The Honorable the Members of the Board of Regents

Executive Summary

Issue for Discussion

The October 2007 Fiscal Report is presented for review, discussion and acceptance.

As we began the second half of the 2007-2008 fiscal year in October, we revisited our expenditure and revenue projections. An October Variance Report summarizing these adjustments is attached.

Please note that the Office of Cultural Education (OCE) Cultural Education Account summary (page 6 of the monthly Fiscal Report) has been revised to reflect fund transfers and support for other State programs. Although these are not OCE administrative costs, inclusion of these fiscal components will provide a more complete picture of all of the Account’s revenues and disbursements and their effect on the balance of funds remaining for OCE activities.

Reason(s) for Consideration

Update on Department State Operations expenditure and revenue projections.

Proposed Handling

Review, discussion and acceptance.

Procedural History

The October report reflects actual expenditures through the first seven months of the 2007-2008 State fiscal year 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 October 2007 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

Attachment 1

Attachment 2