Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
Kim: North Marion projects $2.6M ending fund balance after year-end close
Summary
Finance staff told the board that preliminary year‑end figures show general fund revenues about $376,000 over budget, expenditures roughly $936,000 under budget, and a projected ending fund balance near $2,600,000; some SIA grant expenditures remain unallocated (~$200,000) and the district is completing year-end accruals.
Finance director Kim presented a preliminary year‑end report for fiscal year 25/26, cautioning that final results will change during the audit and closing process.
Kim said the Student Investment Account (SIA) expenditures have come in under budget and the district is reviewing whether to reclassify eligible costs into SIA or carry funds into 26/27. She told trustees that "general fund revenues are projected to come in approximately $376,000 above budget" and that current information projects expenditures "coming in approximately $936,000 under budget," producing a projected ending fund balance "right at about $2,600,000." She also noted a projected shortfall of roughly $167,000 on property-tax collections that could be reconciled in the state school fund reconciliation in May 2027.
Board members asked about the magnitude and timing of that state reconciliation, how property-tax receivables flow into future budgets, and for a more detailed capital-needs list tied to the state facilities assessment. Kim said staff will bring more detailed reports next month and explained there are remaining invoices and coding corrections being processed as part of year-end close.
