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Three Rivers reports $8.8 million cash balance; board hears federal audit praise and revenue updates
Summary
District staff told the board the cash balance is about $8.8 million and noted a $529,000 excess‑cost reimbursement received in March; staff also said federal program audits were complimentary and that capital timing (bus purchase, tax settlements) will affect when expenses hit fiscal years.
District finance staff reported key fiscal updates to the board at the April 13 meeting, saying the district’s cash balance is just over $8.8 million and that revenues are roughly 4% higher year‑to‑date while expenditures are up in line with forecasts.
Treasurer Terry told the board the district received $529,000 in March for excess‑cost reimbursements (funds for outplaced students), an increase of about $200,000 compared with the prior year. Terry said state foundation revenue and a $110,000 bonus for lead performance contributed to year‑to‑date revenue growth. Interest income was noted as roughly $100,000 below prior figures, and salaries and benefits remain the district’s largest expense category.
Staff and the treasurer discussed timing risks: final real estate settlement figures from the county and certain tax‑increment (TIF) and other settlement dollars were still pending and could shift the forecast depending on whether receipts arrive before or after June 30. The board discussed a bus purchase that is on order and may hit either the current fiscal year or the next depending on delivery timing; staff said they would consider splitting payments across fiscal years as done previously to manage the 500K capital cap.
Separately, district staff reported a favorable onsite federal programs audit focused on grant dollars for special education; auditors spent less time than scheduled and praised district practices. The audit team signaled it will share district processes as examples for other districts.
What’s next: staff will monitor county settlement timing, report any material changes to the forecast, and present budget items to the budget commission in May.
