“Last month, we were looking at probably ending the fiscal year at about $26.2 million [in] expenditures exceeding revenues. We have updated this information to show it’s about $27.3 [million],” LISD Chief Financial Officer Peter Pape said at the district’s March 27 board of trustees meeting.
What’s going on?
A range of variables can affect expenditures and revenues in the budget each month. Pape emphasized that this increase was being conveyed as an update, and it is liable to change moving forward. He said the projections get more and more accurate as the budget cycle progresses.
“This is just an update. We will update you every month throughout the spring,” he said to the board.
Pape noted that a final audit of the district’s finances for fiscal year 2024-25 should be available in November.
What they’re saying
Trustee Trish Bode asked if Pape foresaw more one-time expenses like the ones that contributed to the increase in the projected shortfall in March.
Pape responded that district staff will aim to cut down on one-time expenditures like the ones that affected the budget this year, but he said extenuating circumstances could lead to the need for more budget amendments in the future.
