Finance director reports slower ad‑valorem collections, fund balance dip
Summary
Larry Hamill told the board that October ended with about $86 million in cash and a fund‑balance near $68 million, and that ad‑valorem collections are slightly behind typical pacing though full receipts are expected in November; he noted some reserve draws and upcoming timing uncertainty.
Larry Hamill presented October financial statements, reporting the month began with roughly $98 million and ended near $86 million in cash, with an estimated fund balance around $68 million. He attributed much of the variance to slower ad‑valorem (property tax) collections and some large timing shifts and reserve draws (SEG 1093-1116, 114-116).
Hamill said revenue collections were at about 22.66% of budget year‑to‑date compared with 23.99% the prior year at the same point, and that ad‑valorem timing — escrow companies' payment schedules and the November pay date — explained much of the shortfall. He reported the district had drawn down some reserved funds for capital projects (the Mashburn expansion and related capital outlays) and had spent school bus grant funds in anticipation of state reimbursement, which affected the general fund position for the month (SEG 1149-1164).
Board members asked whether the receipts were delayed or permanently underperforming; Hamill said he expects full collections but that timing has shifted by two to three weeks for many payors and that the usual November spike typically closes the gap. He summarized that the district remains ahead of budget on certain expense lines and that the district will monitor collections and update the board at the next reporting cycle (SEG 1288-1306).
