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Finance staff: October is a weak month; Medicaid correction and front-loaded expenses drive variance
Summary
SM presented October financials: revenues of about $3.7 million versus $5.5 million in expenses for the period (typical for October), a one-time Medicaid correction of about $33,000, elevated early-year expenses (workers comp, insurance) and projected tax collections that may rise toward $6 million.
SM presented the district's October financial report and told the board October is typically the weakest revenue month because major tax receipts have not yet been collected.
Key points SM raised: the district received a $33,000 Medicaid correction from FY2023 that boosted receipts; early-year expenses are elevated in categories such as workers compensation (about $44,000 for the period) and property/casualty insurance (about $30,000) because those costs are often paid at the start of the fiscal year; and a preliminary snapshot showed roughly $3.7 million in revenues against $5.5 million in expenses for the reporting period, a pattern the presenter described as typical for October.
SM said bond revenues and special-purpose collections are trending higher (the presenter cited rising bond revenue and a larger count of special program participants) and noted the district fed more than 28,000 students in November, about 10,000 more than the same month last year. Board members asked whether the tax assessor had provided updated collection estimates; SM said the office had not given a final number but she expected amended figures that could bring collections closer to $6 million and that an amended budget may be appropriate once final numbers are available.
Quote: "This is the worst month of the year for us," SM said, describing the timing of tax collections and early-year expense patterns.
No formal budget votes were taken; board members asked for follow-up calculations tying projected collections to bond and millage impacts so the board can consider options during upcoming hearings and the January meeting.
