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Finance committee advances Budget Amendment 2 after updated revenue and expenditure adjustments
Summary
Committee approved forwarding Budget Amendment 2 to the full board after staff presented updated projections showing a roughly $4.3 million revenue increase and adjustments to expenditures and fund‑balance usage.
The finance committee voted to send Budget Amendment 2 to the full board after staff presented updated revenue and expenditure projections that narrowed the district’s projected use of fund balance for fiscal 2024‑25.
Miss Cribbs summarized the general‑fund changes and said total revenues in the amendment are projected to increase by about $4.3 million to roughly $264 million. She said the amendment reduces the district’s planned use of fund balance from amounts shown in earlier drafts and calls out several specific adjustments, including refunds, revised state aid estimates and changes to projected grant spending.
Cribbs told the committee that an unexpected refund from a prior reserve at the Standard Insurance company of about $465,000 and an Interlocal (ISD) refund related to itinerant special‑education services contributed to the improved revenue picture. She said estimates of center program tuition refunds totaled roughly $190,000 and that updated quarterly state aid information prompted adjustments to categorical revenue lines.
On the expenditure side, Cribbs said the committee would see both increases and decreases across salary, benefits and contracted services: the district is increasing the line for 147 categorical payments to employees and for projected electric costs while reducing projected substitute and contracted special‑education staffing expenses because the district needed less outside coverage than first budgeted. Cribbs said staff also tightened health‑insurance increase assumptions pending state action on related legislation.
The committee approved forwarding the general‑fund amendment and related fund amendments (special revenue and debt retirement) to the full board for final consideration.
Ending: Staff said they will incorporate the Amendment 2 adjustments into the May financial statements and present the amendments for formal adoption by the full board before the June 30 statutory deadline for budget adoption.
