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District reports January finances; OPEB bonds paid off and capital projects advance
Summary
Spring Lake Park Schools reported close to $8 million in January state aid receipts, roughly $9.8 million paid for principal and interest (due Feb. 1), final payment on OPEB bonds, and updates on LED lighting, furniture and solar projects.
Spring Lake Park Schools’ finance director told the board the district’s January statements show a large state-aid receipt and one-time debt activity that altered month-to-month cash flow.
Amy Schultz, executive director of business services, said the district received close to $8,000,000 in state aids for January and paid about $9,800,000 on principal and interest (payments that were due Feb. 1 but processed in January as required). She also announced that the district’s OPEB bonds were fully paid off with the final payment this month, meaning those debt-service obligations will drop from future OPEB debt service schedules.
Schultz explained that budget adjustments were processed early in January and that those adjustments affect how January appears compared with prior years. On the expense side, January disbursements were higher than typical because of scheduled debt-service payments. She highlighted capital work in progress, including a districtwide LED lighting conversion completed last summer, a furniture purchase scheduled for delivery and installation ahead of June, and pending solar project work that may be completed in June or August depending on scheduling.
Board members asked questions about timing and the effect of budget adjustments on year-over-year comparisons; Schultz said more stable comparisons will be possible after February reporting and noted that some projects were delayed by bidding and timing and therefore rolled into the current fiscal year.
