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State budget payments deliver over $7M to Big Spring SD; district notes $37,000 interest earnings loss from impasse
Summary
Donna Lentz said the Department of Education began processing payments Nov. 18 and the district received the majority of back pay by Dec. 1—over $7,000,000—while estimating about $37,000 in lost interest earnings from the state budget impasse.
Donna Lentz told the committee that ‘‘on November 19, we had received an email from the acting secretary of Department of Education saying that they had begun processing payments’’ and that the district ‘‘got the majority of our back pay by December 1,’’ totaling more than $7,000,000.
Lentz said the timing of the state budget had a cost: because the district used cash while waiting for payments, interest earnings were reduced and she estimated an ‘‘estimated, loss on interest earnings is about 37,000 due to the state budget impasse.’’ Board members noted receiving state funds before the holidays was helpful for cash flow, though they asked staff to continue monitoring interest impacts while planning the 2526 and 2627 budgets.
Lentz also described the late arrival of rate guidance for cyber-charter tuition and said the department’s timing required recalculation of tuition obligations for 2526; those recalculations were discussed in detail elsewhere in the meeting.
