FDCSD board hears financial report
The Fort Dodge Community School District collected $44.4 million in revenue while it spent $44.87 million for fiscal year 2017, according to Brandon Hansel, FDCSD director of financial services.
Hansel presented the 2016-17 certified annual financial report at the FDCSD board meeting Monday night.
“We overspent by $460,000,” Hansel said. “That was intentional as we try to position ourselves financially to hit our target ratios.”
Hansel also shared the employee cost ratio figure.
“The employee cost ratio is one we monitor closely as it relates to our total general fund,” he said.
For 2016-17, the district’s wages and benefits were $35.6 million, representing 79.4 percent of total expenditures.
Hansel said any percentage under about 81 percent is considered good.
“We start to really feel it when we get above 80 in terms of our excess capacity drying up in our budget and we start to feel a little pinch at that point,” he said. “We are in good shape right now.”
Hansel also shared how many days of cash the district has on reserve.
“Our daily expenditures for last year was $123,000,” he said. “Our cash on hand of $12.6 million and our total expenditures was just under $44.9 million.
“That equates to 102 days that we can operate without a cash infusion,” he added. “That’s not exceptionally meaningful, it’s just that it’s good to have a certain amount of cash on hand to cover our expenses during the summer months when we don’t receive any state aid.”
The district’s maximum authorized budget for 2016-17 was a little more than $50 million.
Hansel said that figure is “most important in the eyes of the state.”
“Our unspent balance at the end of the year was $5.3 million,” he said. “That’s a 10.59 percent unspent balance.”
“We are right where we should be on that measure.”