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CFO: midyear budget shows positive net change; midyear update due in January
Summary
CFO William Wootton presented a November snapshot: adopted budget $48.6M; reported net increase in fund balance of $971,000 and noted state funding projections and upcoming midyear review and audit deadlines.
William Wootton, the district’s chief financial officer, briefed the board on revenue collections and expenditures as of Nov. 22. He reported the district’s adopted budget of $48,600,000 and stated that collections and spending show a favorable net change in fund balance of $971,000 for the period reported.
Wootton said local property tax collections typically accelerate in December and January, and he reiterated the district expects about $37,200,000 in state funding (driven primarily by average daily attendance). He previewed a midyear budget update for January, possible budget amendments and said the fiscal-year audit will be submitted in February.
Board members asked about a hypothetical elimination of property taxes and the impacts on sales tax rates; staff said models presented at a conference suggested a large increase in sales tax would be needed to replace property tax revenue, and the board discussed the practical improbability of such a statewide change. No action was taken; staff will return with the midyear update next month.
