Agenda Item
Meeting Date: 12/5/2019 - 6:30 PM
Category: SCHOOL DIVISION BUSINESS
Type: Info/Action
Subject: 1st Quarter 2019/20 Financial Report (8:10 to 8:20)
ACPS Division Objective :
Objective 5
We will optimize resources.
Policy: DI - Financial Accounting and Reporting
Enclosure: 1st Quarter Financial Report
File Attachment:
FY19-20_Board_Report-Q1-Combined.pdf
Summary: The first quarter financial reports representing July 2019, August 2019, and September 2019 are presented for the Board's consideration.
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 estimated, is projected to be 13,997. This is ~265 students more than budgeted. State revenues collected are anticipated to increase based upon this revised ADM estimate by ~$546K more than budgeted. Local and Federal revenues are estimated to meet budget. A more detailed presentation of revenues received to date is presented on page 2 of the report.

Expenses: Compensation and benefits expenses have not been estimated for this report. The second quarter financial report will include estimates of year-end compensation. A new report showing monthly compensation and operational expenses by state category is presented on page 3. Detailed operational expenses 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 an * 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 September 30 revenues exceed expenses by nearly $9.9M. Reported state revenues collected totaled slightly more than $8.2M.
Special Revenue Funds: Special revenue funds are presented on pages 9-11.
School Fund Balance: Beginning 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. This information is presented on page 12.
Funding: As presented.
Recommendation: Receive the 1st quarter financial report and provided staff with feedback on the new format.
Approvals:
Recommended By:
Signed By:
Jackson Zimmermann - School Finance Officer
Signed By:
Rosalyn Schmitt - Chief Operating Officer
Signed By:
Dr. Matthew Haas - Superintendent