Agenda Item
Meeting Date: 2/14/2019 - 6:30 PM
Category: SCHOOL DIVISION BUSINESS
Type: Info/Action
Subject: 2nd Quarter Financial Report and Fund Balance Discussion (7:30 to 7:50)
ACPS Division Objective :
Objective 5
We will optimize resources.
Policy: DB - Annual Budget
Enclosure: Financial Report
One Time Items to Discuss
File Attachment:
FY1819 One Time Items.pdf
2nd Quarter Financial Report 2-14-19.pdf
Summary: The October 2018, November 2018, and December 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 projected to be 13,578. However September 30 enrollment numbers are slightly lower than original projections by 64 students (although overall enrollment is greater than last school year). State revenues are currently anticipated to meet projections due to increased lottery funding provided in the governor’s amendments. Local and federal revenues are anticipated to meet budget.
Expenses: Expenses are anticipated to slightly lower than budgeted. Compensation projections are based upon January payroll. The majority of staff on payroll are 10 month employees that receive 12 paychecks, since 10 month staff begins work and receives the first paycheck in September, 7 of 12 paychecks remain to be projected.
Balance of Expenses over Revenues: December revenues exceed expenses by more than $7M. State revenues collected totaled slightly more than $19 million.
Available Fund Balance: Currently available fund balance is over $2.9M prior to this meeting’s actions. Staff is providing information regarding the use of a portion of these balances.
Funding: The financial outlook for this division in the current year is positive. Staff recommends the use of one-time funding for items detailed above. Projects approved will be brought forward for formal appropriation at a future meeting.
Recommendation: Receive the financial report as presented. Provide direction to staff regarding presented plans for utilizing fund balance to address immediate needs.
Approvals:
Recommended By:
Signed By:
Jackson Zimmermann - School Finance Officer
Signed By:
Rosalyn Schmitt - Chief Operating Officer
Signed By:
Dr. Matthew Haas - Superintendent