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Board hears third-quarter financial update; administration seeks budget amendment after local reassessment shortfall
Summary
Finance staff reported third-quarter revenue and expenditure numbers and recommended a FY24–25 general fund amendment after local property-tax reassessment numbers fell short of earlier estimates; the board approved the amendment.
Chief finance presenter Marcy Aberson provided the board’s finance committee with a third-quarter financial update through March 31, 2025. Aberson said the district’s approved general fund budget was $475 million and described collections to date: local revenue, state revenue and federal revenue totals were reported with remaining amounts expected before June 30. The presentation included EIA, impact-fee and child-nutrition fund summaries.
Aberson noted the district’s local property-tax reassessment estimate used for the budget was about $174 million but recent data suggested the district will collect closer to $151 million, creating a revenue shortfall versus the projection. To address that shortfall, administration proposed bringing back $5.1 million that had been designated from fund balance. Aberson described that money as originally set aside for a SPED incentive but partly paid from ESSER funds, making some of the designated funds available to restore budget balance.
Board discussion included clarifying whether the remaining revenue would cover remaining expenditures and how encumbrances and staffing vacancies affect the result. Aberson explained revenue timing and encumbrances, and the finance committee recommended approval of an amended FY24–25 general fund budget. The board approved the amendment (committee vote and full-board recorded approvals).
Committee members also reviewed the proposed 2025–26 supply and travel allocation formulas (first reading). Aberson said the formulas were adjusted to increase thresholds for nursing, media and custodial supplies and changed the security guard allocation formula to be tied to a school’s classification (5A, 4A, 3A, 2A, 1A) with amounts ranging from $28,000 for 5A down to $12,500 for 1A. Board members raised concerns about sports transportation and argued the district should consider allocations that reflect number of athletes or events rather than only school classification. The committee approved the first reading; administration said it will return with further detail for the second reading.
The finance committee also accepted the Head Start budget expenditure and credit-card reports for March 2025 as presented.
