The Honorable the Members of the Board of Regents

Executive Summary

Issue for Discussion

The September 2008 Fiscal Report is presented for review, discussion and acceptance.  We have accepted one USNY grant since the last Fiscal Report; a summary is attached.

  At the end of September we reached the mid-point of the 2008-2009 State fiscal year.  Before the next report we will revisit our expenditure and revenue projections, making revenue and expenditure adjustments to reflect the start of the new federal fiscal year for programs beginning on October 1.

A Variance Report summarizing this month’s 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 September report reflects actual expenditures through the first three months of the second quarter of the 2008-2009 State fiscal year and projected expenditures through the lapse period ending June 30, 2009.

Background Information

• All Funds - Spending controls have been tightened to reflect the 3.35 percent reduction included in the Department’s Financial Management Plan for 2008-2009 and the additional 7 percent mid-year spending reduction.
• 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 State 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 September 2008 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

Attachment I

Attachment II

Attachment III