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Finance staff: $9M QSCB paid off; district still projecting $16.8M year-end loss
Summary
Finance staff reported the parish paid off a $9 million QSCB sinking-fund obligation, leaving a $13.8 million general-fund balance, but warned that year-to-date revenues trail expenses and the district currently projects a $16.8 million loss for the fiscal year.
Finance staff presented the district’s March 31 financials: general-fund current assets of about $26.2 million, current liabilities of $12.4 million and a total fund balance of $13.8 million (about $11.2 million unrestricted). Officials said a previously restricted QSCB sinking fund is now zero after a $9 million payoff.
The statement of revenues and expenditures showed $90 million collected for the fiscal year to date versus roughly $109 million in expenses, producing a year-to-date deficit and a staff projection of a $16.8 million loss for the fiscal year. Finance staff said the payoff of the QSCB contributed heavily to the monthly loss reported for March.
The committee reviewed sales-tax collections (March collections about $1.3 million; year-to-date sales tax up slightly versus prior year) and ECBF fund activity; staff explained a recurring transfer from ECBF of about $1 million per month goes to the general fund for salaries and benefits.
A member of the St. Andrew Federation of Teachers sought additional detail about ECBF transfers and payroll accounting; staff replied that the transfers are recurring and part of the normal payroll funding cadence.
The board asked questions and accepted the presentation; some members indicated they expect further budget amendments as the year progresses.
