02-11-2014 Regular School Board Meeting
Agenda Item #16


Title
Financial Statements with Budget Amendment Resolutions for the Operating Fund, Capital Fund, Medical Fund, and Enterprise Fund for the period ending December 31, 2013

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 submitted for the Board's consideration are for the period ending December 31, 2013.

In addition budget amendments are submitted for the following:  

1. Operating Fund Budget Amendment Resolution #4

Operating Revenues (pages 1-2) have decreased by a total of $7,961,578 which is the result of the 3rd FEFP Calculation.  Major changes plus or minus $100,000 are listed below:

FEFP*                                        -7,042,911

Student Transportation               -1,017,977

Declining Enrollment                     -204,768

Class Size Reduction                     -114,647

Miscellaneous Local                        202,566

*The reduction in FEFP revenue is primarily due to McKay Scholarships which totaled -$8,580,655.  Keep in mind that the Adopted Budget had $7,838,706 reserved to accommodate this anticipated reduction.

An increase in the beginning fund balance is due to changes in revenue that occurred between the completion of the 2012-13 AFR and the CAFR.

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

2. Capital Fund Budget Amendment # 1-3

Revenues have increased by $3,581,470, which is due primarily to additional receipt of unappropriated Impact Fee revenue of $3,563,403.  The remaining $18,067 is additional interest and Miscellaneous Local Revenue.

Expenditure appropriations have increased or decreased based on budget adjustments.

3. Medical Fund Resolution #1

The decrease in the beginning fund balance is due to changes between the AFR and the completion of the CAFR for Estimated Claims Liabilities.

4.   Enterprise Fund Resolution #1

The decrease in the beginning fund balance is due to changes between the AFR and the completion of the CAFR for Other Postemployment Benefits (OPEB).



Recommendation
Approve the December 31, 2013 Financial Statements, Resolution #4 for the Operating Fund, Resolutions #1-3 for the Capital funds, and Resolution #1 for the Medical Funds and the Enterprise Funds.

Meeting Date(s)
Consent w/o Information - 2/11/2014

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 of Planning, Budgets, and Reporting, ext. 610

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




Attachment:  FY 2013-14 Financial Statements - December 31, 2013.pdf
Attachment:  Budget Amendment #4 - December 31 2013.pdf
Attachment:  December 2013 Budget Amendment Explanations.pdf
Attachment:  Resolution #1 for Capital Fund 2013-14.pdf
Attachment:  Resolution #1 for Medical Fund 2013-14.pdf
Attachment:  Resolution #1 for Enterprise Fund 2013-14.pdf