Mountain View Whisman School District
Agenda Item for Board Meeting of 12/6/2018
Agenda Category: REVIEW AND ACTION
Agenda Item Title: 2018-2019 First Interim Budget Report (20 minutes)
Estimated Time:
Person Responsible: Robert Clark, Ed.D., Chief Business Officer
Background:
Twice during the fiscal year, a school district is required to submit a financial report certifying the district's ability to meet its financial obligations for the current year and two subsequent years. The reports examine the district's attendance, spending patterns, fund balance, reserve for economic uncertainties, and multi-year projections. Staff will present the 2018-2019 First Interim Budget Report, which reflects the district's financial position as of October 31, 2018.
The First Interim reports changes to the District's 2018-2019 budget adopted in June 2018. The projected General Fund Unrestricted ending balance for 2018-2019 is estimated at $24,570,380, which is a 26.0% reserve, with total revenues at $75,635,747 and total expenditures at $80,518,402. Note: The 2015-2016 State average unrestricted general fund reserve level for elementary districts was 21.54% (School Services of California, January 2018). The operational deficit as of the First Interim for the 2018-2019 year is $4,882,655.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $27,030,060
Total Revenues: $75,635,747
Total Expenditures: $80,518,402
Ending Balance: $22,147,405
Unrestricted Reserve Level: 26.0%
Recommended Action:
That the Board of Trustees approve the 2018-2019 First Interim Budget Report, as presented.
|