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Finance director reports interim-year figures and flags potential personnel and insurance impacts for 2025-26 budget
Summary
Finance staff reported year-to-date income of about $99 million and outgo of about $66 million, noted roughly $60 million in local investments and said several expense categories (substitutes, maintenance, transportation, salaries) may run over budget; the presentation referenced pending state changes to teacher salary schedules and possible employee health insurance increases.
Mr. Love, presenting the finance report, said the district is roughly halfway through the fiscal cycle with about $99,000,000 recorded in income and $66,000,000 in expenditures to date. He told the board the district holds roughly $60,000,000 in local investments and that interest income has been favorable, with local investment returns around 4 to 4.5 percent.
Love outlined cost pressures the district is monitoring: higher substitute costs, notable maintenance repairs, transportation expense increases and salary-driven variance where actual hires exceeded budgeted assumptions. He also summarized state-level items that could affect the district budget, including proposed changes to the teacher salary schedule (a per-slot increase under consideration) and a PEBA recommendation that could raise employee health insurance costs. "We may be over in terms of total salaries," Love told the board, and staff said they will bring budget scenarios for the 2025-26 planning cycle.
Board members asked clarifying questions about timing and whether insurance increases are final or recommended; Love said the PEBA recommendation is a proposal and that effective dates are not yet confirmed. The board received the report and will consider these items during the upcoming budget process.
