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Finance update: enrollment above budget, projected ending fund balance remains within board targets
Summary
Finance staff told the board Jan. 14 that district enrollment year‑to‑date is higher than prior year and higher than the adopted budget; projected revenues and expenditures were revised with an anticipated ending general‑fund balance within board policy targets.
The Everett Public Schools Board received a financial update Jan. 14 from Finance Director/Controller Miss Truss covering the general fund, capital projects, debt service, Associated Student Body (ASB) and the transportation vehicle fund.
Truss reported that current fiscal‑year enrollment is larger than the prior year’s enrollment and larger than the district’s August budget projection. She said the district’s revenue projections for the year have been revised to reflect slightly lower property tax collections and grant claims than earlier estimated; the presentation described the revised projected revenues as approximately $408 million for the fiscal year and projected expenditures near $413 million, resulting in a projected ending general‑fund balance at about 8.4% of expenditures (up from the adopted 7.5% estimate).
Truss attributed the revenue revisions to lower calendar‑year property‑tax collections in 2024 versus 2023 and to updated grant claims. On expenditures, she said material/supply and operating costs are tracking higher than budget due to service and special‑education costs, while staffing costs were below budget because of vacancies and staffing alignment.
On other funds, Truss said the capital projects fund is building balance ahead of large projects (Jackson Elementary replacement was cited as an example, with tens of millions expected to be spent during the year), the debt service fund is declining as prior bond debt is paid down, the ASB fund reflects typical seasonal fundraising cycles and the transportation vehicle fund is small but able to support two buses on order.
Key context offered to the board: state revenue collections tied to actual enrollment will be reconciled in January; monthly cash patterns vary because of payment timing and property‑tax collection schedules.
Source: financial presentation by Miss Truss to the board on Jan. 14.
