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Board hears finance report showing higher interest income and sufficient reserves through 2026
Summary
Treasurer Kent Zeman and finance chair Colleen Clark Sutton reported Nov. 2024 financials to the Lakewood Board, noting investment earnings of $171,788.41 for November and year-to-date interest income exceeding estimates, offset by modest expenditure variances; the district expects sufficient cash reserves through fiscal year 2026.
The Lakewood Board of Education received a finance committee report during its Jan. 6 meeting outlining the district’s November 2024 financial position.
Colleen Clark Sutton presented investment and cash‑position details: investment earnings for November totaled $171,788.41, bringing year‑to‑date investment earnings to $1,522,209.28. For November, general fund receipts were $1,823,048 and general fund expenditures were $6,375,200. Year‑to‑date revenues showed a positive variance of about $650,000 compared with the five‑year forecast, driven in part by interest income exceeding estimates.
Expenditures showed a negative variance of about $80,000 relative to the forecast; salaries, purchase services and other objects trended slightly under forecast, while supplies and materials were slightly over and benefits exceeded estimates. A transition from the Suburban Health Care Consortium to the Great Lakes Council of Governments created a short‑term cash‑flow variance the treasurer said should be resolved by fiscal year end. Clark Sutton said appropriation modifications will keep the district in compliance with the state auditor and county fiscal office and that the district’s cash reserves are sufficient through fiscal year 2026.
The report also listed investments that matured in November and outstanding investments as of that month. Board members did not take additional action on the finance report at the meeting beyond receiving the report and scheduling appropriation amendments as a routine part of fiscal management.
