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Board reviews monthly budget; Hurricane Ida expenditures exceed $162.6 million
Summary
Finance staff reported that, through May 31, 2026, the district had received $104,455,344.78 of budgeted revenue (90.1%) and expended or obligated $141,375,502 (86.1% of expenditures). Hurricane Ida-related expenditures and encumbrances totaled $162,658,505; FEMA reimbursements and related obligations were discussed.
Finance staff presented the monthly budget-actual report for major funds through May 31, 2026 and recapped key figures.
As presented, district revenue received totaled $104,455,344.78, or 90.1% of the revenue budget; staff said $69.6 million of that amount is from the Minimum Foundation Program funding. Expenditures expended or obligated totaled $141,375,502, or 86.1% of budgeted expenditures. The debt service fund showed $12,590,835 in revenue (101% of budgeted revenue) with $12.3 million from ad valorem property taxes and expenditures/encumbrances of $12,513,185.
For Hurricane Ida response and recovery (reporting through May 31, 2026), staff reported total expenditures and encumbrances of $162,658,505. No FEMA payments were received in May 2026; total aggregate FEMA reimbursement received to date was $72,633,124. Staff stated that $22,633,124 of the amounts received was submitted to Hancock Whitney as payment of interest and principal on Hurricane Harvey-related obligations. Staff also said the total amount submitted for reimbursement and the total amount obligated by FEMA is $87,738,500.
Why it matters: the budget figures describe the district's fiscal position heading into the new school year and show significant expenditures and ongoing recovery costs tied to Hurricane Ida that affect cash flow and reimbursement processes.
Next steps: staff will continue to monitor reimbursement timing from FEMA and report back to the board; a June 3 budget amendment was noted as having corrected a previous deficit related to 2025 bond issuance.
