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District finance staff flags tax-timing issue, says reserves and grant revenue will cover near-term gap
Summary
Finance staff reported a timing shortfall in the mid-November tax collection and reduced SIA funding; administration said reserves and summer-school funding will cover immediate needs and that a cash-flow projection will be updated next week.
Tony, the district finance staff member, reported to the board that November mid-month tax collections arrived in amounts that differed from projections and that the district has already seen about $100,000 in reductions to two grants (including SIA). He said staff will prepare an updated cash-flow projection and watch final tax payments expected next week.
“We received this this news last night, so, we'll be working on an updated cash flow projection on that,” Tony said, telling the board he expected to have clearer information by the following week. He also said the district has set aside reserves and has summer-school revenues available to absorb midyear timing issues and that year-to-date the district remains on target overall.
Board members asked whether the shortfall reflected a permanent loss or simply a timing issue. Tony said the amount is a timing and payment-timing concern; administration noted that a small number of grants were reallocated at the state level and that the district will provide additional cash-flow detail to the board at the next meeting.
No budget reductions were enacted at the meeting; administrators said they will return with updated projections and any proposed adjustments if they become necessary.
