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Riverview finance committee reviews $2.8 million surplus, earmarks cafeteria work and cautions against using reserves to cover recurring costs
Summary
Superintendent and the district's business manager told the finance committee that 2024–25 ended with a roughly $2.8 million positive variance driven by strong collections and one‑time receipts; officials proposed using part of the funds for a $1.5 million cafeteria renovation while warning against drawing down reserves to balance ongoing operational shortfalls. (350 characters max)
The Riverview School District's finance committee on Thursday heard an update showing a $2.8 million positive variance for the 2024–25 year and discussed how to allocate the one‑time surplus while safeguarding long‑term operations.
Superintendent (name not stated) told committee members that a combination of stronger‑than‑expected tax collections, higher interest earnings on capital reserves and insurance receipts contributed to the overage. "That combined with the expenditures that we didn't spend was $2.8 million," the superintendent said, summarizing the district's position.
Sheila, the district's business manager, reviewed the details: real estate tax collections exceeded budget by nearly $397,000, delinquent real estate collections and delinquent earned income tax exceeded their conservative estimates (for example, delinquent real estate was budgeted at $400,000 and brought in about $750,000), and interest income totaled about $994,000 due to favorable short‑term rates on reserve accounts. She also noted refunds of roughly $418,000, mainly tied to an appeal for…
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