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CFO reports revenues above projections but flags Title I cut and 21st Century grant uncertainty
Summary
CFO Matt Erwin told trustees revenues were above and expenses below projections for June; he flagged a roughly $362,000 Title I reduction and uncertainty about the federal 21st Century grant, which is currently not guaranteed and may shift program costs back into district funds.
CFO Matt Erwin presented a financial update on July 28 that showed actual revenue above and expenses below projections for the month, and he outlined several federal grant changes that could affect program funding.
Erwin said state aid projections (IDOE Form 54) aligned closely with the district's cash-flow projections and that certain programs previously funded by specialized grants are being folded back into the education fund. He warned that Title I allocations were reduced by "a little over $362,000" for the upcoming school year and that the 21st Century grant (about $300,000 annually) has lapsed; the Department of Education has opened a new competitive cohort, but funding is not guaranteed.
Erwin described steps the district has taken to shore up staffing and the child nutrition fund, noting that payroll, benefits and other expenses remain accurate and that the district has begun the processes needed to transfer reimbursed capital expenditures to operations. He recommended continued monitoring of net assessed value and other state-level factors that affect referendum revenue and long-term budgets.
