October 28, 2011



To:     Members of the Comprehensive Financial Monitoring Task Force 

From:  John Wall

Re:      FY2011 Close - October Financial Status Report


The year-end FY2011 Financial Status Report is now available for viewing, Financial Status Report, printing October FSR or downloading in Excel format.

 The Department is pleased to report that it closed FY2011 with a total agency-wide surplus of $4.2 million against the final modified budget.  Please refer to page 14 for an overall view of the Department’s ending fiscal condition.  

 Since the submission of the May FSR, there have been various significant updates to the Department’s operating budget, most of which were reflected in the Financial Plans released during the fiscal year.  Below is an outline of the major adjustments included in the Financial Plans by funding source.


·         FY2011 Operating Budget - Major Adjustments


(a)   City – Reduction of City funds totaling ($203.9) million, which primarily includes ($215.1) million of Programs to Eliminate the GAP (PEGs) as reflected in the November Financial Plan. 


(b)   Federal – Net increase in Federal revenues of $221.1 million which includes $159.1 million of funding from the Education Jobs Bill used to offset a portion of the November Plan PEG.  An additional $31 million of Education Jobs funding was used to save staff on school budgets.  The balance of Federal funds is associated with various categorical revenue and ARRA - related adjustments. 


(c)    State – Net State revenue increases of $152.6 million which include a $51 million restoration of Summer Special Education funds used to further mitigate the November Plan PEG.  The balance of State funds consists of adjustments to various categorical and unrestricted fund sources.  


(d)   Other Categorical – Adjustments to Other Categorical revenues of $120.2 million, of which $131.9 million is associated with Pollution Remediation Obligations (GASB 49.)  This adjustment was reflected in the DOE’s expense and revenue accounts during the closing process.  Additional details regarding this stipulation may be found on the following link:


            Thank you. 




Dennis M. Walcott                                                                                           Chancellor's Senior Staff                                                                                   Division of Financial Planning & Management Senior Staff

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