November 09, 2005

Enclosed for your review is the final Financial Status Report for FY2005.  Included in this report are final budget, expenditure and headcount data, along with historical year-end charts.  A snapshot of the FY2006 budget and year-to-date expenditure condition is also included.   

The Department anticipated closing FY2005 with a minor operating surplus of $1.8 million.  However, shortly before the close deadline, additional estimated accruals of $55.6 million, resulting from the recent UFT settlement, were included in the Departmentís expenditures.  As a result, the Department closed FY2005 with an operating budget deficit of ($53.8) million.   

The next FSR update to FY2006 will be issued in early December.   

            Thank you. 

Joel I. Klein                                                                                           Chancellor's Senior Staff                                                                                   Division of Budget Operations and Review Senior Staff

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