Scranton SD reports $1.4 million surplus for 2022; fund balance rises to about $18.35 million

Pat, a district finance presenter for Scranton School District, summarized audited financial results for 2022 and an unaudited year‑to‑date snapshot through March 2024. He said 2022 closed with revenues and expenses just shy of $196,100,000 and an operating surplus of nearly $1,400,000, bringing the cumulative fund balance to about $18,350,000, of which $2,500,000 is committed for capital improvements.

Pat said the district met the recovery plan goal to maintain at least a 5% unassigned fund balance and that, although total revenues were roughly $600,000 under budget, expenses were nearly $2,000,000 below budget—creating the net positive variance. He attributed local revenue outperformance to higher real estate and earned income taxes, said state sources came in about $2,200,000 higher than budget primarily because of basic education funding, and noted federal revenues were roughly $6,000,000 below budget primarily due to timing of ESSER‑funded projects.

Pat also reported an unbudgeted real‑estate tax assessment settlement of about $1,300,000, with $650,000 paid in 2022; he said that item accounted for most of a roughly $863,000 variance in the ‘‘other financing uses’’ category. Looking at the unaudited March 2024 snapshot, Pat said the district showed roughly a $795,000 surplus through March (compared with about a $3,000,000 surplus at the same point in the prior year), and cautioned that timing of tax collections and accruals affects short‑term comparisons.

Pat said the board will be asked at the May meeting to accept the 2022 audited financial statements and the single audit. No vote was taken during this session; Pat said staff will bring more detail to future committee meetings.