05-23-2017 School Board Meeting
Agenda Item #13


Title
Operating Fund Budget Amendment #8, Debt Service Funds Budget Amendment #2, and Capital Projects Fund Budget Amendment #4 for April 30, 2017

Discussion
Operating Fund Budget Amendment – Resolution #8

Operating Revenue (pages 1 - 2) has increased by $186,243 since the last budget amendment. All changes, with the exception of Miscellaneous Local, are to reflect the 4th FEFP Calculation (dated April 27, 2017) which updates revenue based on February FTE. Major changes plus or minus $100,000 are listed below:

Lottery Enhancement $1,237,784
Miscellaneous Local $228,627
Student Transportation $223,318
School Recognition ($1,580,969)

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

Debt Service Funds Budget Amendment – Resolution #2

In April, the 2017B COP was issued for $29,960,000. It refunded the outstanding COP Series 2007A.

Revenues changes have been amended to the following:

Certificate of Participation (2017A & 2017B) $82,385,000
Transfers from Capital $36,111,826

Appropriations changes have been amended to the following:

Interest Payments - COPS $19,096,557
Payments to Escrow Agent - COPS $89,587,515
Debt Service Fees - COPS $609,595
Fund Balance $4,079,456
Capital Projects Fund Budget Amendment – Resolution #4

Revenues have increased by $228,482 of which $222,805 in interest on investments.

Appropriations have increased by $178,804 due to additional funding for Hurricane Matthew of $347,877 and a decrease in the transfers to debt service of ($169,073) due to the refunding COP 2017B. In addition, appropriations have also increased or decreased based on budget amendments done by individual departments.



Recommendation

Approve resolution #8 to amend the Operating Fund Budget as of April 30, 2017.

Approve resolution #2 to amend the Debt Service Funds Budget as of April 30, 2017.

Approve resolution #4 to amend the Capital Projects Fund Budget as of April 30, 2017.



Meeting Date(s)
Consent w/o Information - 5/23/2017

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 #8 - April 30, 2017.pdf
Attachment:  April 2017 Operating Fund Budget Amendment Explanations.pdf
Attachment:  FY17 Debt Service Budget Amendment - Resolution #2.pdf
Attachment:  FY 2016-17 Capital Projects Fund Budget Amendment - Resolution #4.pdf