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Operations update: revenue trends, construction timing and potential insurance premium increase
Summary
Business and operations staff reported timing differences in revenue due to a large prior SR payment, an operating fund balance of about 15.47%, project timelines for bond-funded construction and warned of a potential insurance premium increase that could require a roughly $200,000 amendment.
Operations staff said total revenue appears down nearly $2 million compared with last year because the district received a large SR payment in the prior period; excluding that payment, operating revenue is roughly $578,000 higher than last year through October. Staff reported the operating fund balance through October at 15.47% and explained expenditures were lower this year because several construction costs occurred last year.
On insurance, staff said the district’s provider notified member districts of an approximately 22.5% increase in premiums for the coming year and that the district is likely to need a roughly $200,000 budget amendment to cover that cost. Staff also updated the board about bond project sequencing (41 million allocated across multiple projects) and said a small GMP for demolition will be brought in December so demolition can occur over winter break.
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