Sarasota County Schools
Agenda Item #50
Title
APPROVAL OF THE SUPERINTENDENT'S FINANCIAL STATEMENTS FOR THE MONTH ENDING MAY 31, 2010
Description
The Superintendent's Financial Statements for the month ending May 31, 2010, does not reflect any unexpected trends for the 2009-10 fiscal year. The General Fund currently shows a fund balance of approximately $101 million. However, budgeted deficit spending in the General Fund in the last month of the fiscal year will decrease this balance due to State revenue shortfalls and reduced property tax revenues. The Food Service Fund revenues overall increased almost 13% due to the increase in the number of children eligible for free and reduced meals. The money the District receives through the Free and Reduced Meals Program has increased approximately 27%. Expenditures have increased approximately 3% from the prior year. The District made an arrangement with the Tax Collector in December for their office to invest some of the District tax revenue money since they are receiving a better interest rate than the District. This is the cause of the large Due from Other Agencies amount in both the General and Capital Projects Funds.
Recommendation
That the Superintendent's Financial Statements for the month ending May 31, 2010, be approved as presented.
Contact
WHITE & CORCORAN/PEASLEE
Financial Impact
N/A
Attachment: May.pdf