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District financial update: Forecast 5 report and January apportionment adjustments explained
Summary
Business administrator Gary McGarvie told the board that state apportionment adjustments (for example due to FTE changes) are typically processed in January and spread across the remaining months; year-end costs rise owing to retirements and contract payouts. The Forecast 5 report provides monthly breakdowns.
At the Nov. 19 meeting, Gary McGarvie provided the board with the monthly apportionment and Forecast 5 financial update, explaining how state apportionment adjustments are handled and what to expect at year-end.
McGarvie said adjustments tied to changes in FTE are usually reflected in January and then adjusted across the remaining months of the fiscal year; he noted the Forecast 5 report shows monthly breakdowns and that year-end expenditures typically increase because of retirements, leave/vacation payouts and contract payments. No specific dollar changes or revised projections were recorded in the minutes.
