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Board of Education finance report: food service up, equipment purchased from fund balance
Summary
Board of Education finance staff reported September results showing $3.02 million in operating expenses (17.7% of budget), grants totaling about $1.947 million with $212,000 spent, a stronger school food-service revenue stream and use of fund balance to purchase walk-in refrigeration units.
Board of Education finance director (Sean, Speaker 5) presented the school-side financials for September and answered questions about grants, donations and operational items.
Sean reported operating fund expenses through September of approximately $3.02 million, or 17.7% of the full-year budget, and grant awards to date of about $1.947 million with roughly $212,000 expended, leaving a remaining balance of about $1.7 million as of Sept. 30. He said school food-service revenue through September totaled roughly $421,000 (about 13% of a $3.2 million budget) and that year-over-year catering and sales showed growth.
Sean explained that three walk-in refrigerator/freezer units for elementary schools were purchased over the summer using available fund balance because the work needed to be completed earlier; staff expect the full-year equipment budget to be available later in the year to replenish the fund balance. He also described two categories of out-of-district tuition — placements that are contractually required and settlement-driven placements — and confirmed the federal propane fuel-rebate program has ended, creating a budget exposure that had previously been mitigated by approximately $142,000 in anticipated credits.
On donations, Sean described a recent example: a $25,000 gift for visual and performing arts with discretionary suggestions on how the funds may be used (for example, awards of $2,000). He said donations are typically restricted to specific purposes and are reviewed and spent in accordance with donor intent; unused small balances are handled case-by-case and may be returned if not expended.
Committee members asked for follow-up on whether any donation balances exceed five years; the presenter said he would check and report back.
Provenance: School finance figures and program descriptions were reported directly by the BOE finance presenter during the Audit Committee meeting.
