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Finance update: $219,290 transfer, Prop C timing leaves Fund 2 about $1.3M behind
Summary
Dr. Herzog reported a $219,290.32 transfer from Fund 1 to Fund 2 and said the district is running roughly $1.3 million behind in Fund 2 early in the fiscal year because Prop C revenues lag; he noted revenues and expenses overall are close to last year and that the district has budgeted $10.5 million for capital projects this year.
In the Finance Committee meeting on Sept. 22, Dr. Herzog presented the district's financial snapshot for the month of August: a minimal transfer of $219,290.32 from Fund 1 into Fund 2 and operating revenue and expenses that are generally in line with last year.
Herzog told the committee Fund 2 is running about $1.3 million behind early in the year due primarily to timing of Prop C receipts. "We're running about $1,300,000 behind in state funding for proposition c for prop c," he said, noting that Prop C typically lags at the start of the fiscal year and that state disbursement timing should improve as the year progresses. Herzog said the district expects to realize certain delayed IDEA Part B federal funds once the final expenditure report (FER) and auditor reviews are completed likely in October or November.
On expenses, Herzog said spending is tracking slightly below last year (about two‑tenths of a percent) and that the capital projects budget totals approximately $10.5 million for the year, with roughly $4.5 million already spent or encumbered. He also flagged a p‑card refund on the balance sheet that staff will monitor and move if it does not offset other payments.
Board members asked where certain pay changes and Kelly Services expenses would be charged; Herzog said such pay changes would typically impact Fund 2 where applicable and that timing may delay observable impacts by a month or two.
No formal committee action was recorded; items will appear on the board agenda as consent or informational items.
