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CFO reports healthy budget tracking, $2 million cash drawdown and enrollment dip
Summary
Chief Financial Officer Dan told the board revenue and expenditures are tracking well, cash and investments are down about $2 million due to retroactive pay, and enrollment dipped by nine students in February with a projected year-end enrollment of about 2,750.
Chief Financial Officer Dan presented the district's financial report, enrollment outlook and grant status at the March 12 meeting.
Dan said overall revenue is tracking well and expenditures are on track, and he noted payroll encumbrances increased approximately 2% from the prior reporting period. Cash and investments decreased by about $2,000,000, which he attributed primarily to payment of retroactive pay to staff; the district remains in a strong cash position despite the drawdown. Dan said contingency funds have not been tapped and he is optimistic the district will finish the fiscal year in a stronger position than it started.
On grants, Dan described a roughly $500,000 EPA Brownfields grant intended for asbestos abatement at a former middle-school site and said the grant is contingent on related ESD and federal funding flows. He cautioned that abatement without sufficient funds to rebuild a roof could leave a building unusable and said staff are coordinating with the EPA and an engineering firm to use funds responsibly.
Dan also outlined ongoing debt-management work: the district has submitted a cash-flow worksheet to Piper Sandler and is in underwriting for a potential Tax Anticipation Note (TAN) offering (he said underwriters indicated offers near $2.2 million and noted the district likely will take an amount similar to last year's ~$1.8 million). He said he will bring a supplemental budget next meeting to correct an account item related to responsive-classroom training.
On enrollment, Dan reported a February decline of nine students and estimated roughly a 40-student decline between March and June historically, projecting an end-of-year enrollment near 2,750. He said the district was not yet at risk of losing state funding based on current trends.
