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September 9, 2021 Final Budget Hearing and Regular Meeting
Title
Operating, Debt Service, Capital Projects, Special Revenue - Food Service, Special Revenue - Other, Special Revenue - School Internal Accounts,Special Revenue - CARES, Internal Service Casualty, Internal Service Medical, and Enterprise Funds Budget Amendments for June 30, 2021
Meeting Date(s)
Consent w/o Information - 09/09/2021
Consent Type
Discussion

Operating Fund Budget Amendment Resolution #10

Operating Revenue (pages 1-2) has increased $4,184,662 since the last budget amendment.

Federal sources have increased $2,201,832.

Main Drivers:  
Medicaid Reimbursement 1,384,924
Misc. Federal Through State 742,310

State revenue has decreased $218,022.

Main Drivers:  
Voluntary PreK (413,009)
Miscellaneous State 172,634

Local sources have increased $183,417

Main Drivers:  
Ad Valorem 1,854,392
Tuition 139,326
Income/Investments (158,835)
Federal Indirect (107,307)
Additional Ad Valorem (1,806,814)
BVIP Expansion (300,000)
Advance Placement Expansion (150,000)
Miscellaneous Local 634,707

Other Financing sources have increased $2,017,435.

Main Drivers:  
Transfers from Capital Projects 3,510,521
Transfer from Enterprise Fund (1,500,000)

Appropriations have also increased or decreased based on budget amendments done by individual schools and departments.

Debt Service Fund Budget Amendment Resolution #2

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

State sources of revenue decreased by a total of $11,885 primarily due to the decrease in the District’s portion of the State-assessed motor vehicle license tax. All revenue and expenditure information for SBE Bonds is received from the Florida Department of Education.

Transfers from capital tax levy decreased by $3,802,597 to account for increases in impact fee transfers. Transfers from capital other remained unchanged at $127,200 to account for the sale of a portion of land secured through a COP and used for debt service funding per the District’s debt covenants within our Master Lease Agreement. Transfers from impact fees increased by $3,798,489 to account for additional the Board approved debt service funding from impact fees. This is a net decrease of $15,939 in total for revenue and other financing sources.

Appropriations have been amended to the following:

Fees under the SBE Bonds category decreased by $4,863 and under the COP category decreased by $4,062. This is a net decrease of $8,918 in total for expenditures.

Capital Projects Fund Budget Amendment Resolution #2

Revenue and Other Financing Sources have increased by a net amount of $9,873,236 since the budget amendment #1 dated December 31, 2020. Appropriations have increased/decreased based on budget amendments.

Main drivers for Resolution #2 are:

PECO-Charter Schools ($114,058)
Other State ($876,677)
Sales Surtax $5,458,368
Interest on Investments ($206,185)
Impact Fees $4,312,679
Miscellaneous Local Sources $134,578
Transfer from Special Rev – Food Services $1,165,386

Special Revenue - Food Service Fund Budget Amendment Resolution #2

Revenues and other financing sources have increased by a net amount of $10,295,977 since the last budget amendment approved by the School Board on February 23, 2021. Revenue variances are primarily due to the United States Department of Agriculture (USDA) meal flexibility waiver allowing BPS to transition from the National School Lunch Program (NSLP) to the Summer Food Service Program (SFSP) starting September 16, 2020 through June 30, 2021. Under this waiver, breakfast and lunch meals were served free to all students, regardless of status, to ensure nutritional continuity during the COVID-19 pandemic. Appropriations have increased/decreased based on budget amendments.

Main drivers for Resolution #2 are:

School Lunch Reimbursement ($12,445,188)
School Breakfast Reimbursement ($4,427,615)
Child Care Food Program ($417,809)
Summer Feeding Program $30,554,714
Student Lunches ($1,983,335)
Student & Adult A La Carte ($783,207)
Other Food Sales ($172,137)
Food Service Child Care ($121,343)

Special Revenue - Other Fund Budget Amendment Resolution #2

Revenue have decreased by a net amount of $11,400,079 since the budget amendment #1 dated December 31, 2020. Appropriations have increased/decreased based on budget amendments.

Main drivers for Resolution #2 are:

Head Start Grant ($627,277)
Adult Ed ($220,111)
Title II ($419,530)
Education for the Handicapped ($7,178,787)
Title I ($1,789,393)
Title III ESOL ($305,824)
21st Century Schools ($275,856)
Charter Schools ($548,326)

Special Revenue - School Internal Funds Resolution #1

This fund was established to account for funds used by the schools which are not under the direct supervision of the district through regular county school budget processes. They are administered individually by each school.

In previous years this fund was reported as a fiduciary fund in our financial reports. In January 2017, the Government Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities, which establishes criteria for identifying and reporting fiduciary activities for all state and local governments. The provisions of this statement are required to be implemented for the fiscal year-end 2021 financial reports.

The objective GASB 84 is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This Statement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Internal Account Projects that to not meet the criteria of a Fiduciary Fund must be reclassified as a general or special revenue fund. After applying these new criteria, the district determined that these activities should be more appropriately reported as a special revenue fund.

Beginning with FY2020-2021, year-end reporting, School Internal Fund (Fund 800) will be reported as a special revenue fund (Fund 499). Accordingly, the newly established special revenue fund reports a restated beginning balance of $8,365,723, which is equal to the restatement of net current assets and current liabilities previously reported in the agency fund. All remaining assets and liabilities, if any, previously reported in the agency fund are not recognized at the fund level under the modified accrual basis of accounting and have been reclassified as assets and liabilities of the governmental activities as of July 1, 2020.

Special Revenue Fund –Federal Education Stabilization Fund (CARES Act) Budget Amendment Resolution #2

Revenue have decreased by a net amount of $1,478,438 since the budget amendment #1 dated December 31, 2020. Appropriations have increased/decreased based on budget amendments.

Main drivers for Resolution #2 are:

Education Stabilization Funds K-12 ($1,478,438)

Internal Service Casualty Fund Budget Amendment Resolution #2

Revenues have decreased $164,225 since the last budget amendment. This decrease is due to interest.

In addition, appropriations have increased or decreased based on budget adjustments.

Internal Service Medical Fund Budget Amendment Resolution #3

Revenues have increased $5,348,539 since the last budget amendment. This change is due to an increase in premiums, a decrease in interest, and a transfer from the General Fund.

In addition, appropriations have increased or decreased based on budget adjustments.

Enterprise Fund Budget Amendment Resolution #2

Revenues have decreased $2,562,707 since the last budget amendment.  This is due to having fewer students in the programs.

In addition, appropriation have increased or decreased based on budget adjustments.

Recommendation

Approve resolution #10 to amend the Operating Fund Budget as of June 30, 2021.

Approve resolution #2 to amend the Debt Service Fund Budget as of June 30, 2021.

Approve resolution #2 to amend the Capital Projects Fund Budget as of June 30, 2021.

Approve resolution #2 to amend the Special Revenue - Food Service Fund Budget as of June 30, 2021.

Approve resolution #2 to amend the Special Revenue - Other Fund Budget as of June 30, 2021.

Approve resolution #1 to amend the Special Revenue - School Internal Funds as of June 30, 2021.

Approve resolution #2 to amend the Special Revenue - CARES Fund Budget as of June 30, 2021.

Approve resolution #2 to amend the Internal Service Casualty Fund Budget as of June 30, 2021.

Approve resolution #3 to amend the Internal Service Medical Fund Budget as of June 30, 2021.

Approve resolution #2 to amend the Enterprise Fund Budget as of June 30, 2021.

 

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
Karen Strickland, Director of Budgeting, Cost Accounting & FTE, ext. 11610 Susan Denyer, Director of Accounting Services, ext. 11660 Kevin Thornton, Director of School Food & Nutrition, ext. 11690 Cindy Lesinski, Chief Financial Officer, ext. 11600
Attachments
General Fund Budget Amendment #10 - June 30, 2021.pdf
FY2021 Debt Service Budget Resolution #2 - Final.pdf
FY2021 CAPITAL Amendment #2.pdf
2021-FNS Budget Amendment #2.pdf
FY2021 Special Revenue(OTHER)Budget Amend.pdf
FY2021 Special Revenue SCHOOL INTERNAL Budget Amend #1.pdf
Special Revenue(CARES)Budget Amend.pdf
FY2021 Casualty Funds (71X) Budget Amend #2.pdf
FY2021 Medical Funds (73X) Budget Amend #3-.pdf
FY2021 ENTERPRISE Fund Budget Amendment #2.pdf
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