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	THE STATE EDUCATION DEPARTMENT / THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234
TO:		The Honorable the Members of the Board of Regents
FROM:		Theresa E. Savo
SUBJECT:		State Education Department June 2007 Fiscal Report
DATE:		July 10, 2007
STRATEGIC GOAL:		Goal 5
AUTHORIZATION(S):

Executive Summary

Issue for Discussion

The June Fiscal Report is presented for review, discussion and acceptance.

A Variance Report summarizing adjustments necessary at the end of the first quarter of the 2007-2008 fiscal year is attached.

Reason(s) for Consideration

Update on Department State Operations expenditure and revenue projections.

Proposed Handling

Review, discussion and acceptance.

Procedural History

The June report is the third report of the 2007-2008 State fiscal year and reflects actual expenditures through June 30, 2007 and projected expenditures through the lapse period ending June 30, 2008.

Background Information

All Funds - 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.

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 June 2007 State Education Department Fiscal Report as presented.

Timetable for Implementation

N/A

Attachment 1

Attachment 2