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Meeting Date:
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Category:
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INFORMATION / DISCUSSION ITEMS |
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Type:
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Subject:
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9.3 General Fund Budget Update |
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Attachment Summary:
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File Attachment:
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Quick Summary / Abstract:
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Background:
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In an effort to keep our community and Board of Education informed, our District staff will present the 2021-2022 budget activity that has taken place since Budget Adoption. |
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Status: |
We have now included the beginning balances, carryover, and restricted and assigned funds from our 2020-21 unaudited actuals into our working budget. Below is an explanation of the changes in revenue and expenditures that have occurred.
Beginning Fund Balance: As a result of the closing of the 2020-21 fiscal year, our beginning fund balance increased by $4,643,728: $923,403 unrestricted and $3,720,325 restricted.
Revenue: We reduced our unrestricted Lottery by $47,452 to adjust for actual prior year revenue received.
Expenditures: Restricted expenditures increased by $5,418,960 as a result of posting the prior year restricted ending balances of grants that are earmarked for specific purposes.
Expenses on the unrestricted side of the budget were increased by $745,526 for prior year encumbrances and carryover. This amount was designated as “assigned” at year-end closing.
Indirect cost charges increased by $40,082, due to posting of grant carryover. This has a positive impact to the ending fund balance.
Expenses decreased by $156,074 for various budget revisions including adjusting for actual hires for 2021-22 and for Day 14 enrollment. Reconciling actual hires to budget is an ongoing process.
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Fiscal Impact: |
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Our District’s current projected ending fund balance for the year is $5,770,642. Of this amount, we are designating $50,000 for the revolving fund, $150,000 in estimated warehouse inventory, $5,284,471 as a 3% reserve for economic uncertainty. The remainder of $286,171 is designated for ongoing staffing adjustments. |
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Superintendent's Recommendation
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This item is informational only and requires no action be taken by our Board of Education. |
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Approvals:
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Recommended By: |
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Signed By: |
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Susan Kinder - Assistant Superintendent |
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Signed By: |
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Kelly Bowers, Ed.D. - Superintendent |
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