actual F17 $ Inc(Dec) %Inc(Dec) Actual F18 Actual F17 $ Inc(Dec) %Inc(Dec) YTDBud.F18 $ Inc(Dec) %Inc(Dec) REVENUE: Real Estate Taxes $0 $0 $0 #DIV/0! $72,991,583 $68,813,847 $4,177, % $68,813,847 $4,177, % Personal Property Taxes #DIV/0! 23, ,526 #DIV/0! 0 23,526 #DIV/0! Investment Earnings 171,529 35, , % 971, , , % 629, , % Other Local 220, ,609 2, % 3,986,385 1,892,624 2,093, % 1,734,835 2,251, % State Foundation 1,420,319 1,357,709 62, % 17,306,003 17,111, , % 17,111, , % Homestead Exemption & RollBack #DIV/0! 8,749,414 8,800,663 (51,249) -0.6% 8,800,663 (51,249) -0.6% Other State 718, ,056 (66,061) -8.4% 979,302 1,045,195 (65,893) -6.3% 1,054,000 (74,698) -7.1% Federal-primarily Medicaid reimb. 13, ,454 (326,745) -96.0% 395, ,037 (34,427) -8.0% 439,000 (43,390) -9.9% Transfers & Advances In #DIV/0! #DIV/0! 0 0 #DIV/0! TOTAL REVENUE 2,545,078 2,736,383 (191,305) -7.0% 105,403,626 98,723,153 6,680, % 98,583,186 6,820, % EXPENDITURES: Salaries & Wages 5,192,757 4,996, , % 56,000,930 54,058,679 1,942, % 56,268,000 (267,070) -0.5% Fringe Benefits: Health Insurance 767, ,878 18, % 9,102,831 8,645, , % 8,969, , % Retirement Expense 827, ,220 53, % 8,880,478 8,465, , % 8,745, , % All Other Fringes 127, ,440 8, % 1,499,206 1,408,566 90, % 1,474,300 24, % Total Fringe Benefits 1,722,280 1,641,538 80, % 19,482,515 18,519, , % 19,188, , % Purchased Services: Utilities 67,830 88,140 (20,310) -23.0% 1,212,314 1,218,362 (6,048) -0.5% 1,362,602 (150,288) -11.0% Out-of-District Tuition 496, ,702 (236,422) -32.3% 4,730,511 4,622, , % 4,853,000 (122,489) -2.5% Pupil Transportation 185, ,808 26, % 1,256,803 1,267,431 (10,628) -0.8% 1,331,000 (74,197) -5.6% Repairs & Maintenance 37,051 34,932 2, % 713, , , % 595, , % All Other Purchased Services 587, ,645 (5,533) -0.9% 4,814,612 4,987,549 (172,937) -3.5% 5,654,000 (839,388) -14.8% Total Purchased Services 1,374,199 1,608,227 (234,028) -14.6% 12,727,796 12,668,098 59, % 13,795,602 (1,067,806) -7.7% Textbooks, Materials & Supplies 170, ,735 15, % 2,778,575 3,041,024 (262,449) -8.6% 3,312,000 (533,425) -16.1% Capital Outlay 13,434 47,525 (34,091) -71.7% 3,655,300 1,835,476 1,819, % 800,000 2,855, % Other-primarily Cty.Aud.&Treas.Fees 27,359 30,896 (3,537) -11.4% 2,026,682 1,791, , % 1,853, , % Transfers & Advances Out #DIV/0! 265, ,000 20, % 270,000 (5,000) -1.9% TOTAL EXPENDITURES 8,500,412 8,479,076 21, % 96,936,798 92,159,120 4,777, % 95,487,277 1,449, % Net Revenues/(Expenditures) (5,955,334) (5,742,693) (212,641) 3.7% 8,466,828 6,564,033 1,902, % 3,095,909 5,370, % Cash, Beginning of Period 62,192,126 53,512,657 8,679, % 47,769,964 41,205,931 6,564, % 47,769, % Cash, End of Month 56,236,792 47,769,964 8,466, % 56,236,792 47,769,964 8,466, % 50,865,873 5,370, % Less O/S Encumbrances 5,081,976 7,129,543 (2,047,567) -28.7% 5,081,976 7,129,543 (2,047,567) -28.7% 7,129,543 (2,047,567) -28.7% Less Budget Reserve 353, , % 353, , % 353, % Fund Balance, End of Month $50,801,746 $40,287,351 $10,514, % $50,801,746 $40,287,351 $10,514, % $43,383,260 $7,418, % % % Total General Obligation Debt Outstanding $42,444,310 $15,979,309 0 Fav/(Unfav) vs. Budget incld'g net change in October ADM Enrollment-K Final Total 4,955 5,111 Per Pupil Expenditure $19,563 $18,032 0 encumb. = $598, % FS12Jun18 ao Rev /SummaryF18 8/9/2018

28 SHAKER HEIGHTS CITY SCHOOL DISTRICT General Fund-Budget by Month Fiscal Year Ending June 30, 2018 FS12Jun18 ao Rev F18MvgMthlyBudget 8/9/ A B AA AB AC AD AE AF AG AH AI AJ AK AL AM AN AP AQ BUDGET BUDGET BUDGET BUDGET Adopted Var Fav/(Unfav) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Var. Deemed Total Budget Deemed REVENUE: Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Temporary Rev.Proj. Permanent Real Estate Taxes $10,022,000 $20,458,671 $0 $0 $0 $0 $15,091,000 $22,406,000 $4,101,912 $0 $912,000 $0 (4,522,912) $68,468,671 $68,813,847 ($345,176) Personal Property Taxes , , ,526 Investment Earnings 51,588 80,777 33,865 73,711 97, ,092 60,074 89,690 19,913 74, , , , , ,803 Other Local 622,239 74, ,393 17,285 45,656 1,822,989 73, , , , , , ,986,385 1,734,835 2,251,550 State Foundation 1,423,682 1,467,478 1,420,400 1,536,272 1,422,639 1,446,760 1,448,052 1,435,938 1,431,440 1,431,517 1,421,506 1,420, ,306,003 17,111, ,162 Homestead Exemption & RollBack ,377, ,372, ,749,414 8,800,663 (51,249) Other State 0 138, , , ,302 1,054,000 (74,698) Federal-primarily Medicaid reimb , ,141 12,847 6,563 11, ,269 11,997 7,945 13, , ,000 (43,390) Transfers & Advances In TOTAL REVENUE 12,119,509 22,219,646 1,626,222 6,004,662 1,574,227 3,409,214 16,801,654 24,045,844 6,333,442 1,707,693 7,016,435 2,545,078 (4,522,912) 100,880,714 98,583,186 2,297,528 EXPENDITURES: Salaries & Wages 4,514,259 4,483,567 4,567,175 4,600,482 4,795,473 4,738,458 4,607,201 4,585,672 4,668,517 4,637,407 4,609,962 5,192, ,000,930 56,268, ,070 Fringe Benefits: Health Insurance 753, , , , , , , , , , , , ,102,832 8,969,000 (133,832) Retirement Expense 741, , , , , , , , , , , , ,880,479 8,745,000 (135,479) All Other Fringes 115, , , , , , , , , , , , ,499,204 1,474,300 (24,904) Total Fringe Benefits 1,609,531 1,591,116 1,604,584 1,575,127 1,615,610 1,601,009 1,706,805 1,624,268 1,619,230 1,607,429 1,605,526 1,722, ,482,515 19,188,300 (294,215) Purchased Services: 15.86% 15.54% Utilities 84,945 81,095 82, , , , , , , ,003 90,959 67, ,212,317 1,362, ,285 Out-of-District Tuition 120, , , , , , , , , , , , ,730,511 4,853, ,489 Pupil Transportation 50,363 35,446 4, , , ,150 27, , , , , , ,256,801 1,331,000 74,199 Repairs & Maintenance 65, , ,697 49,409 20,094 61,429 27,587 97,575 20,095 54,011 23,086 37, , ,000 (118,556) All Other Purchased Services 261, , , , , , , , , , , , ,814,611 5,654, ,389 Total Purchased Services 583,189 1,015, ,880 1,731, ,349 1,221, ,812 1,120,798 1,199,772 1,135,635 1,053,405 1,374, ,727,796 13,795,602 1,067,806 Textbooks, Materials & Supplies 339, , , , , , , , , , , , ,778,575 3,312, ,425 Capital Outlay 71,184 1,286, , , ,534 75, ,783 73, ,526 62,175 17,924 13, ,655, ,000 (2,855,300) Other-primarily Cty.Aud.&Treas.Fees 74, ,423 31,711 12,964 9, ,409 20,308 16, ,167 49,769 11,089 27, ,026,682 1,853,375 (173,307) Transfers & Advances Out , , , , ,000 5,000 TOTAL EXPENDITURES 7,191,764 9,438,300 7,714,986 8,506,686 8,437,284 8,095,880 7,476,824 7,582,328 8,765,802 7,692,580 7,533,952 8,500, ,936,798 95,487,277 (1,449,521) Net Revenues/(Expenditures) 4,927,745 12,781,346 (6,088,764) (2,502,024) (6,863,057) (4,686,666) 9,324,830 16,463,516 (2,432,360) (5,984,887) (517,517) (5,955,334) (4,522,912) 3,943,916 3,095, ,007 Cash, Beginning of Period 47,769,964 52,697,709 65,479,055 59,390,291 56,888,267 50,025,210 45,338,544 54,663,374 71,126,890 68,694,530 62,709,643 62,192,126 47,769,964 47,769,964 0 Cash, End of Month 52,697,709 65,479,055 59,390,291 56,888,267 50,025,210 45,338,544 54,663,374 71,126,890 68,694,530 62,709,643 62,192,126 56,236,792 (4,522,912) 51,713,880 50,865, ,007 Less O/S Encumbrances 12,657,730 14,315,014 13,793,378 12,439,133 11,042,782 10,125,061 9,692,700 9,183,671 8,062,779 6,436,379 5,993,289 5,081, ,081,976 7,129,543 2,047,567 Less Budget Reserve 353, , , , , , , , , , , , , ,070 0 Fund Balance, End of Month $39,686,909 $50,810,971 $45,243,843 $44,096,064 $38,629,358 $34,860,413 $44,617,604 $61,590,149 $60,278,681 $55,920,194 $55,845,767 $50,801,746 ($4,522,912) $46,278,834 $43,383,260 $2,895,574