Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finance topic
No spam. Unsubscribe anytime.
Finance update: budget revision boosts available balances; employee benefit trust to draw down reserves
Summary
The district reported increases in budget capacity from recent legislative changes that shifted available balances in operating and capital funds. Staff said a drawdown of about $4 million from the employee benefit trust fund is expected this year and that available balances will be in the $20 million range at year end.
Associate Superintendent Bonnie Betts presented a monthly financial update on Sept. 23 noting that budget revision number 1 — approved at a prior meeting — increased the district’s reported budget capacity and available balances.
Betts told the board that, following the legislative session, “the available balance in the maintenance and operations fund is now 4.2, which was 1.5 or 1.3 last month.” The transcript did not specify units for those figures; staff described them as increases tied to supplemental district additional assistance and final legislative results.
On federal grants, Betts said a previously reported negative available balance had been corrected after the district was awarded additional grant resources; she said budget revision number 1 increased federal grant budget capacity and eliminated the negative balance.
Betts also reported that the employee benefit trust fund will experience additional expected expense due to stop‑loss claims. She said the district expects to draw down the fund balance by about $4,000,000 this fiscal year and estimated the available balance at year end would be in the $20,000,000 range. Board member Jill Humphreys, who chairs employee benefit trust meetings, said pharmacy rebates and investment earnings had improved the fund position compared with the prior year but that large stop‑loss claims remain a pressure.
Board members did not take action on the report; they asked clarifying questions and thanked staff for the update. The district said it will continue to monitor grant awards, stop‑loss claims and investment earnings as the year progresses.
