Subject: FY 2023 Midyear Budget Review
Staff Contact: Leigh Burden, assistant superintendent, Department of Financial Services
Other Staff Present: Marty Smith, chief operating officer
Alice Wigington, director, Office of Budget Services
Meeting Category: January 12, 2023 – Regular Meeting
School Board Action Required: Information
Key Points:
In the School Operating fund, funds available are increasing by $4.7 million due to FY 2023 revenue and expenditure adjustments made after the FY 2022 Final Budget Review. The adjustments include a $3.3 million increase in revenue in sales tax and Fairfax City tuition based on actual receipts, federal IDEA grant, and a $1.4 million decrease in expenditures. Expenditure adjustments for FY 2023 include funds for the staffing reserve, support for special education compensatory services, replacement of a warehouse rack system that was recommended after a safety inspection, and the Trades for Tomorrow program.
Grant adjustments total $1.6 million in both revenue and expenditures for IDEA awards.
Recommendation:
That the School Board approve revenue and expenditure changes reflected in the FY 2023 Midyear Budget Review as detailed in the agenda item.
Attachment:
FY 2023 Midyear Budget Summary