Date: April 22, 2009
To: Michael Green, Superintendent
Subject: March Financial Report
From: Stacy Brown, Director of Business Services
Attached are the 08-09 March monthly cash flow statement for the general fund and budget status reports for all funds for the month of march. 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 $35,300 and $76,700 less than expected and revenues approximately $115,000 more than expected. Payroll is less than expected due to one budgeted position that was not filled and March was a very, very low month for paying extra certificated days. Accounts payable is less than expected for a couple of reasons. Last year we paid large bills in march for the Auditor's Office, attorney's fees, fuel, Maintenance supplies and LCC for Running Start. Revenues are greater than expected for a couple of reasons. We received $75,000 for legislatively approved transportation revenues for the Co-op. These revenues were budgeted to be received over 12 months, but were received in March. We also received $68,000 in State Forest revenues this year compared with $169.00 last year.
Fund balance statements for all funds for March are attached. The only report that bears an explanation is the Transportation Vehicle Fund. The budget extension approved last month has not been entered into the system yet. I am still working with the ESD to figure out how to do this in the new system so currently it appears we have overspent the appropriation. I will hope to have that corrected for next month.
I have also attached the projections spreadsheet, calculating ending fund balance at August 31, 2009. The difference between projected revenues and expenditures results in a fund balance increase of just over $113,000.00, with approximately $96,000 planned as reserve for building budget carryovers. The fund balance is down considerably from last month (total increase of $196,000). The reason for this is in the collection of Timber Excise revenues. This is due to a difference between budgeted revenues of $127,000 and expected revenues of $55,000. The budgeted amount is based upon a formula that is used during the budgeting process. I am working with OSPI, ESD 112 and the County Treasurer to determine the reason for the difference and whether we will get that money back as local property tax revenue. This is as yet unresolved, but we are not the only district in this situation. It is affecting many Cowlitz County schools. Until I get assurance that we will receive this revenue I am not including it 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 April and a comparison of budgeted FTE to actual average FTE. We are down 5 on headcount, and down almost 6.0 FTE from March, putting the average FTE at 7.02 less than budget.
Please let me know if you have any questions.