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Preliminary fiscal‑year 2024 results show positive variance; board will fold findings into long‑range planning
Summary
Executive director John Morstead told the Independent School District 279 board that preliminary year‑end FY24 results show a positive net variance and a substantial increase in combined fund balance driven largely by bond proceeds; the board will incorporate these results into long‑range financial planning and upcoming budget work sessions.
John Morstead, the district's executive director of finance and operations, presented the preliminary year‑end financial results for the fiscal year ending June 30, 2024, saying the district posted favorable budget variances and increased fund balances. "Overall, a positive variance of almost $8,000,000 or 2.75% was achieved when comparing actual expenditures with budgeted amounts," Morstead said during the board meeting. He explained that the general operating revenues exceeded the budget by about $1,300,000 and that adjusted pupil units for the year totaled 22,578.
Morstead reviewed the district's fund‑by‑fund results and noted a large increase in the building construction fund balance—from $138,000,000 to $410,000,000—as a result of issuing general obligation bonds (series 2024A) and planned spend‑downs of prior bond proceeds and long‑term facility maintenance projects. He also flagged items the board will monitor going forward, including tax collections that were below budget by about $535,000 and the year‑to‑year variability of special education and third‑party medical assistance billings. Morstead recommended incorporating the preliminary results into the long‑range financial plan and noted next steps: continued budget work sessions and final audit presentation in November.
