Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
Silver Creek presents third-quarter financial report showing lower cash balance, enrollment dip and concerns about SEA 1 impact
Summary
District finance staff told the board the education fund cash balance has fallen, enrollment is down about 18 students from last year, and the district is preparing for projected revenue losses tied to recent state legislation referred to in the meeting as SEA 1/SCA 1.
Dr. Balmer, presenting the district's 2025 third-quarter financial report, said Silver Creek's education fund cash balance decreased through September and the district is preparing for reductions in revenue tied to state policy changes.
The report covered education, operations and rainy-day funds. Dr. Balmer said the education fund began the year at about $6.3 million; revenue through September and expenditures through September produced an ending cash balance of about $5.8 million and spending at 75.9% of appropriations. He said the district's education fund expenditures through September included roughly $19,800,000 in outlays and that overall education-fund expenditures in 2024 totaled $20,750,274.
The operations fund showed a beginning balance near $3.5 million, revenue through September of roughly $5.4 million and expenditures near $6.0 million, leaving a pending balance of $3,078,491.97 through September. Dr. Balmer said it is common at this point in the fiscal year for operations expenditures to exceed revenue because much property-tax revenue arrives in June and December. He cautioned the board that the district is tracking a roughly $900,000 circuit-breaker loss that will affect fiscal 2025.
Dr. Balmer said the rainy-day fund began the year at about $1.7 million, had no revenue (transfers only), and showed expenditures through September of about $708,000 related to a final payment on the Hensley Building and to offset bus purchases; the September ending balance was $22,325.82.
On enrollment, Dr. Balmer said the district's fall count was confirmed at 3,143 students, a decline of about 18 students from the previous fall. He reviewed per-student state funding levels the transcript records as $7,923 for FY24, $8,055 for FY25 and an expected $8,339 for FY26, and noted the budgetary complication that curriculum-material dollars that were formerly a separate state allocation are now paid through the general education fund, increasing education-fund expenditures.
Dr. Balmer told the board the district remains slightly over the typical year-to-date appropriation benchmark (about 1% over) and that notable expense drivers include curriculum purchases and benefit contributions such as 403(b) and VEBA payments. He said the district is planning a $250,000 rainy-day transfer and continues to evaluate capital projects that must be tied to bond-authorized uses.
Board members praised the finance team's work. The administration reported that the state conducted a fiscal desktop monitoring review and found the district 100% compliant in audited areas. Board members and administrators repeatedly referenced the potential impact of recent state action, referred to in the meeting as SCA 1 or SEA 1, and said the operations fund stands to lose a substantial portion of future property-tax revenue; one board member characterized the potential reduction as on the order of 50% over coming years.
The presentation ended with no formal board action required; board members asked questions and thanked staff for the reporting and for steps taken to reduce operating costs.
