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Forney ISD financial report: state aid payment, accruals and fund balances noted
Summary
CFO John Chase reported April activity: a state aid payment of $8.9 million, accrued wages payable on the balance sheet and fund balances across general, food service and capital project funds; some public figures in the transcript were unclear and are reported as stated by the presenter.
Forney ISD Chief Financial Officer John Chase presented the district's monthly financial report covering activity through April and highlighted a large state aid payment and year-to-date balances.
Chase told trustees that the largest revenue item for the month was an $8.9 million state aid payment. He said general fund revenue collections were at about 77% of the amount estimated for the year and that expenditures in the general fund were approximately 84% of the prorated amount. Chase explained the difference is partly timing: the district records wages when earned (accrued wages payable) and will pay out those balances during summer months; he cited an accrued wages-payable amount of about $25 million.
On the food-service fund, Chase reported roughly $9.1 million in revenue collected (about 94% of the estimate) and expenditures of roughly $9.3 million (about 90% of appropriations), with average daily lunch participation in April at approximately 51 percent. Chase said debt service tax collections for the month totaled about $300,000.
Chase summarized that cash and investments across the general fund, food service, debt service and capital projects totaled about $213 million at the end of April, with about $70 million on deposit in the capital projects fund, as presented to the board.
Chase answered no questions from trustees on the report in open session.
