02-10-2015 Regular School Board Meeting
Agenda Item #13


Title
Financial Statements with Budget Amendment and Resolutions for the Operating, Debt Service, and Capital Funds at Period Ending December 31, 2014

Discussion

The School Board Financial Statements reflect the status of revenue received and actual expenditures as compared to the approved or amended budgets.  The Financial Statements for the Board's consideration are for the period ending December 31, 2014.

In addition, budget amendments for Operating, Debt Service, and Capital Funds are submitted:

Operating Fund Budget Amendment - Resolution #4:

Operating Revenues (pages 1-2) have decreased by a total of $7,681,684 which is the result of the 3rd FEFP Calculation.  The reductions were made to the following revenue sources:

FEFP                                        -7,935,802

Student Transportation                -345,177

Miscellaneous Local                      277,223

Appropriations have also increased or decreased based on budget adjustments by individual schools and departments.

Debt Service Budget Amendment - Resolution #1:

Debt service revenue has increased by $71,268,650 since the adoption of the budget on September 4, 2014.  Major changes plus or minus $100,000 are due to the refunding of the 2006A bonds.

Reduction of debt payment due to refunding                 -1,105,889

Transfer from capital for 2014 escrow                               991,627

Cost of issuance refunding                                           62,310,000

Premium on sale of refunded bond                                 9,072,912

Appropriations have changed overall to reflect the bond proceeds used for the payment of refunded bonds (2006A) along with associated fees.

Capital Funds Budget Amendments - Resolutions #4-6:

Revenues have no increases over $100,000.

Appropriation major changes plus or minus $100,000 are due to the refunding:

Transfer  from Capital to Debt Service (COP)            -1,105,889

Transfer from Capital for 2014 Escrow                          991,627



Recommendation
Approve the December 31,2014 Financial Statements, an Operating Fund Budget Amendment - Resolution #4, a Debt Service Budget Amendment - Resolution #1, and Capital Funds Budget Amendments - Resolutions #4 - 6.

Meeting Date(s)
Consent w/o Information - 2/10/2015

Authority for Action
F.S. 1010.02, 1001.02, 1001.02(1)

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Agenda Item will not Require the Expenditure of Funds

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program

Contact

Kathy Jackson, Accounting Manager ext. 674

Jo Ann Clark, Director of Accounting Services, ext.660

Karen Strickland, Director - Budgeting, Cost Accounting, and FTE, ext. 610

Judy Preston, Associate Superintendent of Financial Services, ext. 600




Attachment:  FY 2014-15 Operating Fund Budget Amendment #4 - DECEMBER 31 2014.pdf
Attachment:  December 2014 Budget Amendment Explanations.pdf
Attachment:  FY 2014-15 Capital Funds Budget Amendments - Resolutions #4 - 6.pdf
Attachment:  FY 2014-15 Debt Service Budget Amendment - Resolution #1.pdf
Attachment:  FY 2014-15 Financial Statements - December 31, 2014.pdf