Lebanon schools report slight deficit spending but close-to-target cash reserves in year-end forecast

Lebanon City Schools' finance director (Miss Irvin) presented the district's May forecast and year-end results at the July 15 board meeting, reporting a year in which expenses and revenues both exceeded expectations but the district nonetheless experienced modest deficit spending.

"We spent a total of $69,000,000," the finance presenter said, noting the variance between actual expenses and estimates was about $26,500. The district finished the fiscal year with roughly 119 days of operating cash; the stated goal is 120 days. Miss Irvin told the board the district anticipated a deficit spend and that the year-end position was slightly more favorable than projected because of an unexpected tax-increment financing payment from what was announced as "Turocraft Township."

On revenues she said property-tax receipts were about $1,500,000 higher than the prior year and that foundation funding and increased state transportation funding also helped. On expenses, wages and benefits rose about $2,100,000; the district reported it employs about 726 people.

Miss Irvin summarized that the district's cash decreased by about $2,400,000 on paper but said about $701,000 of that was an advance from the capital-improvement fund that will be repaid when donations arrive for projects such as the stadium; excluding that advance the net position is more favorable.

The board approved the presented financial items (a–j) by roll call, including a $17,000 donation from athletic boosters and approved transfers and service agreements noted in the packet.

What happens next: district staff said they will continue to monitor spending and update forecasts. The board did not adopt new levies at the meeting; staff noted that longer-term levy and resource planning will require careful review given forecasted ongoing deficit spending.