Financial Affairs Committee Presentation September 2020
With co-chair Joel Fishbein presiding, the Financial Affairs Committee convened in a Zoom seminar room on Tuesday, Sept. 1. The agenda contained two items, overview of 2019-20 fiscal year and 2020-21 budget update. Business manager Ms. Cara Michaels provided a brief 2019-20 financial overview, reporting her staff has finalized the 2019-20 fiscal records in preparation for the audit. While revenues fell short by approximately $2,739,899, of which the majority was anticipated use of fund balance, expenditures were underspent by approximately $3,542,306. This resulted in a surplus of approximately $802,407. To close the meeting, Ms. Michaels presented an update on the 2020-21 budget, which illustrated CSD has collected or realized 22.83 percent of its revenues and has expended 9.33 percent of its expenditures. She reported it is too early in the fiscal year to begin projections for revenue and expenditures, however, by December, she should have enough information to begin formulating solid data to provide projections.
The next Financial Affairs Committee meeting is Tuesday, Oct. 6 immediately following the Facilities Committee meeting.