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District finance staff reports $1.85 million year-to-date shortfall, cites timing and funding uncertainties
Summary
District finance staff told the school board that expenditures exceeded revenues by $1,850,379 through November, attributed largely to timing of receipts; staff also reported a $299,915.95 November sales tax allocation and an expected final audit report in January.
A staff member overseeing district finances told the board that, through the end of November, "expenditures exceeded our revenues by 1,850,379," a shortfall the staff described as typical at this point in the fiscal year because of timing of receipts.
The staff member said property tax collections are "just a hair ahead of last year" — about $180,000 — but cautioned that reclassifications of some properties from a 6% to a 4% residence status (as people filed legal residence changes) could affect future receipts. "We budget conservatively in anticipation of that," the staff member said.
On expenses, the staff member highlighted higher-than-expected certification upgrades, which affect salary and fringe categories, and noted that some special-education purchased services are being shifted from federal funds to the general fund, changing year-to-year budget percentage comparisons. The staff member also said school resource officer payments to the town of Iowa depend on a state grant and that timing of that grant affects monthly financial appearances.
Staff said the district received a November sales tax allocation of $299,915.95, which the staff described as the 10th-largest monthly collection to date; roughly $60,000 of that allocation "goes straight to servicing debt" while about $239,932 is available for capital use.
The staff gave a provisional figure for state-aided classroom funding, saying the district receives a little over $15 million from that line and that current allocations are about $225,000 higher than budgeted; staff said the final impact from enrollment and assessment reclassifications likely will not be known until January.
On auditing, the staff said the district received a clean opinion but that publication of final audited statements has been delayed by federal Office of Management and Budget timing tied to single-audit guidance; staff said final audited financial statements are scheduled to be available by Jan. 9 and will be presented to the board when ready.
The board did not take formal action on the finance report; staff said they will provide updates when final figures are available.
