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File #: 20-6478   
Type: Staff Briefing - Without Ordinance
In control: Early Childhood Education Municipal Development Corporation Board of Directors
On agenda: 11/19/2020
Posting Language: Staff briefing and Board discussion of the FY 2021 Financial Report and possible board action to approve a mid-year adjustment to the Pre-K 4 SA budget [Sarah Baray, Ph.D., Pre-K 4 SA CEO; Daisy Castillo, Pre-K 4 SA Department Fiscal Administrator]
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DEPARTMENT: Pre-K 4 SA                     

 

 

DEPARTMENT HEAD: Sarah Baray, Ph.D.

                     

                     

COUNCIL DISTRICTS IMPACTED: Citywide

 

 

SUBJECT:

 

FY 2021 Financial Report and Mid-Year Budget Estimate

 

 

SUMMARY:

 

This item includes a staff briefing and Board discussion of the FY 2021 Financial Report (Actuals through September with Annualized Projections) with an informational briefing on the Pre-K 4 SA FY 2021 Budget status through the September 2020.

 

 

BACKGROUND INFORMATION:

 

The Board adopted a budget on May 19, 2020 for the Pre-K 4 SA fiscal year that began on July 1, 2020. Total Appropriations approved by the Board are $42,012,182.00. This includes funding for four Education Centers with a total enrollment of 2,000 students for the 2020-2021 school year, funding for year four of the competitive grants program and authorized 431 positions. On June 4, 2020 City Council approved the FY 2021 Pre-K 4 SA Annual Operating Budget.

 

 

ISSUE:

 

The FY 2021 Financial Report will provide the Board with an informational briefing on the Pre-K 4 SA FY 2021 financial status of revenues and expenses through September 2020 and projections for the remaining nine months (October 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

                     Revise State/Local Match, CACFP and Tuition revenue to reflect current projections based on enrollment

                     Address the building retrofits and related costs that took place in summer 2020 in response to COVID-19 pandemic

                     Address the iPad and hotspot costs that were incurred in summer 2020 in response to COVID-19 pandemic

 

 

FISCAL IMPACT:

 

The net ending Fund Balance based on the Mid-Year Re-estimate is $2,223,110.00 compared to the ending balance of $11,335.00 within the adopted budget.

 

 

RECOMMENDATION:

 

Staff recommends for the Board to accept the FY 2021 Financial Report and Mid-Year Budget adjustment.