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Colonial SD reports strong local revenues and transfer tax gains; expenditures at 59.6% of budget through February
Summary
District financial staff reported 87% of revenues collected on a $158.17 million budget and $2.9 million in transfer tax receipts so far this year, with total expenditures at about $94 million (59.55% of budget). Staff noted continued pressure on professional services (special education contracted aids) and cited savings from recent refinancing.
Colonial School District finance staff reported to the finance committee on March 3 that local revenues remain strong through February in the 2024‑25 fiscal year and that transfer tax collections have been higher than the prior year.
Staff said the district had collected approximately 87% of its $158,174,694 budgeted revenues and reported actual revenues of about $137.6 million to date. Transfer tax receipts were cited as roughly $2.9 million versus about $1.1 million in the prior year, with notable real estate transactions along the riverfront and in Conshohocken contributing to the increase.
From an expenditure standpoint, staff said total expenditures were about $94 million against a $158 million budget (about 59.55%). Wages and benefits and most object lines were within expectations; however, staff flagged object 300 (professional services) pressures driven by mandated special education expenses, including contracted one‑to‑one aides and settlement agreements. Staff also pointed to savings of approximately $555,000 being realized from the refinancing that took effect and investment in Chromebooks and technology repairs that have been cost‑effective.
Staff noted recent capital purchases (floor scrubbers, maintenance van) and compliance purchases tied to athletics equipment (pole vault pads sized to new National Federation of High School Sports rules). The committee discussed ongoing monitoring of professional services and special education outlays and asked staff to continue reporting trends as the budget year progresses.
