BoardDocs Agenda Item: 6.01 FY 2009 Final Budget Review - Recommendation to approve the revenue and expenditure adjustments as detailed in the agenda item (FS; action scheduled 7/23/09)

		Agenda Item
6.01 FY 2009 Final Budget Review - Recommendation to approve the revenue and expenditure adjustments as detailed in the agenda item (FS; action scheduled 7/23/09)
Meeting:	07/09/2009 Regular Meeting No. 1
Category:	6. New Business - 8:30 p.m.
Agenda Type:	Information

Agenda Item Content

Staff Contact: Susan Quinn, Chief Financial Officer

Other Staff Present: Kristen Michael, Director, Office of Budget Services

Meeting Category: July 9, 2009 – Regular Meeting No. 1

Subject: FY 2009 Final Budget Review

School Board Action Required: Information

Key Points:

All of the FY 2009 accounts have been closed, subject to the annual independent audit. A summary of the revenue and expenditure variances is provided for each of the funds under the control of the School Board. All comparisons are against the FY 2009 estimate. The unaudited FY 2009 ending balance, after meeting the FY 2010 budgeted beginning balance and other commitments, is $25.2 million.

FY 2009 actual revenue was $0.7 million higher than the estimate due to a net decrease in state revenue of $0.6 million resulting from a $4.1 million decrease in sales tax revenue offset by a $3.5 million increase in basic aid; a net reduction of $3.6 million in federal funding resulting from $6.7 million in unspent multi-year federal grant funds that will be carried forward offset by an increase of $3.1 million in Impact Aid and E-rate payments; and a net increase of $5.0 million in other revenue.

In recognition of budget reductions included in the FY 2010 Approved Budget, schools and departments conserved resources where possible during FY 2009. In addition, compensation savings resulted from positions held vacant prior to being eliminated. Expenditure savings were primarily realized from $9.0 million in compensation; $6.7 million in unspent federal grant funds that will carry forward to FY 2010; $4.1 million in vehicle services and fuel; and $2.4 million in utilities.

After the annual independent audit is completed, the available balance from FY 2009 will be available to be set aside for the FY 2011 budgeted beginning balance. This action will be addressed during the FY 2010 Midyear Budget Review.

Recommendation:

That the School Board approve the revenue and expenditure adjustments as detailed in the agenda item.

Attachment: