Gary schools finance staff say budget balanced through April; referendum transfers and early tax draw noted

District finance staff presented an overview of the major funds and cash flow through April. The presentation covered education, operations and referendum funds and highlighted several items board members asked about.

Key points from the presentation

- Balanced through April: Staff reported the district’s accounts were balanced through April and that May’s reconciliation was still in progress.

- Education fund: Staff said approximately $3.9 million is earmarked in the education fund for curriculum supports and adoptions.

- Transfers and budgeting: Finance staff described a budgeted transfer to operations based on an earlier estimate and noted that transfers fluctuate with average-daily-membership (ADM) and state disbursements.

- Repairs and maintenance/10.65 money: Staff said the district is using a designated fund for major capital work (referred to in the presentation as the "10.65" money). They reported about $2,000,000 remaining in that fund and indicated that future budgets will include higher repair-and-maintenance allocations when that balance declines.

- Transportation costs: Staff said transportation is the highest operations expense; they described efforts that have reduced costs, including use of an activity bus for overnight travel rather than hiring drivers to stay overnight.

- Referendum and early tax draw: Staff said the district took an early tax draw of $2,185,000 into the referendum account and expects the remainder of the spring disbursement in June. Monthly transfers from the referendum were reported as historical practice: $700,000 to operations and $100,000 to education, per packet discussion.

Board members asked for follow-up materials and asked staff to provide the underlying spreadsheets; the finance presenter said she would share detailed emails and documentation with the board.