Date: June 21, 2011To: Michael Green, SuperintendentSubject: May Financial ReportFrom: Stacy Brown, Director of Business Services
Attached are the May 2011 monthly cash flow statement for the general fund and budget status reports for all funds for the month of May. I have also included the 10-11 Sources/Uses and Projected Fund Balance spreadsheet with updated numbers for this year.
The cash flow statement (10-11 Budget vs. Actual and Comparison to 09-10) shows revenues and payroll very close to expected and accounts payable about $32,000 less than expected. Expected amounts are based on an average of the past three years expenditures for that month. Two years ago, we spent more than $21,000 on computers and also had a fuel dump, which bumped fuel costs about $40,000 greater than what was spent in May of 2011.
The Projected Sources/Uses/Ending Fund Balance spreadsheet calculates an unreserved increase in fund balance of approximately $217,000. As noted in previous months, it looks like we will finish the year with an unreserved fund balance just under $2,000,000. The projections include cuts approved in the 10-11 supplemental budget. I still feel confident that the district is in a good financial position moving into the 11-12 school year and as the budgeting for next year has been very difficult, you can expect to lose some of the fund balance that we have built when we review the 11-12 budget.
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.