Mountain View Whisman School District
Agenda Item for Board Meeting of 3/5/2020
Agenda Category: REVIEW AND ACTION
Agenda Item Title: 2019-2020 Second Interim Report (20 minutes)
Estimated Time:
Person Responsible: Rebecca Westover, 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 2019-2020 Second Interim Budget Report, which reflects the district's financial position as of January 31, 2020.
The Second Interim reports changes to the District's 2019-2020 budget adopted in June 2019. The projected General Fund Unrestricted ending balance for 2019-2020 is estimated at $21,191,117, with unrestricted revenues at $22,306,850 and combined total expenditures of restricted and unrestricted at $80,885,159. The District is planning on an operational deficit of $1,408,270 with a reserve level of 26.2%.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $24,432,527
Total Revenues: $79,476,889
Total Expenditures: $80,885,159
Ending Balance: $23,024,257
Unrestricted Reserve Level: 26.2%
Recommended Action:
That the Board of Trustees approve the 2019-2020 Second Interim Budget Report, as presented.
|