AFY17 Equipment Fund 2017-1-15

Background Information:

As of June 30, 2017, the balance of the Equipment Fund (Fund 375) was $3,339,808. Of that total, $644,476 is reserved for Charter School equipment purchases and $1,111,439 has been set aside for technology purchases. The balance remaining for general equipment purchases was just over $1.5M.

Expenditures were made during FY17 in the amount of $493,131, which was more than the FY16 expenditure amount of $260,651.

Purchases included classroom furniture, instructional equipment such as microscopes and musical instruments, and other equipment such as radios and a portable stage.

Special revenue fund, such as the Equipment Fund, require a source of revenue other than transfers from the General Fund. For the Equipment Fund, that source of revenue is a portion of interest income, which is currently set at 20% of interest income earned. For FY17, that amounted to $24,290, which was lower that FY16 amount of $182,892.

The current year expenditures are not complete at this point, but currently total about $144,000. The Equipment Fund Committee reviewed school requests with an eye toward addressing purchases that would eliminate any safety concerns, such as replacement of desks, lunch tables and custodial equipment.

Attached is a table that shows the status of the fund from FY12 through FY17.