Kings board approves final budget actions; treasurer flags $1.3M Mercy Health timing payment

The Kings Board of Education on June 9 approved final and temporary appropriations and other routine financial items while Treasurer Mr. Maro told the board the district is within about 1% of its forecast and identified a roughly $1.3 million timing payment from Mercy Health that the district expects to repay to the county.

Why it matters: The repayment stems from a paperwork timing issue that briefly created a material settlement figure in the district's spring property tax reconciliation. The board’s approval of final numbers and temporary authorizations ensures the district can pay bills beginning July 1 and submit required documents to the county auditor.

Treasurer’s overview
Mr. Maro walked the board through the month’s financial reports, noting the district’s major lines are within about 1% of forecast and that revenue reimbursements for student services exceeded expectations. He described the final appropriations and amended certificate that will be submitted to the county auditor as the district’s final budget figures for the year.

On the spring property tax settlement, Maro said the district “has money from Mercy Health right now, about $1.3 million that we expect to have to repay to the county so they can repay Mercy Health once their paperwork goes through,” explaining the payment resulted from delayed approval of Mercy Health’s tax‑exempt status. He told the board the district expects to make the repayment when county processing is complete.

Cash-management items
Maro also explained temporary appropriations (50% of what was spent as of June 1) needed to authorize bill payment starting July 1, and temporary advances — short-term loans from the general fund to other funds with negative balances — including for the summer camp and before‑and‑after‑school programs. He described a small timing difference in the STRS (teachers’ retirement system) pass‑through that reconciles over time and said the administration has accounted for those items in the reconciliation.

Contracts and insurance
The treasurer reviewed an SHP contract amendment that reallocates line items to reflect actual costs without increasing the contract’s total and noted about $36,000 remains marked as TBD for potential future scope. He also presented a cyber‑insurance renewal, saying the premium rose $400 from last year for $1 million in coverage and access to incident‑response professionals.

Board action and next steps
After discussion, the board moved, seconded and voted to approve the treasurer’s discussion items, including the final appropriations, temporary appropriations, temporary advances and the listed contract and insurance items. The board recorded roll‑call assent from the members present. The administration will submit the final documents to the county auditor and follow up on the Mercy Health repayment when county processing completes.

The board proceeded to the superintendent’s items on the agenda.