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Midway ISD finance director reports narrower projected deficit after higher state aid and tax collections
Summary
Administration told the board that the district's adopted $2.4 million deficit is now projected to be about $925,000 after higher-than-budgeted state aid (about $2 million), increased property-tax collections and higher interest income; auditors will review numbers in September.
Wesley presented the district's fiscal year-end financial snapshot at the board meeting, saying the general fund revenue through the end of June was $85.9 million on a cash basis and that the district's projected deficit after adjustments is about $925,000 compared with an originally adopted $2.4 million deficit.
Wesley attributed much of the improvement to higher state foundation aid (roughly $2 million more than budgeted, driven in part by a WADA increase and a $500,000 adjustment from a prior-year property-value audit), $600,000 more in property-tax collections and $650,000 more in interest income. He also noted that expenses finished about $1.6 million above the adopted budget, in part because of budget amendments the board approved over the year.
The finance director cautioned that these numbers are unadjusted cash snapshots and that auditors will visit in September; staff expect to return with audited results to the board in October. Wesley also flagged a forthcoming tax refund tied to a local taxpayer's bankruptcy that will reduce collections in a future year and noted that some adjustments span multiple fiscal years.
Board members asked clarifying questions about the projection and the timing of audit adjustments; Wesley said administration will provide the auditors'finalized figures when their work is complete.
The finance report was provided to the board as an informational item; no vote was required.
