The Honorable the Members of the Board of Regents

Executive Summary

Issue for Discussion

The January Fiscal Report is presented for your review, discussion and acceptance.  Also, attached is a Variance Report which reflects a redistribution of a NPS mid-year reduction from the Tenured Teacher Hearing Account to the Operations and Management Services Account and adjustments to expenditure plan levels for other special revenue accounts.

Reason(s) for Consideration

              Update on Department State Operations expenditure and revenue projections.

Proposed Handling

              Review, discussion and acceptance.

Procedural History

The January report reflects actual expenditures through the first ten months of the 2009-2010 State fiscal year and projected expenditures through the lapse period ending June 30, 2010.

Background Information

• All Funds – Extensive 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 – 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 January 2010 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

Attachment 1

Attachment 2