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Treasurer reports $230,000 variance; board approves transfers to roof and technology funds
Summary
Treasurer told the River Board of Education the fiscal year closed about $230,000 worse than forecast due to a TIF payment change; board approved transfers to roof and technology funds and allocations to cover an athletics deficit and accepted several donations and grants.
The River Board of Education received a year-end financial report July 15 showing the district ended the fiscal year about $230,000 below the forecast, largely because a tax-increment financing (TIF) payment was lower than expected. Treasurer Verdin said the district still maintains a healthy cash balance and approved several transfers and donations.
“In the bulk of that was essentially I missed the TIF payment allocation that I thought we received,” Treasurer Verdin said, describing the variance. He told the board the district maintains a healthy cash balance despite the variance and that other debt variances account for the remainder of the difference.
The board approved transfers and advances that included an annual $300,000 allocation to a roof replacement fund, $200,000 to technology, and an allocation of $95,006.94 to cover a prior-year athletics operating deficit so the items could be incorporated into the five-year forecast.
Verdin also reported three donations applied consistent with statute: the Bier School Foundation’s Bridgeville Elementary sensory room donation of $1,912.92; a $100 donation from Stephanie Michael Busson to the Feed the Future program; and a $7,000 Scientist in Schools grant to Michelle George from the GAR Foundation. Verdin thanked the community for continued generosity.
The treasurer said the district will re-run the forecast with updated numbers; he also noted a small number of purchase orders were processed out of sequence but were applied according to statute for donations.
Discussion vs. decision: the financial report was informational and the board approved the listed transfers and the consent agenda that included these finance items by roll call. No additional financing or levies were proposed at the meeting.
