Executive Summary

Issue for Discussion

The April Fiscal Report is presented for review, discussion and acceptance.  We have accepted one USNY grant since the last Fiscal Report; a summary is attached.

The April report is the first report for the 2007-2008 State fiscal year.  This report reflects newly developed 2007-2008 expenditure and revenue projections for General Fund and Special Revenue accounts.  Federal program fiscal years begin in July and October so these projections are carried forward from last month’s report.

Reason(s) for Consideration

            Update on Department State Operations expenditure and revenue projections.

Proposed Handling

            Review, discussion and acceptance.

Procedural History

The April report is the first report of the new State fiscal year and reflects actual expenditures through April 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 April 2007 State Education Department Fiscal Report as presented.

Timetable for Implementation

            N/A

Attachments

 The University of the State of New York

Regents Research

USNY grants approved during April 2007 by Theresa E. Savo, Fiscal Agent:

• ING Financial Advisors, LLC: - $2,000.00
  • To support the 2007-08 NYS Teacher of the Year Program