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District budget report: state payment improves cash flow; depreciation transfer planned
Summary
District finance staff reported a $3.5 million state payment improved the district’s cash position, moving the fund balance from a prior-year deficit toward a $2.3 million positive balance and signaled an upcoming transfer to the depreciation fund.
District finance staff told the North Platte Public Schools Board of Education on May 12 that a recent state payment improved the district’s cash flow and balance sheet and that a planned transfer to the depreciation fund will occur at the end of the week.
A finance presenter (Stewart) said the district received $3,500,000 from the state last month, which materially changed the district’s assets. “With our 3,500,000.0 that we got from the state last month has really changed the dynamics of where our assets are,” Stewart said. He said the district’s fund balance increased to approximately $2,300,000 compared with being in the red by about $500,000 the previous year.
Stewart also reported that general fund expenditures excluding payroll were down about $200,000 for the month and that cash-flow metrics are “way better than we have been in the last four years.” He reviewed the district’s depreciation fund, explaining the practice of setting aside money annually to smooth large equipment or capital replacements such as buses, tracks or turf. Stewart said he plans to transfer the scheduled depreciation amount from the general fund at the end of the week.
The presenter reminded the board that the district fiscal year runs Sept. 1 through Aug. 31 and pointed to pages in the monthly packet showing the general fund summary, cash-flow chart and depreciation accounts. No budget action was taken at the meeting; the report was informational.
Board members thanked staff and had no revisions to recommend following the report.
