FINANCE COMMITTEE REPORT
Thursday, September 17, 2015
Update from the meeting of August 31, 2015
I.
Informational Items
The financial reports were reviewed with additional discussion on the reports noted.
A. Revenues/Expenses & Balance Sheet Report– Real estate tax collection for July
decreased by about $3 million over the prior year. The business office is monitoring
for the end of August for the discount period for a better comparison. The lack of a
state budget has had minimal impact on the district’s financial situation due to the
district’s cash flow with real estate taxes. The district should be fine from a cash flow
perspective until at least March even if not state budget is passed.
B. EIT Report – Earned income tax collections were lower in July but strong in August.
Preliminary figures for the 2014-15 fiscal year show $16.4 million in collections which
is $2.5 million more than budgeted.
C. Investment Report – Investment earnings for the 2014-15 fiscal year were $71,000 higher than
the previous year due to the CD investment program developed by the business office.
D. Extended School Care Presentation – Marjie Scott presented an overview of the
program.
E. School Nutrition Services Bad Debt Regulations – Pam Gallagher discussed the
bad debt policy and the fact that bad debt remaining at the end of the fiscal year must
be written off to the general fund as per Federal regulations.
II.
Items Recommended for Work Session/Action Meeting
A. Investment Agreement for CD’s/Securities Online – On tonight’s agenda for approval.
B. 457(b) Plan Document and Adoption Agreement – On tonight’s agenda for approval.
C. Budget Transfers for May and June – On tonight’s agenda for approval.
Next Meeting Information
The next Finance Committee meeting will be Monday, September 28, 2015 at 6:30 p.m.
END OF REPORT