Title and Board Action Requested
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Approve Fiscal Year 2023-2024 Budget Amendment No. 2 for Quarter Ending December 31, 2023
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Executive Summary
The Director of Budget, on behalf of the Superintendent of Schools, hereby requests the Board’s approval for Fiscal Year 2023-2024 Budget Amendment No. 2 for Quarter Ending December 31, 2023.
Section 1011.06, Florida Statutes, requires that amendments to the original budget be brought to the Board for approval.
Attached is the second budget amendment for Fiscal Year 2023-2024 for Quarter Ending December 31, 2023. This amendment is certified to be correct by the Finance Department.
• General Fund:
Estimated revenues were adjusted based on collections received during the quarter as well as the adjustments to our State Funding from Florida Department of Education on the 3rd FEFP Calc. Federal through State and Local funding increased $45,400 for additional Medicaid funds received. Miscellaneous Federal through State increased $150,000 for the Reading SoRT Grant and $266,868 for the Revenue billed for Hurricane Idalia to Hernando County.
There was an FTE funding decrease from Florida Department of Revenue based on the 3rd FEFP Calc in the amount of $4,900,238. Adult Education received an additional $20,015 in Workforce Education Performance Incentive funding. Other Miscellaneous State Revenue increased $112,465 for the School Mapping Grant and $5,177 for Intangible Property Tax Revenue.
Estimated revenue from Local Sources increased a total of $603,636. Interest income was increased by $400,000 based on actual monthly interest received during the first six months of the fiscal year. Adult Education fees increased a total of $72,399 during the quarter. Miscellaneous Local Revenue increased a total of $120,032 based on the actual collection from Withlacoochee River Electric Capital Credit program and other miscellaneous local sources. Loss Recoveries increased a total of $241,696 based on the receipt of the initial payment for the case with the JUUL Labs, Inc. settlement.
Appropriations were amended to reflect the salary/fringe increases for HUSW employees board approved on 10/24/2023 and 11/14/2023, salary/fringe increases for HCTA employees board approved on 9/19/2023, salary/fringe increases for Confidential employee’s board approved on 10/24/2023 and salary/fringe increases for Administrative and Professional/Technical/Supervisory employees board approved on 10/24/2023. The appropriation increases also for the Supplement Pay board approved on 9/19/2023.
An Audit was performed to confirm contract balances for all staff after the salary/fringe increases were completed as well as an adjustment after an audit of vacant positions for both school and departments as of December 31 was completed.
Ending fund balance is estimated at $21,669,284 or 9.59% of General Fund revenues and includes reserves (non-spendable) for inventory in the amount of $1,104,803, the (assigned) for Health Insurance/Rebates/Profit Sharing/Wellness/BCBS Donations totals $2,689,440. There is (assigned) fund balance in the amount of $2,500,000 for ESSER positions for when the grant ends, $1,000,000 for New School Operation Costs and $3,000,000 for Maintenance/Facilities/Safety/Other Dept Reserves. The FEFP/FTE Adjustment in the amount of $2,400,000 was moved to Unassigned Fund balance. The total assigned reserves equal $9,189,440 or 4.07% leaving a remaining projected Unassigned Ending Fund Balance of $11,375,041 or 5.03% of General Fund revenues.
• Debt Service:
There were no adjustments to estimated Revenues or Appropriations for the second quarter.
• Capital Projects:
Revenues increased by $9,924 due to additional PECO revenue from Florida Department of Education awarded to the Charter Schools.
Appropriations were added to account for the Charter School additional revenue. There were miscellaneous transfers between objects based on work in progress.
The beginning fund balance increased by $998,709 based on audit adjustments for Fiscal Year ending June 30, 2023. This increase was for additional revenue that was received in 2023-2024 that should have been booked as of June 30, 2023.
• Food Service:
Estimated revenues increased $609,152 for collections from Supply Chain Assistance Funds. Local revenue increased $33,588 based on actual collections from cash and credit card sales for the quarter.
Appropriations increased a total of $955,034 for additional food materials and supplies as well as the pay increases for all food service staff based on School Board approval given during the second quarter.
The beginning fund balance decreased by ($69,792) based on audit adjustments for Fiscal Year ending June 30, 2023. This decrease was to account for accounts payable invoices that were not received or recorded in our prior fiscal year.
• Special Revenue:
Revenues increased by a total of $63,803 based on actual collections for the UniSig School Improvement grant and SED Network grant. There was a decrease in revenue for the Perkins Grant and Title IV totaling $36,155. The combined increase from all sources was in the amount of $27,648.
Appropriations were moved between objects to reflect normal operational activity for the quarter as outlined in the individual grant applications.
• Special Revenue - ESSER III:
There were no adjustments to estimated Revenues for the second quarter.
Appropriations were adjusted between functions based on amendment applications as outlined in the grant application.
• Special Revenue - American Rescue Plan - Homeless Children & Youth:
There were no adjustments to estimated Revenues for the second quarter.
Appropriations were adjusted between functions based on amendment applications as outlined in the grant application.
My Contact
Kendra L. Sittig
Director of Budget
(352) 797-7004 x418
2023-28 Strategic Focus Area
Priority 4: Fiscal Stability 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.