Agenda Item
Meeting Date: 7/11/2019 - 6:30 PM
Category: SCHOOL DIVISION BUSINESS
Type: Info/Action
Subject: 3rd Quarter Financial Report (9:00 to 9:10)
ACPS Division Objective :
Objective 5
We will optimize resources.
Policy: DB - Annual Budget
Enclosure: Financial Report
File Attachment:
3rd Quarter 2018-19 Financial Report.pdf
Summary: The January 2019, February 2019, and March 2019 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 slightly exceed projections due to increased lottery funding provided in the governor’s amendments and improved sales tax numbers. Local and federal revenues are anticipated to meet budget.
Expenses: Expenses are anticipated to be slightly lower than budgeted. Compensation projections are based upon preliminary June payroll. Due to a number of major system changes implemented in May and June, payroll expenses remain estimated for this report.
Balance of Expenses over Revenues: March revenues exceed expenses by more than $10M. State revenues collected totaled slightly more than $31.4 million.
Available Fund Balance: Available fund balance for the beginning of the next fiscal year is preliminarily estimated at nearly $2.3M. Staff is providing background information regarding the use of balances during the year.
Funding: The financial outlook for the division in the current year is positive. Checks will continue to be issued for FY2018-19 through early August with final balancing and adjustments through September.
Recommendation: Receive the financial report as presented.
Approvals:
Recommended By:
Signed By:
Jackson Zimmermann - School Finance Officer
Signed By:
Rosalyn Schmitt - Chief Operating Officer
Signed By:
Dr. Matthew Haas - Superintendent