Agenda Item
Meeting Date: 11/8/2018 - 6:30 PM
Type: Info/Action
Subject: First Quarter Financial Report - July through September 2018 (8:35 to 8:45)
ACPS Division Objective :
Objective 5
We will optimize resources.
Policy: DB - Annual Budget
File Attachment:
1st Quarter 2018 Financial Report.pdf
Summary: The July 2018, August 2018, and September 2018 Year-To-Date Financial Reports, Operating Expense Reports, and Self-Sustaining Funds Reports are presented for the Board's consideration.
Revenues: March 31 Average Daily Membership (ADM), upon which state revenues are based, was projected to be 13,578. However September 30 enrollment numbers are slightly lower than original projections by 64 students. State revenues are currently anticipated to decrease by approximately $142K due to a slightly lower than projected enrollment (although overall enrollment is greater than last school year). Local and federal revenues are anticipated to meet budget.
Expenses: Expenses are anticipated to meet budget. September is very early in the operation of the division with trends yet to be established. Further months of operations will provide better indications for future expenditure projections. Salary trends appear normal for this timeframe of the fiscal year. Special revenue balances should be available for the next quarter.
Balance of Expenses over Revenues: September expenses exceed revenues by nearly $26M. State revenues collected totaled slightly more than $8.5 million.
Available Fund Balance: Currently the audit has yet to be complete, however preliminary available fund balance information is provided. It is very similar to projections presented in August.
Funding: As presented.
Recommendation: Receive the first quarter financial report.
Recommended By:
Signed By:
Jackson Zimmermann - School Finance Officer
Signed By:
Rosalyn Schmitt - Chief Operating Officer
Signed By:
Dr. Matt Haas - Superintendent