AFY16 Equipment Fund 2016-1-16

As of June 30, 2016, the balance of the Equipment Fund (Fund 375) was $3,808,649.  Of that total, $641,238 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 $2M.

Expenditures were made during FY16 in the amount of $260,651, which was substantially less than the FY15 expenditure amount of $750,236.  This is partially due to the remaining funds from the Legislative Equipment Grant that were spent during FY16.

You will recall that the district was awarded a “School District Areawide School Equipment” Grant in the amount of $500,000 in FY15.  The funds were disbursed over both two years, with $117,096 expended in FY15 and $382,904 in FY16. 

Combining the expenditures of $260,651 from the Equipment Fund and $382,904 from the legislative grant, the total expenditures in FY16 were $643,555.  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 FY16, that amounted to an increase of almost $183,000. 

The current year expenditures are not complete at this point, but currently total about $468,000.  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 FY16.