To: Asha Riley, Superintendent
From: Stacy Brown, Director of Business Services
Date: August 15, 2024
Subject: Financial Report
I have updated the spreadsheets for review of the line-by-line revenues and expenditures to project the year-end fund balance. The review includes actual revenues and expenditures through July 2024 and projections for the remainder of the year. I am caught up with all entries for June and July, and I have included the Budget Status Reports (slides 4-13) for all funds for both months in the presentation.
We will also have a public hearing on the 24-25 budget with the expectation that the board will approve as presented. The only thing I have changed is the expenditures in the TVF fund, which were short $1.5M (electrification infrastructure) due to the F-195 system not including this expenditure (I have to manually add it so that it matches Skyward). I contemplated increasing the beginning fund balance by $100,000 but decided to be conservative and leave it as is. The budget package includes the full budget document, the budget resolution, and the official F-195F 4-Year Budget Detail form. We can discuss these documents at the meeting.
Projected Revenues, Expenditures, and Ending Fund Balance (slides 2 and 3)
The Sources and Uses report here provides the projected funding and projected expenditures and identifies the levy and miscellaneous revenues necessary to support the various programs. The report is organized in the same order as the monthly apportionment (revenue) report from the state, with the applicable expenditures and the difference identified as levy/miscellaneous revenues. The negative numbers identify areas that are underfunded based on expenditures, and the positive numbers identify areas that have more funding than expenditures.
The summary on slide 3 shows the total projected revenues, projected expenditures, and projected fund balance. The ending fund balance is projected to decrease by roughly $300,000. The budgeted decrease was $700,000, and the April projection was an estimated decrease of $400,000, so we have made up about $100,000 of the budgeted decrease. I listed a couple of the bigger reasons for the difference in budget.
Please let me know if you have any questions.