Date: March 17, 2015
To: Michael Green, Superintendent
Subject: March Financial/Enrollment Report
From: Stacy Brown, Director of Business Services
I have attached the 2014-15 Budget vs. Actual and Comparison to 2013-14 and Fund Budget Status reports for the month of February. The January apportionment has been updated with actual enrollment and actual staff mix, which should give me a more accurate picture of apportionment for the year. The actual transportation allocation has also been determined and included in the apportionment. I have completed my projections of revenues, expenditures and ending fund balance.
The attached sources and uses spreadsheet identifies a projected increase in fund balance of approximately $82,000. Enrollment being greater than budgeted has helped to cover some of the increased costs for attorney’s fees and also there are a couple of positions that were budgeted that were not hired. The unfunded cost for this year is approximately $400,000 less than budget, due to the transportation allocation being $180,000 greater than budget and fuel prices decreasing dramatically. The attached spreadsheet is based on the information known at this time and could change as we get closer to the end of the year. There are also some accounting code changes that need to be made to even out some of the expenditures between programs.
Revenues in February were about $42,000 more than expected. Transportation revenues were updated from budgeted ($3,085,000) to actual ($3,365,000). The increased amount for the prior months was caught up in February. Payroll was about $55,000 less than expected. This is reasonable based upon the budgeted positions vs. actual positions, as well as the additional capacity added through budgeted benefits. Last year we paid out about $40,000 in new National Board Certified teacher stipends in February and this year we only paid out about $3,500.00 which increased the estimated payroll totals for February. I would expect this number to get closer to expected as we are paying for double teaching and administrative positions (staff on administrative leave and substitutes). Accounts payable was about $8,000 less than expected. I reviewed all expenditures and the amounts paid do not look unusual.
The enrollment spreadsheets are attached, with summaries by headcount for September through March and a comparison of budgeted FTE to actual average FTE. Enrollment has dropped off for the last couple of months and continues to decrease this month. The average FTE is still a little more than 32 students above budget. I will continue to keep you apprised each month and will let you know how this affects the district projections starting with February financial data in March.
Please let me know if you have any questions.