Hillsborough County Public Schools, Florida
Tuesday, 07/07/2020
School Board Meeting
Title

C6.11 - Approve Budget Amendments for the Period Ended May 31, 2020 (Finance Division)

Description

The 2019/2020 fiscal year budgets were adopted on September 10, 2019. Thereafter, the budgets, within funds are amended as necessary and submitted to the Board for approval in the form of budget amendments (attached) following each month end. Additional attached reports reflect revenues earned and funds expended through the month ended May 31, 2020. The projected ending fund balances are the difference between anticipated revenue and expenditures. 

Gap Analysis

The budget amendments/financials are a picture into the monetary health of our school system. These documents provide information at a point in time and compare the original approved budget vs the current activity. These records provide the information and data needed for monitoring our efficiency and performance as a district.

Previous Outcomes

The budget amendments/financials as of April 30, 2020, for the general fund displayed the collection of revenues totaling 85 percent and the expenditures paid out equaled 79 percent.

Expected Outcomes

The month of April was our first regular school year month without students in the classroom. This new "normal" is providing us the opportunity to work with our vendors and suppliers for cost savings and "out of the box" customer service. School districts are working with the guidelines provided by Governor DeSantis and Tallahassee team. We look for expenses in the non-salary areas to decrease and salary payments to remain the same. Additionally, we look for financial and economic updates from the state regarding unemployment rates and sale tax collections. 

Strategic Plan Goal

* Establish a strong foundation of financial stewardship

Recommendation

The Board to approve FY 2019/2020 amendments and financials for month ending May 31, 2020.

Contact

Susan Garcia, General Manager, Budget, Cash Management and Federal Finance, susan.garcia@hcps.net, (813) 272-4064
Stephanie Heaton, Manager, District Accounting, stephanie.heaton@sdhc.k12.fl.us, (813) 272-4292

Financial Impact

Budget amendments, financial statements and trend data continue to be our accountability metric. Fiscal reporting to the community and Board members provides a window to the health of our school district. We will continue to provide updates to you as quickly as the items are released from the Governor's office and the Florida Department of Education. 

Review Comments

Gretchen Saunders , Chief Financial Officer (813) 272-4270