Title and Board Action Requested
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Approve Fiscal Year 2023-2024 Budget Amendment No. 4 for Quarter Ending June 30, 2024
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Executive Summary
The Chief Financial Officer, on behalf of the Superintendent of Schools, hereby requests the Board’s approval for the Fiscal Year 2023-2024 Budget Amendment No. 4 for Quarter Ending June 30, 2024.
Section 1011.06, Florida Statutes, requires that amendments made to the original budget be brought to the board for approval.
Attached is the fourth budget amendment for the Fiscal Year 2023-2024 for Quarter Ending June 30, 2024. This amendment is certified to be correct by the Finance Department.
• General Fund
Estimated revenue from Federal Direct Sources decreased by $17,983 due to actual collections from our ROTC reimbursement program.
Actual revenue received from Federal through State and Local Sources increased $58,362 for Medicaid collections and decreased by $134,291 based on actual reimbursements received for the Sort Science Reading Grant which ending June 30, 2024.
State revenue overall increased $252,480. Estimated revenue from Florida Education Finance Program (FEFP) increased $204,561, Capital Outlay Debt Service (CO&DS), State License Tax, Excellent Teaching, and other miscellaneous revenue increased $82,280. Workforce Development revenue decreased $34,361.
Revenue from Local Sources increased $3,112,787. Actual collections from Ad valorem property tax payments increased $452,668, interest earnings by $1,103,091, reimbursement from the Board of County Commissioners of $1,418,095 for Wilton Simpson Construction Project Grant, and $138,933 in miscellaneous other local revenue.
Other Financing Sources saw a net increase of $50,716 in loss recoveries and a decrease in transfers of $22,322. The total net increase in revenue during the fourth quarter was $3,299,748.
Appropriations were amended to reflect movement between different functions and objects. Unspent budgets not included in the 2023-2024 carry-forward projects were returned to fund balance. Of the total unspent budgets, there was $250,938 carry forward for Adult Education Workforce, $6,030,627 in unspent categoricals, $6,576,738 in unspent millage and $6,219,161 in assigned General Fund budgets.
Ending fund balance is estimated at $49,088,664 or 21.16% of General Fund revenues including reserves (Non-spendable) for inventory in the amount of $1,373,604, the (Restricted) for Workforce and Categoricals in the amount of $6,281,565, the (Assigned) for Health Insurance Rebates/Profit Sharing/Wellness/Risk Management in the amount of $2,506,083, the (Assigned) Project/Millage Carry-forward in the amount of $12,795,899, the (Assigned) for New School/Addition Operations in the amount of $2,000,000, the (Assigned) for Maintenance/Facilities/Safety/Other Department Reserve in the amount of $3,000,000, the (Assigned) for ESSER Funded Positions in the amount of $2,500,000 and the (Assigned) for FEFP/Family Empowerment Scholarship Adjustments in the amount of $2,400,000.
The Unassigned Ending Fund Balance on June 30, 2024, was $16,231,513 or 7.00% of General Fund revenues.
• Debt Service Funds
Estimated revenues from State Sources had a net increase of $21,310 based on Capital Outlay Debt Service (CO&DS) entry and the Racing Commission revenue.
Interest received from Local Sources and interest earned from the trustee increased by $71,028.
Transfers in from General Fund decreased by $40,100 and transfers in from Capital Funds decreased by $10,006.
Appropriations decreased by $42,501 based on dues and fees and transfers out.
Ending fund balance increased overall by $63,811 and as of June 30, 2024, was $7,638,297.
• Capital Projects Funds
Revenue from State Sources increased $690,322, which included $663,821 from the Capital Outlay Debt Service (CO&DS) book entry, $12,778 for the charter schools, and $13,723 from miscellaneous state revenue.
Local revenue increased $544,458, which included $195,204 for Ad Valorem taxes, $582,786 in revenue collected on the Half Cent Sales Tax, and $915,609 in additional interest earnings. Local tax redemptions decreased $2,154 and Impact Fee revenue decreased by $1,146,988 based on actual collections.
Appropriations had a net overall decrease in the amount of $28,116,553. This adjustment consisted for open purchase order balances that were closed on June 30, 2024. Of this total, $26,432,051 was released when new purchase orders were opened in July 2024.
The Capital Projects fund balance on June 30, 2024, was $89,322,544.
• Food Service Fund
Revenue collected had an overall decrease of $813,537, which consisted of a decrease $822,604 in Federal Through State revenue received for the National School Lunch Act, $6,435 from State revenue for School Breakfast and Lunch Supplement, and a net decrease of $5,621 from various local revenue sources. There was a slight increase in revenue of $21,122 for Transfers in from General Fund for School Recognition funds paid to Food & Nutrition staff.
Appropriations were amended based on actual salaries, purchased services, materials, and supplies paid through June 30th resulting in a decrease totaling $6,062,539. Open purchase orders for materials and supplies were closed and new purchase orders were in July 2024.
The Food Service fund balance on June 30, 2024, was $12,468,908.
• Special Revenue Funds
Estimated Revenues and Appropriations for all Special Revenue Funds were adjusted based on actual collections and expenditures for this fiscal year. The Department of Education certified roll forward (unspent) 2023-2024 grant funds to the district which have been added to the Fiscal Year 2024-2025 budget.
• Special Revenue - ESSER II
Unspent Revenues and Appropriations were zeroed out. This grant closed September 2023.
• Special Revenue - ESSER III
Estimated Revenues and Appropriations were adjusted based on actual collections and expenditures for this fiscal year. The remaining balance on these grants will be part of the 2024-2025 ESSER III budget.
This grant was set to close September 2024; however, a liquidation extension was approved through January 10, 2025.
• Special Revenue - American Rescue Plan/Homeless Children and Youth
Estimated Revenue and Appropriations were adjusted based on actual collections and expenditures for this fiscal year. The remaining balance on these grants became part of the 2024-2025 American Rescue Plan budget.
This grant will close September 2024.
My Contact
Joyce McIntyre
Chief Financial Officer
(352) 797-7004 Ext. 438
2023-28 Strategic Focus Area
Priority 5: Fiscal Transparency and Capital Planning
Financial Impact
As per Budget Amendment Detail
If expenditure is not currently budgeted, this will serve as the budget amendment when Board approved. If the agenda item includes the purchase of goods or services, the funds requested are an anticipated amount and may fluctuate depending on such factors as current market conditions, product availability, additional funding sources, and the needs of the district. Should the actual cost exceed the anticipated amount, the Board approves the additional cost, after review by the superintendent, but not in excess of the funds available in the site’s approved annual budget.