Agenda Item
6.01 FY 2008 Third-Quarter Budget Review - Recommendation to approve revenue and expenditure changes in the FY 2008 Third Quarter Budget Review as detailed in the agenda item (FS; action scheduled 3/27/08)
Meeting:03/13/2008 Regular Meeting No. 15
Category:6. New Business - 9:22 p.m.
Agenda Type:Information
Agenda Item Content

6. New Business.MP3

Staff Contact: Deirdra McLaughlin, Chief Financial Officer

Meeting Type: March 13, 2008 - Regular Meeting No. 15

SUBJECT: FY 2008 Third Quarter Budget Review

TYPE: Information

BACKGROUND:

This agenda item is provided to review the current FY 2008 budget and to make revisions as necessary. This FY 2008 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 29, 2007.

KEY POINTS:

A reduction in state sales tax revenue and the receipt of state funding to provide National Board Certified Teacher stipends, coupled with changes in federal and private grants, results in an overall decrease in revenue of $1.2 million. In anticipation of reduced revenue as detailed in the FY 2009 Advertised Budget, departments were directed to initiate expenditure reductions for the remainder of FY 2008 amounting to $1.9 million. Funding of $0.1 million from the Flexibility Reserve is being used to balance the third quarter agenda. Funding is not currently available to restore the Flexibility Reserve. We will address restoring this reserve at the FY 2008 Year End Budget Review.

The net result of the revenue and expenditure adjustments is zero.

RECOMMENDATION:

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

Attachment:FY 2008 Third Quarter.pdf