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Finance report: operating revenues ahead of last year; bond funds held for projects
Summary
The district reported operating revenues at 96% year-to-date (up from 94% last year), projected year-end fund balance near 37%, and $27 million in bond proceeds available for construction projects.
At the June meeting WARREN CO. R-III staff presented the regular monthly finance report, summarizing revenues, expenditures and capital-project balances.
A staff presenter said operating revenues were at 96% for the year to date compared with 94% at the same point last year, and overall operating collections were ahead of the prior year. The presenter said local tax receipts and state payments (including double payments and ECSE receipts) contributed to higher revenue this year, while total fund balances are projected slightly below last year, with an expected year-end fund balance “around 37%.”
Staff reported district salary and benefits expenditures increased because of previously adopted pay raises and additional special-education payments and contracted services. Capital projects spending was reported at $1,700,000 and the district reported $27,000,000 in bond proceeds currently on hand for the new-building project; the presenter said only one change order had been processed to date and a contingency of $485,000 remained available within project authorizations.
Board members had no substantive questions and proceeded to the consent agenda.
