FCMAT
Savanna School District Management Letter
fiscal review
Read the report at Savanna School District ↗
May 10, 2013
Sue Johnson, Ed.D., Superintendent
Savanna Elementary School District
1330 South Knott Avenue
Anaheim, CA 92804
Dear Superintendent Johnson,
The purpose of this management letter is to confirm the findings and recommendations of the Fiscal
Crisis and Management Assistance Team (FCMAT) resulting from the recent independent review of
the Savanna Elementary School District’s 2012-13 second interim budget. As indicated in the study
agreement, dated February 8, 2013, FCMAT reviewed the district’s 2012-13 general fund budget and
prepared both a multiyear financial projection (MYFP) for the current and subsequent two fiscal years
and a cash flow projection for fiscal year 2012-13. This letter provides FCMAT’s projections and analyses.
FCMAT conducted fieldwork at the district office on March 11-13, 2013, with additional off-site work
during the weeks that followed. FCMAT reviewed numerous documents and financial reports, including
the district’s annual independent audits, unaudited actuals, financial system reports, J-18/19 attendance
reports, and other historical financial information pertinent to the study. The independent MYFP was
developed based on this information and on reports from the district’s financial system through February
2013. Additional input from district and county office of education staff was also considered before final-
izing the enclosed information.
Background
Over the last several years, California public education has experienced economic challenges unprece-
dented in the experience of even longtime chief business officials and superintendents. Ongoing declines
in state and federal funding; reliance on one-time revenue sources; increases in state apportionment
deferrals; and increasing costs of salary and health benefits, energy, fuel, and other routine operating
costs, have left many district budgets with structural deficits and exhausted or insufficient reserve bal-
ances. These conditions have sometimes been exacerbated by insufficient or delayed spending reductions
to offset the funding reductions, and have resulted in extreme financial strains that significantly hamper a
district’s ability to meet students’ instructional needs.
These economic factors, combined with the requirements to meet student performance objectives estab-
lished by federal No Child Left Behind (NCLB) legislation, pose considerable fiscal challenges for public
schools. Districts must demonstrate leadership and the ability to meet the increasing expectations of
parents, students and the community while working within the constraints of decreasing fiscal resources.
Over the last several years, the Savanna Elementary School District has relied on one-time funding
sources and negotiated furlough days as its main methods of addressing the fiscal shortfalls resulting from
FCMAT
Joel D. Montero, Chief Executive Officer
. .
1300 17th Street - CITY CENTRE, Bakersfield, CA
.
93301-4533 Telephone 661
.
-636-4611 Fax 661
.
-636-4647
755 Baywood Drive, 2nd Floor, Petaluma, CA 94954 Telephone: 707-775-2850 Fax: 661-636-4647 www.fcmat.org
Administrative Agent: Christine L. Frazier - Office of Kern County Superintendent of Schools
state funding reductions and increasing costs. Although these strategies have helped the district mitigate
some of the funding shortfall, an ongoing shortfall of revenue over expenditures, otherwise known as a
structural deficit, is present in the district’s 2012-13 second interim budget and accompanying multiyear
financial projection (MYFP). Like most districts, the district has fewer resources available to address these
shortfalls and must make difficult choices that will require diligence on the part of the school board, staff
and the community to maintain the district’s financial stability.
Clearly defined budget assumptions and/or detailed supporting narratives, and well-structured multiyear
financial projections and cash flow projections are critical to demonstrating a district’s financial position.
Many of the MYFP and cash flow tools that the district’s business office uses are highly detailed, current,
and reliable.
Many of the differences noted in the MYFP prepared by FCMAT resulted from differences in timing,
because updated information became available after the district prepared its second interim budget
report. The district’s MYFP also included an ongoing reduction of $1 million in unidentified expendi-
tures in the 2013-14 fiscal year of the MYFP and an additional $1 million in the 2014-15 fiscal year of
the MYFP, with the understanding that a fiscal solvency plan would be developed to balance the district’s
budget in the two subsequent years of the MYFP.
Multiyear Financial Projection
Multiyear financial projections are required by Assembly Bill (AB) 1200 and AB 2756 and are a part
of the budget adoption and interim revision reporting process. In June 2004, AB 2756 (Daucher) was
passed and signed into law on an urgency basis. This legislation made substantive changes to the financial
accountability and oversight processes used to monitor the fiscal position of school districts and county
offices of education. Among other things, AB 2756 strengthened the roles of the superintendent of public
instruction (SPI), county offices of education and FCMAT, and their ability to provide management
assistance and intervene during fiscal crises.
FCMAT prepared a multiyear financial projection using FCMAT’s Budget Explorer software and the
district’s 2012-13 second interim budget to initiate the projection. FCMAT’s initial overview included a
preliminary review of the district’s 2012-13 second interim financial report and assumptions included as
the foundation of that report. An analysis was conducted of projected revenues; expenditures, including
an in depth comparison of the district’s 2012-13 salary and benefit expenditure budgets compared to the
actual September 2012 recorded payroll; transfers and components of the ending fund balance for the
general fund. Revenue and expenditure trends for the preceding two fiscal years and industry-standard
variables were also used as the basis for FCMAT’s projection.
Any forecast of financial data has inherent limitations because calculations are based on certain assump-
tions and criteria, including enrollment trends, cost-of-living increases, projected deferrals, forecasts
of costs for utilities, fuel and other consumables, and local, state and national economic conditions.
Therefore, the projection should be viewed as a trend based on current criteria and assumptions rather
than as a prediction of exact numbers. Multiyear financial projections can serve as the basis for more
informed decisions and the ability to forecast the fiscal effects of decisions, and should be updated at least
at each interim financial reporting period and in preparation for negotiations.
The governor’s 2013-14 state budget proposal includes the local control funding formula (LCFF), which
would significantly change the way school districts are funded. As proposed, the LCFF would replace
revenue limits and most state categorical program funding with base grade span pupil grants and sup-
plemental and concentration grants. At the request of the Legislative Analyst’s Office, on April 2, 2013
the California Department of Education (CDE) released a report detailing the percentages of students in
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each district who are eligible for free and reduced-price meals and who are classified as English learners.
The report provides estimates of district revenues under current law and under the proposed LCFF. The
estimated projections can be found at http://www.cde.ca.gov/fg/fr/eb/documents/fundmdlfndngformula.
xls. These calculations are provided only as illustrations of potential funding differences under the pro-
posed LCFF and current law.
For the purposes of calculating and projecting the district’s MYFP, FCMAT did not incorporate the pro-
posed LCFF, because it is not yet law. However, the district will need to prepare for the possible effect of
the LCFF beginning in 2013-14.
Enrollment Projections
Enrollment projections are an essential tool used to identify potential issues that may have a significant
impact on a district’s estimated revenue in a multiyear financial projection. It is useful to review the
district’s historical enrollment patterns to identify any significant fluctuations in enrollment that may
take place in future years. Although districts are funded based on the greater of the prior fiscal year or
the current fiscal year P-2 average daily attendance (ADA) under the revenue limit funding formula, this
simply provides for a one-year opportunity to make necessary staffing adjustments when reductions are
necessary as a result of declining enrollment. Failure to identify and address this potential loss of revenue
in a timely manner could have a significant effect on a district’s financial position.
The business office staff do not prepare enrollment projections for the multiyear financial projections,
nor do they assess the changes in enrollment as each cohort transitions into its subsequent grade level in
future years. The business office staff use the current fiscal year P-2 ADA as the basis for revenue projec-
tions in the subsequent two years of their multiyear financial projection. This results in a flat per ADA
funding level for revenue projections in subsequent fiscal years of a MYFP, prior to any cost of living
adjustments (COLA).
FCMAT used the cohort survival technique to project the district’s enrollment. Cohort survival groups
students by grade level upon entry and tracks them through each year they stay in school. This method
evaluates the longitudinal relationship of the number of students passing from one grade to the next in
the subsequent year. In doing so, it more closely accounts for retention, dropouts, new and departing
students by grade.
Percentages are calculated from the historical enrollment data to determine a percentage of increase or
decrease in enrollment between any two grades. For example, if 100 students enrolled in first grade in
2012-13 and that number increased to 104 in second grade in 2013-14, the survival would be 104%, or
a ratio of 1.04. Such ratios are calculated between each pair of grades or years in school over several recent
years. The ratios used are the key factors in the reliability of the projections given the validity of the data
at the starting point. Each ratio collectively encompasses the variables that could possibly account for an
increase or decrease in the size of a grade cohort as it moves on to the next grade.
The process of projecting kindergarten enrollment differs from other grades because little data is available
regarding the presence of four- and five-year-old children that may enroll in the district the following
year. The industry standard for projecting kindergarten enrollment is to identify the percentage of
countywide live births that enroll in the district five years later. Based on a four-year average, approxi-
mately 0.81% of countywide births become kindergartners in the district five years later. Assuming this
percentage holds true for the next four years, the district will have kindergarten enrollments of 342, 326
and 308, resulting in an enrollment decline of 44, 16 and 18 kindergarten students for fiscal years 2013-
14, 2014-15 and 2015-16, respectively, as illustrated in the table below:
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Countywide Births / Kindergarten Projection
Actual Percent of
Kindergarten Average
Birth Year Births Kindergarten Births Five
Year Percentage
Enrollment Years Later
Actuals
2004 45060 2009 352 0.78% 0.81%
2005 44065 2010 335 0.76%
2006 44231 2011 357 0.81%
2007 44026 2012 386 0.88%
Projected
2008 42456 2013 342 -44
2009 40431 2014 326 -16
2010 38237 2015 308 -18
2011 38100 2016 307 -1
District-wide enrollment projections by grade level are presented in the table below followed by a graphic
showing average daily attendance to enrollment. Enrollment, P2ADA Enrollment Factors
Historical 5 Historical 4 Historical 3 Historical 2 Historical 1 Base Year Year 1 Year 2
Enrollment
2007 - 08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15
K 334 327 352 335 357 386 342 326
1 322 357 318 323 341 351 378 335
2 342 339 358 321 333 335 353 380
3 351 350 344 334 317 336 331 349
4 359 378 345 313 348 314 332 328
5 331 382 364 347 323 348 316 335
Subtotal(K - 5) 2,039 2,133 2,081 1,973 2,019 2,070 2,052 2,053
6 349 340 382 350 344 328 347 315
Subtotal(6 - 8) 349 340 382 350 344 328 347 315
Ungraded Elementary 0 0 0 0 0 0 0 0
Ungraded Secondary 0 0 0 0 0 0 0 0
Subtotal Excluding Charter Schools 2,388 2,473 2,463 2,323 2,363 2,398 2,399 2,368
Charter Schools 0 0 0 0 0 0 0 0
(to calculate in-lieu property taxes)
Total 2,388 2,473 2,463 2,323 2,363 2,398 2,399 2,368
Increase / (Decrease) in Enrollment 35 1 -31
Historical 5 Historical 4 Historical 3 Historical 2 Historical 1 Base Year Year 1 Year 2
P2ADA
2007 - 08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15
Excluding Charter Schools 0.00 2,368.46 2,351.67 2,255.85 2,323.00 2,356.71 2,339.26 2,313.30
Charter Schools 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(to calculate in-lieu property taxes)
COE CommSchs/SpEd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 0.00 2,368.46 2,351.67 2,255.85 2,323.00 2,356.71 2,339.26 2,313.30
Increase / (Decrease) in ADA -17.45 -25.96
Funded ADA 2,356.71 2,356.71 2,339.26
Increase / (Decrease) in Funded ADA 33.71 0.00 -17.45 -25.96
Historical 5 Historical 4 Historical 3 Historical 2 Historical 1 Base Year Year 1 Year 2
Enrollment Factors
2007 - 08 2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15
Excluding Charter and COE 0.0000 0.9577 0.9548 0.9711 0.9831 0.9828 0.9750 0.9769
Charter Schools 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
(to calculate in-lieu property taxes)
Statewide ADA to Enrollment Ratio
Type 2011-12 2010-11 Difference
High 93.77% 93.54% 0.23%
Unified 95.23% 94.86% 0.37%
Elementary 96.26% 96.00% 0.26%
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2,500.00
2,450.00 2,473
2,463
2,400.00
2,398 2,399
2,350.00 2,368.46 2,363 2,368
2,351.67 2,356.71
2,339.26
2,323
2,300.00 2,323.00
2,313.30
2,250.00
2,255.85
2,200.00
Historical 4 Historical 3 Historical 2 Historical 1 Base Year Year 1 Year 2
2008 - 09 2009 - 10 2010 - 11 2011 - 12 2012 - 13 2013 - 14 2014 - 15
Average Daily Attendance Enrollment
FCMAT’s enrollment projection indicates that although the district can anticipate stable enrollment
through 2013-14 based on projections for all grade levels, actual attendance to enrollment trends show a
potential decline of approximately 17.45 ADA in that same year. Although the current funding formula
allows for a one-year hold harmless for this decline in attendance, the projection indicates that enroll-
ment for 2014-15 further declines by an additional 31 students and a loss of 25.96 ADA. Following the
actual enrollment and ADA and comparing it to projections allows the district to adjust staffing and
expenditures in a timely manner.
Enrollment forecasts have inherent limitations because they are based on certain criteria and assumptions
instead of exact calculations. Limitations include the accuracy of baseline data, unpredictable trends
affecting residential housing, unanticipated changes in enrollment trends, and changing state, federal and
local economic conditions. Therefore, the forecasting model should be viewed as a trend based on certain
criteria and assumptions instead of a prediction of exact numbers. To maintain the most accurate and
meaningful data, the district should routinely prepare and update enrollment projections and compare
them to actual enrollment. This process provides the district greater ability to identify a potential enroll-
ment decline and adjust staffing levels and expenditure budgets where needed.
Other Projection Assumptions
FCMAT prepared its multiyear financial projection to include the effect of the state’s budget for 2012-13
and the governor’s 2013-14 proposed budget. Assumptions include conservative economic factors and
estimates provided by School Services of California in its Financial Dartboard as of January 2013.
Significant assumptions included the following:
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Base Year Projection Year 1 Projection Year 2
Description
2012-13 2013-14 2014-15
Statutory COLA (SSC) 3.24% 1.65% 2.20%
Revenue Limit Deficit K-12 (SSC) 22.27% 22.27% 22.27%
State Categorical COLA (SSC) 0.00% 0.00% 0.00%
California Lottery Unrestricted (SSC) Per 2011-12 P-Annual
$124.25 $124.00 $123.75
Attendance
California Lottery Restricted (SSC) Per 2011-12 P-Annual Attendance $30.00 $30.00 $30.00
California CPI (SSC) 2.30% 2.20% 2.40%
Certificated Staff Step & Column - FCMAT Calculated Based on
2.00% 2.00% 2.00%
Historical
Classified Staff Step - FCMAT Calculated Based on Historical 1.50% 1.50% 1.50%
District-Paid Health Benefit Cost Increases -
Single $5,000
N/C over Prior Year N/C over Prior Year
2-Party $10,000
Family $14,000”
• FCMAT’s projection is based on the current revenue limit funding model and does not adjust for
the governor’s proposed new LCFF model. While not yet in law, it is clear that implementation
of the LCFF is the governor’s highest priority. FCMAT did not assess the potential effect on
district funding under the LCFF. However, discussion with the Orange County Office of
Education suggested that under the criteria currently available, the district may experience a
favorable change in funding. It is essential for the district to prepare for the possible effects of this
new funding formula as more concrete information becomes known.
• Class Size Reduction funding retained at 2012-13 level.
• Projected revenue based on validation of funding from the California Department of Education,
School Services of California’s Dynamic Budget Guide, grant letters and analysis of district
assumptions for any sources that could not be directly verified. Federal revenue sources retained
at flat funding – no consideration for potential reductions due to federal sequestration.
• Medi-Cal Administrative Activities (MAA) funding reduced to reflect actual receipts received by
the district through February 2013 and eliminated in subsequent years.
• Other local revenue from sale of equipment eliminated in subsequent years.
• Reducations associated with three furlough days for all staff were added to the salary and benefit
budgets in fiscal year 2013-14.
• Long-term debt obligations removed in years subsequent to final payment.
• Indirect cost charges applied to all programs where allowable to ensure proper program
cost accounting, even when this resulted in a contribution back into the resource from the
unrestricted general fund.
• Expenditure budgets in restricted resources only reduced in the 4XXX object code series when
expenditures exceed revenues in the second and third year; no elimination of salary and benefit
budgets made. Additionally, no reductions made to expenditure budgets for restricted resources
where the only budget resided in the 5XXX services object code series, as FCMAT does not
have the ability to ascertain whether service commitments are ongoing or binding. Contribution
6
from the unrestricted general fund made to balance any restricted resource when expenditures
exceeded revenue.
Resource Base Year Year 1 Year 2
Name
Code 2012 - 13 2013 - 14 2014 - 15
Unrestricted Resources
Unrestricted 0000 ($1,442,066.46) ($1,637,654.40) ($1,736,488.80)
Lottery: Unrestricted 1100 $12,079.42 $29,175.47 $38,513.10
Class Size Reduction Operations, Grades K-3 1300 ($857,642.02) ($857,642.02) ($857,642.02)
Total Unrestricted $0.00 $0.00 $0.00
Restricted Resources
NCLB-Title I, Part A, Basic Grants Low Income and Neglected 3010 $0.00 $18,682.92 $25,804.29
Special Ed: IDEA Basic Local Assistance Entitlement, Part B,
3310 $27,254.88 $38,736.66 $51,537.80
Sec 611 (formerly P
Special Ed: IDEA Preschool Grants, Part B, Sec 619 3315 $2,656.32 $3,775.35 $5,022.98
Special Ed: IDEA Preschool Local Entitlement, Part B, Sec 611 3320 $4,899.55 $6,963.60 $9,264.82
Special Ed: IDEA Mental Health Allocation Plan, Part B, Sec
3327 $803.19 $1,141.55 $1,518.79
611
NCLB: Title II, Part A, Teacher Quality 4035 $914.75 $5,372.48 $7,055.58
NCLB: Title III, Limited English Proficiency (LEP) Student
4203 $0.14 $5,860.58 $8,118.96
Program
Special Education 6500 $1,504,621.26 $1,608,975.15 $1,660,212.12
Special Ed: Mental Health Services 6512 $7,452.88 $7,452.88 $7,452.88
Transportation: Home to School 7230 $304,071.00 $320,052.57 $326,033.57
Transportation: Special Education (Severely Disabled/
7240 $123,000.00 $123,159.30 $123,320.98
Orthopedically Impaired)
Ongoing & Major Maintenance Account (RMA: Education
8150 $311,955.09 $325,947.91 $330,274.95
Code Section 17070.75)
Total Restricted $0.00 $0.00 $0.00
Balance $0.00 $0.00 $0.00
Projection Assessment
FCMAT reviewed the district’s records, interviewed staff members and examined a variety of financial
documents to gather the information needed for the multiyear financial projection. The district’s budget,
as revised for the 2012-13 second interim reporting period and submitted to the Orange County
Department of Education, required some revision by FCMAT based on the timing of the review.
Revenue and most expenditure budgets appear reasonable and reflective of actual anticipated revenue and
expenditures. However, a reduction in budgeted health care costs was included in the district’s second
interim report to offset the anticipation of covering the costs in the current fiscal year with a combination
of one-time funds available in the district’s self-insurance fund, fund 67, and an anticipated one-time
distribution of equity from the Southern California Schools Employee Benefit Association (SCSEBA).
Although this adjustment could be reasonably expected to have the same effect on the district’s projected
ending fund balance in the current year budget, it creates inaccuracies in the district’s projected revenue
7
and expenditure budgets. Further, this practice raises the opportunity to miss a necessary adjustment in a
multiyear financial projection in subsequent years, resulting in an inaccurate projection.
FCMAT increased the expenditure budget for health care benefits $365,000 in the 3400 object code
series so that the budgeted amount accurately reflects the anticipated expenditures for the current fiscal
year. FCMAT also adjusted the other local revenue budget to reflect the actual amount received from
SCSEBA, which was $117,948. Additionally, FCMAT included a transfer of direct costs of $255,323
to the self-insurance fund to account for the use of balances residing in that fund for health care benefit
costs. The district is no longer self-insured.
Procedure 775 of the California School Accounting Manual (CSAM), Accounting for Internal Service
Funds, notes that transfers into an internal service fund become restricted by law and must be utilized for
the purposes for which they were originally intended. The CSAM states:
“Amounts contributed to a self-insurance fund are lawfully restricted for that purpose (Education
Code Section 17566 and Government Code Section 53205).”
“If amounts held in a self-insurance fund exceed amounts required as determined on an actuarial
basis (a surplus), current and/or future contributions may be reduced by adjusting the rates used
to charge the contributing funds.”
The district reports that the balances held in the self-insurance fund are free from outstanding obligations
and/or claims and may be used to offset insurance benefit costs.
Less clear is the guidance in the CSAM pertaining to accounting methods for using remaining balances
once a district moves away from a self-insurance model. It is FCMAT’s position that the actual costs
for health benefits should be fully reflected in the district’s general fund under object codes 3401 and
3402 and that recovery of those costs should be recorded using the same methodology as accounting
for reimbursements to the general fund for administrative costs noted in the CSAM, by transferring the
desired amount to fund 67 using object code 5750, transfers of direct costs-interfund. It is best practice
for district staff to consult their independent auditor prior to making this transfer to ensure the auditor
agrees with the transfer methodology.
Salary and benefit cost projections were based on an analysis of the active positions, actual salaries and
benefits paid through September 2012, and a projection of encumbered salary and benefit costs through
the end of the fiscal year. The district has settled negotiations for the 2012-13 fiscal year. Salary and statu-
tory benefit reductions associated with negotiated furlough days for the 2012-13 fiscal year were reversed
in the 2013-14 fiscal year. No open but unfilled positions were identified by the district and as such no
excess budgetary reserve is included in FCMAT’s projections. A reduction of one certificated teaching
position, based on an average certificated salary and benefit cost of $65,630, was included in the 2014-15
fiscal year based on the projected decline in enrollment and ADA in conjunction with the reduction in
revenue limit funding based on this same decline.
Other expenditure budgets in the second interim report appear reasonable, with a focus on expenditure
restraint. FCMAT’s MYFP assumes that the district’s current ongoing costs will continue, including the
cost of step-and-column adjustments, utilities and other expenditures such as contributions to special
education, transportation and routine repair and maintenance. This excludes the effect of any unsettled
negotiations or changes to ongoing costs that were approved subsequent to FCMAT’s fieldwork.
The following table presents the differences between the district’s and FCMAT’s 2012-13 general fund
budget.
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SAVANNA ELEMENTARY SCHOOL DISTRICT
General Fund Budget Comparison
2012-13 COMBINED
District Second FCMAT
Increase / (Decrease)
Interim Budget Revised Budget
BEGINNING FUND BALANCE $927,429 $927,429.00 $- 0.00%
REVENUE
Revenue Limit $11,787,419 $11,787,419 $0 0.0%
Federal Revenues 1,322,195 1,322,195 - 0.0%
Other State Revenue 4,385,373 4,357,187 (28,186) -0.6%
Other Local Revenue 352,182 385,110 32,928 9.3%
TOTAL REVENUE $17,847,169 $17,851,910 $4,741 0.027%
EXPENDITURES
Certificated Salaries $9,366,296 $9,366,296 $- 0.0%
Classified Salaries 2,115,418 2,115,418 - 0.0%
Employee Benefits 2,695,622 3,060,622 365,000 13.5%
Books and Supplies 898,590 895,952 (2,638) -0.3%
Services, Operating
3,054,411 2,799,088 (255,323) -8.4%
Expenses
Capital Outlay - - -
Other Outgo - - -
Direct Support/
(41,157) (41,157) -
Indirect Costs
TOTAL EXPENDITURES $18,089,180 $18,196,219 $107,039 0.59%
Transfers In $- $- $-
Contributions - - $-
Transfers Out and
- - $-
Other Uses
INCOME minus EXPENSES & TRANSFERS $(242,011) $(344,308) $(102,297)
ENDING FUND BALANCE $685,418 $583,121 $(102,297) -14.92%
The budget to actuals should be closely monitored through the remainder of the year to ensure actuals
do not exceed amounts budgeted. Revision to the budget should be made timely to ensure the effects on
the district’s fiscal status are clearly understood prior to additional
expenditures. It is likely that any increase in expenditures in any ... the district’s fiscal
given object code classification will require a reduction of reserve
condition is critical and
balances.
requires clearly identifiable
FCMAT’s multiyear financial projection indicates that the district’s
expenditure reductions and/
fiscal condition is critical and requires clearly identifiable expendi-
or revenue enhancements.
ture reductions and/or revenue enhancements. Although FCMAT’s
projection indicates that the district will have a positive general
fund balance at the end of the current fiscal year, it will be unable
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to meet the recommended minimum unrestricted reserve balance. As reflected in the table below, the
district’s fiscal condition worsens dramatically in the subsequent two fiscal years in the absence of a solid
fiscal recovery plan that includes ongoing expenditure reductions and/or revenue enhancements.
UNRESTRICTED - FCMAT 2012-13 2013-14 2014-15
Beginning Fund Balance $842,507 $498,199 $(769,535)
Revenue $14,100,779 $14,166,310 $14,227,655
Expenses 12,157,458 12,967,923 13,009,487
Excess / (Deficiency) before Other Sources & Uses $1,943,321 $1,198,387 $1,218,168
Interfund Transfers Out $- $- $-
Contributions (2,287,629) (2,466,121) (2,555,618)
Total Other Financing Sources, Uses & Contributions $(2,287,629) $(2,466,121) $(2,555,618)
Net Increase/(Decrease) in Fund Balance $(344,308) $(1,267,734) $(1,337,450)
Ending Fund Balance $498,199 $(769,535) $(2,106,985)
Unrestricted Reserve % 2.74% -4.01% -10.91%
3% Minimum Reserve Requirement $545,887 $575,662 $579,620
Excess/(Shortfall) in Unrestricted Resources after Designations $(95,639) $(1,393,148) $(2,734,556)
2013-14 Ongoing Targeted Reductions or Revenue Enhancements $1,400,000 $1,400,000
2014-15 Additional Ongoing Targeted Reductions or Revenue
1,335,000
Enhancements
$6,852 $444
As demonstrated in the table above, the district’s structural deficit is ongoing and increasing. Further, the
district fails to meet the recommended 3% minimum reserve in the current fiscal year. It is possible for
the district to obtain a budgetary savings in the current fiscal year of approximately $95,000 resulting in
achieving the reserve level in the current year. However; in order for the district to meet the reserve level
in the two subsequent years of the projection, targeted ongoing expenditure reductions and/or revenue
enhancements should be identified in the amount of $1.4 million dollars in each of the two subsequent
fiscal years.
FCMAT’s full multiyear financial projection is included with this management letter, and FCMAT can
provide the district with access to Budget Explorer for projection files on request.
If a district is unable to meet its financial obligations for the current or two subsequent fiscal years, or
has a qualified or negative budget certification, the county superintendent of schools is required to notify
the district governing board and the SPI. The county office of education must follow Education Code
Section 42127.6 when assisting a school district in this situation. In the case of a district that does not
maintain its required reserve for economic uncertainty, the intent of the MYFP is to help the county and
the district create a plan to regain fiscal solvency and restore the required reserve.
10
If a California school district’s governing board determines that it has insufficient funds to meet its
current obligations, it may request an emergency apportionment loan from the state. Emergency
apportionment loans are provided only through a legislative appropriation that involves various lengthy
and complicated steps and preparation by both the district and the county office. If it is determined
that state intervention is required, the superintendent of public instruction (SPI) assumes all rights and
duties of the governing board and, in consultation with the county office, appoints a state administrator
to act on behalf of the SPI in exercising the SPI’s authority over the district. The authority of the SPI
continues until certain conditions are met including but not limited to the completion of assessment and
improvement plans for the school district and repayment of the emergency loan. The state administrator
supersedes any local authority over the affairs of the district until the district is able to recover finan-
cially. This includes the repayment of the state loan, cost for the state administrator and related cost for
FCMAT to make periodic assessments of progress toward recovery. This process can take up to 20 years.
The most effective way for the district to avoid such intervention is to implement a financial plan that
identifies revenue enhancements and/or expenditure reductions that will balance its budget and eliminate
the structural deficit. For Savanna Elementary School District, 79.92% of its general fund expenditure
budget is comprised of salaries and benefits, and any solution is likely to include some form of staffing or
compensation adjustments.
As of June 30, 2012, the district had $10,321,366.32 set aside in the special reserve fund for capital
outlay, fund 40. The balance retained in this fund originated from the sale of district property, so
Education Code Section 17462 restricts the district’s ability to redirect balances to the general fund.
Education Code Section 17463.7 does offer some flexibility that permits districts to transfer these
funds to the general fund under specific prescribed requirements. According to the School Services of
California, Inc. Fiscal Report dated March 30, 2012, the provision states that:
• Property purchased originally with local funds may use all or some of the proceeds without
restriction for a one-time general fund expenditure.
• Property purchased with general obligation bonds or developer fees allow that a percentage of the
proceeds may be used for a one-time general fund purpose
• The State Allocation Board (SAB) will reduce hardship assistance to districts using the proceeds
from the sale of property for one-time general fund purposes
• School districts are ineligible for hardship funding from the State School Deferred Maintenance
Fund for five years after the date proceeds are deposited into the general fund
The Governing Board has to certify to the SAB that:
• There are no major deferred maintenance requirements not covered by existing capital outlay
resources
• The sale does not violate provisions of the local bond act
• The property is not suitable to meet projected school constructions needs for the next ten years
A plan for expending the one-time resources must be presented at a regularly scheduled meeting
• The plan must identify the source and use of funds
• It must also describe the reasons why the expenditure will not result in ongoing fiscal obligations
for the school district
11
Districts have until January 1, 2014 to act on this provision. The district’s structural deficit is primarily
the result of ongoing expenditures that exceed revenue sources, and as such, it is unlikely that the flexi-
bility provided under this section of the education code is a viable solution to the district’s solvency issue.
However, the district should consult its legal counsel for further guidance in this area.
Although the district had not prepared a recovery plan identifying realistic and certain expenditure reduc-
tions and/or revenue enhancements, a positive budget certification was assigned to the district’s second
interim budget. It is understood that the Orange County Office of Education is aware of the district’s
inclusion of a $1 million expenditure reduction placeholder or line item in 2013-14 and 2014-15 of the
district’s MYFP as a means of obtaining a positive certification, based on the knowledge that the district
has resources available in other funds that may provide for temporary borrowing until such time as the
LCFF details have been finalized. It is anticipated that a portion of the structural deficit may be rectified
by the new funding formula proposed in the governor’s 2013-14 proposed state budget. Final details
of this new funding formula have yet to be determined, so FCMAT recommends that districts monitor
their current year budget and accompanying MYFP utilizing revenue assumptions currently in law.
Cash Flow
FCMAT recognized actual cash receipts, disbursements, asset and liability entries recorded in the district’s
general ledger detail through February 2013 as a foundation for the cash flow projection. State appor-
tionment payment projections were based on the updated First Principal Apportionment certification
and deferral schedule available on the California Department of Education website. FCMAT also isolated
21.2% attributable to EPA funds. Proposition 30, approved by the voters on November 6, 2012, tem-
porarily increases the state’s sales tax rate for all taxpayers and the personal income tax rates for upper-in-
come taxpayers. The revenues generated from Proposition 30 are deposited into a new state account
called the Education Protection Account (EPA). Local educational agencies (LEAs) will receive funds
from the EPA based on their proportionate share of the statewide revenue limit amount. A corresponding
reduction is made to an LEA’s revenue limit state aid equal to the amount of its EPA entitlement. To
allow time for the state to collect the increased tax revenues, EPA entitlements will not be calculated for
fiscal year 2012-13 until June 2013; LEAs will receive their 2012-13 EPA entitlement in one lump sum
payment at the end of June. LEAs will receive EPA payments quarterly beginning with fiscal year 2013-
14. FCMAT’s cash flow projections for the district include the estimated EPA payments. For Savanna
ESD, nearly $1.1 million in state apportionment, revenue limit funding, is deferred into the next fiscal
year.
FCMAT also applied deferrals to other applicable revenue sources and projected cash receipts based on
historical activity or pushed them to year end to be conservative. Expenditure projection balances were
evenly distributed among the remaining months, adjusted slightly based on historical activity.
The following is a summary of actual (through February 2013) and projected monthly cash balances for
the 2012-13 fiscal year.
12
Month End Balance
Beginning Balance $1,806,431.82
July $3,592,162.43
August $4,722,789.67
September $3,748,480.97
October $3,353,793.58
November $2,903,363.87
December $5,348,770.34
January $4,057,582.30
February $3,279,892.70
March $2,830,926.63
April $1,682,421.87
May $144,405.20
June $50,106.78
Based on the historical cash receipt and disbursement activity, FCMAT anticipates that the district will
continue its reliance on internal borrowing from other funds. FCMAT included partial repayment of the
outstanding obligation to fund 40, special reserve for capital outlay, during the months of April and June.
However, it is unlikely that the district will be able to fully repay the outstanding balance by year end without
having to re-borrow it for cash flow purposes. FCMAT’s review of resources available from other funds indi-
cates there are sufficient alternative sources for internal borrowing. However, if these sources were exhausted or
otherwise unavailable and additional borrowing becomes necessary, options include the following:
• External borrowing from the county office of education as authorized by Education Code
Sections 42621 and 42622.
This option depends on the county office’s willingness and ability to provide funds.
• External borrowing from the county treasurer as authorized by Education Code Section 42620.
Under Article XVI, Section 6 of the California Constitution, the county treasurer is
required to provide funds to an LEA that cannot meet its obligations. However, the
county treasurer cannot lend districts money after the last Monday in April of the
current fiscal year, and the district must meet additional requirements.
• External borrowing using tax and revenue anticipation notes (TRANs).
Because of arbitrage penalties, the district should determine its cash flow needs and
size the TRANs appropriately. Strict time lines and requirements concerning the
district’s ability to pay should be considered and may make this option not viable.
Working with an outside financial consultant can help avoid problems.
FCMAT’s detailed cash flow projection is provided at the end of this letter following the MYFP.
13
Other Matters
Capital Facilities Fund (fund 25)
During FCMAT interviews it was noted that business office staff routinely deposit or transfer redevel-
opment agency (RDA) (non-revenue limit adjustment) receipts into fund 25. Procedure 305, Fund
Classification, of the CSAM specifically states:
Fund 25, Capital Facilities Fund “is used primarily to account separately for moneys
received from fees levied on developers or other agencies as a condition of approving
a development (Education Code Sections 17620-17626). The authority for these
levies may be county/city ordinances (Government Code Sections 65970-65981) or
private agreements between the LEA and the developer. Interest earned in the Capital
Facilities Fund (Fund 25) is restricted to that fund (Government Code Section
66006).
“The principal revenues in this fund are the following:
“Interest
“Mitigation/Developer Fees
“Expenditures in Fund 25, Capital Facilities Fund, are restricted to the purposes spec-
ified in Government Code Sections 65970–65981 or to the items specified in agree-
ments with the developer (Government Code Section 66006). Expenditures incurred
in another fund may be reimbursed to that fund by means of an interfund transfer.”
Proceeds from RDA, non-revenue limit adjustment sources should be deposited in the district’s unre-
stricted general fund and transferred to the routine repair and maintenance resource (resource 8150).
Amounts may be retained in the routine repair and maintenance resource, or transferred to the deferred
maintenance fund (fund 14) or the special reserve for capital outlay fund (fund 40) to be used to support
facility construction, reconstruction, remodeling or deferred maintenance.
FCMAT would like to thank the Savanna Elementary School District staff for their cooperation and
assistance in this review. If you have questions or require additional information about any of these issues,
please do not hesitate to contact me at (209) 384-0349.
Sincerely,
Marisa A. Ploog, CPA, CFE, CGMA
Fiscal Intervention Specialist
Attachments:
Multiyear financial projection general fund summary, unrestricted summary,
restricted summary
2012-13 cash flow projection
14
LEA:SavannaElementary
Projection:Savanna977-2012-13SecondInterim
GeneralFund/CountySchoolServiceFund
UnrestrictedandRestrictedResources
Revenues,Expenditures,andChangesintheFundBalance
Name ObjectCode BaseYear Year1 Year2
2012-13 2013-14 2014-15
Revenues
RevenueLimitSources 8010-8099 $11,787,419.14 $11,982,270.06 $12,156,325.22
FederalRevenues 8100-8299 $1,322,195.00 $1,322,195.00 $1,322,195.00
OtherStateRevenues 8300-8599 $4,357,186.61 $4,392,457.52 $4,278,554.35
OtherLocalRevenues 8600-8799 $385,109.50 $219,901.88 $220,324.78
TotalRevenues $17,851,910.25 $17,916,824.46 $17,977,399.35
Expenditures
CertificatedSalaries 1000-1999 $9,366,296.00 $9,826,311.23 $9,968,230.76
ClassifiedSalaries 2000-2999 $2,115,418.00 $2,216,097.77 $2,248,305.01
EmployeeBenefits 3000-3999 $3,060,622.00 $3,192,522.89 $3,096,556.07
BooksandSupplies 4000-4999 $895,951.53 $893,311.76 $895,916.53
ServicesandOtherOperating 5000-5999 $2,799,088.00 $3,101,659.17 $3,152,825.59
CapitalOutlay 6000-6900 $0.00 $0.00 $0.00
OtherOutgo 7000-7299 $0.00 $0.00 $0.00
DirectSupport/IndirectCost 7300-7399 ($41,157.00) ($41,157.00) ($41,157.00)
DebtService 7430-7439 $0.00 $0.00 $0.00
TotalExpenditures $18,196,218.53 $19,188,745.82 $19,320,676.96
Excess(Deficiency)ofRevenuesOverExpenditures ($344,308.28) ($1,271,921.36) ($1,343,277.61)
OtherFinancingSources\Uses
InterfundTransfersIn 8900-8929 $0.00 $0.00 $0.00
InterfundTransfersOut 7600-7629 $0.00 $0.00 $0.00
AllOtherFinancingSources 8930-8979 $0.00 $0.00 $0.00
AllOtherFinancingUses 7630-7699 $0.00 $0.00 $0.00
Contributions 8980-8999 $0.00 $0.00 $0.00
TotalOtherFinancingSources\Uses $0.00 $0.00 $0.00
NetIncrease(Decrease)inFundBalance ($344,308.28) ($1,271,921.36) ($1,343,277.61)
FundBalance
BeginningFundBalance 9791 $927,429.00 $583,120.72 ($688,800.64)
AuditAdjustments 9793 $0.00 $0.00 $0.00
OtherRestatements 9795 $0.00 $0.00 $0.00
AdjustedBeginningFundBalance $927,429.00 $583,120.72 ($688,800.64)
EndingFundBalance $583,120.72 ($688,800.64) ($2,032,078.25)
ComponentsofEndingFundBalance
ReservedBalances 9700 $0.00 $0.00 $0.00
RevolvingCash 9711 $15,000.00 $15,000.00 $15,000.00
Stores 9712 $32,951.00 $32,951.00 $32,951.00
PrepaidExpenditures 9713 $0.00 $0.00 $0.00
OtherPrepay 9719 $0.00 $0.00 $0.00
GeneralReserve 9730 $0.00 $0.00 $0.00
LegallyRestrictedBalance 9740-9759 $84,922.00 $80,734.39 $74,906.55
DesignatedfortheUnrealizedGainsofInvestmentsandCashinCountyTreasury 9775 $0.00 $0.00 $0.00
OtherDesignated 9780 $0.00 $0.00 $0.00
EconomicUncertaintiesPercentage 3.00% 3.00% 3.00%
ReserveforEconomicUncertainties 9789 $545,886.56 $575,662.37 $579,620.31
Undesignated/Unappropriated 9790 $0.00 $0.00 $0.00
NegativeShortfall 9790 ($95,638.84) ($1,393,148.40) ($2,734,556.11)
15
Printedby:MarisaPloog Printdate:5/1/20131:04PM Page1of3
LEA:SavannaElementary
Projection:Savanna977-2012-13SecondInterim
GeneralFund/CountySchoolServiceFund
UnrestrictedResourcesOnly
Revenues,Expenditures,andChangesintheFundBalance
Name ObjectCode BaseYear Year1 Year2
2012-13 2013-14 2014-15
Revenues
RevenueLimitSources 8010-8099 $11,787,419.14 $11,982,270.06 $12,156,325.22
FederalRevenues 8100-8299 $0.00 $0.00 $0.00
OtherStateRevenues 8300-8599 $1,992,581.58 $2,028,369.50 $1,915,236.11
OtherLocalRevenues 8600-8799 $320,778.50 $155,670.88 $156,093.78
TotalRevenues $14,100,779.22 $14,166,310.44 $14,227,655.11
Expenditures
CertificatedSalaries 1000-1999 $7,661,011.00 $8,035,658.09 $8,142,651.72
ClassifiedSalaries 2000-2999 $1,204,529.00 $1,267,482.28 $1,285,821.23
EmployeeBenefits 3000-3999 $2,470,844.00 $2,574,784.82 $2,471,992.45
BooksandSupplies 4000-4999 $509,540.00 $516,896.33 $523,426.59
ServicesandOtherOperating 5000-5999 $631,746.00 $903,566.86 $920,651.61
CapitalOutlay 6000-6900 $0.00 $0.00 $0.00
OtherOutgo 7000-7299 $0.00 $0.00 $0.00
DirectSupport/IndirectCost 7300-7399 ($320,211.56) ($330,465.14) ($335,056.44)
DebtService 7430-7439 $0.00 $0.00 $0.00
TotalExpenditures $12,157,458.44 $12,967,923.24 $13,009,487.16
Excess(Deficiency)ofRevenuesOverExpenditures $1,943,320.78 $1,198,387.20 $1,218,167.95
OtherFinancingSources\Uses
InterfundTransfersIn 8900-8929 $0.00 $0.00 $0.00
InterfundTransfersOut 7600-7629 $0.00 $0.00 $0.00
AllOtherFinancingSources 8930-8979 $0.00 $0.00 $0.00
AllOtherFinancingUses 7630-7699 $0.00 $0.00 $0.00
Contributions 8980-8999 ($2,287,629.06) ($2,466,120.95) ($2,555,617.72)
TotalOtherFinancingSources\Uses ($2,287,629.06) ($2,466,120.95) ($2,555,617.72)
NetIncrease(Decrease)inFundBalance ($344,308.28) ($1,267,733.75) ($1,337,449.77)
FundBalance
BeginningFundBalance 9791 $842,507.00 $498,198.72 ($769,535.03)
AuditAdjustments 9793 $0.00 $0.00 $0.00
OtherRestatements 9795 $0.00 $0.00 $0.00
AdjustedBeginningFundBalance $842,507.00 $498,198.72 ($769,535.03)
EndingFundBalance $498,198.72 ($769,535.03) ($2,106,984.80)
ComponentsofEndingFundBalance
ReservedBalances 9700 $0.00 $0.00 $0.00
RevolvingCash 9711 $15,000.00 $15,000.00 $15,000.00
Stores 9712 $32,951.00 $32,951.00 $32,951.00
PrepaidExpenditures 9713 $0.00 $0.00 $0.00
OtherPrepay 9719 $0.00 $0.00 $0.00
GeneralReserve 9730 $0.00 $0.00 $0.00
LegallyRestrictedBalance 9740-9759 $0.00 $0.00 $0.00
DesignatedfortheUnrealizedGainsofInvestmentsandCashinCountyTreasury 9775 $0.00 $0.00 $0.00
OtherDesignated 9780 $0.00 $0.00 $0.00
EconomicUncertaintiesPercentage 3.00% 3.00% 3.00%
ReserveforEconomicUncertainties 9789 $545,886.56 $575,662.37 $579,620.31
Undesignated/Unappropriated 9790 $0.00 $0.00 $0.00
NegativeShortfall 9790 ($95,638.84) ($1,393,148.40) ($2,734,556.11)
16
Printedby:MarisaPloog Printdate:5/1/20131:04PM Page2of3
LEA:SavannaElementary
Projection:Savanna977-2012-13SecondInterim
GeneralFund/CountySchoolServiceFund
RestrictedResourcesOnly
Revenues,Expenditures,andChangesintheFundBalance
Name ObjectCode BaseYear Year1 Year2
2012-13 2013-14 2014-15
Revenues
RevenueLimitSources 8010-8099 $0.00 $0.00 $0.00
FederalRevenues 8100-8299 $1,322,195.00 $1,322,195.00 $1,322,195.00
OtherStateRevenues 8300-8599 $2,364,605.03 $2,364,088.02 $2,363,318.24
OtherLocalRevenues 8600-8799 $64,331.00 $64,231.00 $64,231.00
TotalRevenues $3,751,131.03 $3,750,514.02 $3,749,744.24
Expenditures
CertificatedSalaries 1000-1999 $1,705,285.00 $1,790,653.14 $1,825,579.04
ClassifiedSalaries 2000-2999 $910,889.00 $948,615.49 $962,483.78
EmployeeBenefits 3000-3999 $589,778.00 $617,738.07 $624,563.62
BooksandSupplies 4000-4999 $386,411.53 $376,415.43 $372,489.94
ServicesandOtherOperating 5000-5999 $2,167,342.00 $2,198,092.31 $2,232,173.98
CapitalOutlay 6000-6900 $0.00 $0.00 $0.00
OtherOutgo 7000-7299 $0.00 $0.00 $0.00
DirectSupport/IndirectCost 7300-7399 $279,054.56 $289,308.14 $293,899.44
DebtService 7430-7439 $0.00 $0.00 $0.00
TotalExpenditures $6,038,760.09 $6,220,822.58 $6,311,189.80
Excess(Deficiency)ofRevenuesOverExpenditures ($2,287,629.06) ($2,470,308.56) ($2,561,445.56)
OtherFinancingSources\Uses
InterfundTransfersIn 8900-8929 $0.00 $0.00 $0.00
InterfundTransfersOut 7600-7629 $0.00 $0.00 $0.00
AllOtherFinancingSources 8930-8979 $0.00 $0.00 $0.00
AllOtherFinancingUses 7630-7699 $0.00 $0.00 $0.00
Contributions 8980-8999 $2,287,629.06 $2,466,120.95 $2,555,617.72
TotalOtherFinancingSources\Uses $2,287,629.06 $2,466,120.95 $2,555,617.72
NetIncrease(Decrease)inFundBalance $0.00 ($4,187.61) ($5,827.84)
FundBalance
BeginningFundBalance 9791 $84,922.00 $84,922.00 $80,734.39
AuditAdjustments 9793 $0.00 $0.00 $0.00
OtherRestatements 9795 $0.00 $0.00 $0.00
AdjustedBeginningFundBalance $84,922.00 $84,922.00 $80,734.39
EndingFundBalance $84,922.00 $80,734.39 $74,906.55
ComponentsofEndingFundBalance
ReservedBalances 9700 $0.00 $0.00 $0.00
RevolvingCash 9711 $0.00 $0.00 $0.00
Stores 9712 $0.00 $0.00 $0.00
PrepaidExpenditures 9713 $0.00 $0.00 $0.00
OtherPrepay 9719 $0.00 $0.00 $0.00
GeneralReserve 9730 $0.00 $0.00 $0.00
LegallyRestrictedBalance 9740-9759 $84,922.00 $80,734.39 $74,906.55
DesignatedfortheUnrealizedGainsofInvestmentsandCashinCountyTreasury 9775 $0.00 $0.00 $0.00
OtherDesignated 9780 $0.00 $0.00 $0.00
ReserveforEconomicUncertainties 9789 $0.00 $0.00 $0.00
Undesignated/Unappropriated 9790 $0.00 $0.00 $0.00
NegativeShortfall 9790 $0.00 $0.00 $0.00
17
Printedby:MarisaPloog Printdate:5/1/20131:04PM Page3of3
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19.778,575$
29.875,038,1$
81.003,614,1$
72.769,009,1$
80.921,115$
26.831,214$
35.812,691,81$
stnemesrubsiD latoT stessA
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.000,51$
0319
tnuoccA
hsaC gnivloveR
00.0$
92.584,941$
75.477,66$
46.068,01$
61.185,701$
29.666,33$
46.055,733,1$
69.789,138,2$
84.232,005,4$
0029
elbavieceR stnuoccA
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
1229
tessA motsuC
00.0$
00.0$
00.0$
00.0$
00.0$
)00.000,57$(
04.759,411$
00.0$
04.759,411$
0139
sdnuF rehtO morf euD
00.0$
)60.882,21$(
)43.530,2$(
)62.913,31$(
00.0$
)91.464$(
00.0$
00.0$
60.159,23$
0239
serotS
00.0$
32.791,731$
32.937,46$
)26.854,2$(
61.185,701$
)72.797,14$(
40.805,254,1$
69.789,138,2$
49.041,366,4$
stessA latoT seitilibaiL
46.780,733$
)88.863,253$(
27.395,73$
35.683,2$
)21.383,11$(
)87.999,01$(
63.250,241$
32.686,338$
49.619,674,1$
0059
)seitilibaiL
tnerruC(elbayaP
stnuoccA
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
0959
stnemnrevoG
rotnarG ot euD
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
55.622,56$
00.0$
55.622,560,4$
0169
sdnuF rehtO ot euD
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
0569
euneveR derrefeD
46.780,733$
)88.863,253$(
27.395,73$
35.683,2$
)21.383,11$(
)87.999,01$(
19.872,702$
32.686,338$
94.341,245,5$
seitilibaiL latoT
85.298,972,3$
81.285,750,4$
22.077,843,5$
78.363,309,2$
85.397,353,3$
79.084,847,3$
76.987,227,4$
34.261,295,3$
ecnalaB hsaC gnidnE
99.021,385
$
ecnalaB
dnuF
gnidnE
27.021,385
$
SCAS
reP
ecnalaB
72.0
$
lautca
naht
ssel
72.
detsop
saw
BB
28.134,608,1$
hsaC
gninnigeB
49.041,366,4$
stessA
)94.341,245,5$(
seitilibaiL
72.924,729$
BB
00.924,729
$
detsoP
BB
)72.0(
$
ecnereffiD
2
fo
1
egaP
MP
41:3
3102/8/5
:etad
tnirP
goolP
asiraM :yB detnirP
18
miretnI
dnoceS
31-2102
-
779
annavaS
:noitcejorP
yratnemelE
annavaS :AEL
dnuF
ecivreS
loohcS
ytnuoC/dnuF
lareneG
wolfhsaC
31/2102
:raeY
lacsiF
sulPslautcADTY
ecnairaV
slatoT
slaurccA
hsaC
detcejorP
nuJ
yaM
rpA
raM
edoC
tcejbO
emaN
detcejorP
detcejorP
detcejorP
detcejorP
80.504,441$
57.124,286,1$
84.629,038,2$
85.298,972,3$
ecnalaB
hsaC gninnigeB stpieceR
00.0$
41.914,787,11$
31.279,469$
10.744,228,01$
20.962,927,2$
12.128,402$
14.203,369,1$
50.976,79$
9908
- 0108
secruoS timiL euneveR
00.0$
00.591,223,1$
05.880,605$
05.601,618$
63.146,82$
00.344,851$
00.005$
05.028,591$
9928
- 0018
seuneveR laredeF
00.0$
16.681,753,4$
82.405,186$
33.286,576,3$
67.726,272$
73.758,382$
27.795,133$
25.895,123$
9958
- 0038
seuneveR etatS rehtO
00.0$
05.901,583$
)62.357,4$(
67.268,983$
00.785,04$
)01.897,34$(
41.539,83$
21.828,731$
9978
- 0068
seuneveR lacoL rehtO
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
9298
- 0098
nI srefsnarT dnufretnI
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
9798
- 0398
secruoS
gnicnaniF rehtO
llA
00.0$
52.019,158,71$
56.118,741,2$
06.890,407,51$
41.521,170,3$
84.323,306$
72.533,433,2$
91.629,257$
stpieceR latoT stnemesrubsiD
00.0$
00.692,663,9$
74.771,93$
35.811,723,9$
00.051,409$
00.051,409$
00.051,409$
00.051,409$
9991
- 0001
seiralaS detacifitreC
00.0$
00.814,511,2$
28.590,912$
81.223,698,1$
00.000,091$
00.000,081$
00.000,081$
00.000,081$
9992
- 0002
seiralaS deifissalC
00.0$
00.226,060,3$
29.730,532$
80.485,528,2$
00.000,552$
00.096,332$
00.096,332$
00.096,332$
9993
- 0003
stifeneB eeyolpmE
00.0$
35.159,598$
00.0$
35.159,598$
23.860,36$
00.000,56$
00.000,56$
00.000,56$
9994
- 0004
seilppuS dna skooB
00.0$
00.880,997,2$
41.3$
68.480,997,2$
26.819,703$
00.000,003$
00.000,003$
00.000,003$
9995
- 0005
gnitarepO
rehtO dna secivreS
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
0096
- 0006
yaltuO latipaC
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
9927
- 0007
ogtuO rehtO
00.0$
)00.751,14$(
00.0$
)00.751,14$(
)00.751,14$(
00.0$
00.0$
00.0$
9937
- 0037
tsoC
tceridnI/troppuS tceriD
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
9347
- 0347
ecivreS tbeD
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
9267
- 0067
tuO srefsnarT dnufretnI
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
9967
- 0367
sesU
gnicnaniF rehtO
llA
00.0$
35.812,691,81$
53.413,394$
81.409,207,71$
49.979,876,1$
00.048,286,1$
00.048,286,1$
00.048,286,1$
stnemesrubsiD latoT stessA
)00.000,51$(
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
0319
tnuoccA
hsaC gnivloveR
00.0$
84.232,005,4$
00.0$
84.232,005,4$
)07.476,73$(
00.0$
00.0$
00.0$
0029
elbavieceR stnuoccA
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
1229
tessA motsuC
00.0$
04.759,411$
00.0$
04.759,411$
00.000,57$
00.0$
00.0$
00.0$
0139
sdnuF rehtO morf euD
)19.615,36$(
)58.565,03$(
00.0$
)58.565,03$(
00.0$
00.0$
00.0$
)00.954,2$(
0239
serotS
)19.615,87$(
30.426,485,4$
00.0$
30.426,485,4$
03.523,73$
00.0$
00.0$
)00.954,2$(
stessA latoT seitilibaiL
00.0$
49.619,674,1$
00.0$
49.619,674,1$
08.867,32$
51.005,854$
00.000,005$
)17.604,384$(
0059
)seitilibaiL
tnerruC(elbayaP
stnuoccA
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
0959
stnemnrevoG
rotnarG ot euD
00.000,002,1$
55.622,568,2$
00.0$
55.622,568,2$
00.000,005,1$
00.0$
00.000,003,1$
00.0$
0169
sdnuF rehtO ot euD
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
00.0$
0569
euneveR derrefeD
00.000,002,1$
94.341,243,4$
00.0$
94.341,243,4$
08.867,325,1$
51.005,854$
00.000,008,1$
)17.604,384$(
seitilibaiL latoT
87.601,05$
80.504,441$
57.124,286,1$
84.629,038,2$
ecnalaB hsaC gnidnE
noitailicnoceR
BFE
87.601,05
hsaC
ecnalaB
dnuF
gnidnE
00.000,51$
gnivloveR
SCAS
reP
ecnalaB
19.615,36$
serotS
lautca
naht
ssel
72.
detsop
saw
BB
56.118,741,2
stessA
deurccA
)53.413,394(
seitilibaiL
deurccA
hsaC
gninnigeB
)00.000,002,1(
oT
euD
stessA
99.021,385
dnuF
gnidnE
seitilibaiL BB
00.121,385
tegduB
detsujdA
reP
detsoP
BB
)10.0(
.clac
ecnereffiD
2
fo
2
egaP
MP
41:3
3102/8/5
:etad
tnirP
goolP
asiraM :yB detnirP
19