Upper Arlington News

Treasurer's report

Revenue up, expenditures down for UA schools


Expenditures are down and revenue is up for Upper Arlington schools, according to a budget review of the first nine months of the fiscal year by district Treasurer Andy Geistfeld.

"We are nine months into the fiscal year and our total revenues are more than $900,000 better than the forecasted amount," he said.

He said the update covers district revenue and expenditures from end of June 2013 through March 31. The fiscal year ends June 30.

Geistfeld said the revenue boon compared to the current financial forecast is due partly to unrestricted grants-in-aid from the state, which came in $212,000 better than expected.

Other operating revenues also make up a part of the extra funds, with $400,000 related to tax increment financing (TIF) receipts and $57,000 in rental income, he said.

"District expenditures are down by 1.4 percent, or $840,000 better than the budgeted amount," Geistfeld said.

He said $393,000 of that amount is related to personnel services.

"The difference relates to delaying the filling of open positions, increases that were less than budgeted and a decrease and delay in supplemental contracts," he said.

Geistfeld said $400,000 of the lower expenditures relate to purchased services, supplies and capital outlay.

"This difference is partially due to timing of purchases from one year to the next and also due to district priorities and efficiencies," he said.

When compared to last fiscal year, total revenue is $4 million or 5.6 percent higher than actual receipts the previous year, Geistfeld said.

Real estate tax receipts increased by $3 million over last year, he said -- largely due to voter approval of a 4-mill levy last November.

The district's public utility personal property tax (PUPPT) increased by $500,000 compared with last year, because of a full year's collection on increased valuations due to AEP's new power transmission line and the 4-mill levy, Geistfeld said.

The district's 2014 five-year financial forecast, approved in January, will be updated next month and in October, he said.

The January forecast showed actual revenue at the end of fiscal year 2013 coming in at $76,339,969, while total expenditures came in at $81,092,748.

An unreserved fund balance of $28,036,228 kept the district budget in the black.

Financial projections in the forecast for 2014 and 2015 show revenue exceeding expenditures until the end of fiscal 2016, when expenditures exceed revenue by about $1.2 million.

Geistfeld said the district would not experience a deficit that year, however, because the unreserved fund balance is projected to be about $27,436,077.