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District financial update: revenues exceed budget; fund balance projected higher by about $650,000
Summary
The district business officer reported revenues at about 99.9% collected and projected to finish the year roughly $650,000 ahead of budget, which could push the fund balance above $11 million; the board discussed investment options and will review specifics in shared documents.
Mr. O'Hanis, the district business official, told the board that local revenue collections have exceeded expectations and that the district is effectively fully collected for the fiscal year.
"We're actually at 99.9% of all revenues received," he said, noting about $60,000 in interest revenue last month and some early tax payments. Based on projected revenue coming in about $200,000 above budget and expenditures running under budget by roughly $450,000, he estimated the district could finish approximately $650,000 better than planned.
If those projections hold, the district fund balance could surpass $11 million — a level the presenter described as unusual for the district. Board members and the business office discussed using secure investments to protect funds and the plan to earmark some early tax receipts while deploying others to short‑term, secure instruments.
No budget amendments or formal reallocations were proposed at the meeting; Mr. O'Hanis said he would discuss particulars from the distributed financial documents with any board members who had questions.
Ending: The board accepted the financial report; the finance committee will continue to evaluate long‑term projects after a demographic study is completed.
