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Board hears budget update: Title I funding jumps, recapture falls, reserves below two-month target
Summary
Finance staff reported Title I funding rising from about $167,000 to roughly $463,000 next year and recapture projected to fall to about $69 million. The district projects FY expenditures of ~ $70.9M versus revenues of ~ $70.03M, leaving an approximate $900,000 shortfall and reserves around $2.3–3.5M; trustees asked staff to clarify GASB 54 implications and reserve targets.
TETON COUNTY — The board received a detailed budget update noting both an unexpected revenue increase and continuing fiscal pressure.
Director of Finance reported that federal Title I allocations for the district rose from about $167,000 last year to an estimated $463,000 next year after changes in census qualification thresholds. That increase will be targeted to support qualifying families and the school that serves a higher share of eligible students.
At the same time, the district’s recapture estimate — funds redistributed under the state funding model — is projected to decline to roughly $69,000,000 next year, a drop of about $10.5 million from the prior year tied to recent property tax legislation. Total projected revenues were reported near $70,026,000 while projected expenditures are near $70,900,000, producing an approximate $900,000 gap that staff said they are working to close via conservative interest estimates and expense refinements.
Trustees questioned whether cash reserves meet policy targets tied to GASB reporting and the uniform municipal fiscal procedures act. Director of Finance said unrestricted general‑fund cash reserves were approximately in the $2.3–3.5 million range and that the district does not currently hold a two‑month unassigned fund balance. Staff agreed to provide additional analysis on GASB 54 reporting requirements and options for building reserves.
Board members also reviewed special education out‑of‑district placement cost pressure and a pending liability insurance renewal that could affect next year’s expenditure estimate. Trustees asked staff to provide a detailed list of prior reserve draws and any planned uses to improve transparency for the next meeting.
