Mountain View Whisman School District
Agenda Item for Board Meeting of 12/14/2020
Agenda Category: REVIEW AND ACTION
Agenda Item Title: 2020-2021 First Interim Budget Report (40 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 2020-2021 First Interim Budget Report, which reflects the district's financial position as of October 31, 2020.
The First Interim reports changes to the District's 2020-2021 budget adopted in June 2020. The projected General Fund Unrestricted ending balance for 2020-2021 is estimated at $22,574,843 which is a 23.34% reserve with total revenues at $89,857,557 and total expenditures at $91,521,822. Note: The operational deficit as of the First Interim for the 2020-2021 year is $1,664,264.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $24,239,107
Total Revenues: $89,857,557
Total Expenditures: $91,521,822.
Ending Balance: $22,574,843
Unrestricted Reserve Level: 23.34%
Recommended Action:
It is recommended the Board of Trustees approve the 2020-2021 First Interim Budget Report, as presented.
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