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District projects 8.3% ending general‑fund balance; enrollment trending up, capital spending set to rise
Summary
Finance staff told the board the district’s projected ending general‑fund balance is 8.3% of expenditures, enrollment is increasing versus the budgeted forecast, and capital projects (including Jackson Elementary) will drive higher capital fund expenditures this year.
Everett Public Schools’ finance staff presented the second‑quarter financial report for fiscal year 2024–25 at the March 25 meeting and projected an ending general‑fund balance of about 8.3% of expenditures.
Presenters said district enrollment (student FTE) is increasing over prior years and is higher than the budgeted enrollment assumption used in the adopted budget. Enrollment drives more than 60% of state revenues and a higher‑than‑budgeted FTE contributed to improved beginning fund balance projections, the presenter said.
Revenue and expenditures: staff reported no major revenue changes since the January financial update but noted a small downward revision to local revenues tied to declining investment income as interest rates fall and actual collections of fees. Total expenditures were expected to be within the board‑approved appropriation; projected salary and staffing expenditures are lower than budgeted and are partially offset by higher services, materials and operating costs.
Ending balance and reserves: staff projected the 2024–25 ending general‑fund balance at 8.3% of expenditures, above the adopted budget assumption of 7.5%. The presentation noted that fund‑balance projections can shift with significant changes in revenues or expenditures later in the fiscal year.
Other funds: the capital projects fund will see increased spending as larger projects move into construction — Jackson Elementary is scheduled to break ground next week and another elementary project is in early construction phases, staff said. The district continues to pay down outstanding voter‑approved debt of just under $70 million in principal and interest. The transportation vehicle fund anticipates about $379,000 in state revenues and two buses remain on order; most bus services are contracted and funded from the general fund.
Board members had no substantive questions and there was no formal action required; staff said additional detail is available in the February financial report included with the consent agenda materials.
