02-28-2017 School Board Meeting
Agenda Item #18


Title
Financial Statements for the Period Ending December 31, 2016, Operating Fund Budget Resolution #4, and Resolution #1 for the Special Revenue-Food Service, Casualty, Medical, and Enterprise Funds

Discussion

The School Board Financial Statements report 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, 2016.

In addition, budget amendments for the Operating, Special Revenue-Food Service, Casualty, Medical, and School Age Child Care Funds are being submitted for approval.

Operating Budget Amendment #4:

Operating Revenues (pages 1-2) have decreased by a total of $10,431,824 which is the result of the 3rd FEFP Calculation.  The reductions were made to the following state revenue sources:

FEFP ($9,160,675)
Student Transportation ($749,593)
Class Size Reduction ($431,425)
Supplemental Academic Instruction ($249,648)
Discretionary Compression $103,761

The reduction in FEFP revenue is primarily due to the McKay Scholarship Program which reduced state revenue by $9,973,041.

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

Special Revenue-Food Service Amendment #1:

Revenue has not changed.  Appropriations, however, have changed overall to reflect carry forward from last year and any vacant positions.

Casualty Amendment #1:

The beginning balance was amended due to a Workmans Compensation adjustment for FY2015-16 which occurred after the budget adoption was prepared and prior to the completion of the CAFR.

Medical Amendment #1:

The beginning balance was amended due to an Estimated Claims adjustment for FY2015-16 which occurred after the budget adoption was prepared and prior to the completion of the CAFR.

Enterprise-School Age Child Care Amendment #1:

The beginning balance was amended due to a  Net Pension Liability adjustment for FY2015-16 which occurred after the budget adoption was prepared and prior to the completion of the CAFR.



Recommendation
Approve the December 31, 2016 Financial Statements and Operating Fund Budget Amendment-Resolution #4, Special Revenue-Food Service Amendment #1, Casualty Amendment #1, Medical Amendment #1, and Enterprise-School Age Child Care Amendment #1.

Meeting Date(s)
Consent w/o Information - 2/28/2017

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 Budgeting, Cost Accounting and FTE, ext. 610
Pennie L. Zuercher, Chief Financial Officer, ext. 600




Attachment:  FY2016-17 Financial Statements - December 31, 2016.pdf
Attachment:  Budget Amendment #4 - Dec 31 2016.pdf
Attachment:  Special Revenue Food Services Fund-Budget Amendment-Resolution #1.pdf
Attachment:  2016-17 Casualty Funds Budget Amendment #1.pdf
Attachment:  2016-17 Medical Funds Budget Amendment #1.pdf
Attachment:  2016-17 Enterprise Funds Budget Amendment #1.pdf
Attachment:  December 2016 Operating Fund Budget Amendment Explanations.pdf