Sarasota County Schools
Agenda Item #92
Title
APPROVAL OF SUPERINTENDENT'S FINANCIAL STATEMENTS FOR THE PERIOD ENDING MAY 31, 2008
Description
The Superintendent's Financial Statements for the period ending May 31, 2008, continue to show a large increase in the District's cash balances from the previous year. This is due to the recent issues with the SBA. The SBA investments are currently shown in two sections of the financial statements. Investments in Fund A that the district has current access to can be found under investments in the current assets section. SBA investments that are in Fund A, but are currently under withdrawal restrictions, are found under non-current assets. Fund B investments, which are currently not available to the District, are shown on a separate line in the non-current assets. All funds show a positive fund balance. Cash with fiscal agent are funds the District received from the 2004 COPS that were not spent on building. These excess funds will be used to pay interest and principle. Expenditures in the Capital Fund have increased approximately 58% over the prior year due to building of Woodland Middle School, SCTI, Suncoast Polytechnical High School, and Riverview High School. All other fund revenues and expenditures are in line with budget and prior year.
Recommendation
That the Superintendent's Financial Statements for the period ending May 31, 2008, be approved as presented.
Contact
WHITE & CORCORAN
Financial Impact
N/A
Attachment: May.pdf