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Money Matters Monday: A December Financial Update

Money Matters Monday: A December Financial Update
Posted on 12/23/2019
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Highlights from Financial Reports to the School Board, December 11, 2019

 

Business Manager Nick Hogan presented the Financial Summary Report and Enrollment report for November 2019, including an overview of how this monthly presentation connects to the Finance and Accountability pillar of the School District’s strategic plan.  One of the actions under the finance pillar is to improve financial trust from our stakeholders by making transparent financial decisions with better financial communications.  This monthly financial report is one of the primary tools we use to communicate financial information to our public.

Hogan presented the November 2019 Financial Summary Report, stating that the report is intended to be a high-level overview of the District’s finances, at an understandable level, for board members and the general public.  Specifics from the Financial Summary Report:

Revenues:

  • Over $5 million of property tax revenues were received in November.Property taxes are billed by the County to be paid in three installments, with the majority being received in November of each year.
  • State School Fund (our largest revenue source, approximately 75% of our total annual revenue) is on budget, with 50.5% of the budgeted amount having been received so far this year.

     

    Expenditures:

  • The November Expenditure Summary report shows that all expenditures are projected to be within budgeted amounts this year, after the board-approved budget transfer of $430,000 from Contingency to Instruction and Support Services to cover the cost of the recently approved contract settlements with EEA and OSEA and the large number of recent staff replacements.
  • “Additional Projected” amounts will be added later in the year to account for expected expenditures outside of encumbrances, such as licensed and classified substitutes.

    Enrollment report:

  • Enrollment is up 36 students from the same time last year, primarily at the Elementary schools.Monthly enrollment has stabilized somewhat this year as compared to the swings we’ve experienced in recent years.

     

    Additional Items:

  • The annual financial audit was completed in October.The auditors are preparing the financial report this month, which I expect them to present to the School Board in January.There were no audit findings or significant issues; I expect us to receive a clean audit opinion again this year.
  • 2020-21 budget:Plans to start work on preparation of the 2020-21 budget estimate in January, and to present an overview of the preliminary base budget to the School Board in March.We plan to continue focusing on making the School District’s budget more understandable at the overview level while more accurate at the detail level.
  • OSCIM Grant:We’ve received some very encouraging news regarding the Oregon Schools Capital Improvements Matching funds grant.We were notified earlier this year that we were not awarded one of the OSCIM grants, but were numbers 5 and 6 on the two waiting lists.Enough districts have decided to not submit for a May 2020 GO bonds election that we have moved up to numbers 2 and 3 on the waiting lists, meaning the $4 million OSCIM grant is now a very real possibility for us.