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Meeting Date:
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4/24/2020 - 6:00 AM
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Category:
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Finance and Budget
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Type:
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Info
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Subject:
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FY 2020 Year End Estimate Fund Statements
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ACPS 2025 Strategic Plan Goal:
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Goal 6: Effective and Efficient Operations
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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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To inform the School Board and the community, the Financial Services Department, particularly the Budget Office, conducts an analysis of ACPS Combined Funds and Other Fiduciary Funds financial activities for the current fiscal year. This analysis provides an assessment of current fiscal year revenue and expenditure activity to date and projects an estimate for year ending balances.
In the current FY 2020 Budget year, financial activities and all ACPS operations have been greatly impacted by the nation’s reaction to the COVID-19 pandemic which, as of mid-March, has closed all schools and has forced student instruction as well as most administrative functions to be performed from home.
This analysis and subsequent projections have attempted to factor the impact of this significant change in ACPS operations.
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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 projection of the Health Benefits Fund, Other Post-Employment Benefits (OPEB), and Supplemental Retirement Plan.
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
Attached to this memo include fund statements for each fund highlighting the staff’s analysis and projections of revenue and expenditures within each fund. Each report contains the following information:
• The ‘FY 2017- FY2019 Actual’ columns display the prior year actual revenues and expenditures.
• The ‘FY 2020 Revised Budget’ column reflects the adjusted budget of record as of March 31, 2020.
• The ‘FY 2020 Year-end Estimate’ column contains staff projections of year-end revenue and expenditures. These projections are based on actual activity through March 31, 2020, taking into consideration historical trends, encumbrances.
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Recommendation:
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The Superintendent recommends that the School Board review the attached FY 2020 Year-end Combined Funds and other Fiduciary Funds Statements.
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Approvals:
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Recommended By:
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Signed By:
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Robert Easley - Director, Budget & Fiscal Compliance
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Signed By:
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Dominic Turner - Chief Financial Officer
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Signed By:
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Dr. Gregory C. Hutchings, Jr. - Superintendent
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