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Agenda

 

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