Title and Board Action Requested
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Approve Fiscal Year 2022-2023 Budget Amendment No. 2 for Quarter Ending December 31, 2022
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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 2022-2023 Budget Amendment No. 2 for Quarter Ending December 31, 2022. This amendment is certified to be correct by the Finance Department.
* General Fund
Estimated revenues were adjusted for collections received during the quarter. Estimated Federal through State & Local Sources increased $175,124 due to the FEMA reimbursement received during the Quarter for Hurricane Ian.
We received the 3rd FEFP Calculation from FLDOE based on the October survey period. There was a decrease in unweighted FTE in the amount of (281.10) when compared to the 2nd Calc. This resulted in a net reduction in base and categorical funding in the amount of ($2,068.596). Class-size funding was reduced by another ($342,468) loss. At the Final Budget hearing in September, we reserved $4.9M for an FEFP/FTE loss. This reserved covered the FEFP reduction completely.
Last year we saw our Family Empowerment Scholarship "FES" reduction increase from $9.7M to $11.8M. When the 2nd FEFP Calc was released in July, we saw this FES reduction increase to $14.3M. A pro-active approach to the 2022-2023 budget was taken by appropriating an additional $2.4M for a possible increase in the FES reduction. Based on the October survey, the increase in the FES reduction was only $595,471 with a prior year adjustment to what was withheld in 2021-22 of ($204,918). The budgeted appropriation of $2,409,290 more than covered the actual FES adjustment and was transferred back to Unassigned Fund Balance.
The last adjustment to our FEFP State funding was the reinstatement of the School Recognition funding. The total of $1,055,144 was awarded to Hernando County School District. The following schools will be the recipients of this funding:
Pine ...
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