Sarasota County Schools
Agenda Item #23
Title
APPROVAL OF SUPERINTENDENT'S FINANCIAL STATEMENTS FOR THE MONTHS ENDED JULY 31, 2006 AND AUGUST 31, 2006
Description
The Superintendent's Financial Statements for the months ended July 31, 2006 and August 31, 2006, do not reflect any unusual trends at the early period in the 2006-07 fiscal year. In 2005-06, the retroactive pay for all employees was paid on September 30, therefore the 2006-07 trend for September will reflect a lower percentage increase in salaries than would be expected when the comparison is made. In October, the General Fund will reflect a negative trend because the property taxes will not come in until November and the district will have to borrow from other available funds (Capital Projects and/or Self-Insurance), in order to meet the obligations. Again, this is normal; however, the deficit will increase because of the budgeted decrease in fund balance for the General Fund. The Food Service Fund also has a lower Fund Balance to start the fiscal year and will have to have monies transferred from other sources on a temporary basis. The Food Service Fund is reliant upon reimbursement from the Federal Government and the Fund Balance is an important factor at the beginning of the fiscal year.
Recommendation
That the School Board of Sarasota County approve the Superintendent's Financial Statements for the months ended July 31, 2006 and August 31, 2006, as presented.
Contact
LEMPE & MONSON
Financial Impact
N/A
Attachment: Julysuper.pdf
Attachment: Augustsuper.pdf