Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finances topic
No spam. Unsubscribe anytime.
District finance snapshot: revenues lag expenditures; audit set for late September
Summary
District staff reported that through May 31 revenues trailed expenditures, producing a year-to-date deficit; the district expects a large county payment to post in June and an external audit by Brady Marts is scheduled Sept. 29–Oct. 2.
District staff opened the June 23 working session with a finance review showing year‑to‑date variances and timing items that will affect the final fiscal-year results.
The presenter reported that, as of May 31, state revenue receipts were about 87% of expected, federal revenue about 71% and local revenues about 56%. Staff recited combined all‑fund totals of approximately $6,653,725.37 in revenue (about 71% of the annual budget) and $7,113,170.53 in expenditures (about 80%), leaving a year‑to‑date spending variance of about $459,444.16. The presenter noted the district expected a large county payment to post in June and that a state payment of roughly $38,277 would also be recorded; those postings should materially improve next month’s position.
Staff told the board they had received an audit engagement letter from accounting firm Brady Marts; the audit is scheduled for Sept. 29–Oct. 2 and staff said the audit process typically requires two months to complete and that final financial statements will be submitted to the state after the audit. The district must submit its final UARS to the state by Nov. 30.
On revenue assumptions, the board discussed compensatory (at‑risk) revenue. The presenter said an updated state formula increased the district’s compensatory allocation to $337,081, improving the district’s prior budget assumption by roughly $36,000.
Board members asked clarifying questions about capital equipment spending (budgeted at about $44,100 for FY2026), pay and benefit increases included in the proposed budget (a 3% wage increase and a 5% health insurance increase), and timing of contract and grant draws. Staff emphasized that several funding flows (county and state payments) post with month‑end accounting and that the audit and final adjustments will finalize the year.
Next steps: the business office will finalize year‑end postings after the June receipts appear on the ledger, prepare documentation for the Brady Marts audit, and update the board at subsequent meetings with final audited figures.
