Date: January 22, 2009
To: Michael Green, Superintendent
Subject: December Financial Report
From: Stacy Brown, Director of Business Services
Attached are the 2008 December monthly cash flow statement for the general fund and budget status reports for all funds for the month of December. I have also included the Sources/Uses spreadsheet projecting the district's ending fund balance as of August 31, 2009.
The cash flow statement (08-09 Budget vs. Actual and Comparison to 07-08) shows payroll and accounts payable very close to expected and revenues approximately $82,000 less than expected. Revenues are less than expected due to me missing the deadline for claiming the federal grants, as I was working from home the middle of December and did not have the ability to do that from home. We will be receiving two months of Federal grant revenues in January.
Fund balance statements for all funds for December are attached. I do not see any specific areas identified on these reports that need explanation, that are not explained through the cash flow and projections summary.
The projections spreadsheet needs some explanation. The difference between projected revenues and expenditures results in a fund balance increase of just over $115,000. As of the date of this spreadsheet, enrollment is dropping steadily and I have estimated using these figures. However, I still have not received the January apportionment, identifying any adjustments from prior year and calculating actual apportionment based upon actual LEAP and enrollment. The January apportionment report will probably be out the end of this week, so I will have a better picture on the next report. The transportation allocations came out last week and the estimated amount was about $62,000 less than actual. This adjustment is reflected in the projection spreadsheet. Special Ed continues to be an area of concern, due to much lower than expected enrollment. We have submitted an application for the first round of safety net funding for about $62,000 for three high-cost students. Deb Kernen is also working with her staff to identify 3-4 more high-cost students who might qualify for Safety Net, as the district is eligible for about $200,000 in Safety Net funding for this year. I am also still waiting to hear back from the e-rate program about whether or not we will be funded for 07-08. I'm hoping that we will get around $30,000. I have not included this amount in the projected revenues. I will continue to look at the districts financial position on a monthly basis and make adjustments, as more information becomes available.
The enrollment spreadsheets are also attached, with summaries by headcount for September through January and a comparison of budgeted FTE to actual average FTE. As you can see, we are even on headcount, but down 1.0 FTE from December, putting the average FTE at 3.20 less than budget.
Please let me know if you have any questions.