Agenda Item
Meeting Date: 5/10/2018 - 6:30 PM
Type: Info/Action
Subject: 3rd Quarter Financial Report & Transfer of Balances to Reserves (7:50 to 8:05)
ACPS Division Objective :
Objective 5
We will optimize resources.
Policy: DB - Annual Budget
Enclosure: Feb - Mar 2018 Report
Reserve Appropriation
File Attachment:
Feb - Mar 2018.pdf
5-10-18 Reserve Approp.pdf
Summary: The February 2018, March 2018, and April 2018 Year-To-Date Financial Reports, Operating Expense Reports, and Self-Sustaining Funds Reports are presented for the Board's consideration.
Revenues: March 31 Average Daily Membership (ADM), upon which state revenues are based, was 13,480 that is 29 higher than originally budgeted. State revenues are currently anticipated to increase by approximately $178K due to the higher enrollment and slightly improved state projections for sales tax. Local and federal revenues are anticipated to meet budget.
Expenses: Following many months of lower than budgeted utilization of health benefits, an unusual premium holiday was declared for the months of December and January. Both the employee and employer were beneficiaries of this premium holiday. This 2 month premium holiday resulted in immediate budgetary savings of approximately $3.1M. (Participating County and schools employees saved about $1 million in premiums.) Additionally both employer and employee premiums were reduced to FY2016/17 levels, resulting in anticipated additional savings of $393K by year end. Saving in salaries and other benefits due to turnover and other factors is anticipated to be $670K, however 4 more months of payroll remain in the fiscal year. Board approved one-time projects totaling $1.39M are included in April's report.
Balance of Expenses over Revenues: April revenues exceed expenses by $4.6M. State revenues collected totaled slightly more than $38 million.
One-Time Savings: Consistent with staff recommendations in prior discussions regarding fund balance, staff is recommending that $2.5M be transferred to the revenue reserve fund.
Funding: As presented.
Recommendation: Receive the February through April financial reports and request the Board of Supervisors to reappropriate funds to a reserve fund for future budget use.
Recommended By:
Signed By:
Jackson Zimmermann - School Finance Officer
Signed By:
Rosalyn Schmitt - Chief Operating Officer
Signed By:
Dean Tistadt - Chief Operating Officer
Signed By:
Dr. Matt Haas - Superintendent
Signed By:
Dr. Pamela Moran - Superintendent