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Board reviews May financials: assets, reserves and transportation staffing discussed
Summary
Trustees reviewed May financial reports showing about $40.5 million in assets, roughly $15.3 million in liabilities, near-complete FEFP receipts and transportation costs of about $2.4 million; trustees approved the financial report.
The Lake Wales Charter Schools board reviewed the district's May financial statements and approved the report at its June 16 meeting.
The board was told the district recorded roughly $40.48 million in assets and about $15.3 million in liabilities through May. Presenters said most state FEFP revenue expected for the year has been received, and that only small reconciliation items remain for June.
Expenditures through May stood at about $37.9 million. The presenter said the district was reporting approximately $7 million in excess revenue year to date but expected that number to fall closer to $2 million once June expenditures are recorded.
Supplemental programs and food service finished May with positive results; food service recorded about $102,806 in excess revenue for the month. Federal-program spending was near 86% of budget through May and presenters expected to approach typical year-end spending rates once June numbers are in.
The board discussed transportation. The presenter said transportation costs have hovered around $2.4 million for recent years despite higher fuel prices and that the district purchased 14 buses last year, reclaimed some leased vehicles and is currently carrying a couple of spares. Driver staffing is down from pre-COVID levels; the presenter said the department currently has about 21 drivers and would prefer to add three more to reduce overtime.
Trustees asked for clarification on two large line-item variances: (1) differences in "other state revenues" tied to legislative allocations, including teacher-salary and CAPE/CAPE-related dollars, which the finance team had moved out of the FEFP line into discrete lines to show maintenance versus growth; and (2) a local-revenue line showing roll-forward or reserve dollars that schools were budgeted to spend this year for special projects. The board was told the two-line adjustments bring budgeted and actual amounts into closer alignment when considered together.
Ricky, the district finance officer, recommended approval of the financial report. Brian moved to approve; Laurie seconded and the motion carried by voice vote.
