Finance

September 2017
Closing balance August 2017 = $92,208
Working capital = $59,118
Current assets = $139,806
Current liabilities = $80,688
Current assets divided by current liabilities =1.73
Approve August financials

Expenditure items to note: 22141 Special Education expenses - $1556 - to purchase a hearing system for a hearing impaired child - this was reimbursed by the Ministry
Subscriptions are 167%.  Have dropped one magazine subscription - check all are needed in next year's budget calculation.
Election costs - 1559.93 for by election - offset by Ministry
Fixed asset replacement $1076.52 - to replace principal's phone - look into possible leasing options in the future.

Proposal to amend budget.
Budget accepted in March = cash deficit -$23,186.  Due to a calculation error this should have been -$16425.
Since Ops Grant amount has change (decreased) budget has now changed
Proposal to amend budget to cash deficit of -$36,489 with a working capitol deficit of -$-37,362

August 2017

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.
Two defunct projectors have been replaced with TV screens (asset replacement) and this will as each projector reaches the end of its lifespan.

June 2017
Closing balance May 2017 = $67,959
Working capital = ($20,500)
Current assets = $115,363
Current liabilities = $135,863
Current assets divided by current liabilities = 0.85
Approve May financials

Teacher salary balance = $4,237


May 2017
Closing balance April 2017 = $123,953
Working capital = ($20,567))
Current assets = $139,158
Current liabilities = $159,725
Current assets divided by current liabilities = 0.87
Approve April financials

Teacher salary balance = $4,237

$32,000 has been put in a short term investment.  $20,000 from Ops grant and $12,000 from the phone books.  The intention is to build up some savings to cover asset replacement and unforseen contingencies.

Budget variances/notes:
PE equipment - $1000 being reimbursed from Home and School,  
Junior and senior literacy budgets have been purposely spent, 
Special Character books have gone over - as we bought bibles for children who have started since mid 2016.  There will be more expense in this area for the Welcome masses, depending on the number of upcoming enrolments - this is part of H&S funding.  
PD is at 67% as most has now been booked and paid for.  
Resources is up to 54% as the first instalment of our new lease included the full GST for the Chromebook lease which we will claim back over time.
Teacher Aide salaries look high but have been coded incorrectly and have now been balanced against ELL, ORRS and high health needs,  
We are ready to claim back our board election expenses.  
Advertising is up to budget and will go over for enrolment advertising.  It is due to advertising for new sports coordinator.  
Water rates are about $100 a quarter more than last year - we are not using any more - the consumption rate before charging has dropped. 
ICT plan = the ipad lease paid out at the start of the year.

Grants
National Young Leaders day applied from Network Waitaki - $1272
St Joseph's Rugby Club want to put in an application for $1357 to Youthtown for rugby jerseys.  This needs to be approved and minuted - look at some other options.

The Home and School have agreed to pay $12k towards the new hall heaters.  The $12k we raised will be offset against five terms of H&S donations.  This needs to be approved and minuted.

THINGS TO CONSIDER:
We have a drop in our budgeted operations grant of $21,000
We also have an overall deficit of -$18,524 for 2016 and a projected deficit for 2017.


So we will have to consider what needs to give - the senior leadership team will do a review of teaching and learning needs moving forwards to see what could be cut.  Teaching and learning is the only area we have much leeway in.  The budget at present covers essential items for teaching and learning that we can’t get funding for from other sources.


We underspent $18,000 on curriculum expenses in 2016
We underspent $15,000 on professional development in 2016
We overspent approximately $20,000 on teachers salaries, above the extra $43,000 budgeted (that means we went $63k above our allocated staffing)


March 2017
Closing balance February 28th = $130,360.48
Working capital = ($1839.00)
Current assets = $166,467
Current liabilities = $168,,60.00
Current assets divided by current liabilities = 0.98
Approve February financials

Teacher salary balance = $1046.00

Cyclical Maintenance provision - current liability = $71,122 and Cyclical Maintenance Provision - Term = $32,626.  These are amounts we put aside to maintain buildings.  They will be adjusted when the accountant has finished with our accounts.  This amount will not be needed as a liability as we will start a new 10YPP and the costs will be spread over 10 years moving forwards (not backwards).

Budget variances: TA salaries are at 25% of budget.  The hours have been kept the same as last year, there was a slight payrise which was factored into the budget but as we are already at 25% the budget must  be slightly under.


Motion for authorisation and financial position required - March 2017



February 2017

Closing balance December 31st = $51,718.09
Working capital = $(5073)
Current assets = $88245
Current liabilities = $93,318
Current assets divided by current liabilities = 0.94
Approve December financials

Phonebook money in bank $12,422.44 - earmark for hall heater

The Ops grant arrived 1 January for three months.

Furniture was purchased in December - payment rolled over to January.  Furniture grant from 2016 also rolled over.
Ipad lease ended and ipads were bought out $5400.

Grants for 2017 -
Network Waitaki - March - National Young Leaders Day
Youthtown - making shed (later in the year)
Otago Community Trust - more junior school books (we are putting in $3000), musical instruments
Lion/Licensing Trust - ICT
Dominican Sisters - Domincan Conference
Altrusa?

Draft budget provided - move to accept

Need something in writing from diocese regarding holding the 10YPP.

Move: That the Board approves the inclusion of a budget for the 2016 Statement of Financial Position and a budgeted Cash Flow which are derived from the Board's 2016 operating and capital purchases budget.

Move: The Board authorises the Board Chairperson and Principal to sign the Statement of Responsibility for the 2016 Annual Accounts on the Board's behalf when confirmation is received that the audit has been completed.


November 2016
Draft budget drawn up some increases in pd, and curriculum resources - further work on budget once agreement on charter direction decided in November meeting.  Move to accept draft budget as a working document to be ratified in February.

Money carried over from 2015 school fees - it has no outgoing allocation - can we use it to purchase our Chromebooks at $80 each - they have reached the end of their lease and still have good life left in them.  Also to lease 25 more Chromebooks for 2017 and buy the remaining ipads when their lease finishes.

Furniture grant from MoE also has no outgoing allocation - permission to spend it on class furniture and equipment items for 2017, given that we are starting a 10th classroom.

Closing balance October = $177,357.22
Working capital = $59,846
Current assets
$213,876
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 September:
  • ·        Apparently this years budget has not been formally approved. This will need to remedied.
  • ·  Accountability Report for funds from Otago Community Trust needs to be filled in and submitted.
  •     Recommendation that extra grants for the hall are held off at this stage



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


  1. 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.
  2. 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.
  3. February Bank Reconciliation - closing bank ledger account balance is $105,953.45.
  4. 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.
  5. Telephone Book account balance to be transferred into the '00' account.
  6. The draft annual financial report has been received for the board to review.


10th February 2015 
  1. Recommend minuting acceptance Audit of Financial statements December 2013 received end September 2014 due to Novopay system issues.
  2. Monthly reconciliation reports presented for board motion: November 2014 and December 2014
  3. 2015 Budget to be accepted
  4. Solutions and Services visited to prepare for annual audit 
  5. Finance Terms of Reference updated 2015

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