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PSS expends $15.8M in 6 mos.; allotment shortfall at $1 million
Six months before the end of the current fiscal year the Public School System’s operating expenses has already reached $15.8 million, resulting in a $1.070 million shortfall in allotment from the general fund.
PSS finance director Derek Sasamoto disclosed that as of April 4, the system is left with a balance of $16.9 million in its fiscal year 2014 budget.
PSS was allocated $32.7 million for this fiscal year: $28.135 million for personnel cost; $2.8 million for all others; and $2.3 million for utilities.
As of April 4, Sasamoto said personnel expenses totaled $13.148 million, leaving a balance of $14.9 million until Sept. 30, the end of the fiscal year.
For all others, the remaining balance is $785,778 after PSS spent $1.495 million for operation in six months.
Of $2.3 million budget for utilities, PSS has already spent $1.168 million in six months, which leaves a balance of $1.131 million.
PSS, which is about to close the school year, expects to see a further drop in its utility consumption until the end of fiscal year 2014, Sasamoto said.
For its cash flow situation, PSS posted an allotment shortfall of $1.070 million, based on the financial record as of April 7. PSS allotments supposedly come every week, amounting to $616,000.
Sasamoto reported that PSS received a total of $16.181 million allotments in fiscal year 2014; the last was transferred from the Department of Finance on April 1.
“The allotment shortfall as of April 7 ($1.070 million) is based on expected weekly transfer schedule net of actual allotments,” explained Sasamoto.
