Agenda Item
4.01 FY 2008 Third-Quarter Budget Review - Approve revenue and expenditure changes in the FY 2008 Third Quarter Budget Review as detailed in the agenda item (FS; presented as new business 3/13/08)
Meeting:
03/27/2008 Regular Meeting No. 16
Category:
4. Action Items - 9:15 p.m.
Agenda Type:
Action
Agenda Item Content
Staff Contact:
Deirdra McLaughlin, Chief Financial Officer
Meeting Type:
March 27, 2008 - Regular Meeting No. 16
SUBJECT:
FY 2008 Third Quarter Budget Review
TYPE:
Action
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:
Action Agenda Details
Motion:
Approve revenue and expenditure changes in the FY 2008 Third Quarter Budget Review as detailed in the agenda item
Motion By:
Phillip A Niedzielski-Eichner
Second:
Ilryong Moon
Action:
Unanimous
Voting Record
Daniel G Storck - Chairman
Yea
Kathy L Smith - Vice Chairman
Yea
Elizabeth T Bradsher
Yea
Brad Center
Yea
Martina A Hone
Yea
Ilryong Moon
Yea
James L Raney
Yea
Jane K Strauss
Yea
Kaye Kory
Yea
Phillip A Niedzielski-Eichner
Yea
Stuart D Gibson
Not Present
Judith (Tessie) Wilson
Yea
James Rosenquist - Student Representative
Yea