Date: July 16, 2015
To: Michael Green, Superintendent
Subject: June Financial Report
From: Stacy Brown, Director of Business Services
I have attached the 2014-15 Budget vs. Actual and Comparison to 2013-14 and Fund Budget Status reports for the month of June. Apportionment has been updated with actual enrollment and actual staff mix through June, which should give me an accurate picture of apportionment for the year. I have completed my projections of revenues, expenditures and ending fund balance, through June payroll and accounts payable.
The attached sources and uses spreadsheet identifies a projected increase in fund balance of approximately $200,000. Enrollment being greater than budgeted has helped to cover some of the increased costs for attorney’s fees and also there are a couple of positions that were budgeted that were not hired. The unfunded cost for this year is approximately $400,000 less than budget, due to the transportation allocation being $180,000 greater than budget and fuel prices decreasing dramatically. The attached spreadsheet should be fairly accurate as to what we will look like at the end of the year. There may be some additional unexpected expenditures this summer, due to the move and all of the work being completed in all buildings. I would suggest we take a large portion of the $212,000 ELA adoption out of this year to take some of the pressure off of the 15-16 budget. There are also some accounting code changes that need to be made to even out some of the expenditures between programs.
Revenues in June were about $121,000 less than expected. Since the legislature did not pass a state budget in time for the June apportionment, OSPI short paid districts in June. We were short paid $111,000. This short payment will be made up in the July apportionment payment. Payroll was about $14,000 less than expected. This is reasonable based upon the budgeted positions vs. actual positions, as well as the additional capacity added through budgeted benefits. The difference between budgeted and actual has gotten smaller as the year has gone on, which I expected. Accounts payable was about $250,000 more than expected. The recent settlement was paid through accounts payable. We also purchased over $20,000 in technology equipment and had legal fees of $55,000. I reviewed all expenditures and the amounts paid do not look unusual.
The legislature has finally approved the 15-17 biennium budget! I am working hard to get it completed, but with only one board meeting in July, there was no way to schedule the budget workshop in July. My plan is to have the budget workshop on August 10th and then approve the budget on August 24th. The board must approve the budget by August 31st.
Hope you all are having a wonderful summer! Please let me know if you have any questions.