03/03/2014 – Financial Report

Jan 2014 Financial Report



Jan 2014 – Financial Report

Michael Bell (Chief Financial Officer)
The monthly financial report includes the midterm adjustments which was passed by the board on Feb 3rd.

Page 1
The amended budget is $764 million.  In January we received $45 million but spent $71 million.  This is normal this time of year.  We have collected $556 million (72%) for the year.  We were at %70 of collections last year.  We have spent $395 million for the year.  We’re ahead of revenue collections and spending similar to last year on a larger budget.

Page 3
We are ahead on total collections.  The state collections are behind, but we expect those to catch up.

Page 4
Receipts.  In January we collected $45 million.

Overall we expect to spend in the mid 90s of the budget.  Hopefully we’ll collect above our projected revenue.  That is how we will recreate a fund balance.

Coleman
January there were only $25K in legal expenses.  Are expenses coming in lower over time?

Bell
There is pressure in legal fees.  They come in erratically.  You can’t look at just one month.  There is an new RFQ on the street.  We will get close to or be over the estimated $4.5 million in legal fees.

Mayfield
Did we get the additional details we requested regarding the adjustments?  We requested a detailed narrative of where the additions were going to be taken.

Bell
When I passed out the T-Sheet, I verbally went over each item.

Mayfield
I thought we agreed we were going to get more.

Bell
That’s not what I recall.

Mayfield
Page 8 of the January Monthly Financial Report – Other Supporting Services is at 111%.  It’s already over the amended budget.  Is that tracking to double?

Bell
We are 6 months into the year.  It’s tracking slightly above.  I don’t know what’s causing that.

Mayfield
Page 12 – I’m obsessed with the athletic category because it’s continuing to show a deficit.  Does this have anything to do with Senate Bill 288?  It deals with the Georgia High School Association.  Some of the comments in the news has to do with the funds the GHSA was collecting.  Are we paying more to them than we should be?

Bell
Athletics deficits come and go.  We can discuss offline

Campbell
Page 4 – Transportation.  Why did we increase the budget?

Bell
There were expecting additional expenditures.

Erwin
Back to Mayfield’s inquiry.  At the last meeting we did ask for some clarification on FTE shifts, charter schools, school based salaries and the appropriations portion.

Bell
I don’t have anything on charter school FTE analysis.