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Meeting Date:
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1/12/2023 - 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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First Quarter FY 2022/23 Financial Report
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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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1st Quarter 2022-23 Financial Report
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File Attachment:
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Summary:
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The first quarter financial reports representing July, August, and September 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 remain strong. Local school revenues are anticipated to be 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 have not been estimated for this report. The second quarter financial report will include estimates of year-end compensation. 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.
Balance of Revenues over Expenses: Reported September 30 revenues exceed expenses by nearly $16M. Reported state revenues collected totaled slightly more than $10.7M.
Special Revenue Funds: Special revenue funds are presented on pages 8-9.
School Fund Balance: Fund balance use in FY22-23 is budgeted to be ~$9.8M. This information will be presented on page 10.
Enclosures are anticipated to be uploaded by Monday, December 5.
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Funding:
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As presented.
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Recommendation:
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Receive the first 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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