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Finance report: revenues slightly down, bond cash balance remains about $21 million
Summary
District finance staff reported year‑to‑date revenues are down compared with the prior year largely because of timing of early childhood special education payments; operational fund balance is slightly lower this year and the bond fund cash on hand was reported at $21,000,000.
A district finance presenter gave the board a routine monthly financial update, saying revenue is modestly down year‑to‑date primarily because the prior year had an early payment for early childhood special education. The presenter said expenses are higher this year because of salary increases tied to recently passed Proposition A and a new baseline teacher salary.
The presenter said state revenues were down about $1 million compared with the prior year because of the timing of the early childhood payment; federal revenues were slightly higher and local revenues were roughly the same. On expenditures, the presenter said salaries and benefits are trending up while purchase services for special education increased; supplies spending is lower compared with the prior year.
On capital and bond funds, the presenter said the capital projects fund balance was approximately $1,900,000 and that the district has spent about $9,500,000 from the bond issue with an ending cash balance of about $21,000,000. The presenter noted the contingency beginning balance was $500,000 and that change orders had reduced that contingency; exact remaining contingency after tonight’s item was described as a small decrease and not included in the slide totals.
No board action was required; the update was informational.
