Xilinx Confidential Corporate Overview Second Quarter Fiscal Year 2007.
FISCAL YEAR 2007-2008 Financial Report October 2007 Year To Date
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FISCAL YEAR 2007-2008 Financial Report October 2007 Year To Date
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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. - PowerPoint PPT Presentation
Transcript of FISCAL YEAR 2007-2008 Financial Report October 2007 Year To Date
FISCAL YEAR 2007-2008
Financial Report October 2007 Year To Date
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
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
•The District’s $6M GOB cash balance thru October is tracking as projected and is sufficient to cover current operations
•Non-General Operating FundsoRevenues tracking close to expenditures
EXECUTIVE SUMMARY Continued
•Total District Cash $139M
EXECUTIVE SUMMARY Continued
•Budget Concernso Projected Year-end Deficito Additional Charter School Paymentso Transportationo Property Sales Shortfall
ST. LOUIS PUBLIC SCHOOLSGENERAL OPERATING FUNDS
FINANCIAL REPORTOCTOBER 2007In Thousands
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)
BUDGETYEAR-TO
DATEYEAR-END
PROJECTION
FY 2008 Budget Creep
NOV 29SLPS || FY 2008 Budget Concerns
1. Academics $4.2M Virtual Schools AP Salaries E-Mints
2. Operations $4.3M Property Sales Transportation School Reconfigurations
3. Financial $4.6M
Early Severance Plan Benefits (Medical, Dental, Vision, STD, LTD)
How will Creeps be Resolved?
NOV 29SLPS || FY 2008 Budget Concerns
1. Contingencies
2. Favorable Budget Variances (e.g. Previously Vacant Positions)
3. Current Unfunded Programs & Initiatives
Reduction in Charter School PaymentsReallocation of Resources/Hiring DelaysAdditional Property Sales/Facility Closings
