Agenda Item
Meeting Date: 4/13/2017 - 6:30 PM
Category: SCHOOL DIVISION BUSINESS
Type: Info/Action
Subject: October 2016 to February 2017 Financial Reports (8:15 to 8:25)
ACPS Division Objective :
Policy: DI - Financial Accounting and Reporting
Enclosure: October 2016 to February 2017 Financial Reports
File Attachment:
Oct to Feb Financials.pdf
4-13-17 Budget Update Revised.pptx
Summary: The October 2016, November 2016, December 2016, January 2017 and February 2017 Year-To-Date Unverified Financial Reports, Compensation Projection Reports, Operating Expense Reports, and Special Revenue Fund Reports are presented for the Board's consideration.

Revenues: March 31 Average Daily Membership (ADM), upon which state revenues are based, is budgeted to be 13,471. This budgeted ADM estimate was based upon growth of ~99 students. As of September 30th, fewer students enrolled than projected therefore estimated ADM would only increase by ~45 students over the prior year. State revenues are currently anticipated to decrease by approximately $0.8 million due to lower than anticipated enrollment, a decline in State sales tax and the State’s unfulfilled commitment of funding 2% salary increases for SOQ positions.

Expenses: Additional operational savings of $0.33 million is anticipated in the current fiscal year.
Compensation: These reports now include more information on overall expenses for compensation and benefits. The projected surplus of $1.5 million is calculated upon the most recent completed payroll (February) and projections are based upon historic trend data. The total projected expenditure savings of $2.1 million more than offset the revenue reduction of $0.8 million such that staff projects an ending available fund balance of just over $0.8 million
Funding: As presented.
Recommendation: Receive the October 2016 through February 2017 financial reports and release holdback in the amount of $270,745 to all departments.
Approvals:
Recommended By:
Signed By:
Jackson Zimmermann - Executive Director
Signed By:
Dean Tistadt - Chief Operating Officer
Signed By:
Dr. Pamela Moran - Superintendent