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Owasso treasurer reports revenues up but expenditures higher; child nutrition fund spending planned to reduce balance
Summary
Treasurer Philip Storm told the board that district general-fund revenue through April is about $1.5 million higher than last year while expenditures are about $2 million higher; child nutrition expenses exceed revenue by roughly $250,000 by design to reduce fund balance to meet state guidelines.
Philip Storm, the district treasurer, presented the April financial report showing year‑to‑date revenue and expenditure trends through April (10 months of data).
Storm told the board that general‑fund revenue is about $1.5 million higher compared with the same point last year while general‑fund expenditures are roughly $2 million higher. “So that certainly, I think, reflects the budget that you saw at the beginning of this year. We're still right on track to finish where, where we thought we would,” Storm said.
On capital/building funds, Storm said revenue is slightly higher than expenses at this point. He also explained the child nutrition fund is intentionally spending down about $250,000 of beginning fund balance this year to comply with state guidelines that limit how large a child‑nutrition fund balance can be; the district is using those funds for equipment updates.
Storm described the district’s approach to bond‑fund interest: interest generated across multiple bond funds is being consolidated into fund 31 to maximize interest use for the primary operating bond activity this year. He said the underlying accounts remain invested and earning interest in a money‑market arrangement with the district’s depository bank.
The board approved the treasurer’s report for April 2025 on a roll‑call vote.
