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Conejo Valley Unified School District Releases 2015-16 Financial Results

District finishes the 2015-16 school year in good financial health

Conejo Valley Unified School District began the 2015-16 school year on July 1, 2015 with a fund balance of $9,048,505 and finished the 2015-16 school year on June 30, 2016 with a fund balance of $22,125,022 helped by a one-time $10.5 million “block grant” from the State. Staff is currently evaluating how these block grant funds can best be used to support District goals as required to support the Local Control Accountability Plan (LCAP).

The increase in overall fund balance is healthy for the District, with most of these funds designated for specific purpose.  For example - total designated reserves of $14,424,751 include the State mandatory 3% reserve, local stabilization reserve of $3M and $5,841,474 in program and school carryover funds.  Undesignated funds include one-time revenues of $5,897,074 and local recurring revenues of $1,803,197.

Operating results for the 2015-2016 school year’s General Fund (the main operating fund for the District) were:

Revenues

$192,421,846

Expenses

$179,345,329

Net +/-

$13,076,517


The District’s 2015-2016 General Fund revenue was comprised of several components, which included $149,017,557 in State funding revenue known as the Local Control Funding Formula or LCFF, Federal revenues, including special education funds which totaled $5,989,285, and other State and local revenues which totaled $28,038,739. 

As with most service oriented organizations, a substantial portion of CVUSD’s annual expenses go to human resources.  For the 2015-16 school year salaries for certificated staff including but not limited to teachers, administrators, and counselors, were $90,059,087 or 50% of expenses.  Classified salaries, which are the support staff for the District including but not limited to paraprofessionals, technology, maintenance, and other district personnel, came in at $26,606,774 or 15% of expenses.  Benefits  for all staff totaled $37,714,143.  Total salaries and benefits for all staff represents $154,380,004 or 86% of CVUSD General Fund expenses. 

In addition to the General Fund, the District maintains other funds related to District operations and programs.  These financial activities are considered enterprise funds and are outside of the general operating fund.  Programs include Adult Education, which finished the year with a net operating result of $236,660 (after $340,816 of support from the general fund), Child Care, having gone through a restructure, ends the year with a decreased fund balance of $141,112, and Child Nutrition, the District’s food service program, finished with a net operating result of $19,812 (after support from the general fund of $228,595).  Other funds include Measure I activities, the District’s health insurance and worker’s compensation funds, as well as various facility and grant accounts. 

A complete report of the unaudited actuals is available on the District website here.

Over the next few months, the District’s outside auditor will complete the annual audit and any applicable adjustments to the district’s financial results report.  The final audit report will be submitted to the State no later than December 15, 2016.  

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