Financial and Enrollment Reports
Date: December 12, 2008
To: Michael Green, Superintendent
Subject: November Financial Report
From: Stacy Brown, Director of Business Services
Attached are the 2008 November monthly cash flow statement for the general fund and budget status reports for all funds for the month of November. I have been working on updating projected revenues and expenditures for 08-09, but with all of my computer issues, I have not had a chance to really review the information and do not want to give you incorrect information. I'm also working on calculating the transportation apportionment and hope to include that when I have this completed. I do not expect to have this before the board meeting on Monday, but would like to get the information to you before the 2nd January meeting. I am shooting for Monday and then you can decide when to pass on to the board.
The cash flow statement (08-09 Budget vs. Actual and Comparison to 07-08) shows revenues $42,000 greater than expected, payroll $35,000 less than expected an accounts payable $87,000 less than expected. Revenues are greater due to a change in Federal policy surrounding reimbursement for the Federal special ed grants. In the past we did not receive any reimbursement until the grants were completely approved in January or February. For the first time, the feds are allowing OSPI to allow districts to claim monies if their grants are "substantially approvable." The district received almost $30,000 in November. Another reason for higher than expected revenues this month is that the online food service deposits for October were not recorded until November, increasing food service revenues by about $8,000. Payroll is lower than expected because about $8,000 less in certificated days and about $8,000 less in certificated subs was paid this November, in comparison with last November. The budget also included salaries at the maximum for some of the district positions that were not filled at budget time, to ensure capacity. The actual salaries of these positions are less than budgeted, but the spreadsheet spreads the higher salaries over the twelve months. Accounts Payable is much less than expected in that last November we paid $110,000 to Wilcox and Flegel for fuel and this November we paid them only $18,000.00.
Fund balance statements for all funds for November are attached. I'd like to note that the fund balance has dropped back down to normal levels after being very elevated in October. November is a 5.5% apportionment month, to make up for the large amount of property taxes received in October.
The enrollment spreadsheets are also attached, with summaries by headcount for September through December and a comparison of budgeted FTE to actual average FTE. As you can see, we are down 8 students and also down 9.2 FTE's from November, putting the average FTE at 3.2 less than budget. This decrease is another reason for putting off publishing the district projections as I want to be sure I take this into account and calculate apportionment very conservatively.
Please let me know if you have any questions.