Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finance topic
No spam. Unsubscribe anytime.
CFO reports general-fund deficit driven by front-loaded longevity payments; revised budget due in January
Summary
CFO Mike Lee told the board the general fund showed a $454,000 deficit through October compared with a prior-year surplus; Lee said the difference mainly reflects front-loaded longevity bonus and HSA timing and promised a revised budget at month-end.
CFO Mike Lee presented the district’s financial statements and reported a year-to-date general-fund deficit through October of $454,000, down roughly $1.4 million from the prior year’s surplus. Lee said nearly all of the swing was attributable to timing and the front-loaded longevity bonus payments paid in September.
Lee explained the budget timing differences that make percentages look elevated when such annual payments are recorded up front. "If I take out the longevity bonus out of the budget... our percentage is about 98.5% of what our budget was," he said, noting there are small salary and benefit savings and a forthcoming revised budget at the end of the month.
Lee said staff will update salary projections after the recent turnover and present a revised budget for board review.
Next steps: finance will return with a revised budget and updated salary projections in January.
