Date: February 23, 2012
To: Michael Green, Superintendent
Subject: January Financial/Enrollment Report
From: Stacy Brown, Director of Business Services
I have attached the 2011-12 Budget vs. Actual and Comparison to 2010-11 and Fund Budget Status reports for the month of January. Revenues were $85,000 greater than expected. If you remember, I did not meet the deadline for filing our Federal claims for December, so we received reimbursement for two months expenditures in January. Also, January apportionment dollars are based on actual enrollments and LEAP factor, not budget. The additional enrollment reported and the make up from the past few months also increased this figure over what was expected. Payroll was about $12,000 less than expected in January due to less substitute time paid in comparison with other years. Accounts payable was $135,000 less than expected, mainly due to large fuel purchases in comparison with this January. Also, last January we paid $27,000 for new cafeteria tables at WPS, increasing the expected amount for this year. I reviewed the AP and the amounts paid do not look unusual.
The Budget Status Reports are pretty much business as usual. You can see the expenditures budgeted in the Transportation Vehicle Fund reflect the budget extension approved in January. I also want to give you a heads up that I will be requesting approval of a budget extension in the Debt Service Fund. The bond refunding resulted in additional expenditures that were not expected for this year, due to the issuance costs and the change in timing of the interest payments.
I am still working on a new format for the projections which is in line with the new funding formula. Now that I have actual apportionment numbers and any adjustments from last year I can make more accurate projections. Unfortunately, with the Auditor's being here for 2 weeks I don't have this completed. I will have this updated in March with the February financial statements. I am waiting to hear from the Auditors on a date for the exit conference and Michael will let you know when that is scheduled.
I have attached the February enrollment documents. We have been creeping back up in December and January after a sharp decline in November, but lost another 8.5 FTE's in February. However, the average is still sitting more than 40 over budget. I will be working with these numbers as I continue working on projecting revenues and expenditures for the year.
Please let me know if you have any questions.