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 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

 

Attachment 1

 

Attachment 2

 

Attachment 3