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Finance director reports insurance recoveries and $8M projected SPED shortfall
Summary
Director of finance Chris Bishop told the board the district is slightly ahead of projected revenues through February because of higher enrollment and unexpected insurance recoveries, but special education expenditures currently project an approximately $8 million shortfall without additional funding.
Chris Bishop, director of finance and business for the Peninsula School District, presented the monthly budget update at the April 1 board meeting.
Bishop said total revenues are about 2.25 percentage points above projection, driven mainly by 41 students over projected enrollment and several large insurance recoveries totaling approximately $443,000. He called out large insurance reimbursements tied to water damage and facility repairs, and said timing differences in federal grant claims temporarily reduced federal revenue percentages.
On expenditures, Bishop said year-to-date spending closely matches projections overall, and the district’s projected year-end fund balance remains within board goals (he reported roughly 8% against a 4–6% board goal, while noting the final balance will be lower once outstanding obligations settle). However, Bishop highlighted special education as the largest gap: projected special education expenditures for the year are roughly $28.4 million versus estimated revenues of about $20.5 million, a shortfall of roughly $8 million. He noted the district applied for the state special education safety-net and that a successful application (about $2.01 million submitted by staff) could reduce but not eliminate the gap.
Bishop also detailed grant awards the district received after the budget was set — more than $150,000 in state grants for CTE and other programs — and said administrators are monitoring unbudgeted expenditures and potential needs for budget extensions.
Board members asked clarifying questions about insurance recoveries, bargaining groups expected next year (clerical, custodial, maintenance/grounds, transportation, mechanics, and technology), and the possible effect of proposed state apportionment timing changes. Bishop said cash-flow impacts of apportionment timetable changes are being tracked but would not create a cash-flow problem for this district; he said other districts could be affected.
