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Treasurer reports improving revenues and near-term transfers; Jackson County tax collections lag district budget
Summary
Treasurer reviewed April finance reports: transfer of $2,738,440.80 to special revenue fund, operating fund close to estimate but Jackson County collections remain below budget, and investment yields remain attractive though some CDs will mature next fiscal year.
Mister Holder, the district treasurer, reviewed the April revenue-and-expense reports, transfer activity and the investment portfolio during the finance committee meeting.
Holder told the committee that the May transfer under consideration would move $2,738,440.80 from the general operating fund to the special revenue fund; that transfer is lower than typical for the month because the state’s early childhood special education (ECSE) reimbursement arrived in thirds and the district received the first third in April (Holder said that first third was a little over $1,900,000, and subsequent thirds are expected in May and June).
On operating revenues, Holder said the district is tracking slightly above last year (+~2%) but Jackson County tax collections remain lower than budgeted. He cautioned there are roughly eight collection dates remaining and the district may not meet the full Jackson County estimate used in the budget, though other revenue categories are higher and should narrow the gap with the $164,100,000 estimate reflected in the amended budget.
On expenses, Holder said operating fund spending is near or below prior-year levels for the comparable month, and the district expects to refine estimates in a June amendment. Special revenue fund activity and debt-service funds were generally within expectations; the bond and capital projects fund activity is expected to shift in June with bond receipts and project spending.
In the investment report, Holder noted liquid yields remain attractive at roughly 3.5–4% and some multiyear investments are around 4–4.25%. He said the district is limited to five-year investments but is placing some longer-term funds when prudent; one CD matures in June and will likely be reinvested, though future rates are uncertain.
Holder emphasized nutrition and activity funds are being monitored, noting nutrition-services balances grew during COVID-relief years and are now drawing down toward breakeven. He said the district’s operating fund balance is improving year over year by about $2 million over the past month and that continued ECSE reimbursements and state adequacy funding in June should further narrow the gap with last year’s balances.
The transcript shows the transfer and reports were discussed; a formal vote is not recorded in the provided excerpt.
