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Gary CSC finance report: $12 million in education fund, operations tighter after transportation costs
Summary
The district's finance report showed an education fund balance of about $12,000,000 in July, noted that operations fund cash is lower (about 21% of budget remaining), highlighted roughly $1.5 million in transportation bills received in June and scheduled two budget hearings in September and October ahead of an October vote.
Finance staff gave the board a monthly update on district funds and cash flow during the Aug. 14 meeting.
Presenter Steve Duddl (financial presenter) said the education fund stood at about $12,000,000 in July and explained how state distributions and property-tax timing drive monthly fluctuations. He noted transfers from the debt-service fund into education funds and said this month's balance is in line with expectations.
By contrast the operations fund has less cushion: the presenter said the operations fund had approximately 21% of its budget remaining and that higher-than-expected transportation expenses are a major factor. Board members and staff cited an approximately $1.5 million transportation payment recorded in June that reflected expanded services and some invoices that arrived late, producing a significant hit to the operations cash balance.
The presenter told the board the administration will return in a month with budget work for 2025 and that staff plans two public hearings on the 2025 budget (September and October) and a final board vote in October.
Next steps: staff will return with additional budget documents and requests for any needed appropriations to ensure operations funds cover expenses through the fiscal year.
