Date: May 21, 2010To: Michael Green, SuperintendentSubject: May FinancialFrom: Stacy Brown, Director of Business Services
Attached are the May 2010 monthly cash flow statement for the general fund and budget status reports for all funds for the month of May. I have also attached the projections spreadsheet with current information.
The Projected Sources/Uses/Ending Fund Balance spreadsheet calculates an unreserved increase in fund balance of approximately $190,000. This is up from the prior month partly due to more accurate estimates on payroll expenses (now that we are so close to the end of the year). This amount could decrease depending on some summer maintenance projects that might be completed. All departments and buildings continue to be very expense conscious (I am estimating about $111,000 of building budgets carried into the 10-11 school year) and it looks like we will finish the year with an unreserved fund balance of approximately $1,506,000.00. I continue to be conservative in estimating revenues and expenditures and will keep you up to date each month as circumstances change.
The cash flow statement (09-10 Budget vs. Actual and Comparison to 08-09) shows revenues $100,000 greater than expected, payroll $25,000 less than expected and accounts payable $101,000 less than expected. Revenues are greater than expected because I was gone last year and did not get the federa; grant claims done in time to receive the money through the May apportionment. This understated the revenues last year by approximately $150,000. Accounts Payable is less than expected as two years ago we had some large expenditures in May ($65,000 in fuel, $15,000 in texts and $35,000 in computers) and the spreadsheet is based upon the average of the past three years.
Fund balance statements for all funds for May are attached. I do not see any specific areas identified on these reports that need explanation, that are not explained through the cash flow and projections summary.
Please let me know if you have any questions.