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District reports improved fund balances; superintendent recommends another tax-anticipation warrant
Summary
Superintendent told the board that September revenue exceeded projections and the district ended September with roughly $282,600 net income; he recommended applying for a tax anticipation warrant to maintain cash flow between January and June.
Superintendent (speaker 4) presented September financials and said the district’s revenue finished slightly higher than projected while accounts payable were lower following an insurance renewal that was paid in August rather than September.
He told the board the district had been projecting a $131,000 net loss for the month but finished with about $282,600 net income. Across the prior two months the district had been projected to show a combined net loss of about $511,400 but actually reported an approximately $234,000 combined net loss, an improvement the superintendent said demonstrates progress on expenditures.
Key fund balances reported: the education fund is "just a little over 1,400,000" and the operations fund is near last year’s level when tax anticipation warrants are factored in. The superintendent said the rainy day fund was unchanged from prior reports.
Board members asked about timing for tax anticipation draws and prior warrants; the superintendent said he completed an application for another tax anticipation warrant and recommended obtaining a warrant (he suggested $400,000 as a potential amount) to ensure cash flow from January until the first operations draw in June. He noted that last year the district’s December tax draw was used to pay a warrant; this year he expects some deposit after the warrant payment.
Superintendent also reviewed the appropriations report, noting education revenue collection at roughly 76% of expected (target 75%) and operations at about 77.3% spent. He explained a transportation account appears over budget because it includes monitoring and routing software and bus monitor payroll for special-education routes; he said that line will be reclassified next year to better reflect those costs.
The board did not request motions beyond consent approval for the financial reports; no formal budgetary changes were recorded beyond the later adopted additional appropriation related to bond proceeds.
