Date: August 16, 2011
To: Michael Green, Superintendent
Subject: July Financial Report
From: Stacy Brown, Director of Business Services
Attached are the July 2011 monthly cash flow statement for the general fund and budget status reports for all funds for the month of July. I have also included the 10-11 Sources/Uses and Projected Fund Balance spreadsheet with updated numbers for this year.
The cash flow statement (10-11 Budget vs. Actual and Comparison to 09-10) shows revenues $455,000 greater than expected, payroll very close to expected and accounts payable $18,000 greater than expected. Revenues are greater than expected due to the delay in June apportionment authorized by the legislature. We received the majority of the apportionment on June 30th, but with the delay, about $265,000 was received on July 1st. As you can see from the reports the June revenues were much less than expected. I also made the transfer of $235,000 in state forest money to support tech expenditures this month. The spreadsheet spreads those revenues over 12 months, so this causes a big difference between expected and actual for this month. Expenditures are greater than expected because the KWRL superintendents elected to upgrade the KWRL radios to digital (which we will have to do eventually) and we paid about $45,000 for radios in July. Making the switch now, versus waiting until it was required and the current radios were obsolete, resulted in a $10,000 credit for the current radios.
The Projected Sources/Uses/Ending Fund Balance spreadsheet calculates an unreserved increase in fund balance of approximately $207,000. As noted in previous months, it looks like we will finish the year with an unreserved fund balance just under $2,000,000. The increased students greater than budget have given the district the ability to bank some fund balance for the next year and also to get some projects done this summer that have been put off until the funds were available.
Fund balance statements for all funds for July are attached. As you can see, the General Fund fund balance is back up to greater than $2,000,000 and closer to where we should end the fiscal year. I do not see any other specific areas identified on these reports that need explanation, that are not explained through the cash flow and projections summary.
Please let me know if you have any questions.