Lebanon R-III finance director reports $2.3M year-to-date revenue shortfall; board hears bond-project allocations and grants

The district’s finance update reported operating fund revenue year-to-date is down by $2,300,000, reflecting a prior estimate that the district removed from the current budget. Staff said the basic state funding formula and Prop C receipts are trending positively compared with earlier estimates but that average daily attendance (ADA) remains a key funding driver.

"Our operating fund revenue year to date is actually down by $2,300,000," the finance presenter said, explaining that the amount reflects adjustments tied to last year’s estimate and that the district will continue monitoring ADA and state-appropriation-driven formula amounts. The presenter added the SAT (state adequacy target) increase will raise per-student funding as state appropriations are finalized.

On capital projects, staff walked the board through a $41,000,000 bond allocation: $9,000,000 for two elementary projects, $30,000,000 set aside for the high school and $2,000,000 for innovative programs. Staff noted gross-maximum prices were established for several projects and project-expense budgets (architectural, mechanical and contingencies) are included in the packet; the briefing listed $630,230 for project expense budgeting and $5.8 million currently available from premiums and interest earned on bond proceeds.

Staff also reported the district received a $1,000,000 CTE grant (award noted as received on September 9) and a $400,000 culinary arts grant; the CTE-grant funds have a spending deadline of May 15, 2025. Board members discussed timing for bid advertisements and the high-school project schedule.