Finance Department: Budget Reporting, Monitoring Plan and Finance Update
SEPTEMBER 26, 2018 - At Monday's board meeting, Director of Finance & Operations Jeff Priess presented a budget reporting/monitoring plan for 2018-19 school board meetings.
"The goal is to keep the board apprised of the district's financial status," said Priess. Click here to view the plan.
Priess also delivered positive news to the board regarding the General Fund. "Preliminary audit figures report very positive results for the district’s General Fund for the fiscal year ending June 30, 2018," said Priess. "Preliminary numbers report a surplus of over $900,000, which projects to an ending total fund balance of $2,000,000."
The final audit will be presented to the School Board in November.
Meanwhile, Priess also presented the 2018 Payable 2019 Preliminary Levy for board review and approval. As a result, the board certified the preliminary Levy 2018 Payable 2019 as presented in the amount of $38,434,117.89. The board will approve the final levy in December. The Truth in Taxation meeting is Monday, December 10, 2018 at 6:00 p.m. at the District Office.
Priess also presented information on TIF (Tax Increment Financing). TIF is a public financing method used as a subsidy for redevelopment, infrastructure and other community improvement projects. In general, there is no loss of revenue to a school district when a TIF district is established because revenue for school districts is determined by state set formulas based on enrollment and cost factors. Capital project levies are an exception to the rule (because the revenue is determined by a formula) based on the tax base.