Agenda Item
6.01 FY 2008 Final Budget Review - Recommendation to approve the revenue and expenditure adjustments as detailed in the agenda item (FS; work session scheduled 7/14/08; action scheduled 7/24/08)
Meeting:
07/10/2008 Regular Meeting No. 1
Category:
6. New Business - 8:20 p.m.
Agenda Type:
Information
Agenda Item Content
Staff Contact:
Susan Quinn, Acting Chief Financial Officer
Meeting Type:
July 10, 2008 - Regular Meeting No. 1
SUBJECT:
FY 2008 Final Budget Review
TYPE:
New Business
BACKGROUND:
All of the FY 2008 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 2008 estimate.
KEY POINTS:
FY 2008 actual revenue was $4.3 million lower than the estimate due to a $3.8 million decrease in sales tax revenue, offset by a $1.3 million increase in state aid; and a net reduction of $8.9 million in federal funding primarily due to $10.1 million in unspent federal grant funds that will be carried forward; and $7.0 million in higher than projected revenue from tuition, fees, and rebates.
Recommended expenditure adjustments to FY 2009 include $2.7 million for electricity rate increases, $1.2 million for restoring the flexibility reserve, and reductions in central office support to schools to fund the one-time stipend for lower wage employees included in the FY 2009 Approved agenda.
Funding for energy-related items including fuel, electricity, and other transportation items continues to be a concern for FY 2009. These accounts will be monitored and, if necessary, addressed in the FY 2009 Mid-Year Budget Review.
RECOMMENDATION:
That the School Board approve the revenue and expenditure adjustments as detailed in the agenda item.
Attachment:
Action Agenda Details
Recommended Action: