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Finance committee hears budget forecast, state payment timing to push some revenue into next fiscal year
Summary
At the Centennial School District finance committee meeting on June 11, staff outlined a full-year forecast showing timing-driven state revenue shortfalls, payroll accrual impacts and a smaller-than-planned draw from reserve if projections hold.
Chair Missus Krieger called the finance committee to order on June 11 and the district’s finance staff presented the committee with an update on revenue, expenditures and the proposed final budget.
The staff member said the district received a partial state payment on June 1 and is still expecting additional state funds. "We received $5,700,000 on 06/01 from the state," Committee member Mister Hartline said while asking whether the remaining budgeted state funds will arrive before July 1. Staff responded that part of the payment will arrive earlier but a large piece typically comes in July or August and that the district would book an accounts receivable for amounts not received by June 30.
The presentation stressed that timing differences (for example, receiving a state check on May 30 last year versus June 1 this year) can make year-to-date comparisons look worse than the underlying performance. Staff said local revenue is primarily driven by taxes and earned income tax (EIT), while federal revenue has decreased largely because Elementary and Secondary School Emergency Relief (ESSER) funds have been eliminated.
On the expenditure side, staff said year-to-date totals show the district roughly 2% under budget overall compared with the prior year, but noted the effect of payroll accruals. "The professional staff is paid over a 24-pay cycle…so we will accrue three pays in June," the staff member explained, adding that recognition of those pay periods inflates June expenses but reflects contractual obligations.
In the full-year forecast staff identified an $880,000 negative variance on the state revenue line but an overall forecasted surplus (shown in the slide as about $1,000,002). Staff said that if the presented numbers hold, the planned draw from reserves included in the original budget would fall from $5,000,000 to approximately $3,800,000.
The committee also reviewed the proposed final budget, which staff described as reflecting an Act 1 index increase of about 3.5% and a five-year projection that assumes no additional tax increases. Staff noted outreach meetings with school communities, citing the Centennial Station session as among the most attended and informative.
The committee asked staff to continue monitoring state receipts and to clarify the month-by-month impacts of retirements and payroll choices on the five-year projection. The committee agreed to finalize the budget documents for the next board meeting.
The finance committee’s next meeting is scheduled for Sept. 10, 2026.
