P.O. Drawer 140, 100 Central Circle

Low Moor, VA 24457

Office (540) 863-1800

 

 

MEMORANDUM

 

 

To: Eugene P. Kotulka Superintendent

From: J. Keven Rice Director of Finance

 

Date: July 2, 2019

 

Subject: Year-End Operating Balance Summary

 

School Board Policy DAA establishes protocol for the use of any year-end balance in the operating fund. This policy was approved by the School Board on January 24, 2011, and was endorsed by the Board of Supervisors on March 1, 2011.

 

The year-end operating balance for fiscal year 2019, net of expenditures committed in fiscal year 2019 for which payment is still pending, is $552,029.28. The committed expenditures, for which contracts were signed or orders placed in fiscal year 2019, are as follows:

 

FY2019 FUNDS COMMITTED TO BE EXPENDED IN FY2020

 

Description Amount Pending Commitment Date

 

AHS NewTech Facility Renovations $148,743 5/16/19

AHS Furniture Replacement $44,158 4/17/19

AHS Tile Replacement $2,246 5/22/19

AHS Athletic Fields Restoration $10,860 5/25/19

AHS Restrooms Upgrade $21,622 5/16/19

Sharon Elementary Walking Track $12,500 5/16/19

Sharon Elementary Roof Restoration $169,350 6/26/19

School Bus Purchases $268,116 5/16/19

FY2020 Balanced Budget Allocation $277,068 6/21/18

Studer Education Phase II $38,528 8/6/18

Total $993,191

 

An amount of $1,545,220.28 ($993,191.00 committed and $552,029.28 uncommitted) was transferred to Fund 10 School Capital on June 28, 2019.

 

Of the uncommitted balance of $552,029.28 remaining from fiscal year 2019, plans for the use of this remaining balance during fiscal year 2020 include the following:

 

FY2019 FUNDS PLANNED TO BE EXPENDED IN FY2020

 

Description Planned Amount Planned Date

 

AHS Courtyard Enhancements $18,000 9/30/20

AHS Athletic Fields Restoration $10,860 5/31/20

AHS Intercom Upgrade $65,000 12/31/19

AHS Restrooms Upgrade $60,000 6/30/20

Callaghan Elementary Roof Replacement $600,000 6/30/20

CMS Forum Hall Carpet Replacement $27,000 12/31/19

Purchase of 3 School Buses (Net of Budget) $206,015 5/31/20

New Principals Conference (3 Attendees) $15,000 4/30/20

Wage Compensation for Digitizing Records $5,000 6/30/20

Third Grade Swimming Program $7,000 02/28/20

Additional Tuition for JRGS/Dual Enrollment $20,000 12/31/19 & 4/30/20

HVAC Controls Replacement All Schools $134,000 6/30/20

Playground Edging Elementary Schools $17,500 9/30/19

Total $1,185,375

 

The remaining fiscal year 2019 year-end operating balance, net of committed and planned expenditures, is -$633,345.72. This negative balance will be offset by previously accumulated funds in Fund 10 School Operating.

 

Should you have questions regarding this information, please let me know. Thank you.