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Goshen board hears midyear finance update showing $2 million year-to-date surplus, 164 days cash on hand
Summary
Finance staff reported that year-to-date revenue exceeded last year by roughly $2 million; the board discussed future facility and technology spending but made no binding budget changes.
District finance staff told the Goshen Board of Education on March 13 that revenue through the half-year was higher than projected and that the district is running roughly $2 million ahead of last year at the mid-point of the fiscal year.
Todd (finance staff) reported the district had received about $20,000,000 of an estimated $38,000,000 in revenue to date and showed a 52% percent-of-revenue received figure at the six-month mark. "We pulled in about $20,000,000. Our expenditures there are eighteen, so you can see we're roughly up $2,000,000 for this year," the presenter said. The district's five-year forecast showed a prior-year ending fund balance of $15 million and a current projection of approximately $16.07 million, with the district holding about 164 days of cash on hand at the time of the report.
The presenter attributed most of the revenue increase to a rise in real-estate taxes and state reimbursement changes. Expenditures year-to-date rose mainly because of salary and benefit increases. Staff said the current projection exceeds earlier forecasts by about $1.6 million and that, while the board has not adopted additional capital work, those funds could support facilities, HVAC, roof and technology projects in coming budget cycles.
Board members asked whether upcoming facility assessments, Chromebook or technology purchases, and parking-lot or HVAC work were included in the forecast. Staff said those items are not yet included in the current projection and would be reflected in next year's budget planning; he said the district could accelerate some projects if the revenue trend persists.
Board members also discussed potential enrollment impacts from new housing in the district and asked staff to provide updates on enrollment changes as they are recorded. The finance presenter said state-level policy changes (property-tax reform, fair-school-funding legislation and vouchers) remain unresolved and could affect final funding allocations; he estimated that budget clarity from the state would likely come in late spring.
No formal budget amendment or appropriation vote was taken at the March 13 meeting; the finance update was presented as informational and referred to the five-year forecast in the board packet.
