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Treasurer reports July finances; board approves routine transfer and acknowledges donation
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Summary
The board reviewed a July financial report showing higher year‑over‑year revenues and approved the routine annual transfer to the facilities fund; the board also accepted a $250 donation from the Fairfield County retired teachers.
The treasurer reviewed the district’s July financials and the board approved a routine transfer into the facilities fund and accepted a $250 donation from the Fairfield County retired teachers.
The financial presenter told the board that for the first month of the fiscal year the district received about $6.2 million in revenue compared with roughly $5.5 million in the same month last year — an increase driven partly by higher property-tax and state foundation receipts. The presenter said property-tax receipts rose to about $2.6 million from $2.1 million the prior July, income-tax receipts were up close to 5 percent, and state foundation payments were up about 9 percent.
The presenter noted total expenditures for the month were about $1.8 million versus $1.6 million last year, driven largely by payroll; salaries were up about 11 percent and benefits about 10 percent. The district’s cash balance at month end was approximately $21.99 million compared with $21.3 million the prior July.
The treasurer flagged the health-insurance fund as an item to watch: July claims were higher year over year and the fund’s cash balance is around $4 million, but the presenter said it was too early to determine whether the change reflects a timing shift in claims. Dental insurance looked stable, with revenues and reserves consistent with expectations.
As part of routine year-start business, the board approved an $85,674 transfer from the general fund into the maintenance/OFCC fund (fund 034) that the presenter said is made annually. The board also accepted a $250 donation from the Fairfield County retired teachers.
Board members asked no follow-up questions; the treasurer said staff will monitor claims and cashflow and report back if trends warrant further action.
