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Treasurer reports positive revenue variance but higher January expenditures due to three‑pay month
Summary
Lakewood City Schools Treasurer presented January finance figures: the district showed higher investment income and a positive year‑to‑date revenue variance but a negative expenditure variance driven by a three‑pay month and benefit costs. Cash reserves are sufficient through fiscal year 2026, the treasurer said.
The district treasurer reported January financial figures to the board on March 3, noting strong investment income but higher expenditures in the month due to payroll timing and benefit costs.
Mrs. Clark Sutton (presenting the finance report) said investment earnings for regular board funds in January totaled $226,311, bringing year‑to‑date investment earnings to $2,206,419. For January 2025 the general fund receipts totaled $3,338,738 and general fund expenditures totaled $8,452,650.
Year‑to‑date actual and projected revenues through January show a positive variance of $560,000 compared with the five‑year forecast, driven in part by interest income exceeding fiscal‑year estimates. Year‑to‑date expenditures showed a negative variance of $500,374, which the treasurer attributed to January being a three‑pay month that increased payroll by about $1,800,000. Benefits are also exceeding fiscal‑year estimates, the report said; the treasurer expects the variance to decrease by fiscal year end.
The report noted a short‑term cash‑flow variance related to the district’s transition from the Suburban Healthcare Consortium to the Great Lakes Council of Governments that should resolve by fiscal year end. The treasurer stated district cash reserves are sufficient through fiscal year 2026.
Why it matters: the figures affect the district’s budget planning and any discussion of levies. The treasurer’s report provides the board an updated view of revenue and expenditure variances ahead of spring budget decisions.
No formal vote was recorded on the finance report; the board received the report as part of regular business.
