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Waterloo reports August surplus, attributes largest boost to $1.25 million settlement
Summary
The district reported a general/emergency fund surplus of a little over $1 million for August and a year-to-date surplus; the finance presenter said the largest revenue source for the month was a $1.25 million second-half real-estate settlement from 2023, plus Medicaid reimbursement and casino revenue.
The Waterloo Board of Education heard a financial report showing a surplus for August and year-to-date across funds.
Scott, the district finance presenter, told the board that "we had a surplus in the general slash emergency fund, a little over $1,000,000" for August and that year-to-date the general and emergency fund balance was a little over $1.6 million. He said the single largest revenue item in August was a $1,250,000 second-half real-estate settlement from 2023; the district also received a Medicaid reimbursement (about $50,000), manufactured home settlement proceeds and nearly $27,000 in casino revenue in the month.
Scott noted some expense outliers in August — final invoices for IT server installation and a PA-system upgrade at the Pellegrino Music Center — which were largely funded by grants. He also explained that the district's general fund balance is $300,000 lower than last year at the comparable point because a state rollback payment arrived in September this year rather than August.
The board approved the August financial reports by roll call. The finance presenter and board members flagged that months such as August and March often show stronger cash positions due to timing of settlements and state payments.
Next steps: the treasurer and finance staff will continue to monitor revenue timing and present monthly reports; the board accepted the financials and the associated roll-call motion.
