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Financial Operations for Primary Role in School Finance

This finance role ensures strong internal controls, minimizes risk, oversees funds, and provides timely and accurate financial reporting to support teaching and learning. It also involves annual budget preparation, monitoring, and strategic planning for effective resource utilization. The finance team manages the local and non-local budgets, payroll, purchasing, controllers, accounts payable, fixed asset management, federal Medicare program, and Medicaid reimbursement.

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Financial Operations for Primary Role in School Finance

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  1. Finance Operations December 12, 2018

  2. Primary role of Finance • Insure strong internal controls • Minimize risk management • Oversight of all funds to insure conformity as intended and approved • Timely / Accurate financial reporting • Allows for sound financial decision to support Teaching and Learning • Annual external audit completed on time • Lends credibility by external stakeholders • Preparation of the annual budget • Ongoing monitoring of budget resources (revenues / expenditures)

  3. Strategic Plan Goal Area #5 5.1 Revamp the annual budgeting process in support of school-based decision-making • Additional modifications to the budget worksheet for the schools FY20 proposed budget submission • Continue collaborative budget meetings with the Finance team, and Teaching & Learning team to ensure the effective and efficient use of resources 5.2 Provide ongoing training and support on fiscal management to principals and staff • Continue training management in the budget preparation process • District-wide staff training in the financial software day/day user • Student Activity Funds – distributed updated manual 9/2018 to the Principals / Asst Principals

  4. Finance Structure • Local Budget Office • Non-Local Budget Office (Grants) • Payroll • Purchasing / Bids • Controllers • Accounts Payable • Fixed Asset Management • Federal Medicare Program

  5. Local Budget Office • Develop and maintain the Local Budget ($386m) • Complete budget forecast (current and 5 year plan) and make recommendations to ensure balanced budgets • Review and approve requisitions in conformity with the approved budget and the Uniform Chart of Account • Monitor salary/benefits, major contracts and line item expenses (i.e. transportation, charter schools, special educ. tuitions, utilities & custodial service) • Conduct fiscal analyses for labor contracts, vendor contracts, new programs and initiatives • Monitor state and miscellaneous revenue • Oversee the Medicaid reimbursement program

  6. Non-Local Budget Office • Oversight of $43M in grant funding • Federal Title Grants (RI Dept Educ. CRP) $34M • Carl Perkins Grant $1.05M • School Improvement Grants $1.64M • State categorical funding $2.2M • 110 private and charitable grants • Monitoring all funds, consistent with awards • Federal monitoring, reporting& cash request

  7. FY20 Budget Time Table

  8. Payroll • Pay 3,300 employees by local and entitlement grants • Issue 112,000 payroll checks/direct deposit annually • Process and submits all payroll deductions • State and federal tax filings • Direct Deposit upload and bank verifications • State and City retirement plan reporting • Wage verifications • Verify employee time for payroll processing • Issue approximately 4,000 w2 annually

  9. Purchasing • Support schools/departments in the procurement process • Maintain current material and service contracts for annual School Board approval • Ensure contract documents are completed per district procedures • Ensure School Board and Board of Contract & Supply approvals are obtained (over $5K) • Evaluate collaborative purchasing agreements for efficiencies yearly (over $5K) • Issue approximately 4300 purchase orders annually

  10. Controllers – Accounts Payable/ Fixed Asset Management Under the oversight of the Deputy Controller • Oversight of the district’s annual audit • Maintains Uniform Chart of Accounts (UCOA) • Quarterly UCOA Reporting • UCOA Annual Agreed Upon Procedures • State of RI – Municipal Transparency Portal Reporting • 10,500 Accounts Payable Checks are issued annually • Maintain Fixed Asset inventory control for 41,723 items or $92.7M in values • Filing annual IRS 1099 form

  11. Special Thanks to the Finance Team • Anthony Vescera • Fiscal and Support Staff in the Grant Office • Deb Generali • Fiscal Staff in the Controllers Office • Accounts Payable Staff • Grecy Kiriaki • Teresa LaRosa • Chris Petisce • Amy DaCosta • Lori Lazzareschi • Staff in the Payroll Office • Judy Petrarca • Staff in the Purchasing Office • Lois Cardarelli • Federal Medicaid Reimbursement

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