Fiscal Year Budget

Transcription

1 Fiscal Year September 2017

2 Florida High School Athletic Association, Inc Fiscal Year Estimated Revenue $5,620,630 Officials Fees 8% $450,600 Dues & Fees, 4% Service Fees $246,100 1% $65,300 Fines, 1% $54,300 Invest & Other 2% $95,000 Championships 24% $1,328,600 Corporate 39% $2,194,930 State Series Playoff 15% $859,800 Classics 6% $326, Estimated Expenses $5,718,423 Utilities, Insurance 7% $393,100 Communications 16% $911,478 Compliance 11% $654,339 Athletic Services & Events 36% $2,041,584 Recognition 3% $153,452 General Services Fiscal, Tech, Contracting $623,871 11% Board & Admin 7% $414,389 Officials 9% $526,210

3 Florida High School Athletic Association, Inc Final versus Prior Year Major Items Impacting Continued emphasis is placed on seeking corporate funding and maximizing State Finals event revenue in order to reduce fees to our member schools. $48,450 per year reduced general fees & fines for member schools Penalties and Fines were at a thirteen year low in the prior year. The budget estimates a continuing downward trend with $54,300 for This is a $32,050 reduction compared to the prior year budget. Fines provide less than 2% of total revenue for the year and are used for scholarships, sportsmanship awards and Hall of Fame recognition. General fees charged to member schools have decreased by $16,400 per year for processing of drop and adds of sports and late state entry reports. Providing more opportunities to student-athletes Dual Team Wrestling State Finals will take place for the first time and will provide opportunity for three new team championships. $50,000 will continue to be awarded in college scholarships to students this year, recognizing excellence in academics and athletics. $101,500 per year growth in corporate revenue Royalties on the sale of logo merchandise are budgeted $101,500 higher than the prior year to reflect a new merchandizing agreement. Corporate sponsors, including televised events remain steady and provide over $2 million per year, or 39% of annual resources. MaxPreps and Florida Dairy Farmers are new sponsors, replacing the losses in sponsors from the prior year. $122,300 savings in software School administrator software for tracking athletes and athletic events has been contracted with Home Campus, providing efficiency and cost savings totaling $128,300. Arbiter has been contracted to provide officials an efficient system for registration and testing as well as access to electronic rule books at an increased cost over the prior year of only $6,000. $78,000 increase in legal cost sharing fees Several high profile lawsuits in the prior year resulted in an increase in legal costs, which are recouped by assessing member schools a pro-rata share of the prior year actual expense. The increased costs were incurred to defend the FHSAA s by-laws and policies including student athlete eligibility. Balancing new initiatives and rising costs with cost saving ideas and efficiency Rising costs in the areas of property insurance, group health insurance, and cost of living combine for a $137,000 increase in budget. A combined reduction of $198,000 in the areas of books, donations, transfers to Land Corporation, and lower cost of awards will help offset rising costs in the budget.

4 Florida High School Athletic Association, Inc Final - for adoption September 18, 2017 Summary of Major Changes to the Tentative Revenue: Tentative $ 5,564, Final $ 5,620, Difference $ 56, New Dual Team Wrestling State Event $ 30, Classics revenue increased to reflect prior yr $ 20, Officials registration fees increased to reflect prior yr $ 15, State Series Spring Sports adjusted to reflect prior yr $ 8, General fees decreased to reflect prior yr $ (1,000.00) New Event Contract for Track Finals - decreased share $ (8,000.00) Corporate Event 3rd Party contracts adjusted to reflect prior yr $ (8,700.00) $ 56, Expenses: Tentative $ 5,673, Final $ 5,718, Difference $ 44, Loss Reimb and Team Payouts for Finals increased to prior year $ 21, New Dual Team Wrestling Event estimated costs $ 8, Increased Softball Finals costs to match prior year actual $ 7, Property & Casualty insurance rate increase $ 3, Increased Track Finals expenses - to match prior year $ 2, Sport Advisory committee increased to match prior year $ 2, Girls VB event host share increased $16,000 and team pay decreased $ - $ 44, Impact on Fund Balance Board Policy requires Fund Balance to be within 75% - 150% range Tentative Final Difference July 1, 2017 Fund Balance $ 5,220, $ 5,354, $ 134, Estimated Revenue $ 5,564, $ 5,620, $ 56, Estimated Expense $ (5,673,473.00) $ (5,718,423.00) $ (44,950.00) Est. June 30, 2018 Balance $ 5,111, $ 5,257, $ 145, Fund Balance as % of Rev 91.9% 93.5% 1.7%

5 Florida High School Athletic Association, Inc Final vs Tentative By Function Code 01 - General Operations Tentative Final Change Major Reasons for Change in Final Revenues General Athletics 1,408, ,424, , Spring sport events increased to prior year Championships 1,070, ,103, , New Dual Wrestling event Officials 437, , , Registration fees increased to prior year actual Officials Camps Recognition 7, , Sponsors/Marketing 2,195, ,187, (7,700.00) 3rd Party Fees reduced to prior year actual Eligibility/Compliance 103, , Other 341, , Total Revenues 5,564, ,620, , Expenses General Athletics 1,420, ,424, , Loss reimbursements; Sport Advisory and Championships 686, , , New Dual Team Wrestling; Girls VB & SB Officials 418, , (1,000.00) Reduced evaluators cost to prior year actual Officials Camps General Admin 31, , Board/Exec Dir 681, , , Property & Casualty Insurance increase Info Services 98, , Recognition 153, , Sponsors/Marketing 16, , Fiscal Services 461, , Communications 911, , Eligibility/Compliance 654, , Custodial/Operations 2, , Other 14, , Transfers 120, , Total Expenses 5,673, ,718, , Net Income (109,243.00) (97,793.00) 11,450.00

6 01 - General Operations Florida High School Athletic Association, Inc Final vs Tentative By Detail Code Tentative Final Change Reasons for Change in Final REV Classics/Jamborees/Bowls , , , Match Prior Year Actual District Playoff , , (800.00) Match Prior Year Actual Regional Qtr , , (3,900.00) Match Prior Year Actual Regional Semi , , (1,000.00) Match Prior Year Actual Regional Final , , , Match Prior Year Actual State Semi , , State Final ,064, ,097, , Dual Team Wrestling, and match Prior Year Actual State Series Pass , , Education Fees , , (2,000.00) Match Prior Year Actual Registration Fees , , , Officials Program - match prior year actual Direct Sponsor , , Marketing Prog , , TV contracts , , Radio Fees , , Royalties , , , Boys WL - match prior year actual Trademark Fees Donations - restrict , , Corporate Events/3rd Party , , (8,700.00) Match Prior Year Actual Penalties/Fines , , Member Dues , , FIAAA Dues , , Legal Fees , , General Fee , , Appeals Fees , , Sales , , Interest Income , , Market Value Gain/Loss Refunds of Prior Yr Exp Miscellaneous Total REV 5,564, ,620, , EXP Salaries ,052, ,052, Interns , , Auto Pay & Expense Suppl , , Other Pay Retirement , , Social Security , , Group Insurance , , Worker Comp , , Unemploy Tuition , , Paid Time Off , , Professional Service , , Legal , , Accounting , , Investigative , , Banking , ,

7 01 - General Operations Florida High School Athletic Association, Inc Final vs Tentative By Detail Code Tentative Final Change Reasons for Change in Final Lobbying , , Other Prof Serv , , Insurance & Bond Premiums , , , Property & Casualty Insurance increase Travel , , , Dual Team Wrestling; Track Finals; NFHS travel Board , , Infraction Appeals , , Sectional Appeals , , Public Laison , , Rep Assembly , , Officials Advisory , , Sport Advisory , , , Match Prior Year Actual Other Committee , , Repairs & Maintenance , , Rentals/Leases , , Phone , , Internet/Cable , , Postage , , Other Communications , , Game Officiating , , , Added Dual Team Wrestling & matched prior yr Printing , , Court Reporter , , Trainers/Evaluators , , (1,000.00) Match Prior Year Actual Other Puchased Service , , , $16K GVB Host; $5K SB Host; Officials Confernce Supplies , , Dual Team Wrestling & Track Finals correction Books/Manuals , , Trophies/Awards , , (1,500.00) Officials Conference correction Clothing/softgoods , , Track finals correction Food/Meals , , Other Supplies , , Equip - NonCap , , Computers - NonCap , , Computer Software , , Scholarships , , Gifts & Donations , , Dues/Fees/Taxes , , Professional Development , , Loss Reimbursements , , , Match Prior Year Actual Team Payouts , , , Match Prior Year Actual & decrease GVB $16K Miscellaneous Expense , , To Capital Fund , , Total EXP 5,673, ,718, , NET INCOME (109,243.00) (97,793.00) 11,450.00

8 Florida High School Athletic Association, Inc Land Corporation Final Major Highlights and Changes from Prior Year Major factors impacting budget: Revenues are derived from transfers from the FHSAA general fund. This fund does not assess dues to members nor does it have any revenue generating capacity other than reliance on the FHSAA general fund. The purpose of the fund is to separate capital outlay expenses and building operations from the general operations of the FHSAA. All major building, vehicle and equipment purchases are recorded in this fund along with the building operation costs such as utilities, lawn maintenance and building insurance. There are no major remodeling, construction, or furnishings planned in the budget. The budget includes $24,000 for computers and other equipment. Revenue Projection = $120,000 $(30,000) less than prior year due to decreasing the transfer from FHSAA, Inc. The prior year transfer included $30,000 for purchase of a vehicle. Expenses = $215,500 - $(31,860) less than prior year. The primary difference is elimination of $30,000 for vehicle purchase made in prior year. Impact on Fund Balance: Fund balances in the Land Corporation include the value of buildings and land owned by the Corporation. In addition, cash balances (unreserved balances) are maintained for the purpose of future building renovations, repairs, construction and other capital needs for the Association. 1. The value of buildings, land and capital equipment owned by the FHSAA was $2,035,830 on June 30, This value will decrease to an estimated $1,955,830 after fiscal year due to the net decrease in property value caused by adding new equipment value and deducting depreciation on the building. 2. Estimated cash balances, or unreserved balances are: June 2017 Cash = $ 255, Est Revenue $ 120, Cash Expenses* $ (114,500) Estimated July 2018 Cash Reserve = $ 261,287 *$101,000 of the expense budget is Depreciation, not a cash expense

9 Florida High School Athletic Association Land Corp, Inc Final By Detail Code 02 - Capital Funds - Land Corp Tentative Final Change Reasons for Change REV From General Fund , , Total REV 120, , EXP Accounting , , Banking Insurance & Bond Premiums , , Repairs & Maintenance , , Water/Sewer , , Waste Collection , , Pest Control Security Other Puchased Service , , Electric , , Equip - Capital* , , Computer Equip - Capital* , , Vehicles* Land Improvements , , Dues/Fees/Taxes , , Depreciation , , Total EXP 215, , NET INCOME (95,500.00) (95,500.00) *Capital items become fixed assets, rather than expense at year end