The Honorable the Members of the Board of Regents

Executive Summary

Issue for Discussion

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

December ends the third quarter of the 2007-2008 State fiscal year.  Before next month’s report we will revisit all of our expenditure and revenue projections to make any necessary adjustments as we approach the end of the State fiscal year.

Please note that the Office of Cultural Education December summary (page 6 of the monthly Fiscal Report) includes a revision to the Special Revenue, Cultural Education Account summary that highlights the funds that have been set aside for the renewal of the New York State Museum.  Although this revision does not affect the bottom line total, it does more accurately show funds that are available for the operation of the Office of Cultural Education.

Reason(s) for Consideration

Update on Department State Operations expenditure and revenue projections.

Proposed Handling

Review, discussion and acceptance.

Procedural History

The December report reflects actual expenditures for the first three quarters and revenue and expenditure projections for the remaining quarter 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 December 2007 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

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