DEPARTMENT: Pre-K 4 SA
DEPARTMENT HEAD: Sarah Baray, Ph.D.
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
FY 2019 Financial Report & Budget Re-Estimate
SUMMARY:
FY 2019 Financial Report & Budget Re-Estimate (Actual through January with Annualized Projections) with an informational briefing on the Pre-K 4 SA Fiscal year (FY) 2019 Budget status through the current fiscal year (July through January).
BACKGROUND INFORMATION:
The Board adopted a budget on April 3, 2018 for the Pre-K 4 SA fiscal year that began on July 1, 2018. Total Appropriations approved by the Board are $47,305,298.00. This includes funding for four Education Centers with a total enrollment of 2,000 students for the 2018-2019 school year, funding for year three of the competitive grants program and authorized 416 positions. On May 17, 2018, City Council approved the FY 2019 Pre-K 4 SA Annual Operating Budget.
ISSUE:
This report will provide the Board with an informational briefing on the Pre-K 4 SA FY 2019 financial status of revenues and expenses through January (July to January) and projections for the remaining five months (February to June).
The Mid-Year Budget Re-Estimate addresses the following:
• Revise Sales Tax revenue to reflect the current projection as provided by the City’s Office of Management & Budget
• Address wage increases approved by City Council in September 2018 and implemented in January 2019.
• Changes to City of San Antonio charges such as health benefit assessments, IT assessments and other fees.
• Address line item adjustment to certain appropriations as requested by the CEO.
FISCAL IMPACT:
The FY 2019 Financial Report shows a favorable variance. The net ending Fund Balance based on this report is estimated to be $5,335,984.00 and shows a favorable variance of $ 2,883,302.00 when compared to the ending balance of $2,452,682.00 within the adopted budget
RECOMMENDATION:
Staff recommends for the Board to approve the FY 2019 Financial Report and Budget Re-Estimate.