Meeting Type: March 5, 2009 - Regular Meeting No. 15
SUBJECT: FY 2009 Third Quarter Budget Review
TYPE: New Business
BACKGROUND:
This agenda item is provided to review the current FY 2009 budget and to make revisions as necessary. This FY 2009 Third Quarter Budget Review reports on activity and requests that have been made since the School Board’s Midyear Budget Review that was approved on November 17, 2008.
KEY POINTS:
A projected decrease in sales tax of $2.8 million is offset by a $2.8 million increase in state aid due to projected growth in Average Daily Membership. Funding of $10.7 million will be transferred from the Health and Flexible Benefits Fund and expended through the School Operating Fund for the FY 2009 annual required contribution for other post employment benefits.
Funding to meet the commitment of $20.0 million for the FY 2010 budgeted beginning balance has been identified and set aside. An additional $8.0 million generated by higher than anticipated savings in salaries and benefits has been identified and will also be applied to the FY 2010 beginning balance for a total of $28.0 million. Costs associated with Global Positioning Systems for 500 buses will be offset with savings in the vehicle fuel budget primarily due to the decline in diesel fuel prices. Additional funding of $0.1 million is required for the Woodson Adult High School in order to serve students currently on the waiting list.
The net result of the revenue and expenditure adjustments is $28.0 million.
RECOMMENDATION:
That the School Board approve revenue and expenditure changes in the FY 2009 Third Quarter Budget Review, as detailed in the agenda item.