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Lee's Summit R-VII warns of possible $4 million-plus state-aid shortfall; treasurer outlines reserve and liquidity plans
Summary
The district's treasurer told the finance committee the state is paying roughly $6,900 per pupil versus a budget target of $7,145, creating a possible $4.1 million revenue gap (and up to $7 million in a worse scenario). Staff recommended using reserves as needed and moving some term investments to liquid accounts to ensure cash access.
Lee's Summit R-VII Treasurer Dr. Herzog told the finance committee on Nov. 17 that the district is receiving state aid at levels below the budgeted adequacy target and that the trend could produce a multimillion-dollar shortfall.
"This last month the state aid payment was based on $6,900 per student," Herzog said, compared with a budgeted figure of $7,145 per pupil. He estimated that if the current dollar amount were to continue for the fiscal year, the district would receive about $4.1 million less in state revenue than budgeted. If statewide payments dropped a further 6…
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