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Treasurer says district near budget projections after late tax receipts; trustees approve bills
Summary
At the July 20 meeting of the Jersey Shore Area School District Board of School Directors, Treasurer Mister Enders told trustees the district ended the budget cycle near expectations despite a projected $350,000 deficit and recent positive receipts; the board approved bills and heard questions about investments and large expenditures.
The Jersey Shore Area School District Board of School Directors approved routine bills and heard a treasurer's update Tuesday that kept the district on track with the proposed budget despite an ongoing projected deficit.
"The good news is we did not lose any money," said Mister Enders, the district treasurer, saying the district had a "slight uptick" of about $11,500 in recent receipts. He told the board the district still expects roughly a $350,000 deficit for the year but noted timing issues: some real-estate tax receipts arrived late and will be recorded to the prior year, and the district expects a sizable retirement-subsidy payment to post later.
Enders reviewed investments and recent activity, including two certificate-of-deposit purchases in June (one three-month and one 12-month CD). He said the 12-month CD that matured in June yielded about 4.14 percent and a newly purchased instrument carried approximately a 4.23 percent rate. He also described a bank error that briefly showed an incorrectly matured CD; the bank corrected the mistake.
Board members pressed for more detail about amounts and timing. Enders said he would provide supplemental information to show late receipts and the specifics of anticipated revenues. He also described the month'to-month cash flow drivers: a recent general-fund run just shy of $5,000,000, a $1,000,000 in CD purchases, a CTE vehicle purchase of about $26,000 paid with grant funds, quarterly employer retirement payments of about $1,450,000 and annual HSA payments near $260,000.
After questions, trustees approved the treasurer's report and bills by voice vote.
What happens next: Enders will provide the board with supplemental reports showing late revenue that will post to the prior year and any adjustments that affect the year-end deficit projection.
