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Mercer County financial report: nearly $10 million in local taxes collected, ending balance about 23%
Summary
The district reported nearly $10 million in local tax collections (7.9% growth year‑over‑year), increased interest earnings and a current ending fund balance of about 23%. The tentative budget will be presented at the next board meeting.
District finance staff told the board local tax collections are nearly $10,000,000 for the fiscal year, interest earnings have substantially exceeded budgeted estimates and the district’s ending general‑fund balance stands at roughly 23% of the budget, officials said.
The presenter reported a 7.9% increase in local tax collections compared with the prior fiscal year and said “seat is up almost 11% compared to last year” (the transcript used the term “seat,” which the presenter did not clarify). Interest earnings were described as “3,032% higher” than budgeted for the period cited. On the expense side, instruction remains the largest share of general‑fund spending at about 59%; school‑level supports were listed at roughly 14% and district‑level supports at about 6%.
The presenter said about $10,340,000 remains of what was budgeted for the fiscal year and that the district’s ending balance has been between about 22% and 26% for much of the year; current reporting places it at about 23%. A tentative budget will be reviewed at the board’s May meeting and presented for approval next month, the presenter said.
Board members had an opportunity to ask questions, and the finance presentation closed with staff noting that rising costs (salaries, fringe benefits, supplies and new programs) drive higher expenditures even as revenues have increased.
