School Board gets some good fiscal news
The St. Landry Parish School Board is expected to end its 2019-2020 fiscal year in the black.
Tressa Miller, finance director, in a report to the Board’s Finance Committee on July 27, said the monthly general fund report shows a $369,000 loss, for the year.
But that’s not the real bottom line.
“We are likely to see some more revenues coming and that should get us into the black,” Miller said.
“Again, we are still expecting to see a break even or better budget once we have all of the yearend accruals in” she said.
The School Board’s general fund balance sheet shows it has a $12.7 million balance, which is 12% of budgeted revenues. Miller has said that an amount recommended by auditors.
The loss is a departure from the estimate at the beginning of the fiscal year of a $1 million loss, according to the report presented at the committee meeting.
The Board routinely approves budgets projecting a deficit and its 2020-2021 budget has a $2.5 million budget.
However, Miller calls that deficit is a “worst case scenario.”
The proposed budget is available to the public online at slpsb.org/apps/pages/proposed budget.
In other finance news, the Miller said the School Board will maintain its current millage rates, which represents a “roll forward” due to an increase assessment.
The adjusted millage rates were 11.61, salary; 4.31 constitutional; and 4.31, maintenance. The Board is keeping the rates at the 2020 level which are: 11.78, salary; 4.37, constitutional, and 4.37, maintenance.
Miller said the school system will receive about $197,000 in additional property tax by maintaining the 2020 millage rates.
At a Buildings, Lands and Sites Committee meeting, the Board approved the replacement of roof at the Eunice Career and Technical Education Center at a cost of $58,000.