05-12-2015 Regular School Board Meeting
Agenda Item #14


Title
Financial Statements with Budget Amendments and Resolutions for the Operating Fund, Debt Service Funds, and Capital Projects Fund at Period End March 31, 2015.

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 March 31, 2015.

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

Operating Fund Budget Amendment #7

Operating Revenue (pages 1-2) has increased by $266,304 since the last budget amendment.  Major changes plus or minus $100,000 are listed below:

Miscellaneous Local $266,304

In addition, appropriations have increased or decreased based on budget amendments done by individual schools and departments.

Debt Service Funds Budget Amendment - Resolution #2

Debt Service revenue has increased by $117,188,983 due to the partial refunding of 2007B and 2007C bonds.  Major changes plus or minus $100,000 are due to this refunding.

Cost of Issuance Refunding 2015

$100,695,000

Premium on Sale of Refunded Bond

$17,104,749

Reduction of Debt Payment due to Refunding

-$610,766

Capital Projects Fund Budget Amendment - Resolutions #8-10

There is no change in revenue; however, major appropriations (plus or minus $100,000) are listed below:

Equipment

$474,329

Site

$387,197

Renovation

$638,474

Transfer to Debt Service (COP)

-$610,766

 

 

Please note that appropriations changed to create a temporary loan for a sales tax project (where sales tax funds were not yet available) to cover a facilities contract; with plans to repay tax levy when sales tax funds became available.



Recommendation
Approve the March 31, 2015 Financial Statements, and Operating Fund Budget Amendment - Resolution #7, Debt Service Funds Budget Amendment - Resolution #2, and Capital Projects Fund Budget Amendment - Resolutions #8-10.

Meeting Date(s)
Consent w/o Information - 5/12/2015

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 of Budgeting, Cost Accounting, and FTE, ext. 610

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




Attachment:  FY 2014-15 Financial Statements - March 31, 2015.pdf
Attachment:  FY 2014-15 Operating Fund Budget Amendment #7 - March 31 2015.pdf
Attachment:  FY 2014-15 Debt Service Funds Budget Amendment # 2.pdf
Attachment:  FY 2014-15 Capital Projects Fund Budget Amendment # 8 - 10.pdf
Attachment:  March 2015 Budget Amendment Explanations.pdf