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Board hears year‑end financial report; property‑tax growth and payroll drove most changes
Summary
District finance staff reported a smaller‑than‑expected cash decline at fiscal year end, a $5 million increase in property tax revenue from reappraisals and new construction, and larger payroll and purchased‑services costs.
District finance staff presented the year‑end fiscal report showing revenues came in slightly above projections while expenses exceeded projections by a small margin.
Staff said total revenues were about 101% of forecast — roughly $522,000 above expectations — while expenses were about 102% of forecast, approximately $1.6 million higher than projected. The biggest expense drivers were wages and benefits (about $4.2 million higher than the prior year) and purchased services, which rose about $1.2 million. Purchase services include outplacement and other contracted services; the board heard that outplacement costs for a single student can run $70,000–$80,000 annually.
Finance staff credited the district’s recent economic development agreements and property reappraisal for a roughly $5 million increase in property tax and homestead rollback receipts, which helped revenue. State funding changed little; transportation revenue also increased after the district’s reclassification improved its risk ratings and raised related formula funding.
The district ended the year with about 106 days cash on hand (staff estimated), below an earlier projection of about 119 days. Staff emphasized that forecasts are sensitive to year‑end timing and one‑time items and said they will reexamine the three‑year forecast now that final actuals are available. The board was told the state is changing forecast requirements (moving from a five‑year to a three‑year forecast) under the new budget law, which the treasurer will monitor.
The board approved routine financial consent items including amended appropriations, resource certificates and small fund transfers. Staff also requested creation of new state and federal capital grant funds to separate capital portions of future grants, an accounting change required by the auditor of state and the Department of Education’s updated coding guidance.
