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Derry Area SD treasurer’s report shows district using reserves amid state funding impasse
Summary
The board heard a treasurer’s report showing an ending balance of $90,185.09 as of July 31 and was told state and federal funds were not flowing due to a budget impasse; officials said the district will rely on reserves and investment returns while the pause continues.
At the meeting, the district’s treasurer presented financial statements showing an ending balance of $90,185.09 as of July 31 and reported total disbursements of $2,946,126.08 for the prior period.
District staff told the board that, because of a state budget impasse, the district had received no state or federal funding for July and August and likely into September. The report noted that the district will use reserves and investment returns to continue operations while state and federal payments are paused.
The treasurer’s report presented these figures: beginning balance as of June 30 of $33,940.27, total receipts of $260,576.39, total investments return $2,790,000, total investments $48,205.49, total disbursements $2,946,126.08, ending balance as of July 31 of $90,185.09. A board member emphasized that July and August receipts will show no state or federal funding until the impasse resolves.
Committee reports included discussion at the Intermediate Unit (IU) of a nonbudgeted parking and shuttle cost estimated at roughly $78,000 for the IU; one board representative said Derry Area SD might be on the hook for about $8,000 of those costs. The IU also reported taking a $55 million revenue anticipation note to cover expenses while state and federal funding was delayed.
Board members said they would continue to monitor state funding updates and review budget implications with the finance committee; the board approved the treasurer’s report by voice vote during the meeting.
