Agenda Item
Meeting Date: 1/12/2023 - 5:30 PM
Category: SCHOOL DIVISION BUSINESS
Type: Action
Subject: 4th Quarter 2021/22 and June 30 2022 Unaudited Financial Report (8:24-8:30)
ACPS Division Objective :
Goal 3
Equitable, Transformative Resources
Policy: DI - Financial Accounting and Reporting
Enclosure: 4th Quarter FY 2021-22 Financial Report
File Attachment:
FY21-22_Board_Report-Q4 v2 -combined.pdf
Summary: The unaudited year-end financial report representing April, May and June 2022 are presented for the Board's consideration. The report provides detailed information regarding quarterly expenses and revenues. It also provides information on the budgeting and expenditure of funds by state category, and the changes that both the Board and staff have made during the year that affect these categories. All lines are numbered to assist in clearly guiding readers of the report when specific information is discussed.

Revenues: Local – Schools revenue collections increased, primarily due to strong state revenue performance and strong local revenue sharing from our local government. March 31 Average Daily Membership (ADM), upon which state revenues are calculated is 13,313.81. This is 22.10 students less than originally budgeted. State revenues increased substantively primarily due to strong revenue performance for sales tax and enrollment hold harmless provisions enacted. State revenues are nearly $1.7M above budgeted. State revenues collected totaled slightly more than $61M. Local transfer revenues were as expected. Federal revenues were very slightly less budgeted. A more detailed presentation of revenues received is presented on page 2 of the report.

Expenses: Compensation and benefits expenses were greater than budgeted by more than $1.9M. Operational expenses were less than budgeted . Overall reductions in operational expenses across the division were more than $5.1M. Monthly compensation and operational expenses by state category are presented on page 3. Detailed operational expenses by department and school are shown on pages 4-6 of the attached report. Page 7 of the report provides information regarding changes made during the year that affect each state category.

Balance of Revenues over Expenses: Expenses exceed revenues by more than $1.8M, drawing down existing fund balance as anticipated.

Special Revenue Funds: Special revenue funds are presented on pages 8-10.

Fund Balance information is provided on page 11.

Enclosures are anticipated to be uploaded by Monday, December 5.
Funding: As presented. The division ends the year in a strong financial position.
Recommendation: Receive the 4th quarter FY 2021-22 financial report.
Approvals:
Recommended By:
Signed By:
Jackson Zimmermann - School Finance Officer
Signed By:
Rosalyn Schmitt - Chief Operating Officer
Signed By:
Dr. Matthew Haas - Superintendent