To: Asha Riley, Superintendent
From: Stacy Brown, Director of Business Services
Date: July 9, 2024
RE: Financial Report
Revenues were $777,000 less than projected. The projection sheet takes the total revenues for the year and divides it up for each month based on the average of the past 3 years. This means that the projection sheet also splits the tax revenues based on the average per month. Since our taxes all came in the fall, the taxes received at the beginning of the year were much higher than projected, which also increased the total collected much higher than in the prior year. Now that we are not receiving tax revenues in the spring, the monthly projected revenues will be less than projected, and the overall revenue collected will be more in line with the budget. For example, in February, the total we collected was 3.91% more than projected. In May, the total overall collected is 1.08% less than projected.
Payroll was very close to projected (only $2,330 more).
Accounts payable was $228,000 less than projected. I looked back to the comparison years, and we had some large curriculum, technology, and maintenance purchases in those years that increased the projected amount for May in comparison to this year’s expenditures.
The percentage of revenues collected and expenditures paid are reasonable, based on the explanations above.
Please let me know if you have any questions.