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Finance staff: July financials as expected; salary increases pending benefits data
Summary
Director of finance told the committee that July revenues and expenses are seasonally light and that 2025–26 salary increases have not yet been processed; staff expect salary adjustments and retroactive pay to be completed in October or November once benefits data are finalized.
Director of finance told the resource committee on Aug. 13 that July is typically a quiet month for district financial activity and that most large revenues (state aid, property taxes, grants) come later in the year. The presentation included charts showing seasonal patterns and projections and stressed that July figures are not predictive for the full fiscal year.
Staff emphasized that 2025–26 salary increases for district employee groups have not yet been processed, so salary and benefit lines currently appear under budget. The director said benefits information from bargaining units must be finalized before salary adjustments are processed; staff estimated retroactive pay would be calculated in October with payments appearing on the Aug. 31 or subsequent paychecks (the director said October–November was the earliest likely window but did not provide specific dates).
Committee members asked about taxation on retroactive pay; the director said she would confirm tax-withholding treatment but that retroactive payments are typically taxed as ordinary income and may result in higher withholding for the pay period in which they are processed.
The committee also discussed the district’s new budget-implementation steps: departments and sites submitted anticipated expenses; staff are reconciling account codes and will ask departments to reclassify year-to-date purchases where needed before final budget approval in October.
