Finance director reports improved fund balances, $3 million MFP reduction and $3.3 million sales‑tax uptick
Summary
The finance director told the committee the district expects several funds to end FY25 with surpluses, reported a $3 million cut to Minimum Foundation Program (MFP) funding due to enrollment declines and said sales tax receipts are $3.3 million above last year to date.
The district's financial report to the Saint Tammany Parish School Board finance committee on July 10 showed several positive year‑end trends and notable offsets to projected deficits.
The finance director reported that food services will close fiscal 2025 with a fund balance of “over half a million dollars.” The district’s self‑insured health insurance fund is projected to finish in surplus for the first time since 2007; that surplus must legally close back into the general fund and will reduce the projected deficit.
The director said sales‑tax revenue year to date is approximately $3.3 million greater than fiscal 2024 (about a 2.49% increase), with May alone up roughly $415,000 (3.5% over last May). At the same time, fiscal support through the state Minimum Foundation Program (MFP) was cut by roughly $3 million due to the district’s October‑and‑February average enrollment decline (the finance director said the district lost roughly 450 students in the most recent counting periods). The finance director said these trends together will materially reduce the district’s projected deficit for fiscal 2025.
The office will finalize remaining invoices in July and August and provide more detailed estimates after closeout, officials said.
Why it matters: changes in state funding and local sales tax receipts materially affect district budgeting and program decisions for the coming year.
Next steps: finance staff will continue year‑end closeout work and report final fund balances and updated deficit estimates to the board.
