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December financials: cash on hand $6.61 million; year‑to‑date expenditures exceed revenues pending state aid timing
Summary
District business official reported $6,610,421.79 in cash on hand as of Dec. 31 and year‑to‑date expenditures exceeded revenues by approximately $586,171 through Dec. 31; staff will present a budget amendment at the February meeting.
District finance staff presented the December financial statements and year‑to‑date activity through Dec. 31.
Key figures: cash on hand was $6,610,421.79. The packet included two accounts‑payable runs that had not been processed in December due to a canceled meeting: November AP totaled $505,005.96 and December AP totaled $689,468.23. For the fiscal year to date (July 1–Dec. 31) total revenues were $13,741,124 and total expenditures were $14,327,296, leaving a year‑to‑date deficit of about $586,171 and a projected fund balance of roughly $2.3 million at the time of the report.
Finance staff reminded trustees that state aid timing affects early‑year cash flows: the district does not receive its first state aid payment until Oct. 20, so it is normal to show a temporary deficit this early in the fiscal year. Staff also flagged that some instructional line items are higher because of recently received grant funds; a budget amendment will be brought to the February meeting to reflect adjustments. Trustees asked clarifying questions: one trustee confirmed that a dual‑enrollment payment to Jackson College was included in the packet and finance confirmed it was for dual enrollment.
Ending: Staff will present a formal budget‑amendment proposal at the February meeting and provide requested line‑item details about instructional grants and community service project completions.
