Mountain View Whisman School District
Agenda Item for Board Meeting of 12/7/2017
Agenda Category: REVIEW AND ACTION
Agenda Item Title: 2017-2018 First Interim Budget Report (15 minutes)
Estimated Time:
Person Responsible: Dr. Robert Clark, Associate Superintendent/Chief Business Officer
Maria Liu, Director of Fiscal Services
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 2017-2018 First Interim Budget Report, which reflects the district's financial position as of October 31, 2017.
The First Interim reports changes to the District's 2017-2018 budget adopted in June 2017. The projected General Fund Unrestricted ending balance for 2017-2018 is estimated at $23,129,681, which is a 31.1% reserve, with total revenues at $72,288,772 and total expenditures at $74,288,495. Note: The 2013-2014 State average unrestricted general fund reserve level for elementary districts was 21.13% (School Services of California, October 2015). The operational deficit as of the First Interim for the 2017-2018 year is $1,999,723.
Fiscal Implication:
General Fund 01 Combined Totals
Beginning Balance: $25,129,405
Total Revenues: $72,288,772
Total Expenditures: $74,288,495
Ending Balance: $23,129,682
Unrestricted Reserve Level: 31.1%
Recommended Action:
That the Board of Trustees approve the 2017-2018 First Interim Budget Report, as presented.
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