Board approves treasurer’s report as district fund balance returns to policy minimum

The Stillwater Public Schools Board of Education on a unanimous vote approved the treasurer’s report after Chief Financial Officer Christy briefed members on updated fund balances, revenue variances and an accounting-system conversion.

Christy told the board the district’s fund-balance position has improved and, based on the current budget and anticipated revenues, the district is at or very near the board policy minimum of 11% of annual operating expenses. ‘‘We’re basically there right now,’’ she said, adding the board should ‘‘hold the line’’ on spending to keep the district in compliance.

The report listed several revenue variances that helped the balance: current-year ad valorem (property tax) collections ran about $2.3 million higher than auditors’ initial estimates, interest income exceeded budget by roughly $550,000 and mortgage (excise) tax receipts were about $86,000 above budget, Christy said. Child-nutrition reimbursements were also higher than planned, about $477,000 more than budgeted, primarily from expanded summer feeding efforts.

Christy reiterated that budgeting is cyclical: many expenses occur early in the school year while some state and federal revenues do not post until later months. She also described the board policy that sets a fund-balance target between 11% and 14% and said the administration will prioritize restoring and maintaining the minimum level should the balance dip below it.

Board members and staff discussed a $2,000,000 transfer from the building fund into operating that was made in the prior budget cycle; Christy said that transfer was necessary when the budget was adopted and that rebuilding the building fund will be a priority as valuation and ad-valorem receipts grow. Jerica (finance staff) is projecting roughly a 9–10% valuation increase that will increase building fund receipts; Christy said she will include a roughly $250,000 projected increase to the building fund in her first revised budget.

The treasurer also described the new accounting/reporting platform (Syllogist) and presented a project-based budgeting view intended to make spending and outside-contract costs more transparent. She said several previously buried line items (for example, contracted special‑services that were historically in payroll lines) have been broken out to show true costs of outside contractors. She also noted a planned project code to track unfunded CareerTech personnel costs so reimbursements and district expenses can be reconciled dollar-for-dollar.

Board members asked for a standing monthly marker showing movement toward the 11% threshold; Christy agreed to continue monthly fund-balance reports and to provide a simple, public-facing summary of multi-year trends the board requested during its retreat.

The board approved the treasurer’s report in a roll-call vote. The administration said auditors may make minor adjustments as the fiscal-year audit completes; Christy said she will notify the board immediately of any changes that affect compliance with board policy.

Votes at a glance

- Motion: Approve treasurer’s report as presented. Outcome: approved (unanimous).