Date: June 18, 2009To: Michael Green, SuperintendentSubject: May Financial ReportFrom: Stacy Brown, Director of Business Services
Attached are the May 2009 monthly cash flow statement for the general fund and budget status reports for all funds for the month of April and May. Since I was working on budget last month, I did not provide the April statements during May. Per state law, I am required to provide the Fund Balance Statements for every month to the board. I have also included the Sources/Uses spreadsheet projecting the district's ending fund balance as of August 31, 2009, through May payroll and June 30, 2009 accounts payable.
The cash flow statement (08-09 Budget vs. Actual and Comparison to 07-08) shows revenues close to expected and payroll and accounts payable considerably less than expected for May. I would expect payroll to be less due to the couple of budgeted positions that were not filled this year. Accounts payable is hard to predict depending on timing of payments and how early we get the end of year supplies ordered and paid for. This is the time of year when the fund balance spikes up, due to receiving full apportionment and a great amount of property taxes in April. May is a 4.5% apportionment month, so expect the fund balance to level out in June.
Fund balance statements for all funds for April and May are attached. I do not see any specific areas identified on these reports that need further explanation. However, if you have specific questions in any fund, I would be happy to answer them.
The projections spreadsheet has been updated to include payroll and accounts payable through June 30, 2009. The spreadsheet calculates an increase to the fund balance of just over $11,000. Apportionment has been adjusted to reflect actual enrollment. I have added the Safety Net funding of $18,500 which we will receive. I would have expected a much higher increase to the fund balance, but our timber excise taxes are about $70,000 less than expected. I have spoken with OSPI and unless the second half timber money comes in much higher than the first half of the year, I do not expect to get that money back. I have also taken a look at property tax revenues and they seem very low, compared to what I would have expected through May. I am taking a very conservative approach and have decreased the expected revenues by $80,000. I will continue to look at the districts financial position on a monthly basis and make adjustments through the end of July.
The final enrollment spreadsheets are also attached, with summaries by headcount for September through May and a comparison of budgeted FTE to actual average FTE. We ended the year a little over 9 FTE below budget, putting the average for the year 2,090.89 FTE, with an average headcount of 2,200.
Please let me know if you have any questions.