LOS ANGELES UNIFIED SCHOOL DISTRICT

Board of Education Report

Bd. of Ed Rpt No. 064-14/15 Page 1 of 3 Board of Education
Report Submitted on 09/05/14, Revision 1 September 9, 2014

Report Number: 064-14/15
Date: September 9, 2014
Subject: Unaudited Actuals Report for Fiscal Year 2013-14 and Gann Limit
Resolution
Responsible Staff:
Megan K. Reilly
Name
Office/Division Office of the Chief Financial Officer
Telephone No. 213-241-7888


BOARD REPORT

Action Proposed:



The Board is requested to take the following action:

1.) Approve the Unaudited Actuals Report for Fiscal Year 2013-14
(Attachment A) and direct staff to submit the report to the County
Superintendent of Schools.

2.) Adopt the Gann Limit Resolution as required under Ed Code
Section 42132 (Attachment B).

3.) Expressly commits all unassigned unrestricted ending balance of
$85.8 million into a reserve for potential 2014-15 salary
compensation.

Background:

Education Code Section 42100 requires the governing board of each
school district to approve, in a format prescribed by the Superintendent of
Public Instruction, an annual statement of all receipts and expenditures of
the district for the preceding fiscal year and to file the statement with the
County Superintendent of Schools on or before September 15th.

Education Code Section 42132 requires the governing board of each
school district to adopt a resolution identifying their estimated
appropriations limit for the current year and their actual appropriations
limit for the preceding year. The so-called Gann Initiative placed limits
on the growth of expenditures for publicly funded programs. Although
the Gann Limit Calculations are provided as part of the Unaudited Actuals
Report, a specific resolution is required by statute.

Consistent with Government Accounting Standards Board (GASB)
Statement No. 54, a committed fund balance is a portion of a fund balance


LOS ANGELES UNIFIED SCHOOL DISTRICT
Board of Education Report


Bd. of Ed Rpt No. 064-14/15 Page 2 of 3 Board of Education
Report Submitted on 09/05/14, Revision 1 September 9, 2014
which the Board limits for specific purpose and which cannot be used for
any other purpose unless there is a subsequent Board action.

Expected Outcomes:


The Districts statement of revenues and expenditures (Unaudited
Actuals) for Fiscal Year 2013-14 will be filed with the County
Superintendent of Schools, in compliance with Education Code 42100.
The budget for the current fiscal year (2014-15) will be updated based on
the Unaudited Actuals report.

The adopted Gann Limit Resolution will be made available to the public.

Committed amounts cannot be used for any other purpose unless the
Board takes subsequent formal action.


Board Options and
Consequences:

Board approval and filing of the Unaudited Actuals Report and adoption
of the Gann Limit Resolution is statutorily mandated. Board action is
also required to commit funds pursuant to GASB 54 and be compliant
with generally accepted accounting principles.

Policy Implications: None.

Budget Impact: Budget adjustments for the current fiscal year may be required based
on updated ending balances from the prior fiscal year. In addition,
budget projections for the current fiscal year and two out-years may be
revised based on a review of expenditures and updated balances from
the Unaudited Actuals. The informative on the Unaudited Actuals
provides a summary of 2013-14 ending balances.

Issues and Analysis:

None.

Attachments:

x Informative

Desegregation
Impact Statement





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Attachement A
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ATTACHMENT I
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ATTACHMENT I
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ATTACHMENT I