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Third‑quarter report: Everett Public Schools projects fund balance above budget, no mid‑year reductions planned
Summary
District finance staff reported on June 24 that the 2024–25 third‑quarter financial picture is stable, with a projected general fund balance of 8.4% versus the adopted 7.5% and no planned reductions for fiscal 2026–27 based on anticipated levy capacity changes.
District finance staff presented the third‑quarter financial report for fiscal year 2024–25 at the June 24 board meeting, saying revenues and expenditures are tracking close to projections and that the district projects a general fund balance of 8.4%, above the adopted 7.5% target. The presenter said enrollment growth is driving revenue and that October and April are the district's highest revenue months due to property tax collections.
The report noted materials and operating costs are higher than budgeted year to date, but staffing expenditures are lower than budgeted and are offsetting those increases. Monthly expenditure timing varies by month because of how payments are processed. Staff said they remain within board‑approved appropriations and do not anticipate exceeding them for the year.
Finance staff reviewed four other funds: the capital projects fund (funded primarily by levy revenues) is being built up for planned replacement projects; staff said Jackson Elementary still has an estimated $50–55 million in remaining project costs and Madison Elementary project costs will appear in next fiscal year's budget. The debt service fund supports just under $70 million in outstanding bond principal, the associated student body (ASB) fund supports student activities and typically shows peak balances in the fall, and the transportation vehicle fund records bus depreciation and two buses remain on order and are expected this fiscal year.
Looking ahead, staff said the district does not anticipate needing reductions in the 2026–27 budget cycle, attributing that change to expected increases in levy capacity from recent legislation; staff nevertheless said expenditures are still projected to outpace revenues in coming years before levy capacity increases mitigate that gap. The presenter flagged the absence of prior pandemic ESSER federal funds as a reason monthly fund balance patterns differ from earlier years.
Board members thanked staff for the monthly updates and noted they look forward to the upcoming budget adoption presentation. No formal action or new appropriations were taken at the meeting.
