The Superintendent’s Financial Statements for the month ending February 29, 2012 does not reflect any unexpected trends for the 2011-2012 fiscal year. Deficit spending will continue in the General Fund as fund balance has been budgeted to decrease this fiscal year due to State revenue shortfalls and reduced property tax revenues.  The large variance between 2012 and 2011 on the District’s balance sheet at February 29, 2012 for accounts payable is as a result of the implementation of the Crosspointe software in August 2011. The District is now more appropriately reflecting our accounts payable liabilities and actual expenses in the period they are incurred rather than the period paid.

That the Superintendent's Financial Statements for February 2012 be approved as presented.

N/A