Town of Westlake - File #: 23-103

• File #: 23-103
• Version: 1
• Type: Report
• Status: Agenda Ready
• File created: 3/17/2023
• In control: Town Council/Board of Trustees
• On agenda: 3/27/2023
• Final action: 3/27/2023
• Title: Receive a Westlake Academy First Quarter Financial Report

TOWN STAFF REPORT RECCOMENDATIONS

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Receive a Westlake Academy First Quarter Financial Report

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STAFF: Marlene Rutledge, Academic Finance Manager

BACKGROUND:

The 1^st Quarter Financial Dashboard for Fiscal Year 2022-2023 is attached for Council review.

DISCUSSION:

This report reflects the adopted budget and compares the allocated 1^st quarter budget to the actual revenues and expenditures, and the resulting variances as of November 30, 2022. For prior year 1^st quarter comparison, audited financial information from Fiscal Year 2021-2022 is included.

A summary is shown at the bottom of the dashboard indicating the General Fund net revenues over/(under) expenditures along with the projected ending fund balance for the Adopted Budget and the Actual YTD. The operating days remaining in Fund Balance have been calculated using operating expenditures.

The Dashboard Analysis narrative is color coded, corresponding to specific line items on the Financial Dashboard. All “cautionary” and “critical” variances, in addition to any excessive “positive” variances, are described in the narrative and include the percentage and variance corresponding to the financial report.

FISCAL IMPACT:

None

STAFF RECOMMENDATION:

Staff encourages Council’s review of the presented Westlake Academy FY23 1^st Quarter financial information.

TOWN COUNCIL ACTION/OPTIONS:

1)                     Motion to approve

2)                     Motion to amend with the following stipulations (please state stipulations in motion)

3)                     Motion to table

4)                     Motion to deny