A Breakdown of the 2010-11 Board of Education Revolving Account

As of June 30, there was a balance of $921,722.18 in the 2010-11 school board revolving account. The account consisted of grants and revenue from certain accounts that rolled over year-to-year.

When Blum Shapiro auditors reviewed the town of Avon's 2009-10 budget last year, they recommended breaking up the revolving account into more specific funds relevant to the source and purpose of the revenue it contained. While Blum Shapiro did not suggest it was a major problem, school administrators have been working with the town financial office to establish better ways to account for that revenue. The revolving account is being liquidated and the money is being tranferred into specific funds.

The following breakdown of the revolving account is based on a financial report that Gary Franzi, school district business manager, presented to the Board of Finance on Monday and the Board of Education on Tuesday. In total there was $1,518,135.03 in revenue in the 2010-2011 revolving account, and subtracting $596,412.85 in year-to-date expenditures brought the balance to $921,722.18.

These are the numbers as of June 30, 2011 and are subject to change until last year's budget is entirely closed.

Balance to Town

Money that school employees contributed from their paychecks to employee benefits, life insurance and dental insurance previously went in the revolving account. That money is being transferred to the town, so that it can be in the same place as the town employees' benefits contributions.

Description

Close Out

The following accounts within the revolving account are being closed out.

Year to Date Expenditures (2011)

Facility Use Fund

Reimbursements from Connecticut Light and Power will be transferred from the revolving account into a Facility Use Fund.

General Fund

The following accounts that were in the 2010-11 revolving account will be transferred into the town of Avon's General Fund.

General Fund for 11-12

The workmens compensation account will be transferred to the General Fund for the 2011-12 fiscal year. 

Internal Service Fund

There was no revenue in the medical claims account within the 2010-11 revolving account, but in the future, money that would have been placed in this account will go in the Internal Service Fund. 

Private Grants/Donations

Any revenue from school-related private grants and donations will be transferred from the revolving account to a new Avon Education Foundation account. 

Revolving Account

There will still be a revolving account, but not as large. The only revenue that will be included in it are from the following accounts: annuity-TSA clearing, refunds/reimbursements, Avon High School reimbursed expenses, Avon Middle School reimbursed expenses, Roaring Brook School reimbursed expenses, Thompson Brook School reimbursed expenses and chaperones and police services. After the year-to-date expenditures for 2010-2011 are subtracted from the account revenues, the accounts reflect a total $11,773.63 shortfall at the moment.

Special Revenue Fund

A new Special Revenue Fund has been created for certain accounts that were in the revolving account previously, including the following accounts: pre-school, Summer Enrichment Program, Musica Dulce, Services for the Blind, Unified Sports, team mentor stipends, salaries-VAA and Dell lease for installation of equipment or hardware

Pay to Play, Special Revenue Fund

Pay to Play revenue will now be placed in its own special revenue fund, and any remaining funds from Pay to Play that was in the 2010-11 account will be transferred to that fund.