To: Michael Green, Superintendent
From: Stacy Brown, Director of Business Services
Date: August 19, 2021
Subject: July Financial Report
I have the month of July reconciled. The first set of reports include YTD expenditures and revenues through 7/31/21 and projected revenues, expenditures and fund balance through the end of the year. The second set of reports are the Budget Status reports for all funds for the month of July. These reports are required to be documented and shared with the board.
The Month-End Balances (Year over Year Trend) is the monthly actual ending fund balance for each month for 19-20, 18-19, 17-18 and the 20-21 actual fund balance through July and the projected ending fund balance through the end of the fiscal year. The beginning fund balance for this year was $3,953,697 and the projected fund balance is $4,326,477. In June, the fund balance was projected to increase by $593,000 for the 20-21 fiscal year. As of July 2021 actuals, you can see that it is projected to increase by $372,000. The change is in part due to additional summer school transportation costs and some late Special Education out of district invoices that had not yet been billed. There is also another month of actual expenditures updated. The closer to the end of the year that we get, the closer the projected expenditures will be. Over the months I have updated the revenues based on what I know, but the expenditures are a bit more difficult to estimate with the ForeCast5 software.
The General Fund Financial Summary compares the prior year to date revenue and expenditures as a percentage of actual year to date totals. This summary also compares the current year to date revenues and expenditures as a percentage of budget. Last year, as of July we had collected 89.34% of our year to date revenues. This year we have only collected 84.26% of our revenues in comparison to budget. Expenditures last July accounted for 91.91% of our annual year to date expenditures. The current year expenditures through July are only 84.10% of budget.
The General Fund Financial Forecast by Source/Object report includes prior year revenues and expenditures through July, current year through July, projected totals for an annual total and comparison to budget. This details the projected revenues and expenditures and how the projected ending fund balance is calculated. I highlighted the projected surplus of $372,550.
The Budget Status reports for July are included and printed directly from the financial system. These reports are required to be presented to the board each month. This is the only monthly financial information that is provided on the other funds. The previous slides all refer to the General Fund (Operating Fund). There is nothing out of the ordinary in any of the other funds in July.
Please let me know if you have any questions.
Attached is pdf and pptx.