Sarasota County Schools
Agenda Item #32
Title
APPROVAL OF THE SUPERINTENDENT'S FINANCIAL STATEMENT FOR THE MONTH ENDING OCTOBER 31, 2006
Description
The Superintendent's Financial Statement for the month ending October 31, 2006, does not reflect any unusual trends after the Budget Amendments, that were approved by the School Board on November 21, 2006. The salaries and benefits reflect a favorable trend when compared to last fiscal year at the same time because retroactive pay was paid on September 30, 2005 last year and will not be paid until December 14, 2006 this year. The important Superintendent's Financial Statement will be the comparison of December 31, 2005 and December 31, 2006, after the retroactive pay has been completed and after the Department of Education completes its Third Florida Education Finance Program (FEFP) calculation. The Third FEFP calculation is normally completed in the first or second week of January and will reflect the results of the October FTE count on a statewide basis. The critical FEFP calculations in any fiscal year are the third and the fourth. The fourth calculation will reflect the results of the February FTE count and will be completed at the end of April. Cash flow wise, the General Fund is at a deficit balance on October 31, 2006, which is normal because we do not receive our property taxes until November. Our cash flow in the General Fund is enhanced in the first few months of the fiscal year because the State of Florida advances us the State Revenues because we are a property rich school district and the State of Florida statutes allow school districts to borrow money between funds during a fiscal year as long as the funds are replaced by the end of the fiscal year. As of November 28, 2006, the General Fund cash flow is now positive again after the second payment from the tax collector.
Recommendation
That the Superintendent's Financial Statement for the month ending October 31, 2006, be approved as presented.
Contact
LEMPE & MONSON
Financial Impact
N/A
Attachment: Octobersuper.pdf