The Honorable the Members of the Board of Regents

Executive Summary

Issue for Discussion

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

Reason(s) for Consideration

              Update on Department State Operations expenditure and revenue projections.

Proposed Handling

              Review, discussion and acceptance.

Procedural History

The May report is the second report of the new State fiscal year and reflects actual expenditures through May 31, 2008 and projected expenditures through the lapse period ending June 30, 2009.

Background Information

• All Funds - Spending controls continue and have been tightened to reflect the 3.35 percent spending reductions and the Department’s Financial Management Plan for 2008-2009.
• General Fund – All of our general fund accounts are in structural balance with the exception of the Tenured Teacher Hearing account.
• Special Revenue – Our revenue accounts are in structural balance (allowing for normal reimbursement delays and the planned use of prior year balances) with the exception of the Cultural Education Account due to declining revenues and increased reliance on the account by other Agencies. 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 May 2008 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

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