Agenda Item
6.01 FY 2008 Midyear Budget Review - Recommendation to approve revenue and expenditure changes reflected in the FY 2008 Midyear Budget Review as detailed in the agenda item (FS; action scheduled 11/29/07)
Meeting:11/08/2007 Regular Meeting No. 7
Category:6. New Business
Agenda Type:Information
Agenda Item Content

6.01 FY08 Midyear Budget.MP3
Staff Contact: Deirdra McLaughlin, Chief Financial Officer

Meeting Type: November 8, 2007, Regular Meeting No. 7

SUBJECT: FY 2008 Midyear Budget Review

TYPE: New Business

BACKGROUND:

The beginning balance decreased by $1.0 million due to revenue and expenditure adjustments made after FY 2007 ended. The FY 2008 Midyear Budget Review includes revenue adjustments to grant awards and reimbursement funding from FEMA for storm damage in June and July of 2006. The tuition payment for the City of Fairfax students decreased based on FY 2007 actual expenditures. Expenditure adjustments include savings of $5.4 million due to employer health premium reductions in 2008 and a $1.1 million reduction in the flexibility reserve to balance the FY 2008 budget. Funding will be identified and restored to the reserve at the next budget review.

Due to increased student enrollment, additional positions are needed in the staffing reserve that is used to provide school-based positions to schools. These positions will be funded from the instructional supplies set-aside reserve; any unused funding will be returned to schools in February 2008. A summary of FY 2008 student membership adjustments can be found on page five.

A summary of grants activity is attached.

RECOMMENDATION:

That the School Board approve revenue and expenditure changes reflected in the FY 2008 Midyear Budget Review as detailed in the agenda item.


Attachment:

FY 2008 Midyear Budget Review.pdf