Summary
Interim CFO Dr. Michael Thornton presented July and August 2025 financial reports, showing revenues totaling $22.8 million in July and $38.7 million in August, with expenditures and encumbrances higher in both months as a share of the budget; he said the trend aligns with last year and cited no immediate impact from a federal shutdown.
Dr. Michael Thornton, interim chief financial officer, presented the division’s financial reports for July and August 2025 at the board meeting on Oct. 1.
Thornton reported that through July 31 revenues were $22,800,000, representing 7% of budgeted revenues, while expenditures and encumbrances totaled $46,600,000 (14.4% of budgeted expenditures). For August, revenues including fund balance totaled $38,700,000 (12% of budgeted revenues), and expenditures and encumbrances totaled $55,400,000 (17.1% of budgeted expenditures). Thornton told the board that, as the year progresses, revenues typically “catch up” with expenditures and that the current trend is similar to the same point in the prior year.
Board member Jason Samuels asked whether the recent federal government shutdown would affect the division. Thornton responded that he was not aware of any immediate impact, adding that federal grant appropriations for the division had already been made and routed through the state, and that they were not expecting an adverse effect at this time.
Thornton offered to answer additional questions and noted that he was stepping in for regular finance staff as needed.
