The Honorable the Members of the Board of Regents

Executive Summary

Issue for Discussion

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

January begins the final quarter of the 2007-2008 fiscal year.  We have revisited our expenditure and revenue projections to determine what adjustments are necessary as we approach the end of the State fiscal year.  A 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 January report reflects actual expenditures for the first 10 months and revenue and expenditure projections for the remaining 2 months of the 2007-2008 State fiscal year.

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 January 2008 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

Attachment 1

Attachment 2