Executive Summary

Issue for Discussion

The December 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.

The essential work of the Department is continuing under the Department’s strong spending controls and the provisions of the Division of the Budget Bulletins B-1178 dated April 21, 2008 and B-1184 dated November 4, 2008.

Reason(s) for Consideration

              Update on Department State Operations expenditure and revenue projections.

Proposed Handling

              Review, discussion and acceptance.

Procedural History

The December report reflects actual expenditures through the first nine months 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 December 2008 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

Attachment

 The University of the State of New York

Regents Research

USNY grants approved during December 2008 by Theresa E. Savo, Fiscal Agent:

• New York Construction Materials Association – $36,500

• To support a study of New York’s mineral industry and its economic impact on the state’s economy.  The work will be performed by the New York State Geological Survey.