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Wabash City Schools board reviews May finances; staff report modest surplus despite state repayment
Summary
At its June 29 meeting the Wabash City Schools Board reviewed May financials showing roughly $140,000 more in revenue than projected and a $116,000 repayment to the state; district staff said fund balances remain ahead of last year and that appropriations are pacing close to targets.
Wabash City Schools Board of Education members on June 29 reviewed the district's May financial results, hearing that revenue came in about $140,000 higher than projected but that the district made a $116,000 repayment to the state that reduced net income.
A staff member in the district finance office told the board, "Our revenue was just about $140,000 more than what we had projected," and said the higher accounts-payable total included a "repayment that we did to the state" of about $116,000 for not meeting an unspecified requirement. The presenter said that without those unplanned expenses the district "would have had a net income of about $44,000." (Staff member (finance)).
The presenter reported the Education fund balance at just over $1.3 million and said total key fund balances stood at $1,465,497 this year, ahead of the comparable period last year. The rainy day fund was reported at $370,000 and, according to the presenter, is being used to pay insurance and other operational costs. The speaker also noted the operations fund finished the period in the red; the transcript's formatting of that figure was unclear but the presenter said it is improving compared with last year.
On the appropriations front, staff said the year-to-date pacing target after five months is 41.7%. Revenues were reported at about 40.5% of budgeted expectations and expenditures at about 40.4%, placing the district slightly under the target pace; staff cautioned that posting of the tax draw will change those percentages materially.
The board's meeting packet included minutes from June 9 and June 15 and financials on the consent agenda. The Chair called for approval of the consent agenda and began a vote; the provided transcript ends while the vote is being called and does not record the outcome.
Board members also noted that a superintendent update that had been expected was not added to the agenda packet and that the listed agenda revision was "4K." No recognitions were presented at the meeting.
