Financial ReportDate: July 21, 2010
To: Michael Green, Superintendent
Subject: June Financial Report
From: Stacy Brown, Director of Business Services
Attached are the June 2010 monthly cash flow statement for the general fund and budget status reports for all funds for the month of June. Updated projections will be provided with the July reports.
The cash flow statement (09-10 Budget vs. Actual and Comparison to 08-09) shows revenues $48,000 less than expected, payroll $16,000 less than expected and accounts payable very close to what was expected. There are a couple of reasons why revenues are less than expected. First, in June of 08 we received 2 months of allocations on the Federal grants (I missed the deadline in May 08, increasing June of 08 considerably and the spreadsheet is based upon the average amounts from the past three years). Second, the KRL billings for extracurricular and field trips were not completed and posted until July 2010. The billings were posted in July, which will increase the July revenues above what would be expected. I would expect payroll to be less due to increased budget capacity in the area of benefits and additional payroll areas (such as extra days, subs, etc ) that are not actually expended.
Fund balance statements for all funds for Jun are attached. I do not see any specific areas identified on these reports that need further explanation. However, if you have specific questions in any fund, I would be happy to answer them.
Please let me know if you have any questions.