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District finance director reports $1.95 million year-to-date shortfall; sales tax receipts expected to help
Summary
Matthew Moore presented the financial report showing expenditures exceeded revenues by about $1,950,161 through Dec. 31; he said property-tax allocations and December sales-tax receipts ($309,563.41) should put the district back in the black in January, but substitute costs (now contracted to ESS) are trending over budget and will be watched in the budget season.
Matthew Moore (S3) presented the district's financial report and said that through Dec. 31 the district's expenditures exceeded revenues by approximately $1,950,161. "Through December 31, our expenditures exceeded our revenue about $1,950,161," Moore said, adding that the district is behind last year but expects property-tax collections in January to reverse the shortfall.
Moore said the district was about $165,000 ahead of where it was at the same point last year on collections and that a large mid-January allocation should further improve totals. He stressed the timing of property tax allocations as the reason for monthly swings and said he expected the district to be back in the black in January once those receipts are recorded.
On expenditures, Moore cautioned that substitute-teacher costs are on trend to go over budget after the district shifted from handling substitutes in-house to contracting with ESS. "That's on trend to go over budget," Moore said, noting the issue would likely surface in the next budget season.
Moore also reported sales-tax collections for December of $309,563.41, identifying that amount as the district's fifth-largest monthly collection to date and saying about $247,000 of that would be available for capital after debt service.
Board members asked follow-up questions about state aid and the timing of property-tax distributions; Moore said state-aid allocations were still pending and that the district had seen encouraging early property-tax receipts. No formal budget action was taken at the meeting; Moore framed these items as preparation for the coming budget cycle.
