Finance director reports FY24 surplus and balanced FY25 budget; food service showed a deficit

The finance director told the board that FY24 preliminary closeout figures show a modest surplus and that the FY25 budget is balanced. According to the presentation, total FY24 revenues were about $111,000,000 after a $3,000,000 adjustment and expenditures were about $110,300,000, leaving a preliminary surplus of $665,000 (unaudited). The finance director cautioned the figures are subject to audit adjustments.

The food-service fund ran a deficit of about $330,000 for FY24, a change attributed to providing free meals at three schools and rising food costs. The division's fund balance was reported at $2.3 million, which the finance director said covers roughly five months of certain operating expenses.

For FY25, administration presented a $119,000,000 revenue and expense budget that it described as balanced and heavy in instruction. The finance director said county government funds account for about 29% of the revenue mix and that state funding (driven by average daily membership) remains a major source.

Board members asked clarifying questions about food-service participation and fund balance sufficiency. Administration said participation rates and reimbursements will be tracked to help cover food-service expenditures and that the FY24 numbers are preliminary until the audit is complete.

Provenance: Finance update occurred during the financial report segment of the meeting.