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District finance officer: first-quarter expenditures on track, revenues staggered by tax schedule
Summary
CFO Bobby (Mister) Sassy told the board the district’s fiscal-year 2026 first-quarter expenditures closely match projections (~25% spent), while revenue collections remain uneven because major property tax deposits have not yet been received.
Rapid City Area School District Chief Financial Officer Bobby Sassy told the board the district’s fiscal-year 2026 first-quarter spending is broadly on target while revenue receipts remain uneven because large property-tax deposits are seasonally scheduled later in the year.
Sassy said the district budgeted about $196 million in total revenue and expenditures for FY26; expenditures to date are about 24.97% of that budget, “almost exactly 25%,” which he described as where the district expects to be a quarter into the fiscal year. He noted revenue collections historically lag in the first half of the year because the large property-tax and other deposits occur in November and April. As of the report, the district had collected roughly $16 million in revenue (about 8% of the annual budget), a timing pattern the CFO called typical.
In the general fund, Sassy said the district had spent about 24.9% of the general fund budget, with salaries and benefits following expected progression. He highlighted that liability, property and worker-compensation premiums are paid at the beginning of the fiscal year, which causes those categories to show higher percent-of-budget figures early in the year. On the state-revenue side, the district had collected about 24% of anticipated state aid and expected adjustments tied to the state’s enrollment headcount process.
On capital outlay, Sassy said the fund behaved like a project-based account and therefore shows uneven year-to-date progress; capital outlay revenue is nearly entirely local property tax and will rise when deposits occur. The special-education fund was spending more than in previous years (a trend Sassy said the district wanted to continue), and state special-education aid that had not been budgeted earlier appeared to be forthcoming after the district drew down some cash balances.
Sassy closed by showing cash-position charts for major funds, noting the general fund began the fiscal year with about $19 million in cash and had used roughly $10 million in the first quarter, a pattern that typically reverses as tax deposits arrive. He said the district’s cash position remains sound and the administration will continue to monitor revenue timing and expenditures.
Board members asked several follow-ups about enrollment estimates and how those counts would affect state aid adjustments.
No new appropriations or contract awards were announced during the presentation.
