The Honorable the Members of the Board of Regents

SUMMARY

Issue for Discussion

The April 2009 Fiscal Report is presented for review, discussion and acceptance.

The April report is the first report for the 2009-2010 State fiscal year.  This report reflects newly developed 2009-2010 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 2009 report is the first report of the new State fiscal year and reflects actual expenditures through April 30, 2009 and projected expenditures through the lapse period ending June 30, 2010.

Background Information

• All Funds - Spending controls continue.
• 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 continued 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 April 2009 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

Attachment