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Lee's Summit R‑VII Finance Committee hears treasurer's report: $4.6M transfer planned, tax and Prop C receipts lagging
Summary
Dr. Herzog reported a routine transfer of about $4.6 million planned for the upcoming board meeting and said current and delinquent tax collections are roughly $800,000 below last year while Prop C receipts are about $1.25 million lower year‑to‑date; he noted these trends may improve later in the year.
During the finance portion of the Oct. 14 meeting, Dr. Herzog summarized the district’s revenues, expenses and investments and said a roughly $4.6 million transfer of funds will be presented for approval at the upcoming board meeting.
On revenues, he said operating fund receipts are about $6.5 million year‑to‑date and special fund receipts about $26 million, but noted collections are behind last year. He attributed the operating shortfall primarily to about $800,000 in current and delinquent tax dollars still held in escrow because of tax‑year appeals, and said Prop C receipts from the state are about $1,250,000 lower than the prior year so far. ‘‘We are trending the right direction’’ on Prop C, he added, but cautioned the district may come in under projections.
On expenses, Dr. Herzog said a budgeted $2.7 million expenditure for teacher devices pushed expenses higher for the month but is a planned one‑time cost. He said the district is awaiting a little over $1,000,000 in special education (Part B) reimbursement pending final expenditure report approval from the state.
On investments, Dr. Herzog said the district is not moving much of its longer‑term portfolio, cited falling rates on MOSIP and MOCAT and noted one CD matures in 2028 for about $240,000. The transcript includes an anomalous, very large figure for invested dollars that appears inconsistent with context and should be checked against the district's investment report.
The committee asked clarifying questions but the Oct. 14 transcript does not record any committee votes on these finance items.
