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District financial report: Spring Lake Park Schools reports $72 million cash balance for December
Summary
District staff presented the monthly financial report for December, citing receipts concentrated in state aids and property taxes, one-time compensation payments, capital LED spending, and a $72 million ending cash balance.
At a Spring Lake Park Schools board meeting, a district finance presenter reviewed the December monthly financial report, noting revenue timing, recent capital work and the district's current cash position.
The presenter said roughly 86% of December’s receipts were tied to state aids and taxes and that including internal service funds (medical/dental premiums) this made up about 92% of the month’s revenue. The district ended the month "with just over $72,000,000 in cash," the presenter reported.
On expenditures, staff said compensation expense was ahead of prior years because of negotiated one‑time payments; capital spending was higher largely because of a LED lighting project completed over the summer. The district also noted changes in the nutrition fund: pandemic-era federal supply-chain assistance that had been received in fiscal 2023–24 is no longer expected, which reduced nutrition revenue relative to prior years.
Staff explained that the district completed a bond refunding and had originally budgeted the refunding for the current year but ultimately booked it back to June; the board approved budget adjustments in January that will be reflected in the next report in March.
On food service, staff said several pieces of equipment — including a dishwasher and cooler — were ordered and installed by December and additional equipment is pending; they expect food-service expenditures to align more closely with the budget in coming months. There were no board actions tied directly to the financial report at this meeting.
The presenter invited questions; none were raised about the December report. The board was told the next formal financial update will reflect the January budget adjustments and appear in March.
