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Finance report: February receipts, reported fund balance and Summit Learning pass‑through monitoring
Summary
The district reported $5.6 million in February revenue, $3.5 million in expenditures for the period, a projected 15.7% ending fund balance in the memo, and staff flagged an underbudgeted pass‑through cost tied to Summit Learning Charter enrollment growth.
Finance staff presented the February finance and accountability update March 12 and highlighted state school fund receipts, spending monitoring and an underbudgeted pass‑through payment to Summit Learning Charter.
The financial update matters because fund balances and enrollment drive next year’s budget and staffing decisions.
Finance staff said the district received "just over $5,600,000" in revenue for February (including January and February state school funds) and recorded about $3,500,000 in expenditures for the same period. The month‑end memo cited a projected 15.7% ending fund balance; staff noted that figure remains fluid and that the district is monitoring higher than expected spending driven in part by Summit Learning Charter’s larger‑than‑anticipated enrollment. The district reports it receives 20% of Summit's state school fund revenue and passes the remainder through to the charter; the underbudgeting occurred because Summit grew faster than anticipated.
The memo also reported transfers executed to several reserve funds (curriculum adoption, tech replacement, transportation replacement, PERS reserve, turf replacement, biomass boiler, and capital improvement), with the transfer to food service to be completed later in the year once year‑end costs are clearer. For the capital improvement fund the memo recorded $11,000 in revenues and $105,000 in expenditures in the reporting period, and staff said they are preparing the first reimbursement request for a seismic rehabilitation grant.
On enrollment, finance staff reported a month‑to‑month increase of seven students and a year‑to‑year increase of 55 students districtwide, which staff said supports next year’s budget outlook. Summit’s enrollment decreased by 14 for the month but remained up 39 from the prior year, staff said.
Board members asked whether the Summit shortfall aligned with Summit’s growth; staff confirmed the increased cost stems from higher actual enrollment than budgeted estimates.
No action was taken at the March 12 meeting; staff said they will continue to monitor spending and transfers as the year progresses.
