Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finance topic
No spam. Unsubscribe anytime.
Woodstock CUSD 200 board reviews finances at 75% of fiscal year; expects state payments, flags insurance anomaly
Summary
At its meeting the Board of Education reviewed three operating funds at roughly 75% of the fiscal year, flagged a $13 million transfer to debt service, expected delayed state categorical payments, and noted an insurance-fund anomaly tied to March claims and a rebate.
The Board of Education of Woodstock Community Unit School District 200 reviewed midyear financial reports showing the district about 75% of the way through the fiscal year and expecting several state categorical payments and planned transfers.
The report covered the district’s three main operating funds. In the educational/probable “fund 10,” property-tax collections stood at about 48.5 percent of projected receipts for the year; the presenter said the district had collected 99.5 percent of the 2023 levy (one percent deemed uncollectible). The presenter said the district will begin collecting property taxes for the 2024 levy in May and June and typically collects about 53 percent before year‑end.
State categorical aid for fund 10 was reported as delayed in state processing; the presenter said approximately $228,000 had been set up for payment on April 16 and that its arrival would push categorical collections closer to an expected level (about 85 percent at that point in the fiscal cycle). The presenter also pointed to a $13,000,000 transfer from operating funds to the debt-service fund intended to cover a large payment made in January.
In fund 20 (operations and maintenance), property-tax receipts were roughly 48.3 percent. The presenter noted a $50,000 matching grant recorded for that fund and a $1,000,000 transfer to the capital spending fund to cover part of the district’s solar project and work on the Creekside Corridor parking lot.
The transportation fund (fund 40) showed a similar pattern of delayed state categoricals; the presenter said about $958,000 had been set up for processing on April 15 and was expected to post shortly. The presenter also noted that supplies-and-materials spending looked elevated in part because of new transportation software, and that capital outlay included about $134,000 for two vans previously purchased and decaled to district livery.
Board members raised the insurance fund as a concern. The presenter said March Blue Cross Blue Shield claims were unusually low—about $800,000 for the month compared with a more typical March level of about $1,200,000—and that the district received a roughly $125,000 rebate from its Optum self‑insurance program. The presenter said the March figures made the insurance fund look lower than usual for that reporting point and that April’s Blue Cross Blue Shield posting should return to the typical level around $1.2 million.
No formal budget amendments, new spending authorizations, or other binding decisions were recorded during the finance update; the presenter said further budget and debt‑service details will appear when the district brings the next budget package to the board later in the year.
