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District finance lead: adopt preliminary budget at Act 1 adjusted index; state budget uncertainty reduces interest revenue
Summary
Finance staff presented the Act 1 adjusted index cap (4.5% this year) and proposed a resolution to adopt a preliminary budget not to exceed that index; staff also warned that the state's delayed budget reduces interest revenue and agreed to produce a plain‑language reserves explainer for the public.
Chris (S11), the district finance lead, told the board the district cannot exceed the adjusted Act 1 index this year and recommended placing a resolution on the Oct. 25 voting agenda to adopt a preliminary budget that does not exceed the index.
“This year we cannot exceed 4.5%,” Chris said, explaining that adopting a preliminary budget at or below the adjusted index avoids the additional steps and referendum requirements that accompany going above the limit.
Chris also warned that the state has not passed its budget, causing delayed payments and lost interest revenue. He agreed to calculate the fiscal impact of delayed state funding and to prepare a clear, public‑facing document explaining the district’s fund‑balance categories, assigned reserves and the reasons funds are held.
Board members asked for an estimate of lost interest and clearer reserve descriptions that can be shared with reporters and the public. Chris said he will produce the calculations and an explanatory summary ahead of upcoming budget deliberations.
The committee did not vote on the resolution at the committee meeting; Chris said he will place the proposed resolution on the Oct. 25 voting meeting agenda so the full board can act.
