Sarasota County Schools
Agenda Item #26
Title
APPROVAL OF THE SUPERINTENDENT'S FINANCIAL STATEMENTS FOR THE PERIOD ENDING NOVEMBER 30, 2008
Description
The Superintendent's Financial Statements for the month ending November 30, 2008, do not reflect any unexpected trends at this stage in the 2008-09 fiscal year. The negative trend in the General Fund was smaller this month due to the District receiving their main funding source, property taxes revenues, during 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 November 30, 2008. The Food Service Fund shows a decrease in revenue of 4% 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 7%, but revenues received from students paying full price or purchasing al a carte meals has decreased over 10%. Expenditures have increased approximately 7% 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. The large "Due from other funds" in the Capital Projects Fund is money loaned to the General Fund to pay for expenditures until the District received property tax revenues from the county tax collector.
Recommendation
That the Superintendent's Financial Statements for the period ending November 30, 2008, be approved as presented.
Contact
CORCORAN & WEIDNER/PEASLEE
Financial Impact
N/A
Attachment: November.pdf