Mid Year Update from Solutions and Services has been circulated amongst Board Members. The update is positive as to how we are tracking with our budget and controlling expenditure.
Mid Year Budget Needs Analysis
We need to put aside cash money to cover the "'paper" maintenance costs. About $9000 each year. Do we need a separate account for this?
We also need money put aside for extra teachers, or sickness.
It would be good to have more money for teaching resources next year if possible.
We have cut down on teacher aide hours in the last 12 months. We still pay about $40k more than we are funded for for teacher aides but hard to cut down any further.
Our Chromebook and ipad leases expire at the end of this year. We are paying $15,500 pa for these at the moment. We started leasing in 2014 and should continue to lease to replace old equipment but we could have a year off and start the next lease in 2020. That would enable us to put away the money we should have for maintenance.
Roll return information has been shared in hard copy - this will determine our staffing for 2019
- The Home and School continues to unconditionally gift $10k to the Board of Trustees each year. This means that we do not pay GST on it. The Home and School also provides for the year 7 & 8 social. The BOT will inform the Home and School at their AGM about how this $10k will be spent. Spending will be determined by charter and annual plan goals.
- Any further money raised by the Home and School can be spent at their discretion.
- When the Home and School has discretionary money to spend, the staff and board will be consulted and asked to provide a wishlist, coordinated through the principal and this will be presented in order of priority, determined by the principal and the learning needs of the school in consultation with Board and Staff.
- The Home and School will take the wishlist into account when making spending decisions. The decision will be decided by the Home and School by vote.
What Schooldocs says:
Parent Group Fundraising
A new budget code has been made for COL travel - there is an allowance for this in our Ops Grant. There is no budget provision for this code at present.
REQUEST TO BE MOVED AND MINUTED: We have $2726.00 accumulated from sports uniform hire over the past few years. It is not possible to move this over in the budget each year. We wish to spend this money - there is a genuine need for new rugby kit and all codes need balls and other equipment update. Can we move to spend the full amount as we see fit and allocate to the appropriate Sports expense codes. It will bring us over the budget for those codes. MOTION: Board moves to spend $2726.00 accumulated from sports fees and uniform hire over the past few years on the uniform and equipment needs of the sports codes which have the greatest need judged by the principal and sports coordinator.
STAFFING - LOOKING AHEAD - May 2018
We have saved $10k from our first Operations Grant instalment and invested with money saved last year.
We would need 17 more unexpected new entrants or 32 unexpected older children between now and March 2019 in order to be fully funded for 8 classrooms next year. We will get some of that, but we also get unexpected losses too.
Would the board agree that the priority for our resourcing would be to keep class sizes reasonable?
We will be able to claim back the relieving cost of the teacher in the DPs room while she is Acting Principal (we pay for the first 8 days)
.45 management/leadership release
COL release for facilitated sessions
Release for development STEAM and enrichment
Money aside for sick days (we had average of 1.5 a week last year = 0.3)
PD release e.g. going to Convention, Phonics, Fiveplus
= 10.4 used up
PD/COL spiral release = 0.1 (tight)
Sick and emergencies = 0.2
= approx 8.6
But we can’t run 7 classes with these numbers -
we will need to find the money for another teacher.
= approx $75k.
2017 spending was within budget. Income was less due to fall in Ops Grant.
|MUSAC Accounts Application :E St Joseph's School 2018|
|010 Government Grants||305249||305249|
|015 Notional Lease||162400||0|
|016 MOE Teacher Funded Salaries||758940||0|
|020 Investment Income||1000||1000|
|055 Discretionary Welfare||0||0|
|070 Teaching Resources||29525||29525|
|072 Professional Development||16600||16600|
|075 ICT Plan||18813.71||18813.71|
|080 Equipment Repairs||1800||1800|
|090 Staff Expenses||75265.2||75265.2|
|095 MOE Teacher Funded Salaries||758940||non cash|
|120 BOT Expenses||9520||9520|
|130 Audit Fee||6250||6250|
|140 Admin Consumables||6500||6500|
|150 Staff Expenses||51200||51200|
|170 Caretaking & Cleaning||5400||5400|
|180 Light, Heat & Water||16650||16650|
|200 Repairs & Maintenance||11500||5500|
|205 Notional Lease||162400||non cash|
|210 Capital Purchase||0||0|
|220 Staff Wages||40844.4||40844.4|
|230 Fundraising on behalf of||0||0|
|300 Depreciation||13750||non cash|
|MUSAC Accounts Application :E St Joseph's School 2018|
|415 Fixed Assets Current Year|
|Asset Additions Current Year||8345|
|440 Term Liabilities|
|Use of the provision (Painting Int/Ext)||planned 2016 painting||1000|
|Addns to Equity F&E Grant|
|Total Capital Budget||0||9345|
|St Joseph's School 2017|
|Net Working Capital 31.12.2017 (current assets - current liabilities)||960|
|Cash from operating budget||336425||337385|
|Cash applied to operating budget||315243.81||22141.19|
|Cash applied to capital budget||8345||13796.19|
|Cash required for term provision (painting)||1000||12796.19|
|Cash from capital budget (F&E Grant)||0||12796.19|
|Estimated Working Capital at 31.12.2018||12796.19|
TEACHER AIDE CALCULATIONS 2018
High Health Needs Student A funding
High Health Needs Student B funding
ELL funding (could be more)
High Health Needs
Teacher aides for learning support
B4 School Care
TOTAL ELL COSTS
NOTE: Bus costs are to pay for minding the children who catch the
southbound bus, rather than them changing at Waitaki Boys. I have
asked the families about this but one family still wants the service to
continue as they have a five year old. ???? Other ways of doing it
LEASES - Already committed to these all others paid out
10x Applie Ipad, 10x Acer Chromebooks, buy out
rent to own 20 ipads, 30 Chromebooks PC locs case
Ideally we would rent to own a further 34 Chromebooks and case in order to complete
devices for the senior hub. These are the price options
34 Chromebooks and case - completes one to one
20 Chromebooks - will give a class set, plus some for the other class
10 Chromebooks - gives nearly a class set, can supplement with middle hub ipads
RE Diploma release
Yolanda Sorryl Phonics training
Yolanda Sorryl Travel
Yolanda Sorryl Release
Inquiry release for COL
Plus costs of travel - DRS meetings, principal's meetings - Central/Dunedin/invercargill
2 days per week (2017 = 1.5 days per week)
10 days a term - will need for COL pd
10 hours per term each teacher
3 days a term - emergencies, family, stress
1/2 hour a day, plus MoE funds second 1/2 hour
Extra DP - acting principal
4 days a term - for acting principal, if needed
Estra - choir, events etc
In 2018 - need release for staff to attend Catholic Convention (covered in pd release)
PLUS 0.1 to alleviate intermediate class sizes
Senior sandpit - cost $850 (free sand from Whitestone, free labour Tim Frances-Rees) - cost against PE equipment budget code. Cover through the $10,000 H&S annual donation.
See expense predictions to cover December costs (very high due to having to pay support staff annual leave).
TA hours to be considered:
So far in 2017 we have managed to save $35,000 from our Ops Grant in a term deposit. This is to cover our asset replacement provision, and saving for repairs and maintenance for buildings.
Motion for authorisation and financial position required - March 2017
Closing balance December 31st = $51,718.09
Closing balance October = $177,357.22
Working capital = $59,846
Current liabilities = 154,030
Current assets divided by current liabilities = 1.4
Approve October financials
Phonebook money in bank $12,422.44 - earmark for hall heater
|January, February||Ensure previous year's financial transactions completed and sent to service provider. |
Ensure asset registers etc. up to date.
|31 March||Annual accounts finished and forwarded to the auditors|
|30 April||Annual review of 10-year property plan Note: this should also encompass normal cyclical maintenance and capital works|
|31 May||Board formally adopts Audited Financial Report. Audited Report must reach the Ministry of Education Community reporting on financial performance|
|30 June||Ensure any issues raised by the auditor have been addressed.|
|31 July||Review current budget and update cash flow forecast|
|31 August||Annual review of risk management needs and insurances|
|30 September||Annual plan available as an input document for preparation of the budget|
|31 October||Initial annual budget recommendations submitted to the board.|
|30 November||Revised annual budget (if required) submitted to the board for approval. |
Complete as much purchasing as possible.
Report for August:
1. Lion Foundation form to be actioned. Request for items for the school hall.
2. Sue reports signed.
3. Accounts checked and signed.
4. Last Ops Grant received on 1st July. Next payment due on 1st October.
Report for June:
1.Extra staffing claimed for increased roll. This will need to continue with every three extra children who enrol.
2. Closing balance April $148,915.59 = Opening balance May. Summary statement as at May 2016 - Working capital is $12,747. Current Assets $165,781 divided by current liabilities $153034. It is 1.08:1. Most schools operate around 2 or 3:1. It is important to note that we have capital expenses that we paid earlier in the year and so this will balance out as the year progresses. Next Operation Grant due 1st July. Copy of Summary Page 1 & 2 for board. Approve May financials.
3.Phonebook Financials - At end of May balance of $11,798.61. Phonebook update - Sharni met with Sonya, Adrienne and Paula to review the process and prepare an updated template of notes. Free copies were distributed to advertisers with a thank you letter.
4. Final visit from auditor Monday13th June. They hope to have Annual Audited Report ready very soon.
Report for May:
1.Confirmed staffing entitlement for 2016 based on 1 March roll return has meant a recalculation for the operation grant entitlement. An increased adjustment of $20,500 based on a student roll of 251 compared with the original 227 ministry calculation. Staffing is still based on 226 students. We will have to claim extra staffing for every 3 students above this number.
2. Closing balance February 142,094.12. Summary statement as at March 2016 - Opening balance $142,094.12 Working capital is ($1,596). Current Assets $130,875 divided by current liabilities $132,471. Closing balance March $95,330.47 = Opening balance April. Summary statement as at April 2016 - Working capital is $8109. Current Assets $187972 divided by current liabilities $179863.It is 1:04 Most schools operate around 2 or 3:1. Copy of Summary Page 1 & 2 for board. Approve March and April financials.
3.Phonebook Financials - At end of April balance of $15,484.99 with 5,675.01 to pay and income in. Phonebook update - Sharni. Important to distribute free copies to advertisers with a thank you letter.
4. Final visit from auditors Wednesday 18th May.
Report for March 23rd:
1. Summary statement as at February 2016 - Opening balance $164,500.48 Working capital is $22,501. Current Assets $169,290 divided by current liabilities $168,018=2. It is 1:1 Most schools operate around 2 or 3:1. We are due to receive a donation from Home & School, school activity payments and the Ministry Operation Grant payment is due 1st April. Copy of Summary Page 1 & 2 for board. Approve January and February financials.
2. Phonebook Financials - Some payments from advertisers have been made Receipts $5,188.57 and outgoing payment to the Yellow Pages is $1641.05. Balance is $3636 at end of Feb.
3. Sharni joined Bev and Jenny for a transition
4. That the schedule of payments comprising of $30,511.76 for January 2016 and $53,357.19 for February 2016 as approved by the principal and reconciled with the bank statements together with the schedule of income comprising of $95,884.78 for January 2016 and $16,030.83 for February 2016 be received.
Report for February 16th:
1. Summary statement as at December 2015 - Opening balance $146425.97 Working capital is $70529. Current Assets $137588 divided by current liabilities $67059=2. It is 2:1 Most schools operate around 2 or 3:1. We finished with $4196 deficit and our budget for the year was for a $3426 deficit. Copy of Summary Page 1 & 2 for board.
2. Budget 2016 - Final budget includes capital items and shows a surplus based on grants and fundraising. Copy for board members.
3. Transfer from 17 account for heat pumps as agreed at last meeting.
4. Annual accounts being prepared for the auditor's visit in February. Solutions and Services will collate end of year financials for annual report.
Report for December 8th:
1. Letter from Phillip Trousen in readiness for annual audit. They will visit in February to gather necessary records and data for the annual audit. Schedule of key information completed.
2.Review bank accounts: day to day operating account, term investment, online saver and phonebook account.
3.Summary statement as at October 2015 - Working capital is $112,198. Current Assets 214,361divided by current liabilities $102,163=2. It is 2:1 Most schools operate around 2 or 3:1. We currently have an operating surplus of $35,659 (operating expenses) and our budget for the year is for a $3426 deficit. We are tracking well according to budget.
4. Budget - draft budget completed with a $10,000 surplus. Recommendations to discuss. Adopt based on feedback from Solutions and Services.
Report for 27th October 2015
1.September bank reconciliation. Reconciled closing statement balance is $164,079.84
2.Summary statement as at September 2015 - Working capital is $114,885
Current ratio of assets to liabilities is the current assets divided by the current liabilities = 3.8:1. Most schools operate around 2 or 3:1. We currently have an operating surplus of $39,593 and our budget for the year is for a $3426 deficit for the year. We are tracking according to budget.
2.Revised MOE Kiwipark model for financial statements. Office Manager attended training.
3. JJ & BC spent time preparing the first stage of the draft budget for 2016.
4. St Joseph's run the account for the North Otago Pasifika cluster.
Report for 22nd September 2015
Present: Bev Conlan, Jenny Jackson
1.July bank reconciliation. Reconciled closing statement balance is $172,229.29
2.Summary statement as at July 2015 - Working capital is $155,795
Current ratio of assets to liabilities is the current assets divided by the current liabilities = 3.75:1. Most schools operate around 2 or 3:1. We currently have an operating surplus of $71,679 and our budget for the year is for a $3426 deficit for the year. We are in touch with Solutions and Services for clarification and this has been rectified.
3. Financial Commentary to July 2015 from Solutions & Services (cop for each board member). Motion as per p2 with regards to asset budget.
Revised MOE Kiwipark model for financial statements. Office Manager to attend training.
Note ledgers with higher spending. These will be reviewed in readiness for 2016 budget.
4. August bank reconciliation. Reconciled closing statement balance is $164,097.84
5. Summary statement as at August 2015 - Working capital is $149,158
Current ratio of assets to liabilities is the current assets divided by the current liabilities = 3.8:1. Most schools operate around 2 or 3:1.
6. Work will begin on draft 2016 budget to bring to next meeting.
Report for August 2015
Present: Bev Conlan, Jenny Jackson
1.June bank reconciliation. Reconciled closing statement balance is $106,626.92
2.Summary statement as at June 2015 - Working capital is $95,932
Current ratio of assets to liabilities is the current assets divided by the current liabilities = 3.2:1. Most schools operate around 2 or 3:1. We currently have an operating surplus of $11,184 and our budget for the year is for a $3426 deficit for the year. The furniture grant was paid in and as it as not budgeted for , this will account for this difference.
4. Separate welfare account closed and has now been incorporated as a ledger within the main account.
5. Reviewed overarching policy a
and recommend it be adopted with the inclusion of a statement about a financial management calendar being used and uploaded to the blog.
6.Reviewed procedures and will share suggested changes at the meeting.
7. Ricoh has reviewed our contract and we need to decide to go ahead or not.
Report for June 2015
Present: Bev Conlan, Jenny Jackson
1. April bank reconciliation. Reconciled closing statement balance is $162,436.43.
2. May bank reconciliation. The journal of $1190.59 reflects money received in error and has since been returned.
Reconciled closing statement balance is $123,331.63.
Summary statement as at May 2015 - Working capital is $102,306
Current ratio of assets to liabilities is the current assets divided by the current liabilities = 2.6:1. Most schools operate around 2 or 3:1.
3. Bev and Jenny attended the NZSTA Financial Management training workshop. We were advised that all board members should have access to an electronic copy of FISH.You can access it here (just awaiting link). It is timely for us to review our policy and procedures. We will review in readiness to present in our first meeting Term 3. We will include the financial management calendar presented to us at the workshop. Aim to upload our policies and procedures to our board blog to allow easy access and transparency. Asset replacement plan to be developed by Term 4.
4. Audited annual financial report to be adopted. Discuss and follow up recommendations noted on page 2 of the management letter ( see your copy). Attached a copy of NZSTA annual report guidelines to help understand our financial position.
5. Recommendation to increase limit of business Mastercard.
6. Organise a pd session with Solutions and Services to review our budget and other processes
7. Unbudgeted furniture grant has come in for 2015 $5,545. Here is the link to the furniture and equipment guidelines.
Report 5th May 2015
1. March bank reconciliation. The receipt balance differed by $2.82 due to telephone interest from a separate account. It would be beneficial to share this with Solutions & Service in order for our figures to balance. The unpresented cheque balance is a high figure due to cheques transactions being put into March instead of April. One unpresented cheque from 2014 to be followed up. Reconciled closing bank ledger account balance is $89,143.55
2.Summary statement as at March 2015 - Working capital is $79,803. Current ratio of assets to liabilities is 3:1. Most schools operate around 2 or 3:1. We are trending up from last month. Next year we can compare trends.
3. The board will receive a copy of the income Statement page 1-4.
4. Furniture grant received for 2015, not budgeted. Looking at upgrading hall furniture.
5. Final audit work underway.
17th March 2015
- Bev & Jenny attended the course ' Accountants for Non-Accountants'. We found this very valuable. We have a better understanding of the accounting system and how to read our balance sheet more effectively to understand our position each month.
- January Bank reconciliation - The closing bank ledger account balance didn't initially balance with the opening ledger for February because some February payments had been calculated with January figures. This has since been checked by Solutions and Services and following advice has been recalculated and balanced correctly on the February reconciliation.
- February Bank Reconciliation - closing bank ledger account balance is $105,953.45.
- Summary statement as at February 2015 - Working capital is $73,772. Current ratio of assets to liabilities is 2:1. Most schools operate around 2 or 3:1. Our course recommended that we look at our ratio to find trends which we will continue to do.
- Telephone Book account balance to be transferred into the '00' account.
- The draft annual financial report has been received for the board to review.
10th February 2015
- Recommend minuting acceptance Audit of Financial statements December 2013 received end September 2014 due to Novopay system issues.
- Monthly reconciliation reports presented for board motion: November 2014 and December 2014
- 2015 Budget to be accepted
- Solutions and Services visited to prepare for annual audit
- Finance Terms of Reference updated 2015