Agenda Item
Meeting Date: 12/5/2019 - 6:30 PM
Category: SCHOOL DIVISION BUSINESS
Type: Info/Action
Subject: 4th Quarter 2018/19 and June 30 2019 Unaudited Financial Report (7:55 to 8:10)
ACPS Division Objective :
Objective 5
We will optimize resources.
Policy: DI - Financial Accounting and Reporting
Enclosure: 4th Quarter FY 2018-19 Financial Report
File Attachment:
FY18-19_Board_Report-Q4-Combined.pdf
December 5 2019 Financial Report.pptx
Summary: Preliminary audit work is completed and has been posted. This report reflects the best available information, just prior to completion of the final audit. If there are any material changes, staff will update the Board. The final CAFR report will be presented to the Board following final completion of the audit.

This report is a new format that is presented to provide more detailed information regarding quarterly expenses and revenues. The report also provides information on the budgeting and expenditure of funds by state category, and the changes that both the Board and staff have made during the year that affect these categories. All lines are numbered to assist in clearly guiding readers of the report when specific information is discussed.

Revenues: March 31 Average Daily Membership (ADM), upon which state revenues are based was 13,055. This is ~145 students less than budgeted. State revenues collected were $220K more than budgeted primarily due to increased sales tax revenues and other state revenues. Local Revenues were less than budgeted by $567K primarily due to changes in dual enrollment revenues. Federal revenues exceeded budgeted by $36K. A more detailed presentation of revenues is presented on page 2 of the report.

Expenses: Compensation and benefits savings totaled $1.2M than more final appropriated. A new report showing compensation and operational expenses by state category is presented on page 3. Detailed operational savings by department and school are shown on pages 4-6 of the attached report. Page 7 of the report provide summary information regarding variances in operational expenses. Report lines that have variances noted have been marked with a * by their line number. Page 8 of the report provides information regarding changes made by the Board during the year and information regarding changes made by staff during the year that affect each state category.

Balance of Revenues over Expenses: Reported revenues exceed expenses by $577,044 and will be added to fund balance. Reported state revenues collected totaled slightly less than $48.5M. The School Division appropriated $2.4M in use of fund balance, however the expenditure obligations did not require that it be used.

Special Revenue Funds: Special revenue funds are presented on pages 9-11.

School Fund Balance: Anticipated ending fund balance is projected to be $4.5M. Fund balance use in FY19-20 is budgeted to be ~$1.2M. The projected available fund balance in FY19-20 is ~$3.37M (1.72% of appropriated budget). Available balances are below the 2% threshold established by the Board of Supervisors policy on school fund balance.
Funding: As presented.
Recommendation: Receive the report and provide staff with guidance regarding the formatting of the financial report.
Approvals:
Recommended By:
Signed By:
Jackson Zimmermann - School Finance Officer
Signed By:
Rosalyn Schmitt - Chief Operating Officer
Signed By:
Dr. Matthew Haas - Superintendent