Date: September 23, 2009
To: Michael Green, Superintendent
Subject: August Financial Statements
From: Stacy Brown, Director of Business Services
Attached is an updated spreadsheet identifying general fund projected sources of revenue and projected expenditures in each program, the monthly cash flow statement/charts and budget status reports for all funds. The projected revenues and expenditures, the cash flow statement and the budget status reports have been updated through August 2009.
The General Fund Projections spreadsheet has been updated to include all revenues and expenditures expected to be received and paid against the 08-09 school year. As you can see by the spreadsheet, we plan to finish the year with an increase to the fund balance of a little more than $204,000, with approximately $108,000 reserved for building and department carryovers and State Forest revenue received in August that will be deducted from apportionment in January. This is about where we expected to be from the prior months projections. Remember that the financial reports show only revenues and expenditures actually received or paid through August 2009, but the projection spreadsheet includes any revenue and expenditure accruals that will be made during the year-end financial close.
The cash flow statement (08-09 Budget vs. Actual and Comparison to 07-08) shows lower than expected revenues of $194,000, payroll $23,000 less than expected and expenditures $48,000 greater than expected. The reason for the big decrease in expected revenues is caused by how OSPI allocated the stimulus dollars for 08-09. The district received $970,000, but that was all received in June and July. The state deducted I-728 dollars and apportionment in the months of June, July and August to make up for the stimulus dollars received in another program. We would expect payroll to be less than expected due to the two Community Education positions that were budgeted for in 08-09, but one was not filled and the other was not paid out through July and August. Expenditures are more than expected due to the payment of 2 special education buses from the general fund in August.
The budget status reports are business as usual.
Please let me know if you have any questions.