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Board approves budget amendment after finance update; auditors to complete single-audit work
Summary
Dr. Hansen reported improving revenue collections and planned investments; the board approved a budget amendment that reduced the projected deficit to about $1.3 million and received an audit recap noting a forthcoming single-audit tied to federal food-service funds.
The SAVANNAH R-III Board of Education approved a budget amendment after receiving a finance update from Dr. Hansen and heard an audit recap during its regular meeting.
Dr. Hansen told the board the district had collected roughly 53.96% of expected revenue so far in the fiscal year, reporting about $15.1 million compared with about $13.7 million at the same point last year. Year-to-date expenses were reported as roughly $500,000 lower than the previous year. Because reserves remain healthy, staff described plans to invest $4.9 million in staggered maturities to generate interest income while preserving liquidity.
Board discussion focused on changes reflected in the 2627 budget amendment. Staff said certain state-assessed revenues (railroad and utilities) and temporary deposit earnings were higher than originally budgeted and that some capital items were reclassified to operating, reducing the projected deficit. The amendment moved the district’s projected deficit from about $3.0 million to approximately $1.3 million; staff said they do not expect the year to end in a deficit.
The board moved and approved the budget amendment. Earlier business motions — approval of the meeting agenda and the consent agenda (minutes, bills, personnel) — were recorded as passing, with the consent agenda noted in the transcript as "Motion passes 5-0." The general journal was also approved unanimously.
During the audit recap, board members and staff said they received no public feedback on the audit and praised the auditors’ timeliness and thoroughness. Staff noted auditors remain on retainer and that auditors will perform a single-audit related to certain federal dollars, likely focused on food-service funding.
The board then recessed to return to closed session for discussion of hiring/firing and individually identifiable scholastic and personnel records, citing Missouri statutes that govern closed sessions.
What happens next: the board indicated a follow-up orientation for newly filed board candidates and scheduled the next board meeting for 7 p.m. on the 13th (with a 6:30 p.m. closed session beforehand).
