DEPARTMENT: Pre-K 4 SA
DEPARTMENT HEAD: Sarah Baray, Ph.D.
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
FY 2017 Six Plus Six Financial Report
SUMMARY:
FT 2017 Six Plus Six Financial Report (Actuals through December with Annualized Projections) with an informational briefing on the Pre-K 4 SA Fiscal Year (FY) 2017 Budget status through the second quarter (July through December).
BACKGROUND INFORMATION:
The Board adopted a budget on April 5, 2016 for the Pre-K 4 SA fiscal year that began July 1, 2016. Total Appropriations approved by the Board are $47,559,215. This includes funding for four Education Centers with a total enrollment of 2,000 students for the 2016-2017 school year, funded the competitive grants program and authorized 463 positions. On May 12, 2016 City Council approved the FY 2017 Pre-K 4 SA Annual Operating Budget.
ISSUE:
The Six Plus Six Financial report will provide the Board with an informational briefing on the Pre-K 4 SA FY 2017 financial status of revenues and expenses through the second quarter of the fiscal year (July to December) and projections for the remaining six months (January to June).
The Mid-Year Budget Adjustment addresses the following:
• Revise Sales Tax revenue to reflect the current projection as provided by the City’s Office of Management & Budget.
• Adjust other revenues due to changes in student population (free vs. tuition)
• Addressing the Living Wage increase approved by City Council in September 2016 and implemented in October 2016.
• Changes to City of San Antonio charges such as City indirect costs, revised health benefit costs, workers compensation assessments and other fees.
• Addresses Department re-organizations as well as line item adjustments to certain appropriations as requested by the CEO.
FISCAL IMPACT:
The FY 2017 Six Plus Six Financial Report shows a positive variance. The net ending Fund Balance based on the six plus six is estimated at $12,870,478.00 and shows a favorable variance of $200,279.00 when compared to the ending balance of $12,670,199.00 within the adopted budget.
RECOMMENDATION:
Staff recommends for the Board to accept the FY 2017 Six Plus Six Financial Report