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District reports sales-tax gains, general fund on track for year
Summary
Business services reported a year-to-date sales-tax gain and that the district's general fund is within budget parameters; the board was told $116 million has been collected against a $209 million general fund revenue budget through January.
Business-services staff told the Tangipahoa Parish School Board on March 17 that local sales-tax receipts and overall fund balances are stronger than a year earlier and that the district remains within its budget parameters through January.
"Our 2¢ sales tax was up 11.72% last month," the presenter said during the financial update, adding that retail and festival activity had boosted collections. He said year-to-date sales taxes are up about 9.4% and that the EFID half-cent tax is up roughly 12% year over year.
On the general fund, staff reported budgeted revenue of $209,000,000 and $116,000,000 collected through January, leaving about $92,000,000 yet to be received. The presenter also showed an all-funds balance sheet and noted a decrease in cash tied to capital projects in progress.
Board members asked questions about how sales-tax timing affects reporting and requested a chart showing the education fund account and how increased collections translate to teacher stipends and program funding; staff said they would provide that information at a future meeting.
The business-services office said it is preparing a revised budget and will bring it to the board in the coming month.
