04-26-2016 Special School Board Meeting
Agenda Item #15


Title
Financial Statements for the Period Ending February 29, 2016 and Resolutions for the Operating and Capital Projects Fund

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 February 29, 2016.

In addition, budget amendments for the Operating and Capital Projects Fund are being submitted.

Operating Fund Budget Amendment - Resolution #6:

Operating Revenue (pages 1-2) has increased by $2,041,389 since the last budget amendment. Major changes plus or minus $100,000 are listed below:

Miscellaneous State (Best & Brightest Scholarship Program) $1,593,460

Miscellaneous Local $447,929

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

Capital Projects Fund Budget Amendment - Resolution #1:

Total Projected Capital Revenue has increased by $9,759,052. Major changes plus or minus $100,000 are listed below:

Sales Surtax $9,647,147 - estimated revenues increased by $9,647,147 to reflect higher than expected sales tax revenues.

Sale of Property increased by $111,176

Total appropriations have increased by $17,924,833. Major changes over $100,000 are listed below:

Surtax Project $13,053,372 -  the ICOC and Board approved an ICOC policy in February to appropriate to the various projects.

Insurance premiums of $4,663,623 - budgeting the reserved fund balance for premiums.

CO&DS and Tax Levy of $103,699 and $104,077 respectively.



Recommendation
Approve the February 29, 2016 Financial Statements, Operating Fund Budget Amendment - Resolution #6 and the Capital Projects Fund Budget Amendment - Resolution #1.

Meeting Date(s)
Consent w/o Information - 4/26/2016

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 Services, ext. 660

Pennie L. Zuercher, Chief Financial Officer, ext. 600




Attachment:  FY 2015-16 Financial Statements February 29, 2016.pdf
Attachment:  Budget Amendment #6 - February 29, 2016.pdf
Attachment:  2015 -16 Capital Projects Fund Budget Amendment - Resolution #1.pdf.pdf
Attachment:  February 2015 Operating Fund Budget Amendment Explanations.pdf