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District staff reports strong cash position, notes payroll and revenue items ahead of first payroll
Summary
Finance staff reported cash on hand of about $20.3 million as of Aug. 31, revenue near $58 million and noted August payroll and teacher incentive allotment payments; staff said numbers remain preliminary as auditors close the year.
District finance staff reported that the district’s cash-on-hand stood at $20,309,008.56 at Aug. 31 and summarized revenue, expenses and payroll activity as the board closed out the fiscal year.
The August payroll run was ‘‘a little over’’ $3 million and included a teacher incentive allotment (TIA) payment of just under $16,000, a staff presenter said. The presenter clarified that some TIA funds are paid to teachers who transfer to the district and that a newly passed state teacher retention allotment (TRA) will be paid monthly in employees’ checks beginning this payroll cycle.
Staff said revenue for the year stood at about $58 million but cautioned the figure is still a moving number as settlement and other close-out items are recorded; the presenter noted a settlement amount of about $290,000 had not yet been entered. Overall expenses were running behind revenue at the time of the report, with staff saying the district was “in a good place” compared with prior expectations.
The presenter discussed the administration’s plans to shift some funds to an outside institution (First Financial) to capture competitive interest rates and said the district is watching investment options while balancing the need to operate payroll and other functions. The board heard that arbitrage calculations for bond funds will be recalculated as of Aug. 31, 2025, and that bond project expenditures in August were about $3.4 million, leaving a bond balance near $150 million in the packet figures.
Board members asked timing questions about moving funds and the presenter said staff’s goal was to have October payroll run out of the new arrangement once operational issues (such as check stock) are resolved. Staff emphasized that financial figures were preliminary while auditors finish year‑end work and that the board would receive updated reports in subsequent packet materials.
The finance presentation included routine items the board approved on the consent agenda and concluded without substantive board amendments to the reported numbers.
