District finance officer: November revenue under projection but year-end position stable

Hermiston School District’s business office reported that November revenues came in slightly under projection but that staff expect December receipts to correct the shortfall and maintain program continuity.

Ms. Saul, speaking for the business office, said November was “down about $90,000” and year-to-date the district trails projections by about $259,000. She explained much of the monthly overage on payroll reflects a $244,739.90 payment for the summer learning program that had been expected to be charged to a student investment account but was instead recorded to the general fund after updated estimates of that account’s balance.

Ms. Saul said the district’s ending fund-balance projection sits at roughly 9.55% against the 10% year-end target but characterized the variance as within expected timing fluctuations and said the district is not currently concerned about meeting obligations. She also said state and ESD payments arrived as planned and that interest and fee income remain depressed due to lower interest rates.

The board asked questions and received clarification that some expenditure variances are timing issues that should self-correct with December activity.

Next steps: Business office staff will continue to close out December’s books and present updated figures in the next report to the board.