The Honorable the Members of the Board of Regents

Executive Summary

Issue for Discussion

The July and August Fiscal Reports are presented for review, discussion and acceptance.

As we began the second quarter of the 2009-2010 fiscal year in July, we revisited our expenditure and revenue projections, making revenue and expenditure adjustments to reflect the start of the new federal fiscal year for programs beginning on July 1.  A July Variance Report summarizing these 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 July and August reports reflect actual expenditures through the first two months of the second quarter of the 2009-2010 State fiscal year 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.  All expenditure plans are subject to Division of the Budget approval.
• Federal Accounts – Our federal accounts are in structural balance.  This report reflects current year activity for two year grant awards.

              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 July and August 2009 State Education Department Fiscal Reports as presented.

Timetable for Implementation

              N/A

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