Title and Board Action Requested
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Approve Fiscal Year 2023-2024 Budget Amendment No. 3 for Quarter Ending March 31, 2024
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Executive Summary
The Director of Budget, on behalf of the Superintendent of Schools, hereby requests the Board’s approval for the Fiscal Year 2023-2024 Budget Amendment No. 3 for Quarter Ending March 31, 2024.
Section 1011.06, Florida Statutes, requires that amendments to the original budget be brought to the Board for approval.
Attached is the third budget amendment for Fiscal Year 2023-2024 for Quarter Ending March 31, 2024. This amendment is certified to be correct by the Finance Department.
• General Fund
Estimated revenues were adjusted based on collections received during the quarter. Federal through State and Local Sources increased $696,613 for additional Medicaid funds received. Estimated revenue from State Sources increased $235,000 for Workforce Capitalization Incentive and 13,191 for Workforce Education Performance Incentive. Revenue increased by $1,032,608 for School Recognition Funding received from Florida Department of Education.
Estimated Revenue from Local Sources increased a total of $735,163. Interest income increased $375,852 based on actual monthly interest received during the quarter. Adult Education funding increased a total of $139,480 and Miscellaneous Local Revenue increased $190,315. This miscellaneous income was based on actual collections from sale of Junk ($38,407), Early Learning Coalition ($45,000), Youth Mental Heath ($29,806), Printing ($25,619), and Fingerprints ($15,714).
Appropriations were amended to reflect movement between functions and objects. Salaries and Benefits increased a total of $316,595 based on vacancies filled during the quarter. Appropriations totaling $1,032,608 were added for the School Recognition that will be paid out to:
- Brooksville Elementary School
- Westside Elementary School
- Eastside Elementary School
- Deltona Elementary School
- Moton Elementary School
- Chocachatti Elementary School
- Challenger K-8
- Hernando eSchool
- Gulf Coast Academy
- Gulf Coast Elementary School
Ending fund balance is estimated at $22,085,459 or 9.66% 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 totaling $2,589,440. 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 Operational Costs and $2,289,939 for Maintenance/Facilities/Safety/Other Dept Reserves. The total assigned revenues equal $8,379,379 or 3.66% leaving a remaining projected Unassigned Ending Fund Balance of $12,601,276 or 5.51% of General Fund revenues.
• Debt Services:
Estimated revenues were adjusted based on interest income received during the quarter.
There were no adjustments to appropriations for the third quarter.
• Capital Projects:
Estimated revenue from State Sources increased $165,891 due to the Countywide Safety Grant. Estimated revenue from Local Sources increased by $1,293,627 based on actual interest earnings received during the quarter.
Appropriations were adjusted based on movement between objects and board approvals given during the quarter for capital projects. The transportation vehicle account increased by $1,054,000 for new bus purchases to be made.
The Ending Fund balance for Capital Projects increased by $221,928.
• Food Service:
Estimated revenues increased by $120,820 for collections received for the Equipment Purchase grants for Brooksville Elementary and Central High School.
Appropriations increased a total of $3,996,176, of which, $3,870,000 was budgeted for the Board approval (Agenda 24-1708) for the replacement of equipment and serving lines in various schools.
The Ending Fund balance for Food Service is $7,155,479 or 37.69% of Food Service Revenues.
• Special Revenue:
Revenues increased by a total of $1,869,954 based on collections from IDEA Preschool ($56,078), IDEA Discretionary ($855,957) and Title I School Improvement ($957,919).
Appropriations were moved between objects to reflect normal operational activity for the quarter as outlined in the individual grant applications.
• Special Revenue - ESSER II:
Unspent revenues and appropriations were zeroed out. This grant has closed.
• Special Revenue - ESSER III:
There were no adjustments to estimated revenues for the third quarter.
Appropriations were adjusted between functions based on amendment applications as outlined in the grant application.
• Special Revenue - American Rescue Plan - Homeless Children & Youth:
Estimated revenues for IDEA Pre-K/K-12 decreased by $205,252.
Appropriations were adjusted based on the reduction in revenue and moved between objects to reflect normal operational activity as outlined in the individual grant applications. The following grants still open in this fund are:
- Homeless Children & Youth
- High Impact Reading Intervention & Support
- Targeted Math Grant STEM
- ESSER ARP Instructional Materials
My Contact
Kendra L. Sittig
Director of Budget
(352) 797-7004 x418
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.