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Brooklyn City reports bond closing, levy receipts and an October shortfall
Summary
Treasurer reported on Nov. 19 that levy receipts are about 46.8% to date, investments are at 46% and October showed a seasonal $806,206 deficit; the district closed on bonds last week and received a $301,000 premium invested for future interest payments.
At the Nov. 19 Brooklyn City Board of Education meeting, finance officer Mr. Sherhart presented the district’s October financial report and the status of recent debt activity.
Sherhart said levy receipts are at about 46.8% to date, foundation revenues are at roughly 31% of budgeted expectations, and investments sit at about 46% of plan. For October, the district received $90,640 in interest. Personnel and benefits total roughly 35% of the budget year to date and total expenditures are about 31.6% of the budget.
“Because we are seasonal with the revenue that we've received and with the expenses, the month to date for October, we were actually in the red $806,206,” Sherhart said, noting that the deficit is seasonal and that revenue typically increases when the second half of levy financing arrives.
Sherhart also reported that the district closed on bonds last Thursday; the proceeds have been invested with Red Tree. The district received a bond premium of $301,000, which Sherhart said will be used to pay down the first interest payment next June.
Board members asked clarifying questions and the treasurer reiterated that the shortfall for October is expected to correct when levy receipts are posted. No change to tax or levy policy was proposed at the meeting; the report provided an update on cash flow, investments and debt service timing.
