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District finance staff report improved fund balance outlook; board authorizes apportionment advance
Summary
District staff reported the September FTE and said the district expects to outperform the planned negative ending fund balance. The board adopted Resolution No. 25-08 authorizing an apportionment advance to smooth cash flow.
Shelton School District finance staff updated the board on the budget realignment process and presented a plan to smooth cash flow by taking an apportionment advance, a mechanism the district used last year.
Clint Sherman (district finance staff) told the board the district anticipates outperforming the budgeted ending fund balance. "The budget we approved was negative $2,250,000; we're going to outperform that and come in a little below that," Sherman said, adding that September full-time equivalency (FTE) enrollment was 4,128, historically the lowest count for the year.
Sherman described the apportionment advance as a timing tool: by claiming a portion of revenue earlier in the year the district smooths spikes and valleys of cash receipts. He said the district planned to claim roughly 22.5% of certain revenues earlier (the same mechanism used last November) to ease near-term cash needs.
Following the presentation, the board adopted Resolution No. 25-08, "authorizing an apportionment advance." The motion to adopt the resolution passed on a voice vote; no individualized roll-call tally was recorded in the meeting transcript.
Sherman said the district will continue monthly reporting to the Educational Service District (ESD) and the Washington Office of Superintendent of Public Instruction (OSPI) as part of the process.
