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Watertown district financial report: nutrition fund shortfall, capital projects and Lake Area Tech revenue noted
Summary
District finance staff reported district and Lake Area Tech fund positions: general fund cash of about $6.3 million, capital outlay activity tied to athletic-complex construction, special education cash of $2.8 million, and K–12 nutrition operating with a $124,000 cash balance that will require pricing evaluation.
Heidi (staff member) presented the monthly financial report to the Watertown School District board, summarizing district operating funds, capital projects and Lake Area Tech enterprise activity.
Heidi said the general fund received anticipated taxes, the regular state aid payment and other state revenue of $738,000 (state apportionment and bank franchise tax). She reported a general‑fund ending cash position of $6,300,000, which she said is below the prior year as anticipated. In capital outlay, she said expenditures included $767,000 toward construction at the athletic complex and that the capital outlay fund’s ending cash position was $5,200,000, a decrease from the previous year.
She reported the special education fund had a cash balance of $2,800,000, maintained over the prior two years. K–12 Nutrition showed expenditures exceeded revenue during the month, with a fluctuating inventory and students using established lunch accounts; the ending cash position was $124,000, below the prior year. Heidi said the nutrition program "will require an evaluation of breakfast and lunch pricing to align inflation pricing increases in order to support the operation."
Lake Area Tech reported tuition and fees revenue for the second semester of $667,000 and GOED Future Fund support of $1,600,000 for equipment purchases; expenditures included $107,000 toward construction for a surgical-technology renovation. Heidi reported an ending cash position in that fund of $12,500,000, reflecting an increase from the prior year. Enterprise operations at LATC (bookstore, foodservice and Educare) continue to operate at levels to support their operations.
In the employee benefit trust, premiums of $742,000 exceeded claims of $471,000 for the month; the ending cash balance was $3,300,000, which Heidi said has declined from previous years and will be evaluated during upcoming negotiations.
Heidi invited board questions; none were recorded. No formal board action on these reports was required at the meeting.
