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District reports steady enrollment and comfortable fund balance as construction nears
Summary
South Whidbey School District's May enrollment held above prior-year levels and the district reported a fund balance around 24%; staff said levy collections explain April revenue spikes and construction pay applications will drive capital spending this summer.
District business staff reported steady enrollment and a comfortable fund balance at the board meeting, and described timing that will move capital-project expenditures into July and August as construction activity accelerates.
Mr. Field told trustees the May enrollment trend shows the district is above the prior year in most grade bands; the district is roughly two-thirds through the fiscal year with revenues ahead of expenditures. He attributed an April revenue spike to levy collections, which typically arrive in April and October.
On reserves, Mr. Field said the fund balance percentage sits at about 24%, which he described as comfortable for a small district. He contrasted a prior-year statutory budget status balance of about $713,000 (including encumbrances) with a present reported balance of about $180,000 (including encumbrances), and said that at this point he is less concerned about the need for a budget extension compared with last year though he will continue to monitor the budget closely.
Mr. Field also summarized other fund activity: transportation vehicle fund activity tied to a recent bus delivery (staff are discussing a trade to secure a larger bus that accommodates three wheelchairs), debt-service payments for bonds, and capital-project spending that will ramp up when construction teams begin pay applications in July and August.
Board members praised staff for maintaining financial stability while meeting growing enrollment and noted upcoming budget goal-setting and a July 8 target for early budget process completion. The board will continue to monitor revenue, expenditures and planned capital drawdowns as projects move forward.
"Our revenue stream is consistent year over year," Mr. Field said, noting that state revenue trends and stronger interest income on local investments contributed to the current position. "We're in a comfortable place, but I'll be watching for timing of expenditures and potential need for a budget extension."
