Log In

Reset Password

BOE Hears Monthly Financial Report



Text Size

The Board of Education heard its seventh financial report of the 2021-22 year at its February 15 meeting from district Director of Business and Finance Tanja Vadas.

“This report shows a reduction from the prior month projected balance by $51,751, with a new year-end projected balance of $129,795,” said Vadas at the start of the report.

A written version of the financial report is provided to the school board each month. According to the report, “During the month of January, the Board of Education spent approximately $5.3 million: $4 million on salaries and approximately $1.3 million on all other objects.”

“There really wasn’t too much movement over the month,” Vadas shared.

This month also provided an update for the Excess Cost Grant, which is expected to be received.

The report reads, “The excess cost grant has been adjusted by the State and provides an additional $116,683 above our original estimate, yielding a reimbursement rate of 81.98%. The reimbursement rate typically falls between 72 to 75%; however, over the past few years, our reimbursement rate has exceeded 80%.

“The percentage of reimbursement to each district is determined by the LEA’s (Local Education Agencies) submission and is subject to change with the release of our next reconciliation due in March. The grant will be re-calculated at the end of February (due to the State by March 1st),” the report continues, “and will capture any changes that may have occurred since the first submission back in December. 75% of the deposit will be made in February while the remaining 25% will be deposited in May.”

Vadas noted there are roughly eight unfilled paraprofessional positions open in the district along with three behavioral therapist positions, and a position for a network specialist.

The report also highlighted a negative projection for the Other Purchases Services, while noting the majority of the change by $72,806 from last month is due to unanticipated outplaced students.

“After these adjustments, the special education out-of-district tuition account is now showing a negative balance of $167,617,” the report reads. “A transfer request will most likely be in place next month to move the special ed contingency account into the out-of-district tuition account to assist with this deficit.”

Another portion of the financial report noted there was an emergency repair at Head O’ Meadow Elementary School in the month for $8,220.63 to repair and replace the supply fan motor for the building’s chiller.

The financial report was unanimously accepted by the school board.

Education Reporter Eliza Hallabeck can be reached at eliza@thebee.com.

Comments are open. Be civil.

Leave a Reply