Timberlane finance director presents budget-to-actual: revenues close to budget, expenses below but year-over-year variance large
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Summary
Business director Maria presented preliminary fiscal-year financials showing total revenues at 102% of budget, expenses at 91% of budget, and a year-over-year variance driven by salaries, contracted services and capital lease payments; final audited numbers will be posted after auditors complete reconciliations.
Maria (business office) told the board the auditors had completed field work and district staff were reconciling accounts; she presented preliminary budget-to-actual numbers but cautioned the audit was not final.
Maria reported total revenue of $74,659,352 and expenses of $83,689,682 for the fiscal year as presented in the working dashboard shown at the meeting. She said revenue realized was about 102% of the budgeted figure while expenditures were about 91% of budget. Maria flagged a year-over-year variance of roughly $11.78 million, driven primarily by higher salaries and benefits, increased contracted services and capital payments under a lease: "The variance for the year compared to fiscal year '24 was 11,782,588," she said, and identified increased salaries and benefits and contracted services and a capital lease payment among the major drivers.
Board members asked whether the unassigned fund balance could be projected. Maria said it would be inappropriate to estimate a final unassigned balance before auditors completed reconciliations and the MS-25 reporting; she said the unassigned fund balance would be significantly less than fiscal 2024 and suggested it might be at least 50% lower than the prior year's unassigned balance of about $16 million. The superintendent reiterated he would present the finalized unassigned fund balance to the board at the Sept. 4 meeting after filing with the Department of Revenue Administration (DRA).
Maria broke down revenue sources: roughly 82.4% of revenue came from local taxpayers, 15.7% from state and federal sources and 1.9% local revenue. Expense composition included 44.2% salaries, 25.4% benefits and 30.5% operating expenses. The bottom-line total including food service and grants was reported as $86,352,265.
Ending: The numbers Maria presented are preliminary pending final audit reconciliation. The board asked for a finalized MS-25 and unassigned-fund-balance report at the Sept. 4 meeting.