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Current Year Financial Update: Addressing Revenue Shortfall and Strategic Recommendations

This financial update outlines the current year's revenue shortfall of $676K, primarily stemming from enrollment changes and unforeseen expenses. To mitigate this impact, a recommended 10% operational holdback of $832K is proposed, alongside strategic actions including a hiring slowdown and selective freeze. Additionally, various reserve accounts, such as E-Rate and fuel contingency funds, will be reviewed for potential utilization. These measures aim to address the projected shortfall while ensuring fiscal responsibility in current and future planning.

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Current Year Financial Update: Addressing Revenue Shortfall and Strategic Recommendations

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  1. Current Year Financials Update

  2. Current Year Revenue Shortfall • Revenues ($676K) • Salary Supplement • Enrollment (Revised March 31 ADM) • Sales Tax Recommended Action: • 10% Operational Holdback Reserves $832K • Retained specifically for this circumstance

  3. Lapse and Fund Balance *$1.7M in unplanned transfer to CIP + $450K unplanned to CSA

  4. Actions Underway • Hiring Slowdown • Selective Hiring Freeze • Health Care Reserves • Continued Scrutiny of Operating Accounts • Review of Other Reserve Accounts

  5. Actions Taken to Address Projected Shortfall

  6. Review of Reserve Accounts Several Self-Sustaining Funds have contingency funds that are available. - E-Rate $147,029 - Building Services Contingency $300,000 - Fuel Contingency $300,000

  7. Recommendations Address Projected Shortfall *Anticipate utilizing this entire balance **Anticipate utilizing portions of each as needed

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