Date: March 17, 2010To: Michael Green, SuperintendentSubject: February Financial/Enrollment ReportFrom: Stacy Brown, Director of Business Services
Attached are the Projected Sources/Uses/Ending Fund Balance spreadsheet, the February 2010 monthly cash flow statement for the general fund and budget status reports for all funds for the month of February. The projections spreadsheet has been updated with actual apportionment revenues based upon current knowledge and revenues and expenditures projected through the end of the year.
The Projected Sources/Uses/Ending Fund Balance spreadsheet calculates an unreserved increase in fund balance of approximately $160,000. This is down about $30,000 from the prior month due to some adjustments to revenues and an adjustment to account for the still declining enrollments. All departments and buildings continue to be very expense conscious and it looks like we will finish the year with an unreserved fund balance of approximately $1,475,000.00. I continue to be conservative in estimating revenues and expenditures and will keep you up to date each month as circumstances change.
The cash flow statement (09-10 Budget vs. Actual and Comparison to 08-09) shows revenues $179,000 greater than expected, payroll approximately $17,500 greater than expected and accounts payable approximately $33,000 less than expected. The difference in revenues is caused by receiving 2 months worth of Federal grant claims (if you remember, the deadline was missed in January and we did not receive Federal grant monies, so we are receiving double this month). Payroll is greater than expected as larger payments were made to teachers for district directed days, due to the scheduling of these days for this year.
Fund balance statements for all funds for February are attached. I do not see any specific areas identified on these reports that need explanation, that are not explained through the cash flow and projections summary.
The enrollment spreadsheets are attached, with summaries by headcount for September through March and a comparison of budgeted FTE to actual average FTE. Enrollment continues to drop with each month. We lost another 9 kids and 9 FTE from February to March. We have lost a total of 52 kids since October. This puts the average FTE through March at 2,012.07 (about 8.00 less than budget). I have taken these decreases into account in projecting revenues and will be taking a close look at budgeting for next year.
Please let me know if you have any questions.