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Treasurer: lower tax advances this month but revenues near budget; bond holdings noted
Summary
Treasurer Shearer told the Brooklyn City School Board on Feb. 17 that county real‑estate tax advances were markedly lower this month due to a state data delay, but the district’s fiscal‑year revenue share and bond holdings remain largely on track; the county expects full settlement in March.
At the Feb. 17 Brooklyn City School District Board meeting, Treasurer Shearer presented the monthly financial report, citing several figures he said the board should note: monthly bond interest of $16,648, a current bond portfolio value of $17,589,464, and a general‑fund investment for the month of $63,886 (fiscal year‑to‑date $545,452).
Shearer told the board that the county provided two real‑estate tax advances this cycle — $654,000 and $979,000 — substantially lower than the $2,200,000 advance the district received at the same time last year. He explained that the county had not received timely tax information from the state, which delayed billing and resulted in lower advances this month. "We will receive the settlement, the full amount due, next month," Shearer said.
Shearer also gave a brief budget snapshot: year‑to‑date revenues are at about 57.7% of the annual budget (near the expected ~58%), while salary and benefit expenses are running at approximately 77% of the budget. He itemized revenue sources by type: about 61% levy/local dollars, 12% state foundation payments, 4% investment income and roughly 23% other revenue (including state homestead and rollback reimbursements).
Why it matters: The timing of county and state tax information affects local cash flow and short‑term liquidity; the treasurer explained the lower advances should be resolved at the March settlement. Trustees asked clarifying questions and recorded the report; no board action was required beyond acceptance of the report.
Next steps: Treasurer Shearer indicated the district expects the county settlement in March; staff will monitor receipts and update the board in future financial reports.
