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Bentonville board hears budget update; expenditures exceed revenues ahead of tax receipt
Summary
District finance officer reported a $61.4M all-funds balance, an operating revenue increase of about $6.6M and expenditures up about $8.0M; a $1.1M shortfall is expected to reverse with the district's large tax receipt.
Dr. Schwanhauser briefed the board on fiscal status at the close of period 10, saying the district is 83% through the school year and the all-funds balance stands at $61,400,000 — down roughly $4.2 million from the prior year because of building-fund project spending. He told the board operating revenues rose by about $6.6 million (driven by assessed-value increases and student growth) while expenditures rose by about $8.0 million (student growth and salary increases). "Right now, our expenditures exceed our revenues by $1,100,000 and that will reverse this month with our large tax receipt," he said, adding that the district was "right where we'd expect to be" given timing of bond payments.
Board members asked clarifying questions; staff explained the timing of bond payments ($14.8 million) and confirmed that the district plans no unexpected corrective actions at this time. The board approved the budget item as presented.
The finance office will return with final fiscal-year reconciliations following receipt of tax revenues and period 11 postings.
