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PSJA board approves final functional budget amendments including $10M debt service reclassification
Summary
Trustees approved final fiscal‑year functional amendments: recording TRS on‑behalf entries, reclassifying a $10,000,000 debt service payment to debt service funds, and a conservative $4,000,000 projected increase in state revenues; packet errors were acknowledged and corrected during the discussion.
The board approved final functional budget amendments for fiscal year 2025‑26 after staff explained several accounting and classification changes. Finance staff said they must record the state’s contribution to employees’ TRS accounts as TRS on behalf (an accounting entry), reclassify a reserved $10,000,000 debt service payment out of the general fund into debt service funds, and recognize a conservative $4,000,000 increase in projected state revenues tied to program counts.
Trustees questioned inconsistencies in packet numbers and requested clearer backup; staff acknowledged an earlier PowerPoint error and corrected the transfer amounts in the backup. Finance noted one required early education allotment spending adjustment of $2,000,000 and said the current budget shows a budgeted (not actual) deficit of about $3.9 million pending year‑end invoices and reimbursements. The motion to approve the amendments passed by raised hands.
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