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Meeting Date:
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3/9/2023 - 5:30 PM
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Category:
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SCHOOL DIVISION BUSINESS
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Type:
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Info/Action
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Subject:
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Second Quarter FY 2022/23 Financial Report (8:15-8:30)
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ACPS Division Objective :
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Goal 3 Equitable, Transformative Resources
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Enclosure:
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2nd Quarter 2022-23 Financial Report
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File Attachment:
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Summary:
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The second quarter financial reports representing October, November, and December 2022 are presented for the Board's consideration.
This report 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: March 31 Average Daily Membership (ADM), upon which state revenues are estimated, is projected to be 13,489. Overall state revenues are anticipated to be stronger than budgeted based upon available current year pre-conference state budget information. Local school revenues are anticipated to be slightly less than budgeted due to the continued effects of the pandemic. Federal revenues are estimated to meet budget. Local transfer will meet budgeted amounts. A more detailed presentation of revenues received to date is presented on page 2 of the report.
Expenses: Compensation and benefits expenses are estimated for this report based upon payroll data paid through January. Overall compensation and benefit costs are estimated to be less than budgeted by just over $1.8M. Monthly compensation and operational expenses by state category is 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 shows the impact of any additional appropriations or budget adjustments made during the year.
Balance of Revenues over Expenses: Reported December 31 revenues exceed expenses by nearly $16.9M. Reported state revenues collected totaled slightly more than $28.4M.
Special Revenue Funds: Special revenue funds are presented on pages 8-10.
School Fund Balance: Fund balance use in FY22-23 is budgeted to be ~$11.1M. Anticipated ending balance information for the current fiscal year is presented on page 11. This information is subject to change as current year operations and next fiscal year budget planning continues.
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Funding:
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As presented.
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Recommendation:
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Receive the second quarter FY 2022-23 financial report.
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Approvals:
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Recommended By:
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Signed By:
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Jackson Zimmermann - School Finance Officer
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Signed By:
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Rosalyn Schmitt - Chief Operating Officer
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Signed By:
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Dr. Matthew Haas - Superintendent
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