Agenda Item
Meeting Date: 10/12/2017 - 6:30 PM
Type: Action
Subject: Unaudited June 2017 Financial Report
ACPS Division Objective :
Objective 5
We will optimize resources.
Policy: DI - Financial Accounting and Reporting
Enclosure: Unaudited June 2017 Financial Report
File Attachment:
Unaudited June 2017.pdf
Summary: Preliminary unaudited numbers are provided for background regarding existing financial conditions as of October 5, 2017. Preliminary audit work begins in October and is typically completed in November. The final June Audited report will be presented to the Board following completion of the audit.

Revenues: March 31 Average Daily Membership (ADM), upon which state revenues are based is 13,362. This is 109 students less than budgeted. State revenues collected were $587,838 less than budgeted. Local Revenues exceeded budgeted by $257,500 and federal revenues exceeded budgeted by $96,170.
Expenses: Compensation and benefits savings totaled $1.2M than final appropriated. Operational savings are shown on pages 2-3 of the attached report. Final carryover information will reflect actual individual school balances. Carry-forward purchase orders have yet to be addressed.

Balance of Revenues over Expenses: Reported revenues exceed expenses by $306,445 and will be added to fund balance. Reported state revenues collected totaled slightly more than $48.1M. The School Division appropriated $1.9M in use of fund balance, however the expenditure obligations did not require that it be used.

Fund Balance: Anticipated ending fund balance is projected to be $3.1M. Fund balance use in FY17-18 is projected to be $1.1M. The projected available fund balance in FY17-18 is $2.0M (1.11% of appropriated budget). Available balances are well below the 2% threshold established by the Board of Supervisors policy on school fund balance.
Funding: As presented
Recommendation: Receive the unaudited June 2017 financial report.
Recommended By:
Signed By:
Jackson Zimmermann - Assistant Director of Fiscal Services
Signed By:
Dean Tistadt - Chief Operating Officer
Signed By:
Dr. Pamela Moran - Superintendent