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CFO reports March financials: $15.3M one-time revenue bump, Title I expected to be fully expended
Summary
Chief Financial Officer Mr. Vido told the board year-to-date revenue was up $15.3 million (driven by one-time reimbursements and state grant adjustments), an interest-only operating debt payment was made, and federal program spending is increasing across Titles II–IV; projected net surplus is higher than in budget amendment one.
Chief Financial Officer Mr. Vido presented the district’s financial slides through March and answered board questions on grant codes and federal programs.
Mr. Vido reported year-to-date revenue up approximately $15.3 million, largely attributable to one-time reimbursements from Wayne RESA related to special education and transportation and to prior-year adjustments. He said some state grant funds were in process and most would be applied in FY27. The district made interest-only operating debt payments of roughly $27,000 in March.
Federal programs: Mr. Vido said expenditures rose on Titles II, III and IV, which will reduce potential carryover; Title I is expected to be fully expended by year-end. He projected an increase of about $14 million over the ending surplus reported in budget amendment one.
Board questions: Dr. Short asked about two state grant codes shown on slides (31AA-M and 31A). Mr. Vido explained that 31AA-M relates to funding police officers to support schools and 31A relates to behavioral supports such as nursing, counseling and social work services.
Takeaway: The board received a routine monthly financial update noting a one-time revenue boost and continued federal program spending; Mr. Vido encouraged board members to attend the committee-of-the-whole for more detailed financial discussion.
Next steps: Finance committee and auditing staff will follow up during regular committee meetings; no formal budget votes were taken on the financial slides at this meeting.
