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District reports July budget status: expenditures tracking, revenues lagging seasonally
Summary
Assistant Superintendent Sullivan told the board that July spending was about 91.4% of budget and revenues were at about 87.9%, reflecting the timing of property tax and apportionment receipts. The district estimates a year‑end fund balance near the 3.5–4.5% range but will finalize figures after reconciliation in October.
Mercer Island School District staff gave the school board an update on the district—s fiscal dashboard through July, noting expenditures are tracking in line with expectations while some revenues lag due to the timing of tax and state apportionment payments.
Assistant Superintendent Sullivan reported, "Expenditures are at 91.4%" of the budget for the fiscal year to date through July and said revenues stood at about 87.9% — a pattern she attributed to property tax receipt timing and large apportionment payments in July and August. Sullivan said the district received a substantial apportionment portion in July and expects another payment in August.
Key details: Sullivan said the federal expenditure increase reflected national board certification stipends paid to about 37 teachers and a six‑month payment to the district—s pool vendor. Food service year‑end payments to Chartwells also affected expenditures. On revenue, she cited expected seasonal movements in property tax receipts and a transfer of CAPTAC (capital technology) revenue into the general fund that slightly increased year‑to‑date revenue.
Fund balance outlook: Finance staff reported a preliminary fund balance estimate of roughly $3.6 million (about 4–4.5% of expenditures) and highlighted a year‑over‑year positive variance of about $1.4 million. Sullivan cautioned that figures are preliminary while the business services team reconciles year‑end transactions and that final numbers will be presented in October after closing the 2024–25 year.
Board questions and clarifications: Board members asked how the CAPTAC transfer compares to prior years and whether the district should change the fund balance calculation method. Finance staff said the district follows the industry standard numerator/denominator method used by auditors and recommended by OSPI, but the board may request alternative calculations in future updates. Staff also said they would keep the prior capital fund loan repayment line item on the dashboard through year end per a board request.
Ending: The board did not take formal budget action at the meeting. Staff will return with finalized year‑end figures at the October meeting.
