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Board hears Q1 financial review; transportation revenue lags, Tort Fund nearly expended
Summary
The board received a Q1 financial review showing roughly one-third of revenue received and about 20% of budgeted expenditures spent; Transportation revenue collection is behind schedule and the Tort Fund is nearly fully expended.
Finance highlights presented by Dr. Jessica Sonntag showed the district has received about one-third of its annual revenue while spending roughly 20% of budgeted expenditures through the first quarter. Educational and Operations & Maintenance funds are on pace, but Transportation revenue collection is behind schedule and transportation expenditures are front-loaded, likely due to contract timing.
Dr. Sonntag also reported the Tort Fund is nearly fully expended early in the fiscal year, which the board noted likely reflects insurance or liability payments made at the start of the year. Overall, she said the district remains in a strong cash position with revenues currently outpacing expenditures by roughly 10% of the annual budget at this point.
