Item Coversheet

Mountain View Whisman School District

Agenda Item for Board Meeting of 3/4/2021



Agenda Category:  REVIEW AND ACTION

Agenda Item Title:  2nd Interim Budget Report 2020-2021 (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 Second Interim Budget Report, which reflects the district's financial position as of January 31, 2021.

 

The Second 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 $24,831,830, with unrestricted revenues at $55,034,426 and combined total expenditures of restricted and unrestricted at $90,903,378. The District is planning on a net increase of $2,117,058 with a reserve level of 26%.



Fiscal Implication:

General Fund 01 Combined Totals

Beginning Balance:   $24,239,107

Total Revenues:  $93,020,435

Total Expenditures:  $90,903,378

Ending Balance:  $26,356,165

Unrestricted Reserve Level: 26 %



Recommended Action: 

It is recommended that the Board of Trustees approve the 2020-2021 Second Interim Budget Report as presented.

ATTACHMENTS:
DescriptionTypeUpload Date
2nd Interim- All FormsBackup Material2/23/2021
Certification of Interim Report - Signature FormBackup Material2/24/2021
Presentation Backup Material2/24/2021