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Current year Revenue & Expense statements shows a $162K surplus, largely in the General Fund.
The AP and Industry Certs were received in May, which is reflected on these statements. Both came back higher than expected; there are a few teacher bonuses that were paid from the Revenue received, but largely this money goes back into the General Fund to help cover the cost of the program.
The above as well as General Donations & Miscellaneous Revenue that was not budgeted is helping show improvement on the revenue side when comparing to the budget.
REVIEW TAB
You will find the comparison of FEFP earned to the budget for FY24. The State has released the most recent worksheet, the District has just shared the updated version with me. I’ll review ASAP and get back with you, at this time the final deposit of FEFP has been received of $359,834, which is about $48K less than the deposit in May.
Detail on the Receivables for Capital Outlay, LCIR & the General Appropriation:
Total Capital Outlay Deferred (unearned) is $31K; this is from the lump sum payment of LCIR. I’m recording an equal 1/12th each month slowly decreasing the balance sheet account.
Summary of Cash Flow & Cash Projections. (Foundation has not been updated for May activity.)
Projected Surplus right now is $68K; taking NO additional from Foundation Draw.
Cash expected to hit around $1.2 mil at the end of June based on our current projections which we consider to be conservative.
Related to Closing of the Bond:
Foundation has provided $130,000 of the $260,000 budgeted Transfer, CASH. I’m not projecting any further payment for this – it’s unnecessary to maintain acceptable Revenues/Expenses as well as Cash Balances.
$525,000 CASH temporary loan to assist in the cash flow for payment of the Construction expenses while the District processes for reimbursement. We’ve recorded $168K of this as the lease repayment. Net due $357K.
If there is to be roughly $2 mil brought to closing, from recent conversations with others I believe part of the funds will come from Foundation accounts while the remainder will come from the School accounts.
My understanding further of this is that construction invoices would then go from being paid from the existing Regions account to being paid from the new account to be set up; which at that time I can prepare to be reimbursed from the District using General Appropriation funds. If this is the case, I don’t have as much hesitation about cash flow on the School’s side. However we must all remain cognizant of the Cash shortage that exists every Fall due to the method of which the District makes payments for all the major revenue sources. I suggest someone reaching out to the District to determine if there is any way they can adjust their method of payment; possibly recognizing some of the increase in expected student count to be confirmed in October. Anything that would assist in cash coming in quicker.
Is it the desire to consider the remainder of the ‘loan’ given to the school as a Donation at this time since it will be ultimately what assists in providing ample cash to close?
Desi and I worked with Tom and Tricia to develop a draft budget, which has been provided to them as well as Chip earlier this week. The items specifically that we consider outstanding is the LCIR/Debt Service and the final FEFP figures which we can confirm when the State releases the worksheet.
Attached is the draft budget in full excel version but also in condensed pdf version that can be included in the board pack to be voted on. The Combined Detail Budget tab separates the General Fund, Capital Outlay Fund & the Internal Fund (Clubs/Athletics) to show the surplus/deficit of each.
This assumes a 2% increase in FEFP
ZERO LCIR
ZERO Debt Payments
Still utilizing the Lease payment of $168K to the Foundation in order to release the regular Capital Outlay funds from their restrictions. The Foundation Donates an Equal Amount back, which is counted as Revenue in this budget.
The FY25 SSF draft budget is attached for your review.
I’ve also attached the Spearhead Marketing Group Statement of Work agreement to review prior to the meeting as well. Important bullets to note:
The SOW covers a 4-month period from October 16th, 2024, to February 19th, 2025. In addition, Agency will perform required tasks related to securing necessary permits and venues in a timely manner. This work will begin upon the SOW Effective date and be performed prior to the commencement date of October 16th, 2024, as noted in the Term of this SOW. This includes ALL permitting with the Town of Seaside, Walton County Permitting and Alcohol Permitting with the State of FL.
SMG will lead ALL logistics of event production and will take primary/exclusive lead for all of the vendors listed on the SOW. (Last year as we were onboarding, I was involved in almost all of these conversations).
The fee is $50K (+out of pocket expenses) and is as low as they are willing to go considering the scope of work.
Rubin Turnbull is listed as a Marketing/Lobbying Expense under the Capital Campaign and the total budgeted expense is $150K for that line item.
-SVB Cash to close - From the latest S&U, we just need to map where our $2-$2.1M cash to close will be coming from
Review the SVB LOC – Somewhat related to the above, I think this is an additional margin line secured by cash and securities, so wanting to preserve as much of that as possible.
Can pledged assets still be used in 12/31 liquidity test
