|
|
THE STATE
EDUCATION DEPARTMENT / THE UNIVERSITY
OF THE STATE OF | ||
|
TO: |
The Honorable the Members of the Board of Regents
|
| |
|
FROM: |
Theresa E.
Savo |
| |
|
SUBJECT: |
State
Education Department July and August 2006 Fiscal
Report |
| |
|
DATE: |
September 5, 2006 |
| |
|
STRATEGIC
GOAL: |
Goal
5 |
| |
|
AUTHORIZATION(S): |
|
| |
Executive Summary
Issue for
Discussion
The July and August 2006 Fiscal Reports are presented for review, discussion and acceptance.
As we began the second quarter of the 2006-07 fiscal year in July, we revisited our expenditure and revenue projections, making expenditure adjustments to reflect the start of the new Federal fiscal year for programs beginning on July 1. A July Variance Report summarizing these adjustments is attached.
Reason(s) for Consideration
Update on Department State Operations expenditure and revenue
projections.
Proposed Handling
Review, discussion and acceptance.
Procedural History
The July and August reports reflect actual expenditures through the first two months of the second quarter of the 2006-07 State fiscal year and projected expenditures through the lapse period ending June 30, 2007.
Background
Information
· All Funds - Tight spending controls continue.
· General Fund – All of our general fund accounts are in structural balance.
· Special Revenue – Our revenue accounts are in structural balance (allowing for normal reimbursement delays and the planned use of prior year balances). After expending prior year funds, the Archives Partnership Trust (APT) will use sufficient revenue from the APT endowment, pursuant to Chapter 399 of the Laws of 1998, to maintain structural balance.
· Federal Accounts – Our federal accounts are in structural balance. However, it is anticipated that EMSC will undertake additional priority activities over the coming years. Depending on the extent to which these activities are accomplished and paid for in this federal fiscal year, EMSC may need to draw upon its ample prior year balances to cover these costs which may create a structural imbalance.
Our Budget Coordination staff and I will continue to closely monitor each of these accounts and work with program office fiscal staff and the Deputies to ensure structural balance.
Recommendation
I recommend that the Board of Regents accept the July and August 2006 State Education Department Fiscal Reports as presented.
Timetable for
Implementation
N/A
Attachments