07-21-2015 Regular School Board Meeting
Agenda Item #11


Title
Financial Statements for the Period Ending May 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 submitted for the Board's consideration are for the period ending May 31, 2015.

The operating funds budget amendment has been previously presented and approved by the Board.

Special Revenue Fund - Food Service Amendment #2

Revenues have not increased or decreased since the last amended budget.

Appropriations have increased or decreased based on budget amendments done by individual schools and departments.  This budget amendment also reflects the rebudgetizing (REBUD) process which captured more up-to-date salary and benefit information and a transfer to capital for kitchen renovations.

Salaries                             $ 244,681

Fringes                              $ 176,090

Materials/Supplies              $-656,455

Transfer to Capital              $ 907,368

Capital Projects Fund Budget Amendment - Resolutions #11-14

Revenue Anticipation Notes - Resolution #11

There are no changes in revenue.

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

Capital Millage - Resolution #12

There are no changes in revenue.

Appropriations, have increased or decreased based on budget amendments done by individual departments.  Renovations decreased by $1,575,319 of which $1,500,000 was due to the payback of the loan for the sales tax project when sales tax funds were not yet available  (March Financial Statements). 

Half Cent Sales Surtax - Resolution # 13

Revenue has increased by $1,299,224 due to receiving more than was originally projected.

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

Other Capital - Resolution #14

Revenue has increased by $966,159 since the last budget amendment.  Major changes plus or minus $100,000 are:

$907,368   Transfer from Food Service to cover cafeteria renovations.

Transferred funds were appropriated for cafeteria renovations.



Recommendation
Approve the May 31, 2015 Financial Statements.          

Meeting Date(s)
Consent w/o Information - 7/21/2015

Authority for Action
F.S. 1010.02, 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 R. Preston, Associate  Superintendent of Financials Services, ext. 600




Attachment:  FY 2014-15 Financial Statements - May 31, 2015.pdf
Attachment:  FY 2014-15 Special Revenue Fund Food Service Budget Amendment - Resolution #2.pdf
Attachment:  FY 2014-15 Capital Projects Fund Budget Amendment Resolutions - #11-14.pdf