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Finance update: district reports healthy cash position, eyes May five-year forecast
Summary
Finance staff told the board the district is at about 158 days operating cash with an anticipated year-end of 125 days (target 120), revenues of roughly $55 million and expenses around $50 million; staff expects an updated five-year forecast in May and flagged two pending union negotiations.
District finance staff presented a midyear fiscal update April 15, telling the Lebanon Board of Education that the district had roughly 158 days of operating cash on hand and expects to end the fiscal year with about 125 days (the district target is 120 days).
In the presentation staff reported approximately $55,000,000 in revenues and approximately $50,000,000 in expenses year-to-date; staff observed expenses have increased about 5% year-over-year while revenues are nearly unchanged from the prior year. Property tax timing and advances affect cash flow; staff noted forecasting software currently shows cash flow about $3,000,000 off projected levels but said property tax receipts and an upcoming updated May forecast should clarify the picture.
The finance presentation also flagged two pending union negotiations that staff intends to incorporate into the forecast. Staff said the district will present an updated five-year forecast at the May meeting and that the substitute levy trend shows no noticeable change at this time.
Board members approved the financial consent package, including amended appropriations, fund transfers, and a repayment of an athletic fund advance; roll-call showed five yes votes.
