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School finance director reports healthy balances and steady sales-tax growth
Summary
Finance director reported $41M in pooled cash, a $37M total fund balance (including $25M unreserved), and year-to-date revenue performance with sales-tax increases; board heard the monthly financial snapshot and had no substantive questions.
At the June 16 meeting the district's finance presenter, Mr. McNeely, reviewed the May check register and the April monthly financial report.
Mr. McNeely said the May check register totaled $20,736,000 in disbursements and noted that some of that sum represents pass-through tax payments to other taxing entities. He reported the district had $41 million in pooled cash and a total fund balance of $37 million, of which about $25 million was unreserved and undesignated. For the general fund the budgeted revenue was $200 million, with $164 million collected to date; expenditures of $166 million against a $220 million budget left roughly $54 million remaining for the last two months of the fiscal year. He explained federal reimbursement timing affects receivables and that the current variances were favorable given ongoing capital projects.
On sales tax, Mr. McNeely said the two-cent sales tax was up 4.42% for the month and the half-cent tax was up 4.2% for the month and 11% for the year-to-date. He noted historical seasonal patterns (September typically lower, November and December stronger).
Board members asked no substantive follow-up questions at the meeting and moved on after the presentation. The finance figures presented will be reflected in posted monthly financial reports.
