TOWN STAFF REPORT RECOMMENDATIONS
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Discuss, consider and act to approve WA Resolution 24-38 amending the Westlake Academy Annual Operating Budget for fiscal year ending June 30, 2025, and take appropriate action (Cayce Lay Lamas, Director of Finance)
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STAFF: Cayce Lay Lamas, Director of Finance
BACKGROUND:
Westlake Academy is required by the State to adopt an operating budget each year as its financial operating plan. As the school year progresses, it is typical for Academy staff to make modifications to the budget, as allowed by policy or Board approval, to ensure the curriculum is appropriately administered, students and staff have the financial resources required to support the operating activities of the school, and to execute all Board-approved directives. Budget amendments are the administrative action to codify these changes and ensure the final amended budget prior to June 30, 2025, complies with the State's requirements for spending to be within 10% of the budget by function.
As a means of providing financial transparency throughout the fiscal year, budget amendments will be brought to the board on a quarterly basis, at a minimum, instead of one time per year, which has been the practice in prior years. The presented budget amendment reflects necessary changes that occurred from July 1, 2024, through October 11, 2024.
At the end of the fiscal year, both the Original and Final Amended Budgets are submitted electronically to the Texas Education Agency (TEA) as part of the Academy's annual financial and compliance report (AFR). TEA considers the budget filed when the Academy submits an AFR showing a comparison of budget and actual (audited) amounts. Amended budget data is also included in the Mid-Year Submission to the Public Education Information Management System (PEIMS).
DISCUSSION:
The requested amendment to the original FY 2024-25 operating budget, adopted on June 17, 2024, is attached for the Board's review. The budgetary changes prese...
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