Sarasota County Schools
Agenda Item #43
Title
APPROVAL OF SUPERINTENDENT'S FINANCIAL STATEMENT FOR THE PERIOD ENDING DECEMBER 31, 2006
Description
Half the fiscal year has been completed and the Superintendent's Financial Statement indicates the following: Property taxes are coming in slower than last year by 2.5%. The State FEFP revenue is approximately $5.3 million higher than it will be at the end of the fiscal year because we receive 100% of our State FEFP revenue in the first quarter of the fiscal year and the adjustment to FEFP earnings is made in June. The FEFP adjustment represents McKay Scholarships in the amount of $2.4 million and the adjustment for the Third FEFP calculation based upon the Second FTE calculation is $2.9 million. The General Fund Budget Amendment Number One on November 21, 2006 had anticipated a reduction of $3.1 million based upon the Second FTE calculation. The General Fund Salaries and Benefits are coming in favorably at this point because the 30 hours increase (from 2.0% to 3.25%) will not be paid until June and the increase in hospitalization rates (9.8%) was not effective until January 1, 2007. The other factor is that the 7.1% increase effective January 1, 2006 is not reflected in the financials for December 31, 2005. Considering those factors, the General Fund projections appear to be on target with the amended Budget and the impact of the Third FEFP calculations. The Food Service Fund at this point is running $200,000 less than last year. The Self Insurance Fund Revenues are running less than last year because of the reduced rate for Worker's Compensation. The Capital Projects Fund is spending at a rate of $8.5 million less than last year so the fund is in excellent condition at this point in time. There is nothing extraordinary about the Debt Fund or the Federal Projects Fund.
Recommendation
That the "Superintendent's Financial Statement for the Period Ending December 31, 2006," be accepted as presented.
Contact
LEMPE AND MONSON
Financial Impact
N/A
Attachment: Decembersuper.pdf