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FISCAL YEAR 2007-2008 Financial Report October 2007 Year To Date

FISCAL YEAR 2007-2008 Financial Report October 2007 Year To Date. OCTOBER 2007 EXECUTIVE SUMMARY. $332M Annual GOB Budget/Total Budget $447M. GOB Revenues are tracking above budget with a $4.3M positive variance.

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FISCAL YEAR 2007-2008 Financial Report October 2007 Year To Date

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  1. FISCAL YEAR 2007-2008 Financial Report October 2007 Year To Date

  2. OCTOBER 2007EXECUTIVE SUMMARY • $332M Annual GOB Budget/Total Budget $447M • GOB Revenues are tracking above budget with a $4.3M positive variance • Total year-end revenue projections of $333M reflect a $4M shortfall in local revenues, which will be offset by an anticipated $4M in additional revenues from the state basic formula

  3. EXECUTIVE SUMMARY Continued • Total GOB Expenditures are tracking below budget with a $1.1M positive variance • A 22% increase in health benefit premiums is projected for the last six months of the fiscal year • Non-payroll expenditures are currently tracking on target with budget, but an additional $2M in • transportation expenditures is projected by year end

  4. EXECUTIVE SUMMARY Continued • Total District Cash $139M • The District’s $6M GOB cash balance thru October is tracking as projected and is sufficient to cover current operations • Non-General Operating Funds • Revenues tracking close to expenditures

  5. EXECUTIVE SUMMARY Continued • Budget Concerns • Projected Year-end Deficit • Additional Charter School Payments • Transportation • Property Sales Shortfall

  6. ST. LOUIS PUBLIC SCHOOLS GENERAL OPERATING FUNDS FINANCIAL REPORT OCTOBER 2007 In Thousands YEAR-TO DATE YEAR-END PROJECTION BUDGET BEGINNING FUND BALANCE ($13,612) REVENUES $332,610 $56,868 $333,048 EXPENDITURES $332,188 $86,071 $334,821 JUNE 2008 FUND BALANCE ($15,385) (OCTOBER PROJECTION)

  7. FY 2008 Budget Creep • Academics $4.2M • Virtual Schools • AP Salaries • E-Mints • Operations $4.3M • Property Sales • Transportation • School Reconfigurations • Financial $4.6M • Early Severance Plan • Benefits (Medical, Dental, Vision, STD, LTD) SLPS || FY 2008 Budget Concerns

  8. How will Creeps be Resolved? • Contingencies • Favorable Budget Variances (e.g. Previously Vacant Positions) • 3. Current Unfunded Programs & Initiatives • Reduction in Charter School Payments • Reallocation of Resources/Hiring Delays • Additional Property Sales/Facility Closings SLPS || FY 2008 Budget Concerns

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