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District finance report: enrollment loss, potential $1.2 million recapture and carryover flex extended
Summary
The district reported an 11-student decline in the rolling average, lower-than-expected revenue receipts, and a projected recapture payment to the state near $1.2 million; trustees were briefed on possible amendments and the state's temporary extension of carryover.
Business Manager Misty (surname not specified) told the board the district’s rolling average enrollment is down about 11 students, which will reduce state funding (Average Daily Membership calculations) for the next year. Through the reporting period the district had received 67.9% of its budgeted revenues compared with 76.4% at the same time last year.
Misty reported year-to-date tax payments are up about 15% compared with the prior year, though February collections were slightly below the previous month’s increase. Based on current estimates and an amended WDE (Wyoming Department of Education) funding model submission, the district currently projects owing the state about $1,200,000 in June if revenues do not improve; staff said they expect to amend the WDE submission again depending on next-week tax receipts.
Expenditures and encumbrances stand at about 88.2% of budgeted funds, compared with 92.8% at the same point last year. Misty said the district has sought to rebalance coding and may amend WDE reporting (WDE-100/WDE-101 referenced) before the March 31 final report deadline.
Trustees moved and unanimously approved acceptance of the financial report as presented. Discussion noted the state’s recent extension of carryover limits to 30% through June 2028, which the superintendent called a helpful short-term relief given the district’s entitlement/recapture position.
The business manager said the district may need to take a loan in the fall to cover cashflow if recapture proceeds as currently estimated.
