Board receives March financial report; operating fund on track at reported 68.06% attainment
Summary
The board heard a nine-month financial update from Mr. O'Keefe: operating fund expenses were reported at about $4.3 million and roughly 68.06% of the full-year budget; school lunch and grants figures and facility purchases were also discussed.
At the April 21 meeting the Buchanan Board of Education received a nine-month financial update from Mr. O'Keefe reporting operating fund and ancillary fund results through March 31.
"We're 9 months in. As of March 31, our operating fund expense actual totals 4,300,000.0 or 68.06% of our full year budget of 109.1," O'Keefe said. He described that percentage as an attainment indicator and said it mirrors the prior year after resolving a timing difference in transportation billings.
O'Keefe reviewed month-to-month transfers (within major object codes) and noted that transfers within the same major object code do not require board action. He also reported grant expenditures year to date and provided school-lunch financials: school-lunch revenue was reported at roughly $2.0 million year to date with expenses around $1.873 million, and a year-to-year decrease in revenue tied in part to a reported 27% increase in the free-and-reduced roster compared with the same period last year.
O'Keefe said net profits improved month-to-month by roughly $136,000 and that some funds will be used to purchase three walk-in refrigeration units to be installed at the three elementary schools over the summer. He told the board the refrigeration manufacturer is based in Morehead City, North Carolina, and said "with very small exception, all the parts are are manufactured in The United States," noting a small number of parts come from a vendor subsidiary in Canada that "could be subject to terror[iff]" (as stated by O'Keefe).
He closed with brief summaries of facility rental and donations balances, summer-school revenue and an expectation that the next quarterly capital report would appear in May. The board asked questions and praised the reported attainment numbers; O'Keefe invited questions at the end of his report.
No formal budget vote or transfer requiring board action was taken during the meeting; O'Keefe described internal transfers that are administratively allowable within object-code rules.
