Date: July 24, 2009
To: Michael Green, Superintendent
Subject: June Financial Report
From: Stacy Brown, Director of Business Services
Attached are the June 2009 monthly cash flow statement for the general fund and budget status reports for all funds for the month of June. I had planned to have the Sources/Uses spreadsheet projecting the district's ending fund balance as of August 31, 2009, however, there were some payroll issues that came up this week and took up much more of my time than I anticipated. I will provide projections with my July report in August.
The cash flow statement (08-09 Budget vs. Actual and Comparison to 07-08) shows revenues $123,000 less than expected and payroll and accounts payable considerably less than expected for May. There are a couple of reasons why revenues are considerably less than expected. First, last year in June we received 2 months of allocations on the Federal grants (I missed the deadline in May 08, so May was much less than expected). Second, OSPI had to make some adjustments to apportionment in June to meet the State's fiscal year appropriation requirements and also to apply a smaller portion of the SFSF funds (Stimulus) than first expected. Both of these decreases will be made up in July and August, so we will receive the full expected apportionment and SFSF funds in our fiscal year. Third, we received about $40,000 less property tax revenue this June than last June. Accounts Payable is lower than expected mainly due to a large expenditure for curriculum materials ($114,000) made last June and also about $35,000 higher fuel expenditures last June compared to this June. I would expect payroll to be less due to the couple of budgeted positions that were not filled this year. You can also see that the fund balance has balanced back out after the spike in April and May. It will increase over the next couple of months through the end of the year.
Fund balance statements for all funds for April and May 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.