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Finance update: revenues lag, bond proceeds remain for capital projects
Summary
District leaders reported operating revenues are slightly behind last year, fund balances are down but adequate, roughly $2.2 million is available for capital projects now and about $12.6 million in bond proceeds remain; an additional $10 million transaction with LJ Hart was mentioned to fund remaining work.
An unidentified district administrator presented the monthly finance report, telling the board operating revenues are running slightly behind last year while operating expenses (notably salaries and benefits and some special-education services) are essentially level with the prior year.
"We have about the same amount of money in the bank but expenses are up and so that makes our fund balances be down a little bit," the presenter said, adding that fund balances are expected to track down modestly over the remainder of the fiscal year but could end near a roughly 35% fund balance target.
Capital-project funds were described as having about $2.2 million on hand for upcoming summer projects. The presenter also reported approximately $12.6 million remaining from a bond issue and said the district will pursue an additional transaction that could add another $10 million (the presenter said "LJ Hart will be here to give us some more money... we're gonna be doing another 10,000,000 at that point"). The district noted a contingency reserve of about $400,000 to cover potential change orders as construction advances.
Board members asked clarifying questions about local tax receipts and timing; the presenter said local taxes were up and state receipts and some federal reimbursements were behind schedule but expected to align by the fiscal year end. No formal budget actions were taken at the meeting.
