Sarasota County Schools
Agenda Item #32
Title
APPROVAL OF SUPERINTENDENT'S FINANCIAL STATEMENTS FOR THE MONTH ENDING OCTOBER 31, 2010
Description
The Superintendent's Financial Statements for the month ending October 31, 2010, does not reflect any unexpected trends at this early stage in the 2010-11 fiscal year. The negative trend in the General Fund is to be expected as the District does not receive their main funding source, property tax revenues, until late November. However, the deficit spending in the General Fund will continue as fund balance has been budgeted to decrease this fiscal year due to State revenue shortfalls and reduced property tax revenues. The Special Revenue Funds show decreases in revenue from the Federal government and expenditures as the District is receiving less American Recovery and Reinvestment Act (ARRA) money in the current year. The Food Service Fund shows an increase in revenue of almost 20% year to date. Both the revenue received from the National School Lunch Program and purchased meals have increased. Expenditures have increased approximately 33% from the prior year. This is expected as the number of meals increases. The Capital Projects Fund reflects monies received from the issuance of the Certificates of Participation, Series 2010A (Qualified School Construction Bonds) and Certificates of Participation, Series 2010B.
Recommendation
That the Superintendent's Financial Statements for the month ending October 31, 2010, be approved as presented.
Contact
WHITE & CORCORAN/PEASLEE
Financial Impact
N/A
Attachment: October 2010.pdf