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Lake Placid Central School District treasurer reports projected fund-balance drawdown but remains under budget
Summary
Treasurer Dana presented an unaudited budget performance update showing roughly $21.0M in revenue and about $19.0M in expenditures to date, projected year-end expenditures near $21.0M and a fund-balance reduction from just over $5.0M to about $3.4M (≈15%). The district will use budgeted appropriated fund balance rather than an unplanned deficit.
Dana, the district treasurer, presented the budget performance report as of June 12 and an early unaudited year-end projection.
Dana said revenue as of June 12 was "a little over $21,000,000" and expenditures were "a little over $19,000,000," with encumbrances and scheduled payments (including debt service and a summer payroll "balloon" check) affecting cash flow. She noted an appropriated fund balance line of about $843,000 and projected remaining fund balance would decline from just over $5,000,000 to approximately $3,400,000 (around 15% of the budget) by year end.
Dana explained equipment spending was up—driven in part by the purchase of two vehicles—and that some federal funds (IDEA and Title funds) and summertime state receipts could change the final result. An early projection showed total projected expenditures rising to about $21,000,009 and the district remaining under its $22.04M budget when factoring in the budgeted appropriated fund balance.
Board members asked clarifying questions; Dana characterized the district's cash position as "healthy" for the summer months before tax receipts resume in September. The superintendent and board discussed the goal of drawing down fund balance over the next two years to align reserves with policy targets; no new budget actions were taken at the meeting.
