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Meeting Date:
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4/27/2017 - 6:00 PM
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Category:
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Consent Calendar
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Type:
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Action
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Subject:
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FY 2017 Year-end Combined Funds Budget Estimates
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ACPS 2025 Strategic Plan Goal:
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Objective 6.1 Fiscal Policies and Practices ACPS will plan, manage, monitor, and report spending to provide decision-makers and the community with a reliable, accurate, and complete view of the financial performance of the educational system at all levels.
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Funding Source or Fiscal Impact (where applicable)
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File Attachment:
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Agenda Item Summary:
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Background:
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Each year, the School Board is presented the following summary that outlines the projected year-end totals for revenue, expenditures and fund balances within the three primary funds (Operating Fund, Grants and Special Projects Fund, and School Nutrition Fund), as well as an analysis of the Health Benefits Fund, Other Post-Employment Benefits (OPEB), and Supplemental Retirement Plan. The School Board’s formal approval of the attached year-end estimates authorizes the FY 2017 Revised Budget within each fund.
Throughout the fiscal year, monthly and quarterly financial reports are provided to the School Board on the three primary funds covering school division operations to include budget revisions which can occur for any of the following reasons:
• Encumbered carryover for open purchase orders from the previous fiscal year
• Prepaid items
• Grant carryover funding
• New grant awards
• Programmatic or cost changes
• Account code corrections
In addition, the Comprehensive Annual Financial Report (CAFR) as reviewed by the external auditors is presented to the School Board following the final year-end closeout and financial audit as a final summary of financial activity for the fiscal year.
The reports attached to this memo include a fund statement for each fund as well as detailed reports of revenue and expenditures within each fund. Each report contains the following information:
• The ‘FY 2014- FY2016 Actual’ columns display the prior year actual revenues and expenditures.
• The ‘FY 2017 Revised Budget’ column reflects the adjusted budget of record as of March 31, 2017.
• The ‘FY 2017 Year-end Estimate’ column contains staff projections of year-end revenue and expenditures. These projections are based on actual activity through March 31, 2017, taking into consideration historical trends, encumbrances.
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Recommendation:
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The Superintendent recommends that the School Board accept the FY 2017 Revised Budget and the FY 2017 Year-end Estimate.
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Approvals:
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Recommended By:
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Signed By:
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Alvin Crawley - Superintendent
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Vote Results:
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| Original Motion | | Member Henry E. Cardwell Moved, Member Christopher J. Lewis seconded to approve the Original motion 'The Superintendent recommends that the School Board accept the FY 2017 Revised Budget and the FY 2017 Year-end Estimate.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 18 Nay: 0. | | The motion Carried 18 - 0 | | | | | Ronnie Campbell | Yes | | William E. Campbell | Yes | | Karen Graf | Yes | | Christopher J. Lewis | Yes | | Ramee A. Gentry | Yes | | Henry E. Cardwell | Yes | | Margaret Lorber | Yes | | Cindy Anderson | Yes | | Veronica R. Nolan | Yes | | Ronnie Campbell | Yes | | William E. Campbell | Yes | | Karen Graf | Yes | | Christopher J. Lewis | Yes | | Ramee A. Gentry | Yes | | Henry E. Cardwell | Yes | | Margaret Lorber | Yes | | Cindy Anderson | Yes | | Veronica R. Nolan | Yes | |
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