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Finance update: operating expenses on track; district freezes new requisitions during year‑end close
Summary
Business manager Sean O'Keefe reported operating expenses of $82.9 million (75.98% of $109.1M budget) through April, positive net income of $176,000 and a healthy fund balance; the district has frozen non‑critical requisitions and is closing out purchase orders and grants.
At the New Canaan Board of Education meeting on May 19, Business Manager Sean O'Keefe presented the district’s statement of accounts and a near‑term cash‑management step.
O'Keefe reported operating expense year‑to‑date of $82.9 million, which represents 75.98% of the full fiscal year budget of $109.1 million, slightly improved from the prior year. He said the district had frozen all new requisitions and non‑critical expenses during the year‑end close, though critical requests would still be considered.
On grants, O'Keefe said year‑to‑date grant expenditures totaled $982,000, leaving a remaining balance of $1,105,486 as of April 30; many grants are two‑year awards. He also reviewed school lunch program revenues of $2,351,850 (76.2% of its $3,086,504 budget) and noted a year‑to‑year decline in lunch revenue tied in part to a shift from sandwiches/snacks to more hot meals and increased free/reduced eligibility.
Net income through April was a positive $176,000 and the overall fund balance remained healthy, O'Keefe said. Board members asked whether a negative donation line was a timing issue; O'Keefe confirmed it reflected timing differences rather than a structural shortfall.
What’s next: O'Keefe said staff will continue the routine closeout of purchase orders and invoices and monitor grant invoicing through the fiscal year-end.
