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Treasurer reports FY2024 revenue rise and food-service pressures; district ends year near forecast
Summary
Treasurer Miss Roberts reported FY2024 revenues of $29.3 million, expenditures of about $29.1 million (including $4.6 million routed to capital), a cash balance of about $17.5 million, and food-service results showing 273,000 meals served and an end-of-year food-service balance of $418,000 despite reimbursement losses.
Treasurer Miss Roberts presented the district's year-end financial summary for fiscal year 2024, reporting revenues of $29,300,000 compared with $27,400,000 the prior year and expenditures of roughly $29,100,000. Miss Roberts said operating transfers out increased to about $4.6 million (compared with $2.9 million last year) because the district transferred additional funds into its capital-improvement fund.
"We actually gained $1,300,000, and other revenue of that $1,200,000 was in interest this year," Miss Roberts said, noting a stronger year in investment income. She summarized other drivers of change: property tax and state foundation increases, a 7% rise in salaries, a roughly 10% increase in benefits and a one-time concentration of major supply purchases (band uniforms and curriculum) that affected supply spending.
Miss Roberts also reviewed the food-service year-end report. The district served 273,000 meals (up from 260,000 in the prior year) and food-service revenue exceeded $1,000,000. She said the district faced a net shortfall of roughly $65,000 driven by lower commodity-entitlement dollars and reduced state reimbursements (she cited a roughly $81,000 decrease in state reimbursement for lunches and breakfasts). Despite that shortfall, the district's food-service fund ended the year with a balance of $418,000; Miss Roberts said that cushion is being held for capital needs in school kitchens and anticipated equipment replacements.
Board members asked about forecasting for future years now that the district will operate under CEP; Miss Roberts said staff have modeled scenarios and that some general-fund supplementation may be needed depending on reimbursement and application-return rates. She told the board the district will continue to monitor investments and debt strategies and that transfers into capital reflect a multi-year master plan.
The board approved the consent agenda, which included the financial reports and related items presented by the treasurer and superintendent.
