05-09-2017 School Board Meeting
Agenda Item #16


Title
Operating Fund Budget Amendment #7, Debt Service Funds Budget Amendment #1, and Capital Projects Fund Budget Amendment #3 for March 31, 2017

Discussion
Operating Fund Budget Amendment – Resolution #7

Operating Revenue (pages 1 - 2) has increased by $797,909 since the last budget amendment. Major changes plus or minus $100,000 are listed below:

Miscellaneous Local $717,122

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

Debt Service Funds Budget Amendment – Resolution #1

In March, the 2017A COP was issued for $52,425,000. It refunded the outstanding COP Series 2007B.

Revenues changes have been amended to the following:

Certificate of Participation $52,425,000
Premium on Sale of Refunded Bond $6,982,377
Transfers from Capital $36,280,899

Appropriations changes have been amended to the following:

Interest Payments - COPS $19,614,130
Payments to Escrow Agent - COPS $59,395,515
Fund Balance $4,074,409

Capital Projects Fund Budget Amendment – Resolution #3

Revenues have remained unchanged.

Due to the 2017A COP issuance, appropriations for the transfer to Debt Service/Escrow have decreased by $86,359 while increasing the fund balance by the same amount.



Recommendation

Approve resolution #7 to amend the Operating Fund Budget as of March 31, 2017.

Approve resolution #1 to amend the Debt Service Funds Budget as of March 31, 2017.

Approve resolution #3 to amend the Capital Projects Fund Budget as of March 31, 2017.



Meeting Date(s)
Consent w/o Information - 5/9/2017

Authority for Action
2009.53(1), 237.02 FS

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

Karen Strickland, Director, Budgeting, Cost Accounting & FTE, ext. 610.
Jo Ann Clark, Director, Accounting Services, ext. 660.
Pennie L. Zuercher, Chief Financial Officer, ext. 600.




Attachment:  Budget Amendment #7 - March 31, 2017.pdf
Attachment:  March 2017 Operating Fund Budget Amendment Explanations.pdf
Attachment:  FY 2016-17 Debt Service Funds Budget Amendment - Resolution #1.pdf
Attachment:  FY 2016-17 Capital Projects Fund Budget Amendment - Resolution #3.pdf