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THE STATE EDUCATION
DEPARTMENT /
THE UNIVERSITY OF THE STATE OF |
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TO: |
The Honorable the Members of the Board of Regents
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FROM: |
Theresa E. Savo |
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SUBJECT: |
State Education
Department November 2006 Fiscal Report |
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DATE: |
December 1, 2006 |
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STRATEGIC GOAL: |
Goal 5 |
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AUTHORIZATION(S): |
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Executive Summary
Issue for Discussion
The November
2006 Fiscal Report is presented for review, discussion and acceptance.
EMSC expenditures have been adjusted to reflect the start of the new Federal fiscal year beginning on October 1. A November Variance Report summarizing this adjustment is attached.
Reason(s) for Consideration
Update on Department
State Operations expenditure and revenue projections.
Proposed Handling
Review, discussion and
acceptance.
Procedural History
The November report reflects actual expenditures for the first eight months and adjusted revenue and expenditure projections for the remaining four months of the 2006-2007 State fiscal year.
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. However, it is anticipated that EMSC will undertake additional priority activities over the coming years. Depending on the extent to which planned activities are accomplished and expenses are incurred in the 2006-2007 federal fiscal year, EMSC will draw upon prior year balances to cover these costs which may create a structural imbalance.
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 November 2006 State Education Department Fiscal Report as presented.
Timetable for
Implementation
N/A
Attachments