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Wauwatosa School District staff project modest year-end surplus; $3.2M property-tax chargeback will temporarily draw down reserves
Summary
A district staff member told the board that updated February projections show full-year expenses near $63.5 million versus a $64.8 million budget, leaving an approximate $1.2 million favorable variance; a $3.2 million property-tax chargeback will temporarily reduce the fund balance by roughly $2 million but is expected to be recaptured next year.
A staff member for the Wauwatosa School District told the board during the February financial review that updated projections show full-year expenses of about $63,500,000 against a $64,800,000 budget, a variance the presenter estimated at roughly $1.2 million in the districts favor.
The staff member said the district had updated the budget to include a proposed revision, to be considered Monday, March 23, that records a roughly $3.2 million property-tax chargeback as an expense. "We will recapture the entirety of the property tax chargeback next year when the Department of Revenue allows us to put that back on our levy," the staff member said.
The…
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