Sarasota County Schools
Agenda Item #34
Title
APPROVAL OF THE SUPERINTENDENT'S FINANCIAL STATEMENTS FOR THE PERIOD ENDING OCTOBER 31, 2008
Description
The Superintendent's Financial Statements for the month ending October 31, 2008, does not reflect any unexpected trends at the beginning of the second quarter of the 2008-09 fiscal year. The negative trend in the General Fund is to be expected as the District does not receive their main funding source, property taxes 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 Food Service Fund has a negative unreserved fund balance at October 31, 2008. The Food Service Fund shows a decrease in revenue of almost 5% year to date. This is to be expected as student enrollment has decreased. The money the District receives through the Free and Reduced Meals program has increased approximately 5.5%, but revenues received from students paying full price or purchasing al a carte meals has decreased over 10%. Expenditures have decreased approximately 6.6% from the prior year. The Capital Projects Fund is reflecting a negative trend as the timing of debt borrowing has been delayed as the District awaits improved market conditions.
Recommendation
That the Superintendent's Financial Statements for the period ending October 31, 2008, be approved as presented.
Contact
WHITE & CORCORAN/WEIDNER
Financial Impact
N/A
Attachment: October.pdf