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September 7, 2023, Final Budget Hearing and Regular Meeting
Title
Budget Amendments for June 30, 2023
Meeting Date(s)
Consent w/o Information - 09/07/2023
Consent Type
Without Information
Discussion

Operating Fund Budget Amendment Resolution #10

 

Debt Service Funds Budget Amendment Resolution #1

Revenue and Other Financing Sources have been amended to the following:

State sources of revenue decreased by $10,482 reflecting a smaller amount of state assessed motor vehicle license tax revenue being withheld and applied to the State SBE Bonds. All revenue and expenditure information for the SBE bonds is received from the Florida Department of Education. SBE COBI Bond interest increased $931 reflecting increased earnings on funds held by the State. Investment Revenue COPs also increased $18,804 reflecting increased earnings due to the significant increase in interest rates that we have seen this year.

A decrease in Transfer from Capital Tax Levy of $ 733,194 was offset by increases in Transfer from Other and Transfer from Impact Fees reflecting a change in the mix of funding sources for debt service and not a significant change in the overall amounts. An increase in Proceeds of Certificates of Participation of $120,930 is a result of drawing these funds from the 2022 COP with the bank at closing to pay Costs of Issuance including attorney’s fee, bank fees, etc. Overall, an increase of $122,417 in Revenue and Financing Sources is attributable to the cost of issuance for the 2022 COP as discussed above.

Appropriations have been amended to the following:

Fees under the SBE Bonds category decreased by $4,901 and under the COP category increased by $128,999. Again, this is directly attributable to the costs of issuance/closing costs for the 2022 COP and the interest and non-use fees assessed by the bank.

 

Capital Projects Fund Budget Amendment Resolution #1

Revenue and Other Financing Sources have increased by a net amount of $36,802,418 since the budget adoption. Appropriations have increased/decreased based on budget amendments.

Main drivers for Resolution #1 are:

PECO - Charter Schools $       332,647
Sales Surtax $ 19,425,644
Investment Income $   8,081,897
Impact Fees $   7,304,573
Miscellaneous Local Sources $      437,449
Transfers from Special Revenue - Food Services $   1,213,805

 

Special Revenue - Food Service Fund Budget Amendment Resolution #1

Revenues and other financing sources have increased by a net amount of $3,618,955 since the budget adoption. Revenue variances are primarily due to USDA commodities and the Supply Chain Assistance Grant. Appropriations have increased/decreased based on budget amendments.

Main drivers for Resolution #1 are:

School Lunch Reimbursement  $      714,782
School Breakfast Reimbursement $    (212,033)
Child Care Food Program  $    (366,744)
USDA Donated Foods $ (1,158,019)
Summer Feeding Program  $     242,751
Misc Federal through State $  3,161,298
Student Lunches  $     645,128
A La Carte $     515,103

 

Special Revenue - Other Funds Budget Amendment Resolution #1

Revenues have decreased by a net amount of $9,727,362 since the budget adoption. Appropriations have increased/decreased based on budget amendments.

Main drivers for Resolution #1 are:

Head Start Grant $      (75,849)
Title II Part A $    (480,307)
IDEA $ (5,410,069)
Title I $ (2,598,463)
Title III Language Instruction  $   (197,138)
21st Century Schools $   (774,124)
Other Federal thru State  $    328,634

 

Special Revenue - School Internal Funds Resolution #1 

  • Revenue and Sources have been amended to the following:
    Other miscellaneous revenue related to school clubs and activities increased by $231,020 or 2%.
  • Appropriations have been amended to the following:
    Community Service is the function to which all School Internal Accounts expenditures are charged. Increases related to costs of school clubs and activities of $2,719,934 are primarily due to increases in uniforms, field trips, travel, officiating, and other as we continued to return to pre-Covid schedules and activity levels.
  • Fund Balance decreased by $2,488,914 as a result of the changes in revenue and expenditures discussed above.

 

Special Revenue Fund - Federal Education Stablilization Fund (ESSER) Budget Amendment Resolution #1

Revenues have decreased by a net amount of $54,821,916 since the budget adoption. Appropriations have increased/decreased based on budget amendments and funding to future years.

Main drivers for Resolution #1 are:

Education Stabilization Funds K-12 $ (54,732,876)
Education Stabilization Fund Workforce $        (83,210)

 

Internal Service Casualty Fund Budget Amendment Resolution #1

Expenditures increased $2,218 since the adopted budget. This increase is primarily due to increased expenditures in Professional/Technical and Bank Charges offset by Managed Care Arrangement and Workers’ Compensation.

In addition, appropriations have decreased based on budget adjustments.

 

Internal Service Medical Fund Budget Amendment Resolution #1

Revenues increased $2.7 Million since the adopted budget. This increase is primarily due to an estimation run by the Insurance Board earlier in the year that a $2.7 Million Transfer from the General Fund would be needed.

Expenditures decreased $162,827 since the adopted budget. This decrease is primarily due to lower Claims expense.

In addition, appropriations to fund balance have increased based on budget adjustments.

 

Enterprise School Age Child Care Fund Budget Amendment Resolution #1

Revenues increased $711,400 since the adopted budget. This increase is primarily due to an increase in School-Age Child Care Fees.

Expenditures decreased $443,473 since the adopted budget. This decrease is primarily due to lower Hourly Salary expenses.

In addition, appropriations to fund balance have increased based on budget adjustments.

 

 

Recommendation

Approve resolution #10 to amend the Operating Fund Budget as of June 30, 2023.

Approve resolution #1 to amend the Debt Service Fund Budget as of June 30, 2023.

Approve resolution #1 to amend the Capital Projects Fund Budget as of June 30, 2023.

Approve resolution #1 to amend the Special Revenue - Food Service Fund Budget as of June 30, 2023.

Approve resolution #1 to amend the Special Revenue - Other Fund Budget as of June 30, 2023.

Approve resolution #1 to amend the Special Revenue - School Internal Funds as of June 30, 2023.

Approve resolution #1 to amend the Special Revenue - Federal Education Stabilization Fund (ESSER) Budget as of June 30, 2023.

Approve resolution #1 to amend the Internal Service Casualty Fund Budget as of June 30, 2023.

Approve resolution #1 to amend the Internal Service Medical Fund Budget as of June 30, 2023.

Approve resolution #1 to amend the Enterprise School Age Child Care Fund Budget as of June 30, 2023.

Authority for Action
2009.53(1), 237.02 FS
Involves Expenditure of Funds Directly in the Classroom
No
Source of Funding
Financial Impact
FY Amount Budgeted Fund Cost Center Project Function Object Program
                 
Legal Counsel Review
No
Contact
Diane Lichenstein, Director of Budgeting, Cost Acccounting & FTE, Ext. 11610 Richard Miller, Director of Accounting Services, Ext. 11660 Kevin Thornton, Director of School Food & Nutrition, Ext. 11690 Cindy Lesinski, Chief Financial Officer, Ext. 11600
Attachments
June 2023 FY 2023 Monthly Budget Amendment #10.pdf
Debt Services FY 2023 Budget Amendment #1.pdf
Capital Project Funds FY23 Budget Amendment #1.pdf
Food Service Fund 410 Budget Amendment #1.pdf
Fund 42x Final Budget Amendment FY23.pdf
School Internal Fund 499 Budget Amendment #1 (003).pdf
Fund 44x Final Budget Amendment FY23.pdf
Internal Service Casualty Fund 71X FY 2023 Budget Amendment #1.pdf
Internal Service Medical Fund 73X FY 2023 Budget Amendment #1.pdf
Enterprise Fund 921 School Age Childcare FY 2023 Budget Amendment #1.pdf
Agenda Plus