Date: August 19, 2009
To: Michael Green, SuperintendentSubject: June Financial ReportFrom: Stacy Brown, Director of Business Services
Attached are the July 2009 monthly cash flow statement for the general fund and budget status reports for all funds for the month of July. I have also included the Sources/Uses spreadsheet projecting the district's ending fund balance as of August 31.
The cash flow statement (08-09 Budget vs. Actual and Comparison to 07-08) shows revenues and payroll close to what we expected (knowing that there were two positions budgeted that were not filled) and accounts payable $77,830 less than expected. Accounts Payable is lower than expected mainly due to a large expenditure for computers, fuel and electrical work on the portable last year. You can see that the fund balance is back up to the level that we would expect and should increase slightly in August.
I have included the sources and uses spreadsheet with projected fund balance as of the end of the year. The expected increase to fund balance is approximately $188,000.00, with $79,000 reserved for building and departmental carryovers. This leaves a true fund balance increase of approximately $109,000. This should be pretty close to where we should end the year, based upon the information available at this time. I am expecting to receive $27,000 in timber excise money (that is what we received in February and we usually get half in February and half in August), however, the amount could be less than expected. As noted in February, I expected to receive around $62,000 in February, and received less than half that amount. I will I am being conservative, but we may get less than the expected amount, which will have a direct affect on the fund balance. I should know by the end of the month and will let you know.
Fund balance statements for all funds for July 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.