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Wabash City Schools board hears April financials; district expects to return to black after June tax draw
Summary
Board members were briefed on April results showing about $60,000 more revenue than projected and healthier key fund balances; administrators said the district expects to move back into the black after the June tax draw but await the circuit breaker report for final figures.
At its May 18 meeting, the Wabash City Schools Board of Education received a financial update for April showing revenue modestly above projections and several fund balances stronger than a year earlier.
A staff member presenting the figures told the board that district revenue was “about $60,000 more than what we have projected,” driven by a large Medicaid reimbursement, a slightly higher basic grant and higher cafeteria reimbursements. The presenter said a projection error — a shared salary for Mr. Hyten that should not have been included in district projections — understated the projection by about $30,000 but that the district nonetheless posted a net income of roughly $112,000 for the period, versus a projected net loss of about $73,000 if the projection error were included.
Key fund balances reported were an Education Fund just under $1.4 million and an Operations Fund around -$203,342. The presenter said the district’s total key fund balance for April was $1,610,680, up from $1,079,806 at the same time last year. A rainy day fund balance of $439,441 was also reported; board members were reminded the district plans to use some rainy day dollars for items normally charged to operations, such as summer custodial payroll.
The staff member told the board the district’s overall spending was at 30.8% of budget through April, under the 33.3% target, and that Education Fund revenue sat at 31.9%. The presenter emphasized the district’s reliance on twice-yearly tax draws and said the board is awaiting the state “circuit breaker” report that will show how much the tax draw will be reduced; once the June tax draw posts, the presenter said, the district expects to move back into the black.
Board members asked clarifying questions about rainy day uses and timing of tax draws. The board did not take any separate fiscal action beyond approving the consent agenda, which included the financial reports.
The board’s next regular meeting is scheduled for Tuesday, June 9 at City Hall at 6:00 p.m.
