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CFO says September activity limited; $399,000 refund depresses local revenue
Summary
CFO Tony Kingman told trustees September is the first month of the fiscal year with limited activity, reporting a $399,000 tax refund tied to South Park Mall that reduced local revenue and noting Food Service Fund activity of 215,000 meals generating $854,000 in revenue.
Tony Kingman, the district’s chief financial officer, presented the monthly financial report for September and told the board that financial activity was limited at the start of the fiscal year. “Please note that as of September marks the beginning of the fiscal year, financial activity has been limited for the 1st month,” Kingman said.
Kingman explained that local revenues showed a negative number for September because the district had to refund property taxes for tax years 2022 and 2023 related to South Park Mall. “So refunding actually, dollars 399,000 total refunding for both of the general fund and the debt service fund,” he said. He also reported a negative revenue of $78,000 in the Debt Service Fund tied to the same refunding activity and noted the next debt payment is not due until February 2025.
On the Food Service Fund, Kingman said the district provided 19 days of breakfast and lunch in August and served 215,000 meals that generated $854,000 in revenue and incurred about $605,000 in expenditures for the month, figures he said are consistent with the prior year.
Kingman told trustees that September payroll-related expenditures were largely charged to the prior fiscal year, which lowered September expenditures; he said the October report would provide a clearer picture of the year’s spending. The board opened the floor for questions after the presentation; none were recorded in the transcript.
