Meeting of the Board of Regents | April 2007

Executive Summary

Issue for Discussion

The March Fiscal Report is presented for review, discussion and acceptance.  We have received no USNY grants since the last Fiscal Report.

The March report is the final report for the 2006-2007 State fiscal year.   Under tight spending controls, the Department ended the year within earlier projections.

Reason(s) for Consideration

              Update on Department State Operations expenditure and revenue projections.

Proposed Handling

              Review, discussion and acceptance.

Procedural History

The March report reflects actual expenditures during the 2006-2007 State fiscal year and projected expenditures through the lapse period ending June 30, 2007.

Background Information

• All Funds - Tight spending controls continue.
• General Fund – All of our general fund accounts are in structural balance.
• Special Revenue – Our revenue accounts are in structural balance (allowing for normal reimbursement delays and the planned use of prior year balances). 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 March 2007 State Education Department Fiscal Report as presented.

Timetable for Implementation

              N/A

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