2007-08 Adopted Plan - Wake County Public School System

Savings - Budget ReductionsInitiative: Balance in over/underReduction Timeline and Savings:2007-08 Amount CodeOver/Under ($ 116,684) 02.8990.801.699.0109.0000Total: ($ 116,684)Evidence or Reasoning for this Strategy:The fi scal year for the school system begins July 1 of each year.There is a budget resolution approved for funding by the board ofeducation as of July 1. Many budget adjustments occur throughoutthe year. State budgets are adjusted for decisions made by theGeneral Assembly. Grants and contracts are adjusted based onfunding awards. Carryover balances are recorded for categoricalprograms that cross fi scal years. Building program projects arerecorded and adjusted based on funding resolutions approved byWake County Commissioners and Wake County Board of Education.Budgets are adjusted for position and dollar conversions at theschool level. All changes to the budget are reported to the board ofeducation on a quarterly basis.for 2006-07, but will not be needed in the base budget for 2007-08.Therefore, it shows as a savings in this document from one year tothe next.Legal Implications (if any):NoneThere may also be changes to the local budget due to changes invariables that were in place when the budget was created. When thisoccurs, costs may come in higher or lower than originally anticipated.If there are savings that occur in the local noncategorical budget, thedollars are transferred from the budgeted account to an “over/under”account. In the “over/under” account, no dollars can be spent. Thefunds are sequestered and will become fund balance at yearend. Ifcosts are higher than anticipated in the local noncategorical budget,funds are transferred out of the “over/under” account into the budgetline item needed. All savings and costs are reported to the board ona quarterly basis. If there were a time that cost variances exceedsavings, a reallocation of costs from another line item, or a fundbalance appropriation would need to be approved by the board ofeducation.At the time this document was prepared, there was a net savings inthe over/under of $116,684. These dollars are in the base budget315 FY 2007-08 Plan for Student Success